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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 197.40 507.00 Td (\(Exact Name of Registrant as Specified in its Charter\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.45 481.90 Td (Maryland) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 481.90 Td (26-3999995) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 64.25 469.75 Td (\(State or Other Jurisdiction of Incorporation or Organization\)) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 368.35 469.75 Td (\(I.R.S. 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Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.85 387.40 Td (Securities r) Tj ET Q q 0 0 0 rg BT 177.42 387.40 Td (egister) Tj ET Q q 0 0 0 rg BT 202.74 387.40 Td (ed pursuant to Section 12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 336.50 387.40 Td (Act: Common Stock, par) Tj ET Q q 0 0 0 rg BT 432.32 387.40 Td ( value $.001) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 49.50 380.20 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 369.40 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 317.30 369.40 Td (, as defined in Rule405 of the Securities ) Tj ET Q q 0 0 0 rg BT 465.27 369.40 Td (Act.) Tj ET Q q 0 0 0 rg BT 484.68 369.40 Td (Y) Tj ET Q q 0 0 0 rg BT 490.28 369.40 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 500.03 367.46 cm /I3 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 508.05 369.40 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 532.55 367.46 cm /I4 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 352.60 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the Exchange ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 341.80 Td (Act.) Tj ET Q q 0 0 0 rg BT 68.91 341.80 Td (Y) Tj ET Q q 0 0 0 rg BT 74.51 341.80 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 84.26 339.86 cm /I5 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 92.28 341.80 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 116.78 339.86 cm /I6 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 325.00 Td (Indicate by check mark whether the registrant: \(1\)has filed all reports required to be filed by Section13 or 15\(d\) of the Securities ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 314.20 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 86.73 314.20 Td (Act of 1934 during the preceding 12months \(or for such shorter period that the registrant was required to file such reports\), and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 303.40 Td (\(2\)has been subject to such filing requirements for the past 90days.) Tj ET Q q 0 0 0 rg BT 299.35 303.40 Td (Y) Tj ET Q q 0 0 0 rg BT 304.95 303.40 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 314.70 301.46 cm /I7 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.72 303.40 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 347.22 301.46 cm /I8 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 286.60 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 427.96 286.60 Td (W) Tj ET Q q 0 0 0 rg BT 435.73 286.60 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 483.63 286.60 Td (, every Interactive ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 275.80 Td (Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T) Tj ET Q q 0 0 0 rg BT 358.28 275.80 Td ( \(232.405 of this chapter\) during the preceding 12 ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 265.00 Td (months \(or for such shorter period that the registrant was required to submit and post such files\). ) Tj ET Q q 0 0 0 rg BT 398.59 265.00 Td (Y) Tj ET Q q 0 0 0 rg BT 404.19 265.00 Td (es ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 413.93 263.06 cm /I9 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.96 265.00 Td ( No ) Tj ET Q /GS0 gs q 8.02 0 0 9.18 444.21 263.06 cm /I10 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 248.20 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K \(229.405 of this chapter\) is not contained ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 237.40 Td (herein, and will not be contained, to the best of the registrant) Tj ET Q q 0 0 0 rg BT 270.69 237.40 Td (s knowledge, in definitive proxy or information statements incorporated by ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 226.60 Td (reference in PartIII of this Form10-K or any amendment to this Form10-K.) 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See the definitions of lar) Tj ET Q q 0 0 0 rg BT 178.71 199.00 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 246.80 199.00 Td (, accelerated filer and smaller reporting company in Rule12b-2 of the Exchange ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 188.20 Td (Act. \(Check one\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.95 168.96 Td (Lar) Tj ET Q q 0 0 0 rg BT 67.28 168.96 Td (ge accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 137.97 167.02 cm /I12 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 161.75 168.96 Td (Accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 224.21 167.02 cm /I13 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.75 168.96 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 381.20 167.02 cm /I14 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.10 168.96 Td (Smaller reporting company) Tj ET Q /GS0 gs q 8.02 0 0 9.18 556.82 167.02 cm /I15 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.40 156.16 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 141.45 Td ( Indicate by check mark whether the registrant is a shell company \(as defined in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 450.87 141.45 Td (Act\).) Tj ET Q q 0 0 0 rg BT 473.27 141.45 Td (Y) Tj ET Q q 0 0 0 rg BT 478.87 141.45 Td (es) Tj ET Q /GS0 gs q 8.02 0 0 9.18 488.62 139.51 cm /I16 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.64 141.45 Td (No) Tj ET Q /GS0 gs q 8.02 0 0 9.18 521.14 139.51 cm /I17 Do Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 124.65 Td (Aggregate market value of the common stock held by non-af) Tj ET Q q 0 0 0 rg BT 277.51 124.65 Td (filiates of the registrant: No established market exists for the registrant) Tj ET Q q 0 0 0 rg BT 533.94 124.65 Td (s ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 113.85 Td (common stock.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.50 97.05 Td (The registrant had ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 126.22 97.05 Td (260.9 million) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 174.73 97.05 Td (shares of common stock outstanding as of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.20 97.05 Td (March21, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.44 97.05 Td (.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 702.23 Td (Item 1A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 688.23 Td (Item 1B.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 674.23 Td (Item 2.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 660.23 Td (Item 3.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 646.23 Td (Item 4.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 271.85 632.23 Td (PARTII) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 632.07 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 618.23 Td (Item 5.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 594.23 Td (Item 6.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 580.23 Td (Item 7.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 566.23 Td (Item 7A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 552.23 Td (Item 8.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 538.23 Td (Item 9.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 524.23 Td (Item 9A.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 510.23 Td (Item 9B.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.90 496.23 Td (PARTIII) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 496.07 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 482.23 Td (Item 10.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 468.23 Td (Item 11.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 453.18 Td (Item 12.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 439.23 Td (Item 13.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 425.23 Td (Item 14.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.30 411.23 Td (PARTIV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 411.07 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 397.23 Td (Item 15.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 355.23 Td (EX- 21.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 355.07 Td (List of Subsidiaries) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 341.23 Td (EX- 31.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 341.07 Td (Certification) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 327.23 Td (EX- 31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 327.07 Td (Certification) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 313.23 Td (EX- 32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 313.07 Td (Certification of CEO & CFO pursuant to Section 906) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 285.23 Td (EX- 101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 285.07 Td (Instance Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 271.23 Td (EX- 101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 271.07 Td (Schema Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 257.23 Td (EX- 101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 257.07 Td (Calculation Linkbase Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 243.23 Td (EX- 101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 243.07 Td (Labels Linkbase Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 229.23 Td (EX- 101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 229.07 Td (Presentation Linkbase Document) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 215.23 Td (EX- 101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 215.07 Td (Definition Linkbase Document) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 716.07 Td (Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.00 716.07 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 702.07 Td (Risk Factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.00 702.07 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 688.07 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 178.53 688.07 Td (f Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 688.07 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 674.07 Td (Properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 674.07 Td (31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 660.07 Td (Legal Proceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 660.07 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 646.07 Td (Mine Safety Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 646.07 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 618.07 Td (Market for Registrant) Tj ET Q q 0 0 0 rg BT 203.42 618.07 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 275.55 618.07 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 608.07 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 618.07 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 594.07 Td (Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 594.07 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 580.07 Td (Management) Tj ET Q q 0 0 0 rg BT 168.98 580.07 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 238.15 580.07 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 580.07 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 566.07 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 278.40 566.07 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 566.07 Td (62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 552.07 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 552.07 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 538.07 Td (Changes in and Disagreements ) Tj ET Q q 0 0 0 rg BT 239.90 538.07 Td (W) Tj ET Q q 0 0 0 rg BT 248.94 538.07 Td (ith ) Tj ET Q q 0 0 0 rg BT 261.44 538.07 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 325.88 538.07 Td (Accounting and Financial Disclosure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 538.07 Td (98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 524.07 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 524.07 Td (98) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 510.07 Td (Other Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 510.07 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 482.07 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 209.06 482.07 Td (ficers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 482.07 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 468.07 Td (ExecutiveCompensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 468.07 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 453.17 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 453.17 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 439.07 Td (Certain Relationships and Related ) Tj ET Q q 0 0 0 rg BT 252.68 439.07 Td (T) Tj ET Q q 0 0 0 rg BT 258.43 439.07 Td (ransactions, and Director Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 439.07 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 425.07 Td (Principal ) Tj ET Q q 0 0 0 rg BT 152.05 425.07 Td (Accounting Fees and Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.00 425.07 Td (99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 397.07 Td (Exhibits, Financial Statement Schedules) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.00 397.07 Td (100) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 369.23 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 83.93 369.23 Td (TURES) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.80 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 742.25 Td (I) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Special Note Regarding Forward-Looking Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (This ) Tj ET Q q 0 0 0 rg BT 87.73 694.25 Td (Annual Report on Form 10-K includes certain statements that may be deemed forward-looking statements within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (meaning of Section 27A) Tj ET Q q 0 0 0 rg BT 146.93 682.25 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 216.36 682.25 Td (Act of 1933, as amended \(the Securities ) Tj ET Q q 0 0 0 rg BT 382.42 682.25 Td (Act\), and Section 21E of the Securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.37 670.25 Td (Act of 1934, as amended \(the Exchange ) Tj ET Q q 0 0 0 rg BT 257.42 670.25 Td (Act\). Such forward-looking statements relate to, without limitation, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (potential future acquisitions, the completion of projects in development, economic conditions that may impact our operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (our future leverage and financial position, our future capital expenditures, future distributions, other developments and trends in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (the commercial real estate industry and our business strategy) Tj ET Q q 0 0 0 rg BT 292.61 634.25 Td (. Forward-looking statements are generally identifiable by the use ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (of the words may) Tj ET Q q 0 0 0 rg BT 123.50 622.25 Td (, will, should, expect, could, intend, plan, anticipate, estimate, believe, continue, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (predict, potential or the negative of these words or other comparable terminology) Tj ET Q q 0 0 0 rg BT 394.50 610.25 Td (. ) Tj ET Q q 0 0 0 rg BT 399.32 610.25 Td (These statements are not guarantees of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (future performance, and involve certain risks, uncertainties and assumptions that are dif) Tj ET Q q 0 0 0 rg BT 400.53 598.25 Td (ficult to predict.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (The forward-looking statements in this Form10-K are based on our current expectations, plans, estimates, assumptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (and beliefs that involve numerous risks and uncertainties. ) Tj ET Q q 0 0 0 rg BT 281.89 562.25 Td (Assumptions relating to the foregoing involve judgments with respect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (to, among other things, future economic, competitive and market conditions and future business decisions, all of which are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 538.25 Td (ficult or impossible to predict accurately and many of which are beyond our control. ) Tj ET Q q 0 0 0 rg BT 399.99 538.25 Td (Any of the assumptions underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (forward-looking statements could prove to be inaccurate. ) Tj ET Q q 0 0 0 rg BT 280.85 526.25 Td (T) Tj ET Q q 0 0 0 rg BT 286.26 526.25 Td (o the extent that our assumptions dif) Tj ET Q q 0 0 0 rg BT 431.61 526.25 Td (fer from actual results, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (ability to meet such forward-looking statements, including our ability to generate positive cash flow from operations, provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (distributions to our stockholders and maintain the value of the real estate properties in which we hold an interest, may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (significantly hindered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (Our stockholders are cautioned not to place undue reliance on any forward-looking statement in this Form10-K. ) Tj ET Q q 0 0 0 rg BT 520.10 466.25 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (forward-looking statements are made as of the date of this Form10-K, and the risk that actual results will dif) Tj ET Q q 0 0 0 rg BT 485.26 454.25 Td (fer materially from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (the expectations expressed in this Form10-K may increase with the passage of time. In light of the significant uncertainties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (inherent in the forward-looking statements in this Form10-K, the inclusion of such forward-looking statements should not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (regarded as a representation by us or any other person that the objectives and plans set forth in this Form10-K will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (achieved. Please see Item1A. Risk Factors for a discussion of some of the risks and uncertainties that could cause actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (results to dif) Tj ET Q q 0 0 0 rg BT 99.81 394.25 Td (fer materially from those presented in certain forward-looking statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Item1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 370.25 Td (Business) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (General Description of Business and Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 145.02 322.25 Td (, Inc. \(Hines Global\) was incorporated under the Maryland General Corporation Laws on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (December10, 2008, primarily for the purpose of investing in a diversified portfolio of quality commercial real estate properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (and other real estate investments located throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 406.19 298.25 Td (. Hines Global raised approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td ($1.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.11 286.25 Td ( in gross proceeds through its first of) Tj ET Q q 0 0 0 rg BT 242.86 286.25 Td (fering of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.84 286.25 Td ($3.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.96 286.25 Td ( of shares of its common stock \(the Initial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 274.25 Td (fering\), prior to the termination of the Initial Of) Tj ET Q q 0 0 0 rg BT 254.85 274.25 Td (fering on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.73 274.25 Td (February1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.32 274.25 Td (. Hines Global commenced a follow-on of) Tj ET Q q 0 0 0 rg BT 530.71 274.25 Td (fering, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 262.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.29 262.25 Td (February4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.89 262.25 Td (, through which it is of) Tj ET Q q 0 0 0 rg BT 246.81 262.25 Td (fering up to approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.23 262.25 Td ($3.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.34 262.25 Td ( in shares of common stock \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Second Of) Tj ET Q q 0 0 0 rg BT 96.75 250.25 Td (fering\) and has raised $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.04 250.25 Td (993.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.93 250.25 Td ( from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.96 250.25 Td (97.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.85 250.25 Td ( shares through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.45 250.25 Td (March21, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.05 250.25 Td (. Hines Global ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (currently anticipates that the Second Of) Tj ET Q q 0 0 0 rg BT 208.37 238.25 Td (fering will terminate on or before ) Tj ET Q q 0 0 0 rg BT 343.88 238.25 Td (April 1) Tj ET Q q 0 0 0 rg BT 372.12 238.25 Td (1, 2014. Our board of directors established a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (new of) Tj ET Q q 0 0 0 rg BT 77.31 226.25 Td (fering price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.00 226.25 Td ($10.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.50 226.25 Td ( per share ef) Tj ET Q q 0 0 0 rg BT 213.46 226.25 Td (fective March 4, 2014. Previously) Tj ET Q q 0 0 0 rg BT 351.39 226.25 Td (, in February 2013, our board of directors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (established an of) Tj ET Q q 0 0 0 rg BT 117.02 214.25 Td (fering price of $10.28 per share. ) Tj ET Q q 0 0 0 rg BT 250.40 214.25 Td (The increase in our per share of) Tj ET Q q 0 0 0 rg BT 376.83 214.25 Td (fering price is lar) Tj ET Q q 0 0 0 rg BT 445.22 214.25 Td (gely due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.10 214.25 Td (4.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.93 214.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.43 214.25 Td (increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (in our real estate values when such values are compared to \(i\) the previously determined appraised value of our assets \(for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (assets that were acquired prior to 2013\) and \(ii\) to the cost of our assets that were acquired during 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.43 190.25 Td ( Please see Item 5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Market for Registrant) Tj ET Q q 0 0 0 rg BT 139.42 178.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 211.55 178.25 Td (, Related Stockholder Matters and Issuer Purchases of Equity Securities Market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Information for a description for the determination of the new of) Tj ET Q q 0 0 0 rg BT 312.50 166.25 Td (fering price for the Second Of) Tj ET Q q 0 0 0 rg BT 432.55 166.25 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.25 Td (Hines Global conducts most of its activities through, and most of its real estate investments are held directly or indirectly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (by) Tj ET Q q 0 0 0 rg BT 59.35 130.25 Td (, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 141.93 130.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 201.28 130.25 Td ( \(the Operating Partnership\), which was formed on January7, 2009. Hines Global ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (contributes the proceeds it receives from the issuance of common shares to the Operating Partnership and the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (Partnership in turn issues general partner interests to Hines Global. ) Tj ET Q q 0 0 0 rg BT 320.03 106.25 Td (The general partner interests entitle Hines Global to receive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (its share of the Operating Partnership) Tj ET Q q 0 0 0 rg BT 201.90 94.25 Td (s earnings or losses and distributions of cash flow) Tj ET Q q 0 0 0 rg BT 400.12 94.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 70.25 Td (e refer to Hines Global, the Operating Partnership and its wholly-owned subsidiaries as the Company) Tj ET Q q 0 0 0 rg BT 485.61 70.25 Td (, and the use of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (we, our) Tj ET Q q 0 0 0 rg BT 92.91 58.25 Td (, us or similar pronouns in this annual report refers to Hines Global or the Company as required by the context in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (which such pronoun is used.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 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 68.00 730.10 Td (Hines Global made its initial real estate investment in June 2010 and as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.82 730.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.40 730.10 Td (, owned interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.67 730.10 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.67 730.10 Td ( real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (estate investments which contain, in the aggregate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.77 718.10 Td (12.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.66 718.10 Td ( square feet of leasable space. ) Tj ET Q q 0 0 0 rg BT 425.80 718.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 485.51 718.10 Td (s investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (consisted of the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 682.10 Td (of) Tj ET Q q 0 0 0 rg BT 125.97 682.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 143.46 682.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.73 682.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.06 682.10 Td (1) Tj ET Q q 0 0 0 rg BT 201.69 682.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.69 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.19 682.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 670.10 Td (other ) Tj ET Q q 0 0 0 rg BT 140.87 670.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.15 670.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.48 670.10 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.48 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.98 670.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 658.10 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 658.10 Td (of) Tj ET Q q 0 0 0 rg BT 138.74 658.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.22 658.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 206.50 658.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.83 658.10 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.83 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.33 658.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 646.10 Td (other ) Tj ET Q q 0 0 0 rg BT 153.64 646.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.91 646.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.24 646.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.24 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.74 646.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Discussed below are additional details related to our investments in multi-family projects and investments in real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (related debt, each of which is included in our domestic other investments segment. ) Tj ET Q q 0 0 0 rg BT 384.91 610.10 Td (All other investments are operating real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (estate investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.54 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 574.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 109.26 574.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 156.84 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.84 574.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.17 574.10 Td ( interest in a joint venture that was formed to invest in a multi-family development project in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 115.71 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 121.12 562.10 Td (exas. ) Tj ET Q q 0 0 0 rg BT 146.21 562.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.19 562.10 Td ($65.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.08 562.10 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.66 562.10 Td (322) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.66 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (units upon completion. ) Tj ET Q q 0 0 0 rg BT 170.89 550.10 Td (An af) Tj ET Q q 0 0 0 rg BT 193.20 550.10 Td (filiate of Hines Interests Limited Partnership \(Hines\) owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.00 550.10 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.33 550.10 Td ( interest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (this joint venture. ) Tj ET Q q 0 0 0 rg BT 151.72 538.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.16 538.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.74 538.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.74 538.10 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.74 538.10 Td ( units have been delivered and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.59 538.10 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.59 538.10 Td ( leases have been executed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 526.10 Td (Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.82 526.10 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.99 526.10 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 526.10 Td (June 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.33 526.10 Td (, although there can be no assurances as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (to when construction will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td (@1377 @1377 is a multi-family development project in ) Tj ET Q q 0 0 0 rg BT 316.21 490.10 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 370.46 490.10 Td (gia, which is being developed by an af) Tj ET Q q 0 0 0 rg BT 524.12 490.10 Td (filiate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 478.10 Td (Hines. ) Tj ET Q q 0 0 0 rg BT 105.15 478.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.13 478.10 Td ($33.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.02 478.10 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.60 478.10 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.60 478.10 Td ( units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 466.10 Td (upon completion. ) Tj ET Q q 0 0 0 rg BT 151.44 466.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.88 466.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.47 466.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.47 466.10 Td (171) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.47 466.10 Td ( units had been delivered and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.87 466.10 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.87 466.10 Td ( leases had been executed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 454.10 Td (Constructionbegan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.82 454.10 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.99 454.10 Td ( and was substantially complete in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.96 454.10 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.56 454.10 Td ( with all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.83 454.10 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.83 454.10 Td ( units delivered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 430.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 430.10 Td (Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 145.43 430.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.43 430.10 Td (83%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.76 430.10 Td ( interest in a joint venture that was formed in July 2012 to invest in a multi-family development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 418.10 Td (project in Miami, Florida. ) Tj ET Q q 0 0 0 rg BT 182.91 418.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.89 418.10 Td ($66.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.78 418.10 Td ( and the project will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 406.10 Td (consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.11 406.10 Td (276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.11 406.10 Td ( units upon completion. ) Tj ET Q q 0 0 0 rg BT 232.00 406.10 Td (Af) Tj ET Q q 0 0 0 rg BT 242.37 406.10 Td (filiates of Hines own the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.22 406.10 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.55 406.10 Td ( interest in this joint venture. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 394.10 Td (Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.27 394.10 Td (April 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.88 394.10 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.38 394.10 Td (December 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.97 394.10 Td (, although there can be no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 382.10 Td (assurances as to when construction will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 358.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 358.10 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 156.26 358.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.26 358.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.59 358.10 Td ( interest in a joint venture with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 394.85 358.10 Td (, which was formed to provide real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 346.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 105.43 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 114.07 346.10 Td (e have committed to investing up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.87 346.10 Td ($49.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.76 346.10 Td ( into the Flagship JV) Tj ET Q q 0 0 0 rg BT 395.81 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 403.13 346.10 Td (The joint venture has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.33 346.10 Td (eight) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.32 346.10 Td ( loans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 334.10 Td (receivable, totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.13 334.10 Td ($39.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.02 334.10 Td (, outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.85 334.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.43 334.10 Td (. Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 450.17 334.10 Td ( owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.05 334.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.38 334.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 322.10 Td (interest in the joint venture. ) Tj ET Q q 0 0 0 rg BT 189.57 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 198.21 322.10 Td (e are not af) Tj ET Q q 0 0 0 rg BT 242.72 322.10 Td (filiated with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 373.82 322.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 298.10 Td (e have no employees. Our business is managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 357.51 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.46 298.10 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 409.37 298.10 Td ( \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 498.87 298.10 Td (filiate of Hines, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (under the terms and conditions of an advisory agreement between us and the ) Tj ET Q q 0 0 0 rg BT 357.96 286.10 Td (Advisor \(the Advisory ) Tj ET Q q 0 0 0 rg BT 454.34 286.10 Td (Agreement\). ) Tj ET Q q 0 0 0 rg BT 510.98 286.10 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (compensation for these services, we pay the ) Tj ET Q q 0 0 0 rg BT 227.72 274.10 Td (Advisor asset management, acquisition, debt financing and disposition fees and we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (reimburse certain of the ) Tj ET Q q 0 0 0 rg BT 147.18 262.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 179.78 262.10 Td () Tj ET Q q 0 0 0 rg BT 182.55 262.10 Td (s expenses incurred on our behalf in accordance with the advisory agreement. Hines or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 250.10 Td (filiates of Hines manage the leasing and operations of most of the properties in which we invest and, accordingly) Tj ET Q q 0 0 0 rg BT 508.75 250.10 Td (, we pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Hines property management and leasing fees in connection with these services. Hines is owned and controlled by or for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (benefit of Gerald D. Hines and his son Jef) Tj ET Q q 0 0 0 rg BT 217.83 226.10 Td (frey C. Hines, the Chairman of our board of directors. Hines and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.54 226.10 Td (3,350) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.04 226.10 Td (employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (have over 50years of experience in the areas of investment selection, underwriting, due diligence, portfolio management, asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (management, property management, leasing, disposition, finance, accounting and investor relations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (Our of) Tj ET Q q 0 0 0 rg BT 94.20 178.10 Td (fice is located at 2800 Post Oak Boulevard, Suite5000, Houston, ) Tj ET Q q 0 0 0 rg BT 356.76 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 362.17 178.10 Td (exas 77056-61) Tj ET Q q 0 0 0 rg BT 420.40 178.10 Td (18. Our telephone number is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (1-888-220-6121. Our web site is www) Tj ET Q q 0 0 0 rg BT 203.77 166.10 Td (.HinesSecurities.com. ) Tj ET Q q 0 0 0 rg BT 293.57 166.10 Td (The information on our website is not incorporated by reference ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (into this report.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Primary Investment Objectives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (Our primary investment objectives are to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 82.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 82.10 Td (preserve invested capital;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 64.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 64.10 Td (invest in a diversified portfolio of quality commercial real estate properties and other real estate investments;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 46.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 46.10 Td (pay regular cash distributions;) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (achieve attractive total returns upon the ultimate sale of our investments or occurrence of another liquidity event;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 724.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 724.10 Td (remain qualified as a real estate investment trust \(REIT\) for federal income tax purposes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 700.10 Td (Acquisition and Investment Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 676.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 676.10 Td (e have invested and expect to continue to invest primarily in a diversified portfolio of quality commercial real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (properties and other real estate investments throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 417.30 664.10 Td (. ) Tj ET Q q 0 0 0 rg BT 422.12 664.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.76 664.10 Td (e may purchase properties or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (make other real estate investments that relate to varying property types including but not limited to of) Tj ET Q q 0 0 0 rg BT 455.82 652.10 Td (fice, retail, industrial and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (multi-family) Tj ET Q q 0 0 0 rg BT 99.90 640.10 Td (. ) Tj ET Q q 0 0 0 rg BT 104.72 640.10 Td (W) Tj ET Q q 0 0 0 rg BT 113.35 640.10 Td (e may invest in operating properties, properties under development, and undeveloped properties such as land. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (Other real estate investments may include equity or debt interests, including securities in other real estate entities and debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (related to properties such as mortgages, mezzanine loans, bridge loans, construction loans and securitized debt. ) Tj ET Q q 0 0 0 rg BT 496.62 616.10 Td (W) Tj ET Q q 0 0 0 rg BT 505.26 616.10 Td (e believe that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (there is an opportunity to create attractive total returns by employing a strategy of investing in a diversified portfolio of such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (investments if they are well-selected, well-managed and disposed of at an optimal time. Our principal tar) Tj ET Q q 0 0 0 rg BT 469.40 592.10 Td (geted assets are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (investments in properties, and other real estate investments that relate to properties, that have quality construction and desirable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (locations which can attract quality tenants. ) Tj ET Q q 0 0 0 rg BT 222.82 568.10 Td (These types of investments are, or relate to, properties generally located in central ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (business districts or suburban markets of major metropolitan cities worldwide. ) Tj ET Q q 0 0 0 rg BT 366.15 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.79 556.10 Td (e intend to invest in a geographically diverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (portfolio in order to reduce the risk of reliance on a particular market, a particular property and/or a particular tenant. ) Tj ET Q q 0 0 0 rg BT 520.17 544.10 Td (W) Tj ET Q q 0 0 0 rg BT 528.81 544.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (anticipate that international real estate investments will continue to comprise a substantial portion of our portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 508.10 Td (e have invested, and may continue to invest, in real estate properties and other real estate investments directly by owning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (100% of such investments or indirectly by owning less than 100% of such investments through co-ownership or joint-venture ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (arrangements with third parties or with other Hines-af) Tj ET Q q 0 0 0 rg BT 265.59 484.10 Td (filiated entities. ) Tj ET Q q 0 0 0 rg BT 330.11 484.10 Td (W) Tj ET Q q 0 0 0 rg BT 338.75 484.10 Td (e anticipate that we will fund our future acquisitions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (and investments primarily with proceeds raised in our public of) Tj ET Q q 0 0 0 rg BT 303.37 472.10 Td (ferings as well as with proceeds from debt financings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 460.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 448.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 448.10 Td (e are not limited as to the asset types or geographic areas in which we may invest and conduct our operations. ) Tj ET Q q 0 0 0 rg BT 517.43 448.10 Td (W) Tj ET Q q 0 0 0 rg BT 526.07 448.10 Td (e are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (specifically limited in the number or size of investments we may make, or on the percentage of net proceeds of our public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 424.10 Td (ferings that we may invest in a single property) Tj ET Q q 0 0 0 rg BT 243.01 424.10 Td (, real estate investment or loan. ) Tj ET Q q 0 0 0 rg BT 370.00 424.10 Td (The number) Tj ET Q q 0 0 0 rg BT 418.20 424.10 Td (, size and mix of investments we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (make will depend upon real estate and market conditions and other circumstances existing at the time we are evaluating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (investment opportunities and the amount of proceeds we raise in our public of) Tj ET Q q 0 0 0 rg BT 361.96 400.10 Td (ferings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (Financing Strategy and Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 352.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 352.10 Td (e have and may continue to use debt financing from time to time for acquisitions, property improvements, lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (inducements, tenant improvements, redemptions and other working capital needs. ) Tj ET Q q 0 0 0 rg BT 381.30 340.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.75 340.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.33 340.10 Td (, our portfolio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (48%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.33 328.10 Td ( leveraged based on the values of our real estate investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 304.10 Td (Our existing indebtedness and any additional indebtedness we do incur will likely be subject to continuing covenants, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (we will likely be required to make continuing representations and warranties about the Company in connection with such debt. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 89.03 280.10 Td (, some or all of our debt may be secured by some or all of our assets. If we default on the payment of interest or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (principal on any such debt, breach any representation or warranty in connection with any borrowing or violate any covenant in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (any loan document, our lender may accelerate the maturity of such debt, requiring us to immediately repay all outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (principal.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Distribution Objectives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 196.10 Td (In order to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 183.34 196.10 Td ( for federal income tax purposes, we must distribute at least 90% of our taxable income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (\(excluding capital gains\) to our stockholders. ) Tj ET Q q 0 0 0 rg BT 232.83 184.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.46 184.10 Td (e intend, although we are not legally obligated, to continue to make regular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (monthly distributions to holders of our common shares in excess of the level required to maintain our REIT) Tj ET Q q 0 0 0 rg BT 480.01 172.10 Td ( status unless our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (results of operations, our general financial condition, general economic conditions or other factors inhibit us from doing so. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (Distributions are authorized at the discretion of our board of directors, which is directed, in substantial part, by its obligation to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (cause us to comply with the REIT) Tj ET Q q 0 0 0 rg BT 185.90 136.10 Td ( requirements of the Internal Revenue Code of 1986, as amended \(the Code\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 112.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 112.10 Td (e declare distributions to our stockholders as of daily record dates and aggregate and pay such distributions monthly) Tj ET Q q 0 0 0 rg BT 540.04 112.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (W) Tj ET Q q 0 0 0 rg BT 59.04 100.10 Td (ith the authorization of our board of directors, we declared distributions to our stockholders and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 521.52 100.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (Associates Limited Partnership \(HALP\) for the period from October 20, 2009 through December31, 201) Tj ET Q q 0 0 0 rg BT 479.52 88.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 489.34 88.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (distributions were calculated based on stockholders of record for each day in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.20 76.10 Td ($0.00191781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.70 76.10 Td ( per share, per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (day) Tj ET Q q 0 0 0 rg BT 63.79 64.10 Td (.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 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 68.00 742.10 Td (As a result of market conditions and our goal of increasing our distribution coverage with operating cash flows, we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (declared distributions for the months of January 2012 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.23 730.10 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.83 730.10 Td ( at an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.91 730.10 Td ($0.0017808) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.41 730.10 Td ( per share, per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (day) Tj ET Q q 0 0 0 rg BT 63.79 718.10 Td (, which was a decrease from the amount per share, per day that was declared for the period from October 20, 2009 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (December 31, 201) Tj ET Q q 0 0 0 rg BT 123.21 706.10 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (In our initial quarters of operations, and from time to time thereafter) Tj ET Q q 0 0 0 rg BT 340.29 682.10 Td (, our cash flows from operations have been and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (continue to be insuf) Tj ET Q q 0 0 0 rg BT 128.97 670.10 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 308.77 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 317.41 670.10 Td (e funded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.61 670.10 Td (53%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.94 670.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.21 670.10 Td (201) Tj ET Q q 0 0 0 rg BT 487.84 670.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.84 670.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.34 670.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.67 670.10 Td ( of total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.67 658.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.67 658.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.10 658.10 Td (67%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.43 658.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.70 658.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.70 658.10 Td ( with cash flows from financing activities, which include proceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (from our public of) Tj ET Q q 0 0 0 rg BT 123.41 646.10 Td (ferings and proceeds from our debt financings. See Item 7. Management) Tj ET Q q 0 0 0 rg BT 419.98 646.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 489.15 646.10 Td (Analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (ofFinancial Condition and Results of Operations Financial Condition, Liquidity and Capital Resources for additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (information regarding our distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 598.10 Td (April 2012, our ) Tj ET Q q 0 0 0 rg BT 142.17 598.10 Td (Advisor agreed to waive the asset management fee otherwise payable to it for each quarter in 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (2013 to the extent that our modified funds from operations \(MFFO\) for a particular quarter) Tj ET Q q 0 0 0 rg BT 422.27 586.10 Td (, as disclosed in each quarterly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (report, amounts to less than 100% of the aggregate distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 486.27 574.10 Td (. In December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (2013, our ) Tj ET Q q 0 0 0 rg BT 90.28 562.10 Td (Advisor agreed to waive asset management fees otherwise payable to it for the year ended December 31, 2014 to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (extent that our MFFO for the year ended December 31, 2014, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 374.64 550.10 Td (Annual Report on Form 10-K for such year) Tj ET Q q 0 0 0 rg BT 547.82 550.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (amounts to less than 100% of the aggregate distributions declared to our stockholders for the year ended December 31, 2014. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 255.63 526.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 391.71 526.10 Td (Advisor in cash at any time in the future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.44 514.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.03 514.10 Td (, our ) Tj ET Q q 0 0 0 rg BT 173.31 514.10 Td (Advisor had waived asset management fees of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 514.10 Td ($12.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.19 514.10 Td ( payable to it since inception.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 490.10 Td (ax Status) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 466.10 Td (e have elected to be treated as a REIT) Tj ET Q q 0 0 0 rg BT 227.49 466.10 Td ( under the Code. Our management believes that we operate in such a manner as to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (qualify for treatment as a REIT) Tj ET Q q 0 0 0 rg BT 175.05 454.10 Td ( and we intend to operate in the foreseeable future in such a manner so that we will remain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (qualified as a REIT) Tj ET Q q 0 0 0 rg BT 127.85 442.10 Td ( for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 261.41 442.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 310.75 442.10 Td (, no provision has been made for U.S.federal income taxes for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.69 430.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.28 430.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.28 430.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.28 430.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.71 430.10 Td (201) Tj ET Q q 0 0 0 rg BT 252.34 430.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.34 430.10 Td ( in the accompanying consolidated financial statements.In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.71 430.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.71 430.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.71 430.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.71 430.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 418.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 418.10 Td (, income tax expense recorded by the Company was primarily comprised of foreign income taxes related to the operation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (of its international properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Competition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (Numerous real estate companies, real estate investment trusts and U.S.institutional and foreign investors compete with us ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (in acquiring properties or making other real estate investments and obtaining creditworthy tenants to occupy such properties. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Many of these entities have significant financial and other resources, allowing them to compete ef) Tj ET Q q 0 0 0 rg BT 441.63 334.10 Td (fectively with us. Principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (factors of competition in our primary business of acquiring properties or making other real estate investments include access to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (capital, the quality of properties, leasing terms \(including rent and other char) Tj ET Q q 0 0 0 rg BT 356.66 310.10 Td (ges and allowances for inducements and tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (improvements\), the quality and breadth of tenant services provided, and reputation as an owner and operator of commercial real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (estate investments in the relevant market. ) Tj ET Q q 0 0 0 rg BT 217.45 286.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 267.35 286.10 Td (, our ability to compete depends upon, among other factors, trends of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (global, national and local economies, investment alternatives, financial condition and operating results of current and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (prospective tenants, availability and cost of capital, taxes, governmental regulations, legislation and demographic trends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 238.10 Td (e believe Hines) Tj ET Q q 0 0 0 rg BT 140.87 238.10 Td ( extensive real estate experience and depth and breadth of its or) Tj ET Q q 0 0 0 rg BT 394.19 238.10 Td (ganization of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.17 238.10 Td (3,350) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.67 238.10 Td (employees located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 226.10 Td (cities across the United States and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.35 226.10 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.35 226.10 Td ( foreign countries allows it to better identify investment opportunities for us. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 214.10 Td (, competition may increase our cost of acquisitions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Customers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 166.10 Td (e are dependent upon the ability of current tenants to pay their contractual rent amounts as the rents become due. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.80 154.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.38 154.10 Td (, the Company did not earn more than 10% of its total rental revenue from any individual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (tenant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (Of the Company) Tj ET Q q 0 0 0 rg BT 137.43 118.10 Td (s total rental revenue for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.38 118.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.97 118.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.47 118.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.05 118.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.31 118.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.64 118.10 Td ( was earned from a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (tenant in the accounting industry who has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.13 106.10 Td (leases that expire in 2016, 2019 and 2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.21 106.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (Of the Company) Tj ET Q q 0 0 0 rg BT 137.43 82.10 Td (s total rental revenue for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.47 82.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 371.68 82.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.68 82.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.94 82.10 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.27 82.10 Td ( was earned from a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (tenant in the accounting industry who has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.13 70.10 Td (leases that expire in 2016, 2019 and 2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.21 70.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.46 70.10 Td (1) Tj ET Q q 0 0 0 rg BT 455.09 70.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.42 70.10 Td ( was earned from a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (tenant in the legal services industry whose lease expires in 2016, and approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.24 58.10 Td (1) Tj ET Q q 0 0 0 rg BT 392.87 58.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.20 58.10 Td ( was earned from a tenant in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (education services industry whose lease expires in 2019.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.48 730.10 Td (vailable Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Stockholders may obtain copies of our filings with the Securities and Exchange Commission \(SEC\), free of char) Tj ET Q q 0 0 0 rg BT 526.32 706.10 Td (ge from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (the website maintained by the SEC at www) Tj ET Q q 0 0 0 rg BT 223.48 694.10 Td (.sec.gov or from our website at www) Tj ET Q q 0 0 0 rg BT 371.13 694.10 Td (.HinesSecurities.com. Further) Tj ET Q q 0 0 0 rg BT 490.15 694.10 Td (, a copy of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Annual Report on Form 10-K is located at the SEC) Tj ET Q q 0 0 0 rg BT 257.47 682.10 Td (s Public Reference Room at 100 F Street NE, ) Tj ET Q q 0 0 0 rg BT 441.14 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 449.78 682.10 Td (ashington, D.C. 20549. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Information on the operation of the Public Reference Room can be obtained by calling the SEC at 1-800-SEC-0330. Our filings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (will be available on our website as soon as reasonably practicable after we electronically file such materials with the SEC. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 646.10 Td (, the information from our website is not incorporated by reference into this report.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Item1A.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 92.21 622.10 Td (Risk Factors) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Y) Tj ET Q q 0 0 0 rg BT 72.64 598.10 Td (ou should car) Tj ET Q q 0 0 0 rg BT 127.27 598.10 Td (efully r) Tj ET Q q 0 0 0 rg BT 155.50 598.10 Td (ead and consider the risks described below together with all other information in this r) Tj ET Q q 0 0 0 rg BT 503.44 598.10 Td (eport. If ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (certain of the following risks actually occur) Tj ET Q q 0 0 0 rg BT 223.87 586.10 Td (, our r) Tj ET Q q 0 0 0 rg BT 248.78 586.10 Td (esults of operations and ability to pay distributions would likely suffer ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (materially) Tj ET Q q 0 0 0 rg BT 90.55 574.10 Td (, or could be eliminated entir) Tj ET Q q 0 0 0 rg BT 206.83 574.10 Td (ely) Tj ET Q q 0 0 0 rg BT 217.93 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 222.75 574.10 Td (As a r) Tj ET Q q 0 0 0 rg BT 246.27 574.10 Td (esult, the value of our common shar) Tj ET Q q 0 0 0 rg BT 389.49 574.10 Td (es may decline, and our stockholders ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (could lose all or part of the money they paid to buy our common shar) Tj ET Q q 0 0 0 rg BT 327.37 562.10 Td (es.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Risks Related to Our) Tj ET Q q 0 0 0 rg BT 139.54 538.10 Td ( Business in General) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 514.10 Td (Disruptions in the global financial markets and uncertain economic conditions could adversely af) Tj ET Q q 0 0 0 rg BT 461.07 514.10 Td (fect commercial real ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td (estate values and our ability to secure debt financing and service future debt obligations, which could adversely impact ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 490.10 Td (our results of operations and our ability to pay distributions to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Despite improved access to capital for some market participants, the capital and credit markets continue to be af) Tj ET Q q 0 0 0 rg BT 515.98 466.10 Td (fected by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the extreme volatility and disruption of recent years, and the health of the global capital markets remains a concern. ) Tj ET Q q 0 0 0 rg BT 514.37 454.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (financial industry has been experiencing improved earnings, but the continuing relatively low-growth economic environment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (has caused the markets to question whether financial institutions are truly appropriately capitalized. ) Tj ET Q q 0 0 0 rg BT 450.24 430.10 Td (The downgrade of the U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (government) Tj ET Q q 0 0 0 rg BT 100.54 418.10 Td (s credit rating in 201) Tj ET Q q 0 0 0 rg BT 182.93 418.10 Td (1 increased these concerns, especially for the lar) Tj ET Q q 0 0 0 rg BT 375.99 418.10 Td (ger banks. Smaller financial institutions have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (continued to work with borrowers to amend and extend existing loans. However) Tj ET Q q 0 0 0 rg BT 370.63 406.10 Td (, as these loans reach maturity) Tj ET Q q 0 0 0 rg BT 490.50 406.10 Td (, there is the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (potential for future credit losses. ) Tj ET Q q 0 0 0 rg BT 182.00 394.10 Td (The Federal Deposit Insurance Corporation \(FDIC\) has characterized a substantial number ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (of financial institutions as troubled, and the threat of more bank closings continues to weigh on the financial markets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Liquidity in the global credit market has been reduced by market disruptions, and new lending is expected to remain subdued in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (the near term. ) Tj ET Q q 0 0 0 rg BT 107.57 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 116.21 358.10 Td (e have relied in part on debt financing to finance our investments. ) Tj ET Q q 0 0 0 rg BT 380.84 358.10 Td (As a result of the uncertainties in the credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (market, we may not be able to refinance our existing indebtedness or obtain additional debt financing on attractive terms. If we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (are not able to refinance existing indebtedness on attractive terms at its maturity) Tj ET Q q 0 0 0 rg BT 369.24 334.10 Td (, we may be forced to dispose of some of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (assets. Further disruptions in the financial markets and continued uncertain economic conditions could adversely af) Tj ET Q q 0 0 0 rg BT 511.08 322.10 Td (fect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (values of our investments and could make it more dif) Tj ET Q q 0 0 0 rg BT 262.82 310.10 Td (ficult to sell any of our investments at attractive prices if we determine to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (do so. ) Tj ET Q q 0 0 0 rg BT 76.21 298.10 Td (These disruptions in the markets and corresponding economic uncertainty may adversely impact our results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (and our ability to pay distributions to our stockholders and may result in a decrease in the value of our stockholders) Tj ET Q q 0 0 0 rg BT 514.15 286.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (investments in our shares. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 250.10 Td (Y) Tj ET Q q 0 0 0 rg BT 64.56 250.10 Td (ields on and safety of deposits may be lower due to the extensive decline in the financial markets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 226.10 Td (e may hold funds in investments, including money market funds, bank money market accounts and CDs or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (accounts at third-party depository institutions. Continued or unusual declines in the financial markets could result in a loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (some or all of these funds. In particular) Tj ET Q q 0 0 0 rg BT 206.77 202.10 Td (, money market funds have recently experienced intense redemption pressure and have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (had dif) Tj ET Q q 0 0 0 rg BT 77.87 190.10 Td (ficulty satisfying redemption requests. ) Tj ET Q q 0 0 0 rg BT 233.12 190.10 Td (As such, we may not be able to access the cash in our money market investments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (In addition, current yields from these investments are minimal.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 154.10 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 /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 142.10 Td (distributions and make additional investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (The FDIC, only insures amounts up to $250,000 per depositor) Tj ET Q q 0 0 0 rg BT 316.04 118.10 Td (. It is likely that we will have cash and cash equivalents and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (restricted cash deposited in certain financial institutions in excess of federally insured levels. If any of the banking institutions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (in which we deposit funds ultimately fails, we may lose any amounts of our deposits over federally insured levels. ) Tj ET Q q 0 0 0 rg BT 508.88 94.10 Td (The loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (our deposits could reduce the amount of cash we have available to distribute or invest and could result in a decline in the value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (of our stockholders) Tj ET Q q 0 0 0 rg BT 129.79 70.10 Td ( investments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 46.10 Td (e may need to incur borrowings that would otherwise not be incurred to meet REIT minimum distribution requirements.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (In order to maintain our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 258.31 730.10 Td (, we are required to distribute to our stockholders at least 90% of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (annual ordinary taxable income. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any) Tj ET Q q 0 0 0 rg BT 523.93 718.10 Td (, by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (which certain distributions paid \(or deemed paid\) by us with respect to any calendar year are less than the sum of \(i\)85% of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (ordinary income for that year) Tj ET Q q 0 0 0 rg BT 166.77 694.10 Td (, \(ii\)95% of our capital gain net income for that year and \(iii\)100% of our undistributed taxable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (income from prior years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 658.10 Td (e expect our income, if any) Tj ET Q q 0 0 0 rg BT 184.83 658.10 Td (, to consist almost solely of our share of the Operating Partnership) Tj ET Q q 0 0 0 rg BT 452.56 658.10 Td (s income, and the cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (available for the payment of distributions by us to our stockholders will consist of our share of cash distributions made by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 142.48 634.10 Td (As the general partner of the Operating Partnership, we will determine the amount of any distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (made by the Operating Partnership. However) Tj ET Q q 0 0 0 rg BT 230.65 622.10 Td (, we must consider a number of factors in making such distributions, including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (the amount of the cash available for distribution;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 586.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (the impact of such distribution on other partners of the Operating Partnership;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (the Operating Partnership) Tj ET Q q 0 0 0 rg BT 182.53 574.10 Td (s financial condition;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (the Operating Partnership) Tj ET Q q 0 0 0 rg BT 182.53 562.10 Td (s capital expenditure requirements and reserves therefore;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 550.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (the annual distribution requirements contained in the Code necessary to qualify and maintain our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 559.17 550.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 81.15 526.10 Td (ferences in timing between the actual receipt of income and actual payment of deductible expenses and the inclusion of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (such income and deduction of such expenses when determining our taxable income, as well as the ef) Tj ET Q q 0 0 0 rg BT 452.19 514.10 Td (fect of nondeductible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (capital expenditures, the creation of reserves, the use of cash to purchase shares under our share redemption program or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (required debt amortization payments, could result in our having taxable income that exceeds cash available for distribution.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (In view of the foregoing, we may be unable to meet the REIT) Tj ET Q q 0 0 0 rg BT 314.13 466.10 Td ( minimum distribution requirements and/or avoid the 4% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (excise tax described above. In certain cases, we may decide to borrow funds in order to meet the REIT) Tj ET Q q 0 0 0 rg BT 460.22 454.10 Td ( minimum distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (and/or avoid the 4% excise tax even if our management believes that the then prevailing market conditions generally are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (favorable for such borrowings or that such borrowings would not be advisable in the absence of such tax considerations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (Actions of our joint venture partners, including other Hines investment vehicles and third parties, could negatively impact ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.10 Td (our performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 370.10 Td (e are parties to several joint venture arrangements, including joint ventures in which Hines and its af) Tj ET Q q 0 0 0 rg BT 477.72 370.10 Td (filiates are parties. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Joint ownership of properties or other investments, under certain circumstances, may involve risks not otherwise present with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (other methods of owning real estate or other real estate investments. Examples of these risks include:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 322.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 322.10 Td (the possibility that our partners or co-investors might become insolvent or bankrupt;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 310.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (the possibility that such partners or co-investors might have economic or other business interests or goals that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 298.10 Td (inconsistent with our business interests or goals, including inconsistent goals relating to the sale of properties or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 286.10 Td (investments held in the joint venture or the timing of the termination and liquidation of the venture;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 274.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 274.10 Td (the possibility that we may incur liabilities as the result of actions taken by our partners or co-investors;or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 262.10 Td (the possibility that such partners or co-investors may be in controlling positions and/or be in a position to take actions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 250.10 Td (contrary to our instructions or requests or contrary to our policies or objectives, including our policy with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 238.10 Td (qualifying and maintaining our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 295.92 238.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Actions by a co-venturer) Tj ET Q q 0 0 0 rg BT 166.73 214.10 Td (, co-tenant or partner may result in subjecting the assets of the joint venture to unexpected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (liabilities. Under joint venture arrangements, neither co-venturer may have the power to control the venture, and under certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (circumstances, an impasse could result and this impasse could have an adverse impact on the operations and profitability of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (joint venture.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (If we have a right of first refusal or buy/sell right to buy out a co-venturer or partner) Tj ET Q q 0 0 0 rg BT 403.87 154.10 Td (, we may be unable to finance such a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (buy-out if it becomes exercisable or we are required to purchase such interest at a time when it would not otherwise be in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (best interest to do so. If our interest is subject to a buy/sell right, we may not have suf) Tj ET Q q 0 0 0 rg BT 391.97 130.10 Td (ficient cash, available borrowing capacity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (or other capital resources to allow us to elect to purchase an interest of a co-venturer subject to the buy/sell right, in which case ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (we may be forced to sell our interest as the result of the exercise of such right when we would otherwise prefer to keep our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (interest. Finally) Tj ET Q q 0 0 0 rg BT 112.12 94.10 Td (, we may not be able to sell our interest in a joint venture if we desire to exit the venture for any reason or if our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (interest is likewise subject to a right of first refusal of our co-venturer or partner) Tj ET Q q 0 0 0 rg BT 369.49 82.10 Td (, our ability to sell such interest may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (adversely impacted by such right. Joint ownership arrangements with Hines af) Tj ET Q q 0 0 0 rg BT 363.35 70.10 Td (filiates may also entail conflicts of interest.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 706.25 Td (e ) Tj ET Q q 0 0 0 rg BT 84.01 706.25 Td (may ) Tj ET Q q 0 0 0 rg BT 104.17 706.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 127.09 706.25 Td (into ) Tj ET Q q 0 0 0 rg BT 145.59 706.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 183.50 706.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 201.43 706.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 228.81 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 246.19 706.25 Td (caps ) Tj ET Q q 0 0 0 rg BT 266.89 706.25 Td (or ) Tj ET Q q 0 0 0 rg BT 278.16 706.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 308.87 706.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 344.03 706.25 Td (or ) Tj ET Q q 0 0 0 rg BT 355.30 706.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 398.22 706.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 448.92 706.25 Td (or ) Tj ET Q q 0 0 0 rg BT 460.19 706.25 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 519.49 706.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.20 706.25 Td (order ) Tj ET Q q 0 0 0 rg BT 554.24 706.25 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 83.52 694.25 Td (or ) Tj ET Q q 0 0 0 rg BT 94.28 694.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 129.48 694.25 Td (our ) Tj ET Q q 0 0 0 rg BT 145.24 694.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 162.66 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.42 694.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 211.95 694.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.16 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.80 694.25 Td (ef) Tj ET Q q 0 0 0 rg BT 244.39 694.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 265.69 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.45 694.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 313.86 694.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 348.49 694.25 Td (as ) Tj ET Q q 0 0 0 rg BT 359.25 694.25 Td (a ) Tj ET Q q 0 0 0 rg BT 366.12 694.25 Td (result ) Tj ET Q q 0 0 0 rg BT 390.76 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.52 694.25 Td (our ) Tj ET Q q 0 0 0 rg BT 417.28 694.25 Td (international ) Tj ET Q q 0 0 0 rg BT 470.24 694.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 522.94 694.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 559.52 694.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (we ) Tj ET Q q 0 0 0 rg BT 63.51 682.25 Td (have, ) Tj ET Q q 0 0 0 rg BT 86.73 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.01 682.25 Td (may ) Tj ET Q q 0 0 0 rg BT 122.08 682.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 158.35 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.98 682.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 189.81 682.25 Td (into ) Tj ET Q q 0 0 0 rg BT 207.21 682.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.49 682.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 255.32 682.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 281.61 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.90 682.25 Td (caps, ) Tj ET Q q 0 0 0 rg BT 320.01 682.25 Td (or ) Tj ET Q q 0 0 0 rg BT 330.19 682.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 359.80 682.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 393.87 682.25 Td (or ) Tj ET Q q 0 0 0 rg BT 404.04 682.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 445.87 682.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 495.48 682.25 Td (or ) Tj ET Q q 0 0 0 rg BT 505.65 682.25 Td (arrangements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.12 670.25 Td (order ) Tj ET Q q 0 0 0 rg BT 83.57 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.69 670.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 127.13 670.25 Td (or ) Tj ET Q q 0 0 0 rg BT 137.81 670.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 172.92 670.25 Td (our ) Tj ET Q q 0 0 0 rg BT 188.59 670.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 205.94 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 216.61 670.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 255.06 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 265.18 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.74 670.25 Td (ef) Tj ET Q q 0 0 0 rg BT 287.33 670.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 308.55 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.23 670.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 351.01 670.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 368.34 670.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 402.89 670.25 Td (due ) Tj ET Q q 0 0 0 rg BT 419.67 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.80 670.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 464.35 670.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 496.12 670.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 513.46 670.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 533.02 670.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.36 670.25 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.72 658.25 Td (have.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 634.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 634.25 Td (e are dif) Tj ET Q q 0 0 0 rg BT 100.85 634.25 Td (ferent in some respects from other investment vehicles sponsored by Hines, and therefore the past performance ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 622.25 Td (of such investments may not be indicative of our future results and Hines has limited experience in acquiring and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 610.25 Td (operating certain types of real estate investments that we may acquire.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 586.25 Td (e are Hines) Tj ET Q q 0 0 0 rg BT 124.20 586.25 Td ( second publicly-of) Tj ET Q q 0 0 0 rg BT 201.22 586.25 Td (fered real estate investment vehicle. ) Tj ET Q q 0 0 0 rg BT 347.08 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 355.72 586.25 Td (e collectively refer to real estate joint ventures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (funds and programs as investment vehicles. ) Tj ET Q q 0 0 0 rg BT 226.35 574.25 Td (All but one of the previous real estate investment vehicles of Hines and its af) Tj ET Q q 0 0 0 rg BT 533.86 574.25 Td (filiates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (were conducted through privately-held entities not subject to either the up-front commissions, fees and expenses associated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (with our public of) Tj ET Q q 0 0 0 rg BT 121.75 550.25 Td (ferings or all the laws and regulations that govern us, including reporting requirements under the federal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (securities laws and tax and other regulations applicable to REIT) Tj ET Q q 0 0 0 rg BT 305.05 538.25 Td (s. Hines) Tj ET Q q 0 0 0 rg BT 339.86 538.25 Td ( first public fund is concentrating primarily on of) Tj ET Q q 0 0 0 rg BT 535.75 538.25 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (buildings in the United States, whereas we have invested and expect to continue to invest internationally and in a broader array ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (of property types as well as in debt and other instruments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td (The past performance of other real estate investment vehicles sponsored by Hines or its af) Tj ET Q q 0 0 0 rg BT 427.70 490.25 Td (filiates may not be indicative of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (our future results, and we may not be able to successfully operate our business and implement our investment strategy) Tj ET Q q 0 0 0 rg BT 521.73 478.25 Td (, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (may be dif) Tj ET Q q 0 0 0 rg BT 92.58 466.25 Td (ferent in a number of respects from the operations previously conducted by Hines. In addition, Hines has limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (experience in acquiring and operating certain types of real estate investments that we may acquire as a significant amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (real estate investments that have been made by Hines) Tj ET Q q 0 0 0 rg BT 265.84 442.25 Td ( other investment vehicles have consisted of acquisitions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (development of of) Tj ET Q q 0 0 0 rg BT 123.13 430.25 Td (fice or industrial properties or land. ) Tj ET Q q 0 0 0 rg BT 267.07 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 275.71 430.25 Td (e may therefore need to use third parties to source or manage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (investments in which Hines has limited experience. In addition, a significant portion of Hines) Tj ET Q q 0 0 0 rg BT 426.67 418.25 Td ( other programs and investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (involve development projects. ) Tj ET Q q 0 0 0 rg BT 172.75 406.25 Td (Although we have invested in development projects, we do not anticipate that a significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (portion of the proceeds from our public of) Tj ET Q q 0 0 0 rg BT 218.38 394.25 Td (ferings will be invested in development projects. ) Tj ET Q q 0 0 0 rg BT 415.00 394.25 Td (As a result of all of these factors, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (our stockholders should not rely on the past performance of other investment vehicles sponsored by Hines and its af) Tj ET Q q 0 0 0 rg BT 513.60 382.25 Td (filiates to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (predict or as an indication of our future performance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.25 Td (Our success will be dependent on the performance of Hines as well as key employees of Hines. Certain other investment ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 334.25 Td (vehicles sponsored by Hines have experienced adverse developments in recent years and there is a risk that we may ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 322.25 Td (experience similar adverse developments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (Our ability to achieve our investment objectives and to pay distributions is dependent upon the performance of Hines and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (its af) Tj ET Q q 0 0 0 rg BT 69.54 286.25 Td (filiates as well as key employees of Hines in the discovery and acquisition of investments, the selection of tenants, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (determination of any financing arrangements, the management of our assets and operation of our day-to-day activities. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (board of directors and the ) Tj ET Q q 0 0 0 rg BT 154.69 262.25 Td (Advisor have broad discretion when identifying, evaluating and making investments with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (proceeds of our public of) Tj ET Q q 0 0 0 rg BT 150.34 250.25 Td (ferings. Our stockholders will have no opportunity to evaluate the terms of transactions or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (economic or financial data concerning our investments. ) Tj ET Q q 0 0 0 rg BT 274.18 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 282.82 238.25 Td (e will rely on the management ability of Hines and the oversight of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (our board of directors as well as the management of any entities or ventures in which we invest. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 202.25 Td (e may not be able to retain our key employees. For example, Charles N. Hazen, our former Chief Executive Of) Tj ET Q q 0 0 0 rg BT 519.91 202.25 Td (ficer and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (President, resigned from these positions ef) Tj ET Q q 0 0 0 rg BT 219.79 190.25 Td (fective March 15, 2013. Sherri ) Tj ET Q q 0 0 0 rg BT 344.84 190.25 Td (W) Tj ET Q q 0 0 0 rg BT 353.36 190.25 Td (. Schugart succeeded Mr) Tj ET Q q 0 0 0 rg BT 451.67 190.25 Td (. Hazen in these positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (as of the same date. In connection with Ms. Schugart) Tj ET Q q 0 0 0 rg BT 267.17 178.25 Td (s new roles, Ms. Schugart resigned from her current role as Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Operating Of) Tj ET Q q 0 0 0 rg BT 102.86 166.25 Td (ficer and this role has remained vacant following her resignation. ) Tj ET Q q 0 0 0 rg BT 365.64 166.25 Td (T) Tj ET Q q 0 0 0 rg BT 371.05 166.25 Td (o the extent we are unable to retain and/or find ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (qualified successors for key employees that depart the Company) Tj ET Q q 0 0 0 rg BT 307.05 154.25 Td (, our results of operations may be adversely impacted. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 142.25 Td (ficers and the management of the ) Tj ET Q q 0 0 0 rg BT 193.10 142.25 Td (Advisor also serve in similar capacities for numerous other entities. If Hines \(or any of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (key employees\) is distracted by these other activities or suf) Tj ET Q q 0 0 0 rg BT 286.14 130.25 Td (fers from adverse financial or operational problems in connection ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (with its operations unrelated to us, the ability of Hines and its af) Tj ET Q q 0 0 0 rg BT 306.16 118.25 Td (filiates to allocate time and/or resources to our operations may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (be adversely af) Tj ET Q q 0 0 0 rg BT 110.34 106.25 Td (fected. If Hines is unable to allocate suf) Tj ET Q q 0 0 0 rg BT 268.99 106.25 Td (ficient resources to oversee and perform our operations for any reason, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (our results of operations would be adversely impacted. ) Tj ET Q q 0 0 0 rg BT 271.15 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 279.79 94.25 Td (e will not provide key-man life insurance policies for any of Hines) Tj ET Q q 0 0 0 rg BT 548.68 94.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (key employees. Please see Risks Related to Potential Conflicts of Interest Employees of our ) Tj ET Q q 0 0 0 rg BT 451.58 82.25 Td (Advisor and Hines will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (face conflicts relating to time management and allocation of resources and investment opportunities.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Certain other investment vehicles sponsored by Hines have experienced adverse developments in recent years. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (example, Hines Real Estate Income ) Tj ET Q q 0 0 0 rg BT 194.77 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 200.52 730.10 Td (rust, Inc. \(Hines REIT\) suspended its share redemption program, except with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (redemptions in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 332.31 718.10 Td (, in December 2009. Hines REIT) Tj ET Q q 0 0 0 rg BT 464.04 718.10 Td ( re-opened its share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (redemption program with respect to ordinary redemption requests on ) Tj ET Q q 0 0 0 rg BT 327.43 706.10 Td (April 1, 2013. ) Tj ET Q q 0 0 0 rg BT 385.48 706.10 Td (As of December 31, 2013, shares redeemed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (pursuant to the share redemption program were redeemed at $5.45 per share, with respect to ordinary redemption requests, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td ($6.40 per share with respect to requests in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 440.73 682.10 Td (. In May 201) Tj ET Q q 0 0 0 rg BT 492.02 682.10 Td (1, Hines REIT) Tj ET Q q 0 0 0 rg BT 552.85 682.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (board of directors determined an estimated per share net asset value \(NA) Tj ET Q q 0 0 0 rg BT 344.42 670.10 Td (V\) of $7.78, a reduction from the most recent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 658.10 Td (fering price of $10.08. In November 2012, Hines REIT) Tj ET Q q 0 0 0 rg BT 281.70 658.10 Td (s board determined an estimated per share NA) Tj ET Q q 0 0 0 rg BT 465.63 658.10 Td (V) Tj ET Q q 0 0 0 rg BT 472.67 658.10 Td ( of $7.61. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Subsequently) Tj ET Q q 0 0 0 rg BT 103.24 646.10 Td (, Hines REIT) Tj ET Q q 0 0 0 rg BT 156.10 646.10 Td ( declared a special distribution of $0.80 per share, which, combined with the additional special ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (distributions \(all of which represent a return of capital\) paid since Hines REIT) Tj ET Q q 0 0 0 rg BT 365.46 634.10 Td (s announcement of an estimated per share NA) Tj ET Q q 0 0 0 rg BT 548.27 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 555.31 634.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (of $7.61, resulted in a reduction of the estimated per share NA) Tj ET Q q 0 0 0 rg BT 298.35 622.10 Td (V) Tj ET Q q 0 0 0 rg BT 305.40 622.10 Td ( to $6.75, ef) Tj ET Q q 0 0 0 rg BT 353.26 622.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 382.41 622.10 Td (April 2, 2013. In November 2013, Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 75.00 610.10 Td (s board determined an estimated per share NA) Tj ET Q q 0 0 0 rg BT 258.92 610.10 Td (V) Tj ET Q q 0 0 0 rg BT 265.96 610.10 Td ( of $6.40. In addition, Hines REIT) Tj ET Q q 0 0 0 rg BT 403.26 610.10 Td ( decreased its distribution rate in July ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (2010 and further decreased the rate in ) Tj ET Q q 0 0 0 rg BT 202.99 598.10 Td (April 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 574.10 Td (In addition to Hines REIT) Tj ET Q q 0 0 0 rg BT 178.25 574.10 Td ( and HMS Income Fund, Inc. \(HMS\), Hines has sponsored more than 20 privately-of) Tj ET Q q 0 0 0 rg BT 526.89 574.10 Td (fered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (programs in the past ten years. Several of Hines) Tj ET Q q 0 0 0 rg BT 243.92 562.10 Td ( privately-of) Tj ET Q q 0 0 0 rg BT 293.44 562.10 Td (fered programs have experienced adverse economic developments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (in recent years due to the global financial crisis and deteriorating economic conditions in several European and South ) Tj ET Q q 0 0 0 rg BT 521.52 550.10 Td (American ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (countries, Mexico and several U.S. markets. ) Tj ET Q q 0 0 0 rg BT 229.21 538.10 Td (The adverse market conditions may cause these programs to alter their investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 81.01 526.10 Td (, generate returns lower than originally expected, or ultimately incur losses. ) Tj ET Q q 0 0 0 rg BT 385.17 526.10 Td (There is a risk that we may experience ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (similar adverse developments, as an investment vehicle sponsored by Hines. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 64.19 490.10 Td (errorist attacks and other acts of violence, civilian unrest or war may af) Tj ET Q q 0 0 0 rg BT 358.17 490.10 Td (fect the markets in which we operate our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 478.10 Td (operations and our profitability) Tj ET Q q 0 0 0 rg BT 187.81 478.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 454.10 Td (errorist attacks and other acts of violence, civilian unrest or war may negatively af) Tj ET Q q 0 0 0 rg BT 401.99 454.10 Td (fect our operations and our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 103.13 442.10 Td ( investments in our shares. Certain of our real estate investments are located in areas that may be susceptible to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (attack. In addition, any kind of terrorist activity or violent criminal acts, including terrorist acts against public institutions or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (buildings or modes of public transportation \(including airlines, trains or buses\) could have a negative ef) Tj ET Q q 0 0 0 rg BT 464.16 418.10 Td (fect on our business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (These events may directly impact the value of our assets through damage, destruction, loss or increased security costs. ) Tj ET Q q 0 0 0 rg BT 525.51 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 534.15 406.10 Td (e may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (not be able to obtain insurance against the risk of terrorism because it may not be available or may not be available on terms ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (that are economically feasible. Further) Tj ET Q q 0 0 0 rg BT 203.70 382.10 Td (, even if we do obtain terrorism insurance, we may not be able to obtain suf) Tj ET Q q 0 0 0 rg BT 505.38 382.10 Td (ficient ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (coverage to fund any losses we may incur) Tj ET Q q 0 0 0 rg BT 216.89 370.10 Td (. Risks associated with potential acts of terrorism in the areas in which we acquire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (properties or other real estate investments could sharply increase the premiums we pay for coverage against property and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (casualty claims. ) Tj ET Q q 0 0 0 rg BT 115.82 346.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 165.72 346.10 Td (, mortgage lenders in some cases have begun to insist that specific coverage against terrorism be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (purchased by commercial owners as a condition for providing loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (The consequences of any armed conflict are unpredictable, and we may not be able to foresee events that could have an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.63 298.10 Td (fect on our business or our stockholders) Tj ET Q q 0 0 0 rg BT 252.63 298.10 Td ( investments in our shares. More generally) Tj ET Q q 0 0 0 rg BT 422.21 298.10 Td (, any terrorist attack, other act of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (violence or war) Tj ET Q q 0 0 0 rg BT 111.79 286.10 Td (, including armed conflicts, could result in increased volatility in or damage to, the United States and worldwide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (financial markets and economy) Tj ET Q q 0 0 0 rg BT 174.58 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 179.40 274.10 Td (They also could result in a continuation of the current economic uncertainty in the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (States or abroad. Our revenues will be dependent upon the payment of rent and the return of our other investments which may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (be particularly vulnerable to uncertainty in the local economy) Tj ET Q q 0 0 0 rg BT 295.92 250.10 Td (. Increased economic volatility could adversely af) Tj ET Q q 0 0 0 rg BT 494.83 250.10 Td (fect our tenants) Tj ET Q q 0 0 0 rg BT 559.06 250.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (ability to pay rent or the return on our other investments or our ability to borrow money or issue capital stock at acceptable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (prices and have a material adverse ef) Tj ET Q q 0 0 0 rg BT 197.51 226.10 Td (fect on our business, results of operations, cash flows and financial condition and our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (ability to make distributions to our stockholders and the value of their investment.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Risks Related to Investments in Real Estate) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (Geographic concentration of our portfolio may make us particularly susceptible to adverse economic developments in the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 706.25 Td (real estate markets of those areas.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (In the event that we have a concentration of properties in, or real estate investments that invest in properties located in, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (particular geographic area, our operating results and ability to make distributions are likely to be impacted by economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (changes af) Tj ET Q q 0 0 0 rg BT 92.29 658.25 Td (fecting the real estate markets in that area.) Tj ET Q q 0 0 0 rg BT 265.55 658.25 Td (An investment in our common stock will therefore be subject to greater ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (risk to the extent that we lack a geographically diversified portfolio.For example, based on our pro-rata share of the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (market value of the real estate investments in which we owned interests as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.01 634.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.59 634.25 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.85 634.25 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.18 634.25 Td ( of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (portfolio consists of three properties located in Minneapolis, Minnesota and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.77 622.25 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.10 622.25 Td ( of our portfolio consists of properties located ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (in Boston, Massachusetts. Consequently) Tj ET Q q 0 0 0 rg BT 213.23 610.25 Td (, our financial condition and ability to make distributions could be materially and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 598.25 Td (fected by any significant adverse developments in those markets. Please see Item2. Properties Market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Concentration.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 562.25 Td (Industry concentration of our tenants may make us particularly susceptible to adverse economic developments in these ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 550.25 Td (industries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (In the event we have a concentration of tenants in a particular industry) Tj ET Q q 0 0 0 rg BT 348.91 526.25 Td (, our operating results and ability to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (distributions may be adversely af) Tj ET Q q 0 0 0 rg BT 182.56 514.25 Td (fected by adverse developments in these industries and we will be subject to a greater risk to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (the extent that our tenants are not diversified by industry) Tj ET Q q 0 0 0 rg BT 275.68 502.25 Td (.For example, based on our pro rata share of space leased to tenants as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 490.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.41 490.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.41 490.25 Td (22%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.74 490.25 Td ( of our space is leased to tenants in the retail industry) Tj ET Q q 0 0 0 rg BT 374.54 490.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.54 490.25 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.87 490.25 Td ( is leased to tenants in the transportation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (and warehousing industry and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.75 478.25 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.08 478.25 Td ( is leased to tenants in the finance and insurance industry) Tj ET Q q 0 0 0 rg BT 418.14 478.25 Td (.Please see Item2. Properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Industry Concentration.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 442.25 Td (e depend on tenants for our revenue, and therefore our revenue is dependent on the success and economic viability of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 430.25 Td (our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 418.25 Td (space.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.25 Td (Rental income from real property constitutes a significant portion of our income. Delays in collecting accounts receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (from tenants could adversely af) Tj ET Q q 0 0 0 rg BT 175.88 382.25 Td (fect our cash flows and financial condition. In addition, the inability of a single major tenant or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (a number of smaller tenants to meet their rental obligations would adversely af) Tj ET Q q 0 0 0 rg BT 364.72 370.25 Td (fect our income. ) Tj ET Q q 0 0 0 rg BT 432.29 370.25 Td (Therefore, our financial success ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (is indirectly dependent on the success of the businesses operated by the tenants in our properties or in the properties securing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (loans we may own. ) Tj ET Q q 0 0 0 rg BT 129.53 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 134.94 346.25 Td (enants may have the right to terminate their leases upon the occurrence of certain customary events of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (default and, in other circumstances, may not renew their leases or) Tj ET Q q 0 0 0 rg BT 311.72 334.25 Td (, because of market conditions, may be able to renew their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (leases on terms that are less favorable to us than the terms of the current leases. ) Tj ET Q q 0 0 0 rg BT 371.93 322.25 Td (The weakening of the financial condition of or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (the bankruptcy or insolvency of a significant tenant or a number of smaller tenants and vacancies caused by defaults of tenants ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (or the expiration of leases, may adversely af) Tj ET Q q 0 0 0 rg BT 226.42 298.25 Td (fect our operations and our ability to pay distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 106.77 274.25 Td (, under U.S. bankruptcy law) Tj ET Q q 0 0 0 rg BT 218.60 274.25 Td (, a debtor tenant has 120days to exercise the option of assuming or rejecting the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (obligations under any unexpired lease for nonresidential real property) Tj ET Q q 0 0 0 rg BT 328.14 262.25 Td (, which period may be extended once by the bankruptcy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (court. If the tenant assumes its lease, the tenant must cure all defaults under the lease and may be required to provide adequate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (assurance of its future performance under the lease. If the tenant rejects the lease, we will have a claim against the tenant) Tj ET Q q 0 0 0 rg BT 535.62 238.25 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (bankruptcy estate. ) Tj ET Q q 0 0 0 rg BT 124.70 226.25 Td (Although rent owing for the period between filing for bankruptcy and rejection of the lease may be af) Tj ET Q q 0 0 0 rg BT 530.77 226.25 Td (forded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (administrative expense priority and paid in full, pre-bankruptcy arrears and amounts owing under the remaining term of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (lease will be af) Tj ET Q q 0 0 0 rg BT 110.07 202.25 Td (forded general unsecured claim status \(absent collateral securing the claim\). Moreover) Tj ET Q q 0 0 0 rg BT 455.36 202.25 Td (, amounts owing under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (remaining term of the lease will be capped. Other than equity and subordinated claims, general unsecured claims are the last ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (claims paid in a bankruptcy and therefore funds may not be available to pay such claims in full. In addition, while the specifics ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (of the bankruptcy laws of international jurisdictions may dif) Tj ET Q q 0 0 0 rg BT 290.32 166.25 Td (fer from the U.S. bankruptcy laws described herein, the bankruptcy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (or insolvency of a significant tenant or a number of smaller tenants at any of the international properties we may acquire, may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (similarly adversely impact our operations and our ability to pay distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td (Some of our properties may be leased to a single or significant tenant and, accordingly) Tj ET Q q 0 0 0 rg BT 413.63 118.25 Td (, may be suited to the particular or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (unique needs of such tenant. ) Tj ET Q q 0 0 0 rg BT 165.90 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 174.54 106.25 Td (e may have dif) Tj ET Q q 0 0 0 rg BT 233.50 106.25 Td (ficulty replacing such a tenant if the floor plan of the vacant space limits the types ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (of businesses that can use the space without major renovation. In addition, the resale value of the property could be diminished ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (because the market value of a particular property will depend principally upon the value of the leases of such property) Tj ET Q q 0 0 0 rg BT 521.67 82.25 Td (.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 742.25 Td (e may suf) Tj ET Q q 0 0 0 rg BT 106.41 742.25 Td (fer adverse consequences if our revenues decline since our operating costs do not necessarily decline in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (proportion to our revenue.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 706.25 Td (e earn a significant portion of our income from renting our properties. Our operating costs, however) Tj ET Q q 0 0 0 rg BT 475.84 706.25 Td (, do not necessarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (fluctuate in proportion to changes in our rental revenue. ) Tj ET Q q 0 0 0 rg BT 274.93 694.25 Td (As a result, our costs will not necessarily decline even if our revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (do. Similarly) Tj ET Q q 0 0 0 rg BT 101.57 682.25 Td (, our operating costs could increase while our revenues stay flat or decline. In either such event, we may be forced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (to borrow funds to cover our costs, we may incur losses or we may not have cash available to service our debt and to pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (distributions to our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 634.25 Td (Due to the risks involved in the ownership of real estate investments and real estate acquisitions, a return on an ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 622.25 Td (investment in Hines Global is not guaranteed, and our stockholders may lose some or all of their investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (By owning our shares, stockholders will be subjected to significant risks associated with owning and operating real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 102.59 586.25 Td (The performance of their investment in Hines Global will be subject to such risks, including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 562.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 562.25 Td (changes in the general economic climate;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 550.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 550.25 Td (changes in local conditions such as an oversupply of space or reduction in demand for real estate;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 538.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 538.25 Td (changes in interest rates and the availability of financing;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 526.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 526.25 Td (changes in property level operating expenses due to inflation or otherwise;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 514.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 514.25 Td (changes in laws and governmental regulations, including those governing real estate usage, zoning and taxes; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 502.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 502.25 Td (changes due to factors that are generally outside of our control, such as terrorist attacks and international instability) Tj ET Q q 0 0 0 rg BT 537.31 502.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 490.25 Td (natural disasters and acts of God, over) Tj ET Q q 0 0 0 rg BT 229.81 490.25 Td (-building, adverse national, state or local changes in applicable tax, environmental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 478.25 Td (or zoning lawsand a taking of any of the properties which we own or in which we otherwise have interests by eminent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 466.25 Td (domain.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td (In addition, we expect to acquire additional properties in the future, which may subject us to additional risks associated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (with real estate property acquisitions, including the risks that:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 406.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 406.25 Td (the investments will fail to perform in accordance with our expectations because of conditions or liabilities we did not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 394.25 Td (know about at the time of acquisition;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 382.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 382.25 Td (our projections or estimates with respect to the performance of the investments, the costs of operating or improving the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 370.25 Td (properties or the ef) Tj ET Q q 0 0 0 rg BT 152.62 370.25 Td (fect of the economy or capital markets on the investments will prove inaccurate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td (Any of these factors could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 280.22 346.25 Td (fect on our business, results of operations, cash flows and financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (condition and our ability to make distributions to our stockholders and the value of their investment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 310.25 Td (e may be adversely af) Tj ET Q q 0 0 0 rg BT 154.71 310.25 Td (fected by trends in the of) Tj ET Q q 0 0 0 rg BT 255.90 310.25 Td (fice real estate industry) Tj ET Q q 0 0 0 rg BT 351.35 310.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td (Some businesses are rapidly evolving to make employee telecommuting, flexible work schedules, open workplaces and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (teleconferencing increasingly common. ) Tj ET Q q 0 0 0 rg BT 210.31 274.25 Td (These practices enable businesses to reduce their space requirements. ) Tj ET Q q 0 0 0 rg BT 489.64 274.25 Td (A) Tj ET Q q 0 0 0 rg BT 496.31 274.25 Td ( continuation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (the movement towards these practices could over time erode the overall demand for of) Tj ET Q q 0 0 0 rg BT 396.08 262.25 Td (fice space and, in turn, place downward ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (pressure on occupancy) Tj ET Q q 0 0 0 rg BT 140.42 250.25 Td (, rental rates and property valuations, each of which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 448.73 250.25 Td (fect on our financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (position, results of operations, cash flows and ability to make distributions to our shareholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 214.25 Td (An economic slowdown or rise in interest rates or other unfavorable changes in economic conditions in the markets in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 202.25 Td (which we operate could adversely impact our business, results of operations, cash flows and financial condition and our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 190.25 Td (ability to make distributions to our stockholders and the value of their investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.25 Td (The development of negative economic conditions in the markets in which we operate may significantly af) Tj ET Q q 0 0 0 rg BT 495.18 166.25 Td (fect occupancy) Tj ET Q q 0 0 0 rg BT 554.77 166.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (rental rates and our ability to collect rent from our tenants, as well as our property values, which could have a material adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (impact on our cash flows, operating results and carrying value of investment property) Tj ET Q q 0 0 0 rg BT 391.75 142.25 Td (. For example, an economic recession or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (rise in interest rates could make it more dif) Tj ET Q q 0 0 0 rg BT 221.43 130.25 Td (ficult for us to lease real properties, may require us to lease the real properties we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (acquire at lower rental rates and may lead to an increase in tenant defaults. In addition, these conditions may also lead to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (decline in the value of our properties and make it more dif) Tj ET Q q 0 0 0 rg BT 282.79 106.25 Td (ficult for us to dispose of these properties at an attractive price. Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (risks that may af) Tj ET Q q 0 0 0 rg BT 116.19 94.25 Td (fect conditions in the markets in which we operate include:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 70.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 70.25 Td (local conditions, such as an oversupply of the types of properties we invest in or a reduction in demand for such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 58.25 Td (properties in the area;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 46.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 46.25 Td (increased operating costs, if these costs cannot be passed through to tenants.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 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 /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (International, national, regional and local economic climates have been adversely af) Tj ET Q q 0 0 0 rg BT 403.79 730.10 Td (fected by the slow job growth of recent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 75.92 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.33 718.10 Td (o the extent any of the adverse conditions described above occurs in the specific markets in which we operate, market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (rents, occupancy rates and our ability to collect rents from our tenants will likely be af) Tj ET Q q 0 0 0 rg BT 394.71 706.10 Td (fected and the value of our properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (may decline. ) Tj ET Q q 0 0 0 rg BT 103.41 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 112.05 694.10 Td (e could also face challenges related to adequately managing and maintaining our properties, should we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (experience increased operating cost and as a result, we may experience a loss of rental revenues. ) Tj ET Q q 0 0 0 rg BT 437.61 682.10 Td (Any of these factors may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 670.10 Td (fect our business, results of operations, cash flows and financial condition, our ability to make distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (stockholders and the value of their investment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 634.10 Td (Our use of borrowings to partially fund acquisitions and improvements on properties could result in foreclosures and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 622.10 Td (unexpected debt service expenses upon refinancing, both of which could have an adverse impact on our operations and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 610.10 Td (cash flow) Tj ET Q q 0 0 0 rg BT 97.80 610.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 586.10 Td (e are relying and intend to continue to rely in part on borrowings under any credit facilities and other external sources of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (financing to fund the costs of new investments, capital expenditures and other items. ) Tj ET Q q 0 0 0 rg BT 390.20 574.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 439.53 574.10 Td (, we are subject to the risks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (that our cash flow will not be suf) Tj ET Q q 0 0 0 rg BT 181.74 562.10 Td (ficient to cover required debt service payments and that we will be unable to meet other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (covenants or requirements in the credit agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (If we cannot meet our required debt obligations, the property or properties securing such indebtedness could be foreclosed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (upon by) Tj ET Q q 0 0 0 rg BT 81.85 514.10 Td (, or otherwise transferred to, our lender) Tj ET Q q 0 0 0 rg BT 238.06 514.10 Td (, with a consequent loss of income and asset value to us. For tax purposes, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (foreclosure of any of our properties would be treated as a sale of the property for a purchase price equal to the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (balance of the debt secured by the mortgage. If the outstanding balance of the debt secured by the mortgage exceeds our tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (basis in the property) Tj ET Q q 0 0 0 rg BT 130.72 478.10 Td (, we would recognize taxable income on foreclosure, but we may not receive any cash proceeds. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 466.10 Td (, we may be required to refinance our debt subject to lump sum or balloon payment maturities on terms less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (favorable than the original loan or at a time we would otherwise prefer to not refinance such debt. ) Tj ET Q q 0 0 0 rg BT 442.92 454.10 Td (A) Tj ET Q q 0 0 0 rg BT 449.58 454.10 Td ( refinancing on such terms ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (or at such times could increase our debt service payments, which would decrease the amount of cash we would have available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (for operations, new investments and distribution payments and may cause us to determine to sell one or more properties at a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (time when we would not otherwise do so.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.10 Td (Uninsured losses relating to real property may adversely impact the value of our portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 370.10 Td (e attempt to ensure that all of our properties are adequately insured to cover casualty losses. However) Tj ET Q q 0 0 0 rg BT 481.93 370.10 Td (, there are types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (losses, generally catastrophic in nature, which are uninsurable, are not economically insurable or are only insurable subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (limitations. Examples of such catastrophic events include acts of war or terrorism, earthquakes, floods, hurricanes and pollution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (or environmental matters. ) Tj ET Q q 0 0 0 rg BT 155.34 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 163.98 334.10 Td (e may not have adequate coverage in the event we or our buildings suf) Tj ET Q q 0 0 0 rg BT 445.64 334.10 Td (fer casualty losses. If we do ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (not have adequate insurance coverage, the value of our assets will be reduced as the result of, and to the extent of, any such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (uninsured losses. ) Tj ET Q q 0 0 0 rg BT 120.28 310.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 170.18 310.10 Td (, we may not have access to capital resources to repair or reconstruct any uninsured damage to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 298.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 274.10 Td (e may be unable to obtain desirable types of insurance coverage at a reasonable cost, if at all, and we may be unable to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td (comply with insurance requirements contained in mortgage or other agreements due to high insurance costs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 238.10 Td (e may not be able either to obtain certain desirable types of insurance coverage, such as terrorism, earthquake, flood, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (hurricane and pollution or environmental matter insurance, or to obtain such coverage at a reasonable cost in the future, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (this risk may limit our ability to finance or refinance debt secured by our properties. ) Tj ET Q q 0 0 0 rg BT 387.68 214.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 437.58 214.10 Td (, we could default under debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (or other agreements if the cost and/or availability of certain types of insurance make it impractical or impossible to comply ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (with covenants relating to the insurance we are required to maintain under such agreements. In such instances, we may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (required to self-insure against certain losses or seek other forms of financial assurance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 154.10 Td (e operate in a competitive business, and many of our competitors have significant resources and operating flexibility) Tj ET Q q 0 0 0 rg BT 544.83 154.10 Td (, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 142.10 Td (allowing them to compete ef) Tj ET Q q 0 0 0 rg BT 174.36 142.10 Td (fectively with us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (Numerous real estate companies that operate in the markets in which we may operate will compete with us in acquiring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (real estate investments and obtaining creditworthy tenants to occupy such properties or the properties owned by such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 102.59 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 108.00 94.10 Td (wo such companies with whom we may compete for tenants are Hines REIT) Tj ET Q q 0 0 0 rg BT 414.40 94.10 Td ( or Hines Global REIT) Tj ET Q q 0 0 0 rg BT 505.32 94.10 Td ( II, Inc. Such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (competition could adversely af) Tj ET Q q 0 0 0 rg BT 173.39 82.10 Td (fect our business. ) Tj ET Q q 0 0 0 rg BT 245.42 82.10 Td (There are numerous real estate companies, real estate investment trusts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (U.S.institutional and foreign investors that will compete with us in seeking investments and tenants for properties. Many of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (these entities have significant financial and other resources, including operating experience, allowing them to compete ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 46.10 Td (fectively with us. In addition, our ability to char) Tj ET Q q 0 0 0 rg BT 249.03 46.10 Td (ge premium rental rates to tenants may be negatively impacted. ) Tj ET Q q 0 0 0 rg BT 504.59 46.10 Td (This ) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 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 50.00 742.10 Td (increased competition may increase our costs of acquisitions or investments or lower our occupancy rates and the rent we may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 730.10 Td (ge tenants. In addition, the arrival of new competitors in the immediate areas where we have assets could require ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (unplanned investments in our assets, which may adversely af) Tj ET Q q 0 0 0 rg BT 293.93 718.10 Td (fect us. ) Tj ET Q q 0 0 0 rg BT 325.12 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 333.76 718.10 Td (e may also have dif) Tj ET Q q 0 0 0 rg BT 411.33 718.10 Td (ficulty in renewing leases or in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (leasing to new tenants, which may lead to a reduction in our cash flow and operating income, since the proximity of new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (competitors could divert existing or new tenants to such competitors, resulting in vacancies.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 670.10 Td (e may have dif) Tj ET Q q 0 0 0 rg BT 126.67 670.10 Td (ficulty selling real estate investments, and our ability to distribute all or a portion of the net proceeds from ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td (such sales to our stockholders may be limited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (Real estate investments are relatively illiquid. ) Tj ET Q q 0 0 0 rg BT 253.04 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 261.68 634.10 Td (e will have a limited ability to vary our portfolio in response to changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (economic or other conditions. ) Tj ET Q q 0 0 0 rg BT 171.73 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 180.37 622.10 Td (e will also have a limited ability to sell assets in order to fund working capital and similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (capital needs such as share redemptions. ) Tj ET Q q 0 0 0 rg BT 213.93 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 222.57 610.10 Td (e expect to generally hold a real estate investment for the long term. ) Tj ET Q q 0 0 0 rg BT 496.73 610.10 Td (When we sell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (any of our real estate investments, we may not realize a gain on such sale or the amount of our taxable gain could exceed the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (cash proceeds we receive from such sale. ) Tj ET Q q 0 0 0 rg BT 216.96 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 225.60 586.10 Td (e may not distribute any proceeds from the sale of real estate investments to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (stockholders. Rather) Tj ET Q q 0 0 0 rg BT 131.80 574.10 Td (, we may use such proceeds to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 550.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (purchase additional real estate investments;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 538.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (repay debt;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 526.10 Td (buy out interests of any co-venturers or other partners in any joint venture in which we are a party;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 514.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (purchase shares under our share redemption program;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (create working capital reserves;or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td (make repairs, maintenance, tenant improvements or other capital improvements or expenditures to our other properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Our ability to sell our properties may also be limited by our need to avoid a 100% penalty tax that is imposed on gain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (recognized by a REIT) Tj ET Q q 0 0 0 rg BT 137.84 454.10 Td ( from the sale of property characterized as dealer property) Tj ET Q q 0 0 0 rg BT 369.01 454.10 Td (. In order to avoid such characterization and to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (take advantage of certain safe harbors under the Code, we may determine to hold our properties for a minimum period of time, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (generally two years.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (Potential liability as the result of, and the cost of compliance with, environmental matters could adversely af) Tj ET Q q 0 0 0 rg BT 503.25 406.10 Td (fect our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.10 Td (operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Under various federal, state and local environmental laws, ordinances and regulations, a current or previous owner or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (operator of real property may be liable for the cost of removal or remediation of hazardous or toxic substances on such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 346.10 Td (. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for) Tj ET Q q 0 0 0 rg BT 494.95 346.10 Td (, the presence of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (such hazardous or toxic substances.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 310.10 Td (e have invested in properties historically used for industrial, manufacturing and commercial purposes. ) Tj ET Q q 0 0 0 rg BT 486.61 310.10 Td (These properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (are more likely to contain, or may have contained, under) Tj ET Q q 0 0 0 rg BT 276.12 298.10 Td (ground storage tanks for the storage of petroleum products and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (hazardous or toxic substances. ) Tj ET Q q 0 0 0 rg BT 173.58 286.10 Td (All of these operations create a potential for the release of petroleum products or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (hazardous or toxic substances. Leasing properties to tenants that engage in industrial, manufacturing, and commercial activities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (will cause us to be subject to increased risk of liabilities under environmental laws and regulations. ) Tj ET Q q 0 0 0 rg BT 448.33 262.10 Td (The presence of hazardous ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (or toxic substances, or the failure to properly remediate these substances, may adversely af) Tj ET Q q 0 0 0 rg BT 412.74 250.10 Td (fect our ability to sell, rent or pledge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (such property as collateral for future borrowings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Environmental laws also may impose restrictions on the manner in which properties may be used or businesses may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (operated, and these restrictions may require expenditures. Such laws may be amended so as to require compliance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (stringent standards which could require us to make unexpected, substantial expenditures. Environmental laws provide for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (sanctions in the event of noncompliance and may be enforced by governmental agencies or) Tj ET Q q 0 0 0 rg BT 414.19 178.10 Td (, in certain circumstances, by private ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 81.47 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 90.11 166.10 Td (e may be potentially liable for such costs in connection with the acquisition and ownership of our properties in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (United States. In addition, we may invest in properties located in countries that have adopted laws or observe environmental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (management standards that are less stringent than those generally followed in the United States, which may pose a greater risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (that releases of hazardous or toxic substances have occurred to the environment. ) Tj ET Q q 0 0 0 rg BT 373.31 130.10 Td (The cost of defending against claims of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 118.10 Td (, of compliance with environmental regulatory requirements or of remediating any contaminated property could be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (substantial and require a material portion of our cash flow) Tj ET Q q 0 0 0 rg BT 281.22 106.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 94.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 82.10 Td (Our properties are subject to property taxes that may increase in the future, which could adversely af) Tj ET Q q 0 0 0 rg BT 473.53 82.10 Td (fect our cash flow) Tj ET Q q 0 0 0 rg BT 546.77 82.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (Our properties are subject to real and personal property taxes that may increase as property tax rates change and as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (properties are assessed or reassessed by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 285.58 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 294.22 46.10 Td (e anticipate that most of our leases will generally provide that the ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (property taxes or increases therein, are char) Tj ET Q q 0 0 0 rg BT 223.90 742.10 Td (ged to the lessees as an expense related to the properties that they occupy) Tj ET Q q 0 0 0 rg BT 516.20 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.64 742.10 Td (As the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (owner of the properties, however) Tj ET Q q 0 0 0 rg BT 182.05 730.10 Td (, we are ultimately responsible for payment of the taxes to the government. If property taxes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (increase, our tenants may be unable to make the required tax payments, ultimately requiring us to pay the taxes. In addition, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (will generally be responsible for property taxes related to any vacant space. If we purchase residential properties, the leases for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (such properties typically will not allow us to pass through real estate taxes and other taxes to residents of such properties. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 104.35 682.10 Td (, any tax increases may adversely af) Tj ET Q q 0 0 0 rg BT 248.27 682.10 Td (fect our results of operations at such properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td (Our properties may contain or develop harmful mold, which could lead to liability for adverse health ef) Tj ET Q q 0 0 0 rg BT 482.98 658.10 Td (fects and costs of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td (remediating the problem.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (If any of our properties has or develops mold we may be required to undertake a costly program to remediate, contain or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (remove the mold. Mold growth may occur when moisture accumulates in buildings or on building materials. Some molds may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (produce airborne toxins or irritants. Concern about indoor exposure to mold has been increasing because exposure to mold may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (cause a variety of adverse health ef) Tj ET Q q 0 0 0 rg BT 190.30 586.10 Td (fects and symptoms, including aller) Tj ET Q q 0 0 0 rg BT 332.59 586.10 Td (gic or other reactions. ) Tj ET Q q 0 0 0 rg BT 422.09 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.73 586.10 Td (e may become liable to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (tenants, their employees and others if property damage or health concerns arise, all of which could have a material adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 562.10 Td (fect on our business, results of operations, cash flows and financial condition and our ability to make distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (stockholders and the value of their investment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td (If we set aside insuf) Tj ET Q q 0 0 0 rg BT 140.49 526.10 Td (ficient working capital reserves, we may be required to defer necessary or desirable property ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 514.10 Td (improvements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (If we do not establish suf) Tj ET Q q 0 0 0 rg BT 168.63 490.10 Td (ficient reserves for working capital to supply necessary funds for capital improvements or similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (expenses, we may be required to defer necessary or desirable improvements to our properties. If we defer such improvements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (the applicable properties may decline in value, it may be more dif) Tj ET Q q 0 0 0 rg BT 312.50 466.10 Td (ficult for us to attract or retain tenants to such properties or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the amount of rent we can char) Tj ET Q q 0 0 0 rg BT 173.65 454.10 Td (ge at such properties may decrease.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 430.10 Td (Risks related to the development of real properties may have an adverse ef) Tj ET Q q 0 0 0 rg BT 363.21 430.10 Td (fect on our results of operations and returns to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 418.10 Td (our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 394.10 Td (e have invested in properties on which developments or improvements are to be constructed or completed. ) Tj ET Q q 0 0 0 rg BT 504.01 394.10 Td (As such, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (are subject to the risks associated with development and construction activities including the following:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 358.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 358.10 Td (long periods of time may elapse between the commencement and the completion of our projects;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 346.10 Td (our original estimates may not be accurate and our actual construction and development costs may exceed those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 334.10 Td (estimates;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 310.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (the level of interest of potential tenants for a recently launched development may be low;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 298.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 298.10 Td (construction materials and equipment may be unavailable or cost more than expected due to changes in supply and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 286.10 Td (demand;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 274.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 274.10 Td (construction and sales may not be completed on time, resulting in a cost increase;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 262.10 Td (we may not be able to acquire or we may pay too much for the land we acquire for new developments or properties;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 250.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 250.10 Td (labor may be in limited availability;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 238.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 238.10 Td (changes in tax, real estate and zoning laws may be unfavorable to us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (In addition, our reputation and the construction quality of our real estate developments, whether operated individually or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (through partnerships, may be determining factors for our ability to lease space and grow) Tj ET Q q 0 0 0 rg BT 402.02 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 406.84 202.10 Td (The timely delivery of real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (projects and the quality of our developments, however) Tj ET Q q 0 0 0 rg BT 267.31 190.10 Td (, depend on certain factors beyond our full control, including the quality ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (and timeliness of construction materials delivered to us and the technical capabilities of our contractor) Tj ET Q q 0 0 0 rg BT 458.20 178.10 Td (. If one or more problems ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 166.10 Td (fect our real estate developments, our reputation and future performance may be negatively af) Tj ET Q q 0 0 0 rg BT 432.80 166.10 Td (fected and we may be exposed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (to civil liability) Tj ET Q q 0 0 0 rg BT 111.01 154.10 Td (.) Tj ET Q BT /F2 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 depend on a variety of factors outside of our control to build, develop and operate real estate projects. ) Tj ET Q q 0 0 0 rg BT 492.14 130.10 Td (These factors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (include, among others, the availability of market resources for financing, land acquisition and project development. ) Tj ET Q q 0 0 0 rg BT 513.47 118.10 Td (Any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (scarcity of market resources, including human capital, may decrease our development capacity due to either dif) Tj ET Q q 0 0 0 rg BT 494.92 106.10 Td (ficulty in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (obtaining credit for land acquisition or construction financing or a need to reduce the pace of our growth. ) Tj ET Q q 0 0 0 rg BT 472.73 94.10 Td (The combination of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (these risks may adversely af) Tj ET Q q 0 0 0 rg BT 162.56 82.10 Td (fect our business, results of operations, cash flows and financial condition and our ability to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (distributions to our stockholders and the value of their investment.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Delays in the development and construction of real properties may have adverse ef) Tj ET Q q 0 0 0 rg BT 397.67 742.25 Td (fects on portfolio diversification, results ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (of operations and returns to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 706.25 Td (e have invested in properties on which developments or improvements are to be constructed or completed and we may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (experience delays in the development of our real properties. Such delays could adversely af) Tj ET Q q 0 0 0 rg BT 415.79 694.25 Td (fect our stockholders) Tj ET Q q 0 0 0 rg BT 502.24 694.25 Td ( returns. ) Tj ET Q q 0 0 0 rg BT 537.33 694.25 Td (When ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (properties are acquired prior to the start of construction or during the early stages of construction, it will typically take several ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (months or longer to complete construction, to rent available space, and for rent payments to commence. ) Tj ET Q q 0 0 0 rg BT 467.19 670.25 Td (Therefore, we may not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (receive any income from these properties and our ability to pay distributions to our stockholders could suf) Tj ET Q q 0 0 0 rg BT 474.16 658.25 Td (fer) Tj ET Q q 0 0 0 rg BT 484.71 658.25 Td (. If we are delayed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (in the completion of any such construction project, our tenants may have the right to terminate preconstruction leases for space ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (at such newly developed project. ) Tj ET Q q 0 0 0 rg BT 183.66 634.25 Td (W) Tj ET Q q 0 0 0 rg BT 192.30 634.25 Td (e may incur additional risks when we make periodic progress payments or other advances to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (builders prior to completion of construction. Each of those factors could result in increased costs of a project or loss of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (investment. In addition, we will be subject to normal lease-up risks relating to newly-constructed projects. Furthermore, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (price we agree to pay for a real property will be based on our projections of rental income and expenses and estimates of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (fair market value of the real property upon completion of construction. If our projections are inaccurate, we may pay too much ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (for a property) Tj ET Q q 0 0 0 rg BT 104.33 574.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 550.25 Td (Retail properties depend on anchor tenants to attract shoppers and could be adversely af) Tj ET Q q 0 0 0 rg BT 421.88 550.25 Td (fected by the loss of a key anchor ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 538.25 Td (tenant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 514.25 Td (e have acquired properties that include retail space. Retail properties, like other properties, are subject to the risk that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (tenants may be unable to make their lease payments or may decline to extend a lease upon its expiration. ) Tj ET Q q 0 0 0 rg BT 470.42 502.25 Td (A) Tj ET Q q 0 0 0 rg BT 477.09 502.25 Td ( lease termination by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (a tenant that occupies a lar) Tj ET Q q 0 0 0 rg BT 156.16 490.25 Td (ge area of a retail center \(commonly referred to as an anchor tenant\) could impact leases of other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (tenants. Other tenants may be entitled to modify the terms of their existing leases in the event of a lease termination by an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (anchor tenant, or the closure of the business of an anchor tenant that leaves its space vacant even if the anchor tenant continues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (to pay rent. ) Tj ET Q q 0 0 0 rg BT 97.21 454.25 Td (Any such modifications or conditions could be unfavorable to us as the property owner and could decrease rents or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (expense recoveries. ) Tj ET Q q 0 0 0 rg BT 130.24 442.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 180.14 442.25 Td (, major tenant closures may result in decreased customer traf) Tj ET Q q 0 0 0 rg BT 422.65 442.25 Td (fic, which could lead to decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (sales at other stores. In the event of default by a tenant or anchor store, we may experience delays and costs in enforcing our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (rights as landlord to recover amounts due to us under the terms of our agreements with those parties.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.25 Td (Leases with retail properties) Tj ET Q q 0 0 0 rg BT 177.42 394.25 Td ( tenants may restrict us from re-leasing space.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (Most leases with retail tenants contain provisions giving the particular tenant the exclusive right to sell particular types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (merchandise or provide specific types of services within the particular retail center) Tj ET Q q 0 0 0 rg BT 380.15 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 384.97 358.25 Td (These provisions may limit the number and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (types of prospective tenants interested in leasing space in a particular retail property) Tj ET Q q 0 0 0 rg BT 385.34 346.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 322.25 Td (Short-term multifamily community leases associated with any multifamily residential properties we own may expose us to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 310.25 Td (the ef) Tj ET Q q 0 0 0 rg BT 81.87 310.25 Td (fects of declining market rent and could adversely impact our ability to make cash distributions to our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 286.25 Td (e expect that substantially all of our multifamily community leases will be for a term of one year or less. Because these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (leases generally permit the residents to leave at the end of the lease term without penalty) Tj ET Q q 0 0 0 rg BT 403.39 274.25 Td (, our rental revenues may be impacted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (by declines in market rents more quickly than if our leases were for longer terms.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.25 Td (Continued high levels of unemployment could adversely af) Tj ET Q q 0 0 0 rg BT 300.20 238.25 Td (fect the occupancy and rental rates of any multifamily ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 226.25 Td (residential properties we own, with high quality multifamily communities suf) Tj ET Q q 0 0 0 rg BT 374.97 226.25 Td (fering even more severely) Tj ET Q q 0 0 0 rg BT 479.84 226.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td (Prolonged continuance of unemployment at current levels or increased levels of unemployment in multifamily markets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (could significantly decrease occupancy and rental rates. In times of increasing unemployment, multifamily occupancy and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (rental rates have historically been adversely af) Tj ET Q q 0 0 0 rg BT 235.29 178.25 Td (fected by:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 154.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 154.25 Td (rental ) Tj ET Q q 0 0 0 rg BT 102.26 154.25 Td (residents ) Tj ET Q q 0 0 0 rg BT 140.31 154.25 Td (deciding ) Tj ET Q q 0 0 0 rg BT 177.24 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 187.52 154.25 Td (share ) Tj ET Q q 0 0 0 rg BT 211.12 154.25 Td (rental ) Tj ET Q q 0 0 0 rg BT 236.38 154.25 Td (units ) Tj ET Q q 0 0 0 rg BT 258.33 154.25 Td (and ) Tj ET Q q 0 0 0 rg BT 275.27 154.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 313.86 154.25 Td (rent ) Tj ET Q q 0 0 0 rg BT 331.90 154.25 Td (fewer ) Tj ET Q q 0 0 0 rg BT 357.16 154.25 Td (units;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 142.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 142.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 114.49 142.25 Td (residents ) Tj ET Q q 0 0 0 rg BT 152.54 142.25 Td (moving ) Tj ET Q q 0 0 0 rg BT 185.59 142.25 Td (back ) Tj ET Q q 0 0 0 rg BT 206.97 142.25 Td (into ) Tj ET Q q 0 0 0 rg BT 225.03 142.25 Td (family ) Tj ET Q q 0 0 0 rg BT 253.63 142.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 282.24 142.25 Td (or ) Tj ET Q q 0 0 0 rg BT 293.07 142.25 Td (delaying ) Tj ET Q q 0 0 0 rg BT 330.00 142.25 Td (leaving ) Tj ET Q q 0 0 0 rg BT 361.94 142.25 Td (family ) Tj ET Q q 0 0 0 rg BT 390.54 142.25 Td (homes;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 130.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 130.25 Td (a ) Tj ET Q q 0 0 0 rg BT 83.94 130.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 118.08 130.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 152.24 130.25 Td (for ) Tj ET Q q 0 0 0 rg BT 166.40 130.25 Td (higher) Tj ET Q q 0 0 0 rg BT 191.75 130.25 Td (-rent ) Tj ET Q q 0 0 0 rg BT 213.12 130.25 Td (units, ) Tj ET Q q 0 0 0 rg BT 237.57 130.25 Td (such ) Tj ET Q q 0 0 0 rg BT 258.40 130.25 Td (as ) Tj ET Q q 0 0 0 rg BT 269.23 130.25 Td (those ) Tj ET Q q 0 0 0 rg BT 292.84 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 303.67 130.25 Td (high ) Tj ET Q q 0 0 0 rg BT 323.95 130.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 354.22 130.25 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 403.94 130.25 Td (communities;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 118.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 118.25 Td (a ) Tj ET Q q 0 0 0 rg BT 83.94 118.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 115.31 118.25 Td (in ) Tj ET Q q 0 0 0 rg BT 125.59 118.25 Td (household ) Tj ET Q q 0 0 0 rg BT 169.20 118.25 Td (formation;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 106.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 106.25 Td (persons ) Tj ET Q q 0 0 0 rg BT 110.10 106.25 Td (enrolled ) Tj ET Q q 0 0 0 rg BT 145.42 106.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.75 106.25 Td (college ) Tj ET Q q 0 0 0 rg BT 187.18 106.25 Td (delaying ) Tj ET Q q 0 0 0 rg BT 224.16 106.25 Td (leaving ) Tj ET Q q 0 0 0 rg BT 256.15 106.25 Td (college ) Tj ET Q q 0 0 0 rg BT 287.57 106.25 Td (or ) Tj ET Q q 0 0 0 rg BT 298.46 106.25 Td (choosing ) Tj ET Q q 0 0 0 rg BT 337.12 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.45 106.25 Td (proceed ) Tj ET Q q 0 0 0 rg BT 381.65 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.98 106.25 Td (or ) Tj ET Q q 0 0 0 rg BT 402.86 106.25 Td (return ) Tj ET Q q 0 0 0 rg BT 429.29 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 439.62 106.25 Td (graduate ) Tj ET Q q 0 0 0 rg BT 476.60 106.25 Td (school ) Tj ET Q q 0 0 0 rg BT 505.26 106.25 Td (in ) Tj ET Q q 0 0 0 rg BT 515.59 106.25 Td (the ) Tj ET Q q 0 0 0 rg BT 530.36 106.25 Td (absence ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 94.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.83 94.25 Td (available ) Tj ET Q q 0 0 0 rg BT 126.42 94.25 Td (employment;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 82.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 82.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.72 82.25 Td (inability ) Tj ET Q q 0 0 0 rg BT 127.55 82.25 Td (or ) Tj ET Q q 0 0 0 rg BT 138.38 82.25 Td (unwillingness ) Tj ET Q q 0 0 0 rg BT 196.43 82.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.26 82.25 Td (residents ) Tj ET Q q 0 0 0 rg BT 245.31 82.25 Td (to ) Tj ET Q q 0 0 0 rg BT 255.59 82.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 272.53 82.25 Td (rent ) Tj ET Q q 0 0 0 rg BT 290.57 82.25 Td (increases; ) Tj ET Q q 0 0 0 rg BT 332.50 82.25 Td (and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 70.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 70.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 117.25 70.25 Td (collection ) Tj ET Q q 0 0 0 rg BT 159.18 70.25 Td (losses.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (These factors generally have contributed to lower rental rates. If these factors do not improve or worsen, our results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (operations, financial condition and ability to make distributions to our stockholders may be adversely af) Tj ET Q q 0 0 0 rg BT 465.55 730.10 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td (Our investments in multifamily residential properties may face increased competition from single-family homes and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 694.10 Td (condominiums for rent, which could limit our ability to retain residents, lease apartment units or increase or maintain ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 682.10 Td (rents.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 658.10 Td (e will face significant competition with respect to our investments in multifamily residential properties.) Tj ET Q q 0 0 0 rg BT 494.31 658.10 Td (Any multifamily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (communities we own in may compete with numerous housing alternatives in attracting residents, including single-family ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (homes and condominiums available for rent. Such competitive housing alternatives may become more prevalent in a particular ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (area because of the tightening of mortgage lending underwriting criteria, homeowner foreclosures, the decline in single-family ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (home and condominium sales and the lack of available credit. ) Tj ET Q q 0 0 0 rg BT 299.46 610.10 Td (The number of single-family homes and condominiums for rent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (in a particular area could limit our ability to retain residents, lease apartment units or increase or maintain rents.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 574.10 Td (e have purchased assets at a time when the commercial real estate market was experiencing substantial influxes of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 562.10 Td (capital investment and competition for properties, and the real estate we purchased may not appreciate or may decrease in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 550.10 Td (value.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Real estate investment transaction volume has increased since 2010, and estimated going-in capitalization rates, or cap ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (rates \(ratio of the net projected operating income of a property in its initial fiscal year divided by the net purchase price\), have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (fallen relative to their post-recession peaks in late 2009. ) Tj ET Q q 0 0 0 rg BT 278.35 502.10 Td (There continues to be a significant amount of investment capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (pursuing high-quality) Tj ET Q q 0 0 0 rg BT 135.73 490.10 Td (, well-located assets that generate stable cash flows, causing aggressive competition and pricing for assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (which match our investment strategy) Tj ET Q q 0 0 0 rg BT 197.09 478.10 Td (.) Tj ET Q q 0 0 0 rg BT 204.41 478.10 Td (This may continue to drive prices higher) Tj ET Q q 0 0 0 rg BT 366.19 478.10 Td (, resulting in lower cap rates and returns. ) Tj ET Q q 0 0 0 rg BT 531.51 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 540.15 478.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (have purchased real estate in this environment and we are subject to the risks that the value of our assets may not appreciate or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (may decrease significantly below the amount we paid for such assets if the real estate market ceases to attract the same level of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (capital investment in the future as it attracted when we purchased such assets, or if the number of companies seeking to acquire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (such assets decreases. If any of these circumstances occur or the values of our investments are otherwise negatively af) Tj ET Q q 0 0 0 rg BT 522.14 430.10 Td (fected, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (the value of an investment in our common stock may be lower) Tj ET Q q 0 0 0 rg BT 299.11 418.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Risks Related to Investments in Debt) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 370.10 Td (Hines does not have substantial experience investing in mortgage, mezzanine, bridge or construction loans, securitized ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 358.10 Td (debt or other debt related to properties in which we invest which could adversely af) Tj ET Q q 0 0 0 rg BT 398.80 358.10 Td (fect our return on our loan ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td (investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 322.10 Td (e have made, and may continue to make, investments in mortgage, mezzanine, bridge or construction loans, securitized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (debt or other debt related to properties if the ) Tj ET Q q 0 0 0 rg BT 228.55 310.10 Td (Advisor determines that it is advantageous to us due to the state of the real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (market or in order to diversify our investment portfolio. However neither the ) Tj ET Q q 0 0 0 rg BT 359.08 298.10 Td (Advisor nor any of its af) Tj ET Q q 0 0 0 rg BT 456.94 298.10 Td (filiates has any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (substantial experience investing in these types of loans and we may not have the expertise necessary to maximize the return on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (our investment in these types of loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 250.10 Td (Loans we make or invest in may be impacted by unfavorable real estate market conditions, which could decrease the value ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.10 Td (of our loan investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 214.10 Td (e have made and may continue to make or invest in loans and we will be at risk of defaults by the borrowers on those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 75.93 202.10 Td (These defaults may be caused by many conditions beyond our control, including interest rate levels and local and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (economic conditions af) Tj ET Q q 0 0 0 rg BT 143.13 190.10 Td (fecting real estate values. ) Tj ET Q q 0 0 0 rg BT 246.50 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.14 190.10 Td (e may invest in unsecured loans. Even with respect to loans secured by real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 178.10 Td (, we will not know whether the values of the properties securing the loans will remain at the levels existing on the dates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (of origination of the loans. If the values of such underlying properties drop, our risk will increase with respect to secured loans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (because of the lower value of the security associated with such loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 130.10 Td (Loans we make or invest in will be subject to interest rate fluctuations, which could reduce our returns as compared to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 118.10 Td (market interest rates as well as the value of the loans in the event we sell the loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (If we invest in fixed-rate, long-term loans and interest rates rise, the loans could yield a return that is lower than then-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (current market rates. If interest rates decrease, we will be adversely af) Tj ET Q q 0 0 0 rg BT 329.40 82.10 Td (fected to the extent that loans are prepaid, because we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (may not be able to make new loans at the previously higher interest rate. If we invest in variable interest rate loans, if interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (rates decrease, our revenues will likewise decrease. Finally) Tj ET Q q 0 0 0 rg BT 285.64 58.10 Td (, if interest rates increase, the value of fixed-rate loans we own at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (such time would decrease which would lower the proceeds we would receive in the event we sell such assets.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Delays in liquidating defaulted loans could reduce our investment returns.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (If there are defaults under our loans secured by real property) Tj ET Q q 0 0 0 rg BT 309.46 718.25 Td (, we may not be able to repossess and sell the underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (properties quickly) Tj ET Q q 0 0 0 rg BT 121.83 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 126.65 706.25 Td (The resulting time delay could reduce the value of our investment in the defaulted loans. ) Tj ET Q q 0 0 0 rg BT 482.65 706.25 Td (An action to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (foreclose on a property securing a loan is regulated by state statutes and rules and is subject to many of the delays and expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (of other lawsuits if the defendant raises defenses or counterclaims. In the event of default by a borrower) Tj ET Q q 0 0 0 rg BT 465.00 682.25 Td (, these restrictions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (among other things, may impede our ability to foreclose on or sell the secured property or to obtain proceeds suf) Tj ET Q q 0 0 0 rg BT 499.70 670.25 Td (ficient to repay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (all amounts due to us on the loan.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 634.25 Td (Bridge loans may involve a greater risk of loss than conventional mortgage loans.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 610.25 Td (e may provide bridge loans secured by first lien mortgages on properties to borrowers who are typically seeking short-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (term capital in connection with acquisitions, developments or refinancings of real estate. In connection with such investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (there is a risk that the borrower may not achieve its investment objectives and that we may therefore not recover some or all of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (our investment in such bridge loans. For example, if we provide a bridge loan to a borrower who has identified an undervalued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (asset, either due to mismanagement of the underlying assets or as a result of what the borrowers deems to be a recovering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (market, and the market in which such asset is located fails to recover according to the borrower) Tj ET Q q 0 0 0 rg BT 431.62 550.25 Td () Tj ET Q q 0 0 0 rg BT 434.40 550.25 Td (s projections, or if the borrower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (fails to improve the quality of the asset) Tj ET Q q 0 0 0 rg BT 208.57 538.25 Td (s management or the value of the asset, the borrower may not receive a suf) Tj ET Q q 0 0 0 rg BT 507.45 538.25 Td (ficient return ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (on the asset to satisfy the bridge loan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (In addition, owners usually borrow funds under a conventional mortgage loan to repay a bridge loan. If the borrower is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (unable to obtain permanent financing to repay our bridge loan, we may lose some or all of our investment. Bridge loans are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (also subject to risks of borrower defaults, bankruptcies, fraud, losses and special hazard losses that are not covered by standard ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (hazard insurance. In the event we make a bridge loan to a borrower who defaults, we bear the risk of loss of principal and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (nonpayment of interest and fees to the extent of any deficiency between the value of the mortgage collateral and the principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (amount of the bridge loan. ) Tj ET Q q 0 0 0 rg BT 158.13 442.25 Td (T) Tj ET Q q 0 0 0 rg BT 163.54 442.25 Td (o the extent we suf) Tj ET Q q 0 0 0 rg BT 238.89 442.25 Td (fer such losses with respect to our investments in bridge loans, it could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (adversely impact our business, results of operations, cash flows and financial ability and our ability to make distributions to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (stockholders and value of their investment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.25 Td (Non-conforming and non-investment grade loans are subject to an increased risk of loss.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (Loans we may acquire or originate may not conform to conventional loan criteria applied by traditional lenders and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (not be rated or may be rated as non-investment grade. Non-investment grade ratings for these loans typically result from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (overall leverage of the loans, the lack of a strong operating history for the properties underlying the loans, the borrowers) Tj ET Q q 0 0 0 rg BT 533.82 346.25 Td ( credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (history) Tj ET Q q 0 0 0 rg BT 77.13 334.25 Td (, the properties) Tj ET Q q 0 0 0 rg BT 139.42 334.25 Td ( underlying cash flow or other factors. ) Tj ET Q q 0 0 0 rg BT 294.75 334.25 Td (Therefore, non-conforming and investment loans we acquire or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (originate may have a higher risk of default and loss than conventional loans. ) Tj ET Q q 0 0 0 rg BT 357.14 322.25 Td (Any loss we incur may adversely impact our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (business, results of operations, cash flows and financial ability and our ability to make distributions to our stockholders and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (value of their investment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 274.25 Td (Our debt investments may be considered illiquid and we may not be able to adjust our portfolio in response to changes in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 262.25 Td (economic and other conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td (The debt investments we may make in connection with privately negotiated transactions may not be registered under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (relevant securities laws, resulting in a prohibition against their transfer) Tj ET Q q 0 0 0 rg BT 331.74 226.25 Td (, sale, pledge or other disposition except in a transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (that is exempt from the registration requirements of, or is otherwise in accordance with, those laws. ) Tj ET Q q 0 0 0 rg BT 449.61 214.25 Td (As a result, our ability to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (vary our portfolio in response to changes in economic and other conditions may be relatively limited. ) Tj ET Q q 0 0 0 rg BT 457.21 202.25 Td (The mezzanine loans we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (may purchase in the future will be particularly illiquid investments due to their short life, their unsuitability for securitization ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (and the greater dif) Tj ET Q q 0 0 0 rg BT 122.84 178.25 Td (ficulty of recoupment in the event of a borrower) Tj ET Q q 0 0 0 rg BT 315.91 178.25 Td () Tj ET Q q 0 0 0 rg BT 318.69 178.25 Td (s default.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (Risks Related to International Investments) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 130.25 Td (e are subject to additional risks from our international investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (Many of the properties in our portfolio are located outside the United States. ) Tj ET Q q 0 0 0 rg BT 376.07 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 384.71 106.25 Td (e may purchase others and may make or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (purchase loans or participations in loans secured by property located outside the United States. ) Tj ET Q q 0 0 0 rg BT 431.10 94.25 Td (These investments may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 82.25 Td (fected by factors peculiar to the laws and business practices of the jurisdictions in which the properties are located. ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 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 68.00 742.10 Td (These laws and business practices may expose us to risks that are dif) Tj ET Q q 0 0 0 rg BT 342.75 742.10 Td (ferent from and in addition to those commonly found ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (in the United States. Foreign investments pose the following risks:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (the burden of complying with a wide variety of foreign laws;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 694.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (changing governmental rules and policies, including changes in land use and zoning laws, more stringent environmental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 682.10 Td (laws or changes in such environmental laws;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (existing or new laws relating to the foreign ownership of real property or loans and laws restricting the ability of foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 658.10 Td (persons or companies to remove profits earned from activities within the country to the person) Tj ET Q q 0 0 0 rg BT 457.45 658.10 Td (s or company) Tj ET Q q 0 0 0 rg BT 514.11 658.10 Td (s country of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (origin;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 634.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (the potential for expropriation;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 622.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 622.10 Td (possible currency transfer restrictions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 610.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 610.10 Td (imposition of adverse or confiscatory taxes;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (changes in real estate and other tax rates and changes in other operating expenses in particular countries;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 586.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (possible challenges to the anticipated tax treatment of the structures that allow us to acquire and hold investments;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (adverse market conditions caused by terrorism, civil unrest and changes in national or local governmental or economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (conditions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 550.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (the willingness of domestic or foreign lenders to make loans in certain countries and changes in the availability) Tj ET Q q 0 0 0 rg BT 520.95 550.10 Td (, cost and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (terms of loan funds resulting from varying national economic policies;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 526.10 Td (general political and economic instability in certain regions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 514.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (the potential dif) Tj ET Q q 0 0 0 rg BT 140.13 514.10 Td (ficulty of enforcing obligations in other countries;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (Hines) Tj ET Q q 0 0 0 rg BT 102.92 502.10 Td ( limited experience and expertise in foreign countries relative to its experience and expertise in the United States.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (For example, recent events in Russia and Ukraine could adversely af) Tj ET Q q 0 0 0 rg BT 324.45 478.10 Td (fect our real estate investments in Russia. ) Tj ET Q q 0 0 0 rg BT 492.55 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 501.19 478.10 Td (e currently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (have two real estate investments in Moscow) Tj ET Q q 0 0 0 rg BT 225.97 466.10 Td (, representing $130 million of equity or approximately 7% of our total invested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (equity) Tj ET Q q 0 0 0 rg BT 74.35 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 79.17 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.80 454.10 Td (e believe the primary risk to our real estate investments resulting from unfolding events in Ukraine is the potential for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (the crisis to escalate to the point of significant and prolonged destabilization of the Russian economy) Tj ET Q q 0 0 0 rg BT 452.86 442.10 Td (, as well as the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (potential long-term sanctions imposed on Russia by the United States and Europe. ) Tj ET Q q 0 0 0 rg BT 383.65 430.10 Td (These risks could adversely impact ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (valuations and operating performance of our Russian real estate investments, as well as their ultimate liquidity) Tj ET Q q 0 0 0 rg BT 490.89 418.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.10 Td (Investments in properties or other real estate investments outside the United States subject us to foreign currency risks, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 382.10 Td (which may adversely af) Tj ET Q q 0 0 0 rg BT 155.19 382.10 Td (fect distributions and our REIT status.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (Revenues generated from any properties or other real estate investments we acquire or ventures we enter into relating to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (transactions involving assets located in markets outside the United States likely will be denominated in the local currency) Tj ET Q q 0 0 0 rg BT 535.62 346.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Therefore, any investments we make outside the United States may subject us to foreign currency risk due to potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (fluctuations in exchange rates between foreign currencies and the U.S.dollar) Tj ET Q q 0 0 0 rg BT 357.11 322.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.56 322.10 Td (As a result, changes in exchange rates of any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (such foreign currency to U.S.dollars may af) Tj ET Q q 0 0 0 rg BT 227.27 310.10 Td (fect our revenues, operating mar) Tj ET Q q 0 0 0 rg BT 356.75 310.10 Td (gins and distributions and may also af) Tj ET Q q 0 0 0 rg BT 508.21 310.10 Td (fect the book ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (value of our assets and the amount of stockholders) Tj ET Q q 0 0 0 rg BT 254.76 298.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 281.61 298.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Changes in foreign currency exchange rates used to value a REIT) Tj ET Q q 0 0 0 rg BT 332.90 274.10 Td (s foreign assets may be considered changes in the value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (of the REIT) Tj ET Q q 0 0 0 rg BT 100.54 262.10 Td (s assets. ) Tj ET Q q 0 0 0 rg BT 135.08 262.10 Td (These changes may adversely af) Tj ET Q q 0 0 0 rg BT 264.29 262.10 Td (fect our status as a REIT) Tj ET Q q 0 0 0 rg BT 362.12 262.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 396.16 262.10 Td (, bank accounts in foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (which are not considered cash or cash equivalents may adversely af) Tj ET Q q 0 0 0 rg BT 320.27 250.10 Td (fect our status as a REIT) Tj ET Q q 0 0 0 rg BT 418.11 250.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 226.10 Td (Inflation in foreign countries, along with government measures to curb inflation, may have an adverse ef) Tj ET Q q 0 0 0 rg BT 491.91 226.10 Td (fect on our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 214.10 Td (investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (Certain countries have in the past experienced extremely high rates of inflation. Inflation, along with governmental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (measures to curb inflation, coupled with public speculation about possible future governmental measures to be adopted, has had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (significant negative ef) Tj ET Q q 0 0 0 rg BT 138.67 166.10 Td (fects on these international economies in the past and this could occur again in the future. ) Tj ET Q q 0 0 0 rg BT 498.66 166.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (introduction of governmental policies to curb inflation can have an adverse ef) Tj ET Q q 0 0 0 rg BT 360.54 154.10 Td (fect on our business. High inflation in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (countries in which we purchase real estate or make other investments could increase our expenses and we may not be able to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (pass these increased costs onto our tenants.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 106.10 Td (Lack of compliance with the United States Foreign Corrupt Practices ) Tj ET Q q 0 0 0 rg BT 346.41 106.10 Td (Act \(FCP) Tj ET Q q 0 0 0 rg BT 389.83 106.10 Td (A\) could subject us to penalties and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 94.10 Td (other adverse consequences.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 70.10 Td (e are subject to the FCP) Tj ET Q q 0 0 0 rg BT 170.98 70.10 Td (A, which generally prohibits United States companies from engaging in bribery or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (prohibited payments to foreign of) Tj ET Q q 0 0 0 rg BT 184.23 58.10 Td (ficials for the purpose of obtaining or retaining business. Foreign companies, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (potential competitors, are not subject to these prohibitions. Fraudulent practices, including corruption, extortion, bribery) Tj ET Q q 0 0 0 rg BT 529.79 46.10 Td (, pay-) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 742.10 Td (fs, theft and others, occur from time-to-time in countries in which we may do business. If people acting on our behalf or at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our request are found to have engaged in such practices, severe penalties and other consequences could be imposed on us that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 173.92 718.10 Td (fect on our business, results of operations, cash flows and financial condition and our ability to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (make distributions to our stockholders and the value of their investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Risks Related to Organizational Structur) Tj ET Q q 0 0 0 rg BT 225.37 682.10 Td (e) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td (Any interest in Hines Global will be diluted by the Special OP) Tj ET Q q 0 0 0 rg BT 312.24 658.10 Td ( Units and any other OP) Tj ET Q q 0 0 0 rg BT 412.16 658.10 Td ( Units in the Operating Partnership, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td (and any interest in Hines Global may be diluted if we issue additional shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Hines Global owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.65 622.10 Td (99.99%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.48 622.10 Td ( general partner interest in the Operating Partnership as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.84 622.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.42 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 507.87 622.10 Td (Af) Tj ET Q q 0 0 0 rg BT 518.24 622.10 Td (filiates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Hines owned the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.75 610.10 Td (0.01%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.58 610.10 Td ( interest in the Operating Partnership. Hines Global REIT) Tj ET Q q 0 0 0 rg BT 418.62 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.57 610.10 Td (Associates Limited Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (owns the special units of the Operating Partnership \(the Special OP) Tj ET Q q 0 0 0 rg BT 323.45 598.10 Td ( Units\), which were issued as consideration for an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (obligation by Hines and its af) Tj ET Q q 0 0 0 rg BT 167.86 586.10 Td (filiates to perform services in connection with our real estate operations. Payments with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (these interests will reduce the amount of distributions that would otherwise be payable to our stockholders in the future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Stockholders do not have preemptive rights to acquire any shares issued by us in the future. ) Tj ET Q q 0 0 0 rg BT 436.34 550.10 Td (Therefore, investors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (purchasing our common shares may experience dilution of their equity investment ifwe:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 514.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (sell shares in the Of) Tj ET Q q 0 0 0 rg BT 156.24 514.10 Td (fering or sell additional shares in the future, including those issued pursuant to our distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (reinvestment plan;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td (sell securities that are convertible into shares, such as units of the Operating Partnership \(OP) Tj ET Q q 0 0 0 rg BT 451.25 490.10 Td ( Units\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 478.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 478.10 Td (at the option of our ) Tj ET Q q 0 0 0 rg BT 155.60 478.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 187.42 478.10 Td (, issue OP) Tj ET Q q 0 0 0 rg BT 227.33 478.10 Td (Units to pay for certain fees;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 466.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 466.10 Td (issue OP) Tj ET Q q 0 0 0 rg BT 111.91 466.10 Td (Units or common shares to the ) Tj ET Q q 0 0 0 rg BT 238.84 466.10 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 291.98 466.10 Td (filiates in exchange for advances or deferrals of fees;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 454.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 454.10 Td (issue shares in a private of) Tj ET Q q 0 0 0 rg BT 182.62 454.10 Td (fering;or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 442.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 442.10 Td (issue shares to sellers of properties acquired by us in connection with an exchange of partnership units from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 430.10 Td (Operating Partnership.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (Our stockholders may experience dilution.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (Our stockholders do not have preemptive rights. If we continue to issue additional shares in the Second Of) Tj ET Q q 0 0 0 rg BT 493.83 382.10 Td (fering, issue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (additional shares pursuant to our distribution reinvestment plan or otherwise issue additional shares, stockholders who do not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (participate in those other stock issuances will experience dilution in their percentage ownership of our outstanding shares. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Furthermore, stockholders may experience a dilution in the value of their shares depending on the terms and pricing of any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (share issuances \(including the shares being sold in the Of) Tj ET Q q 0 0 0 rg BT 278.93 334.10 Td (fering\) and the value of our assets at the time of issuance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 310.10 Td (The repurchase of interests in the Operating Partnership held by Hines and its af) Tj ET Q q 0 0 0 rg BT 393.01 310.10 Td (filiates \(including the Special OP) Tj ET Q q 0 0 0 rg BT 529.31 310.10 Td ( Units ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 298.10 Td (and other OP) Tj ET Q q 0 0 0 rg BT 114.19 298.10 Td ( Units\) as required in our ) Tj ET Q q 0 0 0 rg BT 221.07 298.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 259.30 298.10 Td (Agreement may discourage a takeover attempt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Under certain circumstances, including a mer) Tj ET Q q 0 0 0 rg BT 249.41 274.10 Td (ger) Tj ET Q q 0 0 0 rg BT 261.78 274.10 Td (, consolidation or sale of substantially all of our assets or any similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (transaction, a transaction pursuant to which a majority of our board of directors then in of) Tj ET Q q 0 0 0 rg BT 408.05 262.10 Td (fice are replaced or removed, or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (termination or non-renewal of our ) Tj ET Q q 0 0 0 rg BT 188.01 250.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 227.18 250.10 Td (Agreement under various circumstances, the Operating Partnership is, at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (election of Hines or its af) Tj ET Q q 0 0 0 rg BT 151.18 238.10 Td (filiates, required to purchase the Special OP) Tj ET Q q 0 0 0 rg BT 326.58 238.10 Td (Units and any OP) Tj ET Q q 0 0 0 rg BT 399.54 238.10 Td (Units that Hines or its af) Tj ET Q q 0 0 0 rg BT 499.90 238.10 Td (filiates own for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (cash \(or) Tj ET Q q 0 0 0 rg BT 81.53 226.10 Td (, in certain cases, a promissory note\) or our shares, at the election of the holder) Tj ET Q q 0 0 0 rg BT 395.87 226.10 Td (. ) Tj ET Q q 0 0 0 rg BT 400.69 226.10 Td (These rights may deter these types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (transactions which may limit the opportunity for stockholders to receive a premium for their common shares that might ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (otherwise exist if an investor attempted to acquireus.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 178.10 Td (Hines) Tj ET Q q 0 0 0 rg BT 86.04 178.10 Td ( ability to cause the Operating Partnership to purchase the Special OP) Tj ET Q q 0 0 0 rg BT 374.84 178.10 Td ( Units and any other OP) Tj ET Q q 0 0 0 rg BT 474.76 178.10 Td ( Units that it or its ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 166.10 Td (af) Tj ET Q q 0 0 0 rg BT 67.15 166.10 Td (filiates hold in connection with the termination of our ) Tj ET Q q 0 0 0 rg BT 290.98 166.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 329.22 166.10 Td (Agreement may deter us from terminating our ) Tj ET Q q 0 0 0 rg BT 521.36 166.10 Td (Advisory ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 154.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (Under certain circumstances, if we are not advised by an entity af) Tj ET Q q 0 0 0 rg BT 329.93 130.10 Td (filiated with Hines, Hines or its af) Tj ET Q q 0 0 0 rg BT 465.56 130.10 Td (filiates may cause the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Operating Partnership to purchase some or all of the Special OP) Tj ET Q q 0 0 0 rg BT 305.67 118.10 Td (Units or any other OP) Tj ET Q q 0 0 0 rg BT 395.57 118.10 Td (Units then held by such entities. Under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (these circumstances if the amount necessary to purchase Hines) Tj ET Q q 0 0 0 rg BT 303.61 106.10 Td ( and its af) Tj ET Q q 0 0 0 rg BT 342.58 106.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 372.38 106.10 Td ( interests in the Operating Partnership is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (substantial, these rights could discourage or deter us from terminating our ) Tj ET Q q 0 0 0 rg BT 347.15 94.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 386.32 94.10 Td (Agreement under circumstances in which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (we would otherwise doso.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 742.25 Td (e may issue preferred shares or separate classes or series of common shares, which issuance could adversely af) Tj ET Q q 0 0 0 rg BT 523.62 742.25 Td (fect the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (holders of our common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 706.25 Td (e may issue, without stockholder approval, preferred shares or a class or series of common shares with rights that could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 694.25 Td (fect the holders of our common shares. Upon the af) Tj ET Q q 0 0 0 rg BT 303.72 694.25 Td (firmative vote of a majority of our directors \(including, in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (case of preferred shares, a majority of our independent directors\), our articles authorize our board of directors \(without any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (further action by our stockholders\) to issue preferred shares or common shares in one or more classes or series, and to fix the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (voting rights \(subject to certain limitations\), liquidation preferences, distribution rates, conversion rights, redemption rights and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (terms, including sinking fund provisions, and certain other rights and preferences with respect to such classes or series of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (shares. If we ever create and issue preferred shares with a distribution preference over common shares, payment of any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (distribution preferences of outstanding preferred shares would reduce the amount of funds available for the payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (distributions on the common shares. Further) Tj ET Q q 0 0 0 rg BT 226.25 610.25 Td (, holders of preferred shares are normally entitled to receive a preference payment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (in the event we liquidate, dissolve or wind up before any payment is made to the common stockholders, likely reducing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (amount common stockholders would otherwise receive upon such an occurrence. ) Tj ET Q q 0 0 0 rg BT 377.22 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.85 586.25 Td (e could also designate and issue shares in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (class or series of common shares with similar rights. In addition, under certain circumstances, the issuance of preferred shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (or a separate class or series of common shares may render more dif) Tj ET Q q 0 0 0 rg BT 318.60 562.25 Td (ficult or tend to discourage:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 538.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 538.25 Td (a mer) Tj ET Q q 0 0 0 rg BT 99.30 538.25 Td (ger) Tj ET Q q 0 0 0 rg BT 111.67 538.25 Td (, tender of) Tj ET Q q 0 0 0 rg BT 152.31 538.25 Td (fer or proxy contest;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 526.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 526.25 Td (the assumption of control by a holder of a lar) Tj ET Q q 0 0 0 rg BT 257.05 526.25 Td (ge block of our securities; and/or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 514.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 514.25 Td (the removal of incumbent management.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 490.25 Td (Our board of directors determines our major policies and operations which increases the uncertainties faced by our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 478.25 Td (stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (Our board of directors determines our major policies, including our policies regarding acquisitions, dispositions, financing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (growth, debt capitalization, REIT) Tj ET Q q 0 0 0 rg BT 183.95 442.25 Td ( qualification, redemptions and distributions. Our board of directors may amend or revise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (these and other policies without a vote of the stockholders. Under the Maryland General Corporation Law and our articles, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (stockholders have a right to vote only on limited matters. Our board of directors) Tj ET Q q 0 0 0 rg BT 372.51 418.25 Td ( broad discretion in setting policies and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (inability of our stockholders to exert control over those policies increases the uncertainty and risks they face, especially if our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (board of directors and our stockholders disagree as to what course of action is in the best interests of our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 370.25 Td (The ownership limit in our articles may discourage a takeover attempt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td (Our articles provide that no holder of shares, other than any person to whom our board of directors grants an exemption, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (may directly or indirectly own more than 9.9% of the number or value, whichever is more restrictive, of the aggregate of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (outstanding shares or more than 9.9% of the number or value, whichever is more restrictive, of the outstanding shares of any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (class or series of our outstanding securities. ) Tj ET Q q 0 0 0 rg BT 226.45 310.25 Td (This ownership limit may deter tender of) Tj ET Q q 0 0 0 rg BT 390.11 310.25 Td (fers for our common shares, which of) Tj ET Q q 0 0 0 rg BT 540.17 310.25 Td (fers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (may be attractive to our stockholders, and thus may limit the opportunity for stockholders to receive a premium for their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (common shares that might otherwise exist if an investor attempted to assemble a block of common shares in excess of 9.9% of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (the number or value, whichever is more restrictive, of the aggregate of our outstanding shares, or 9.9% in number or value, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (whichever is more restrictive, of the outstanding common shares or otherwise to ef) Tj ET Q q 0 0 0 rg BT 381.11 262.25 Td (fect a change of control in us.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 238.25 Td (e will not be af) Tj ET Q q 0 0 0 rg BT 127.52 238.25 Td (forded the protection of the Maryland General Corporation Law relating to business combinations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (Provisions of the Maryland General Corporation Law prohibit business combinations, unless prior approval of the board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (directors is obtained before the person seeking the combination became an interested stockholder) Tj ET Q q 0 0 0 rg BT 438.35 202.25 Td (, with:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 178.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 178.25 Td (any person who beneficially owns 10% or more of the voting power of our outstanding voting shares \(an interested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 166.25 Td (stockholder\);) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 154.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 154.25 Td (any of our af) Tj ET Q q 0 0 0 rg BT 128.19 154.25 Td (filiates or associates who, at any time within the two-year period prior to the date in question, was the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 142.25 Td (beneficial owner of 10% or more of the voting power of our then outstanding shares \(also an interested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 130.25 Td (stockholder\);or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 118.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 118.25 Td (an af) Tj ET Q q 0 0 0 rg BT 96.53 118.25 Td (filiate of an interested stockholder) Tj ET Q q 0 0 0 rg BT 232.59 118.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td (These prohibitions are intended to prevent a change of control by interested stockholders who do not have the support of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (our board of directors. Because our articles contain limitations on ownership of more than 9.9% of our common shares, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (board of directors has adopted a resolution presently opting out of the business combinations statute. ) Tj ET Q q 0 0 0 rg BT 454.74 70.25 Td (Therefore, we will not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 58.25 Td (forded the protections of this statute and, accordingly) Tj ET Q q 0 0 0 rg BT 270.21 58.25 Td (, there is no guarantee that the ownership limitations in our articles will ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (provide the same measure of protection as the business combinations statute and prevent an undesired change of control by an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (interested stockholder) Tj ET Q q 0 0 0 rg BT 137.48 730.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 704.60 Td (W) Tj ET Q q 0 0 0 rg BT 70.15 704.60 Td (e are not registered as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 394.78 704.60 Td (Act of 1940, as amended \(the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 692.60 Td (Investment Company ) Tj ET Q q 0 0 0 rg BT 156.63 692.60 Td (Act\), and therefore we will not be subject to the requirements imposed on an investment company ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 680.60 Td (by the Investment Company ) Tj ET Q q 0 0 0 rg BT 178.85 680.60 Td (Act which may limit or otherwise af) Tj ET Q q 0 0 0 rg BT 325.34 680.60 Td (fect our investment choices. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 656.60 Td (Hines Global, our Operating Partnership, and our subsidiaries will conduct our businesses so that none of such entities are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.60 Td (required to register as investment companies under the Investment Company ) Tj ET Q q 0 0 0 rg BT 367.69 644.60 Td (Act. ) Tj ET Q q 0 0 0 rg BT 386.57 644.60 Td (Although we could modify our business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.60 Td (methods at any time, at the present time we expect that the focus of our activities will involve investments in real estate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.60 Td (buildings, and other assets that can be referred to as sticks and bricks and in other real estate investments and will otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.60 Td (be considered to be in the real estate business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 587.60 Td (Companies subject to the Investment Company ) Tj ET Q q 0 0 0 rg BT 259.08 587.60 Td (Act are required to comply with a variety of substantive requirements such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.60 Td (as requirements relating to: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 554.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 554.60 Td (limitations on the capital structure of the entity; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 542.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 542.60 Td (restrictions on certain investments; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 530.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 530.60 Td (prohibitions on transactions with af) Tj ET Q q 0 0 0 rg BT 218.46 530.60 Td (filiated entities; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 518.60 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 518.60 Td (public reporting disclosures, record keeping, voting procedures, proxy disclosure and similar corporate governance rules ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 506.60 Td (and regulations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 485.60 Td (These and other requirements are intended to provide benefits and/or protections to security holders of investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.60 Td (companies. Because we and our subsidiaries do not expect to be subject to these requirements, our stockholders will not be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.60 Td (entitled to these benefits or protections. It is our policy to operate in a manner that will not require us to register as an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.60 Td (investment company) Tj ET Q q 0 0 0 rg BT 132.39 449.60 Td (, and we do not expect or intend to register as an investment company under the Investment Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.60 Td (Act. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 416.60 Td (Whether a company is an investment company can involve analysis of complex laws, regulations and SEC staf) Tj ET Q q 0 0 0 rg BT 511.32 416.60 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 404.60 Td (interpretations. Hines Global and the Operating Partnership intend to continue to conduct operations so as not to become ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 392.60 Td (subject to regulation as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 370.21 392.60 Td (Act. So long as Hines Global conducts its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.60 Td (businesses directly and through its Operating Partnership and its wholly-owned or majority-owned subsidiaries that are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.60 Td (investment companies and none of Hines Global, the Operating Partnership and the wholly-owned or majority-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.60 Td (subsidiaries hold themselves out as being engaged primarily in the business of investing in securities, Hines Global will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.60 Td (have to register) Tj ET Q q 0 0 0 rg BT 111.09 344.60 Td (. ) Tj ET Q q 0 0 0 rg BT 115.91 344.60 Td (The securities issued by any subsidiary that is excepted from the definition of investment company under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.60 Td (Section 3\(c\)\(1\) or Section 3\(c\)\(7\) of the Investment Company ) Tj ET Q q 0 0 0 rg BT 299.65 332.60 Td (Act, together with any other investment securities \(as used in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.60 Td (the Investment Company ) Tj ET Q q 0 0 0 rg BT 152.49 320.60 Td (Act\) its parent may own, may not meet the standards of the 40% test. In other words, even if some ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.60 Td (interests in other entities were deemed to be investment securities, so long as such investment securities do not comprise more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.60 Td (than 40% of an entity) Tj ET Q q 0 0 0 rg BT 138.87 296.60 Td (s assets, the entity will not be required to register as an investment company) Tj ET Q q 0 0 0 rg BT 442.59 296.60 Td (. If an entity held investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.60 Td (securities and the value of these securities exceeded 40% of the value of its total assets, and no other exemption from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.60 Td (registration was available, then that entity might be required to register as an investment company) Tj ET Q q 0 0 0 rg BT 441.18 272.60 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 251.60 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 251.60 Td (e do not expect that we, the Operating Partnership, or other subsidiaries will be an investment company because we will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.60 Td (seek to assure that holdings of investment securities in any such entity will not exceed 40% of the total assets of that entity as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.60 Td (calculated under the Investment Company ) Tj ET Q q 0 0 0 rg BT 220.78 227.60 Td (Act. In order to operate in compliance with that standard, each entity may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.60 Td (required to conduct its business in a manner that takes account of these provisions. ) Tj ET Q q 0 0 0 rg BT 382.79 215.60 Td (W) Tj ET Q q 0 0 0 rg BT 391.43 215.60 Td (e, our Operating Partnership, or a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.60 Td (subsidiary could be unable to sell assets we would otherwise want to sell or we may need to sell assets we would otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.60 Td (wish to retain, if we deem it necessary to remain in compliance with the 40% test. In addition, we may also have to for) Tj ET Q q 0 0 0 rg BT 524.13 191.60 Td (go ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.60 Td (opportunities to acquire certain investments or interests in companies or entities that we would otherwise want to acquire, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.60 Td (acquire assets we might otherwise not select for purchase, if we deem it necessary to remain in compliance with the 40% test. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.60 Td (For example, these restrictions will limit the ability of our subsidiaries to invest directly in mortgage-backed securities that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.60 Td (represent less than the entire ownership in a pool of mortgage loans, debt and equity tranches of securitizations and certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.60 Td (asset backed securities and real estate companies or in assets not related to real estate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 107.60 Td (If Hines Global, the Operating Partnership or any subsidiary owns assets that qualify as investment securities as such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.60 Td (term is defined under the Investment Company ) Tj ET Q q 0 0 0 rg BT 240.23 95.60 Td (Act and the value of such assets exceeds 40% of the value of its total assets, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 83.60 Td (entity could be deemed to be an investment company) Tj ET Q q 0 0 0 rg BT 262.07 83.60 Td (. In that case the entity would have to qualify for an exemption from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.60 Td (registration as an investment company in order to operate without registering as an investment company) Tj ET Q q 0 0 0 rg BT 465.90 71.60 Td (. Certain of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.60 Td (subsidiaries that we may form in the future could seek to rely upon the exemption from registration as an investment company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.60 Td (under the Investment Company ) Tj ET Q q 0 0 0 rg BT 177.75 47.60 Td (Act pursuant to Section 3\(c\)\(5\)\(C\) of that ) Tj ET Q q 0 0 0 rg BT 345.77 47.60 Td (Act, which is available for) Tj ET Q q 0 0 0 rg BT 451.16 47.60 Td (, among other things, ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (entities primarily engaged in the business of purchasing or otherwise acquiring mortgages and other liens on and interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (real estate. ) Tj ET Q q 0 0 0 rg BT 99.51 730.10 Td (This exemption generally requires that at least 55% of an entity) Tj ET Q q 0 0 0 rg BT 356.09 730.10 Td (s portfolio must be comprised of qualifying assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (and at least another 25% of such entity) Tj ET Q q 0 0 0 rg BT 208.01 718.10 Td (s portfolio must be comprised of real estate-related assets \(as such terms are used under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the Investment Company ) Tj ET Q q 0 0 0 rg BT 152.49 706.10 Td (Act\) and no more than 20% of such entity) Tj ET Q q 0 0 0 rg BT 323.00 706.10 Td (s portfolio may be comprised of miscellaneous assets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Qualifying assets for this purpose include certain mortgage loans and other assets, such as whole pool agency residential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (mortgage backed securities\(RMBS\) that the SEC staf) Tj ET Q q 0 0 0 rg BT 271.98 682.10 Td (f, in various no-action letters, has determined are the functional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (equivalent of mortgage loans for the purposes of the Investment Company ) Tj ET Q q 0 0 0 rg BT 349.10 670.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 368.35 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.99 670.10 Td (e intend to treat as real estate-related assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (non-agency RMBS, CMBS, debt and equity securities of companies primarily engaged in real estate businesses, agency partial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (pool certificates and securities issued by pass-through entities of which substantially all of the assets consist of qualifying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (assets and/or real estate-related assets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 610.10 Td (e may in the future or) Tj ET Q q 0 0 0 rg BT 162.81 610.10 Td (ganize one or more subsidiaries that seek to rely on the Investment Company ) Tj ET Q q 0 0 0 rg BT 473.01 610.10 Td (Act exemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (provided to certain structured financing vehicles by Rule 3a-7. ) Tj ET Q q 0 0 0 rg BT 302.51 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 307.92 598.10 Td (o the extent that we or) Tj ET Q q 0 0 0 rg BT 396.88 598.10 Td (ganize subsidiaries that rely on Rule ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (3a-7 under the Investment Company ) Tj ET Q q 0 0 0 rg BT 198.02 586.10 Td (Act for an exemption from the Investment Company ) Tj ET Q q 0 0 0 rg BT 410.20 586.10 Td (Act, these subsidiaries will need to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (comply with the restrictions contained in this Rule. In general, Rule 3a-7 exempts from the Investment Company ) Tj ET Q q 0 0 0 rg BT 504.07 574.10 Td (Act issuers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (that limit their activities as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 538.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (the issuer issues securities the payment of which depends primarily on the cash flow from eligible assets; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 526.10 Td (the securities sold are fixed income securities rated investment grade by at least one rating agency \(fixed income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (securities which are unrated or rated below investment grade may be sold to institutional accredited investors and any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (securities may be sold to qualified institutional buyers and to persons involved in the or) Tj ET Q q 0 0 0 rg BT 435.63 502.10 Td (ganization or operation of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td (issuer\); ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 478.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 478.10 Td (the issuer acquires and disposes of eligible assets \(1\) only in accordance with the agreements pursuant to which the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 466.10 Td (securities are issued, \(2\) so that the acquisition or disposition does not result in a downgrading of the issuer) Tj ET Q q 0 0 0 rg BT 505.90 466.10 Td () Tj ET Q q 0 0 0 rg BT 508.68 466.10 Td (s fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 454.10 Td (income securities and \(3\) the eligible assets are not acquired or disposed of for the primary purpose of recognizing gains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 442.10 Td (or decreasing losses resulting from market value changes; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 430.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 430.10 Td (unless the issuer is issuing only commercial paper) Tj ET Q q 0 0 0 rg BT 276.84 430.10 Td (, the issuer appoints an independent trustee, takes reasonable steps to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 418.10 Td (transfer to the trustee an ownership or perfected security interest in the eligible assets, and meets rating agency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 406.10 Td (requirements for commingling of cash flows. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 385.10 Td (In addition, in certain circumstances, compliance with Rule 3a-7 may also require, among other things, that the indenture ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (governing the subsidiary include additional limitations on the types of assets the subsidiary may sell or acquire out of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (proceeds of assets that mature, are refinanced or otherwise sold, on the period of time during which such transactions may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (occur) Tj ET Q q 0 0 0 rg BT 71.81 349.10 Td (, and on the level of transactions that may occur) Tj ET Q q 0 0 0 rg BT 262.86 349.10 Td (. In light of the requirements of Rule 3a-7, our ability to manage assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (held in a special purpose subsidiary that complies with Rule 3a-7 will be limited and we may not be able to purchase or sell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (assets owned by that subsidiary when we would otherwise desire to do so, which could lead to losses. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 304.10 Td (In addition to the exceptions and exemptions discussed above, we, the Operating Partnership and/or our subsidiaries may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (rely upon other exceptions and exemptions, including the exemptions provided by Section 3\(c\)\(6\) of the Investment Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (Act \(which exempts, among other things, parent entities whose primary business is conducted through majority-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (subsidiaries relying upon he exemption provided by Section 3\(c\)\(5\)\(C\) discussed above\) from the definition of an investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (company and the registration requirements under the Investment Company ) Tj ET Q q 0 0 0 rg BT 351.31 256.10 Td (Act.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 235.10 Td (There can be no assurance that the laws and regulations governing the Investment Company ) Tj ET Q q 0 0 0 rg BT 438.44 235.10 Td (Act status of REIT) Tj ET Q q 0 0 0 rg BT 513.01 235.10 Td (s, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (actions by the Division of Investment Management of the SEC providing more specific or dif) Tj ET Q q 0 0 0 rg BT 423.63 223.10 Td (ferent guidance regarding these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (exemptions, will not change in a manner that adversely af) Tj ET Q q 0 0 0 rg BT 280.85 211.10 Td (fects our operations. ) Tj ET Q q 0 0 0 rg BT 364.54 211.10 Td (T) Tj ET Q q 0 0 0 rg BT 369.95 211.10 Td (o the extent that the SEC staf) Tj ET Q q 0 0 0 rg BT 486.41 211.10 Td (f provides more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (specific guidance regarding any of the matters bearing upon the exceptions discussed above or other exemptions from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (definition of an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 327.44 187.10 Td (Act upon which we may rely) Tj ET Q q 0 0 0 rg BT 442.59 187.10 Td (, we may be required to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (adjust our strategy accordingly) Tj ET Q q 0 0 0 rg BT 172.92 175.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 151.10 Td (If Hines Global or the Operating Partnership is required to register as an investment company under the Investment ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 139.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 100.58 139.10 Td (Act, the additional expenses and operational limitations associated with such registration may reduce our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 127.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 113.26 127.10 Td ( investment return or impair our ability to conduct our business as planned.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 103.10 Td (If we were required to register as an investment company) Tj ET Q q 0 0 0 rg BT 296.98 103.10 Td (, but failed to do so, we would be prohibited from engaging in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (business, criminal and civil actions could be brought against us, some of our contracts might be unenforceable, unless a court ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (were to direct enforcement, and a court could appoint a receiver to take control of us and liquidate our business.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (If we internalize our management functions, we could incur adverse ef) Tj ET Q q 0 0 0 rg BT 350.22 742.25 Td (fects on our business and financial condition, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (including significant costs associated with becoming and being self-managed and the percentage of our outstanding ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (common stock owned by our stockholders could be reduced.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (If we seek to list our shares on an exchange as a way of providing our stockholders with a liquidity event, we may consider ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (internalizing the functions performed for us by our ) Tj ET Q q 0 0 0 rg BT 254.95 682.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 286.62 682.25 Td (. ) Tj ET Q q 0 0 0 rg BT 291.06 682.25 Td (An internalization could take many forms, for example, we may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (hire our own group of executives and other employees or we may acquire the ) Tj ET Q q 0 0 0 rg BT 361.01 670.25 Td (Advisor or its respective assets including its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (existing workforce. ) Tj ET Q q 0 0 0 rg BT 129.70 658.25 Td (Any internalization could result in significant payments, including in the form of our stock, to the owners ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (of the ) Tj ET Q q 0 0 0 rg BT 75.00 646.25 Td (Advisor as compensation, which could reduce the percentage ownership of our then existing stockholders and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (concentrate ownership in Hines. In addition, there is no assurance that internalizing our management functions will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (beneficial to us and our stockholders. For example, we may not realize the perceived benefits because of: \(i\)the costs of being ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (self-managed; \(ii\)our inability to ef) Tj ET Q q 0 0 0 rg BT 193.38 610.25 Td (fectively integrate a new staf) Tj ET Q q 0 0 0 rg BT 308.70 610.25 Td (f of managers and employees; or \(iii\)our inability to properly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (replicate the services provided previously by the ) Tj ET Q q 0 0 0 rg BT 245.77 598.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 310.86 598.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 342.52 598.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 392.42 598.25 Td (, internalization transactions have also, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (some cases, been the subject of litigation and even if these claims are without merit, we could be forced to spend significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (amounts of money defending claims which would reduce the amount of funds available for us to invest in real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (investments or to pay distributions. In connection with any such internalization transaction, a special committee consisting of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (our independent directors will be appointed to evaluate the transaction and to determine whether a fairness opinion should be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (obtained.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Risks Related to Potential Conflicts of Inter) Tj ET Q q 0 0 0 rg BT 235.91 514.25 Td (est) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 490.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 490.25 Td (e compete with af) Tj ET Q q 0 0 0 rg BT 138.90 490.25 Td (filiates of Hines for real estate investment opportunities and some of these af) Tj ET Q q 0 0 0 rg BT 454.26 490.25 Td (filiates have preferential ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 478.25 Td (rights to accept or reject certain investment opportunities in advance of our right to accept or reject such opportunities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (Hines has existing real estate joint ventures, funds and programs, which we collectively refer to as investment vehicles, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (with investment objectives and strategies similar to ours including Hines REIT) Tj ET Q q 0 0 0 rg BT 365.32 442.25 Td ( and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 462.34 442.25 Td ( II, Inc. Because we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (compete with these investment vehicles for investment opportunities, Hines faces conflicts of interest in allocating investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (opportunities between us and these other investment vehicles. ) Tj ET Q q 0 0 0 rg BT 299.48 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 308.12 418.25 Td (e have limited rights to specific investment opportunities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (located by Hines. Some of these entities have a priority right over other Hines investment vehicles, including us, to accept ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (investment opportunities that meet certain defined investment criteria. Because we and other Hines investment vehicles rely on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Hines to present us with investment opportunities, these rights will reduce our investment opportunities. ) Tj ET Q q 0 0 0 rg BT 468.64 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 477.28 382.25 Td (e therefore may not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (be able to invest in, or we may only invest indirectly with or through another Hines af) Tj ET Q q 0 0 0 rg BT 393.35 370.25 Td (filiated investment vehicles in, certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (investments we otherwise would make directly) Tj ET Q q 0 0 0 rg BT 237.36 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 242.18 358.25 Td (T) Tj ET Q q 0 0 0 rg BT 247.59 358.25 Td (o the extent we invest in opportunities with another investment vehicles ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 346.25 Td (filiated with Hines, we may not have the control over such investment we would otherwise have if we owned all of or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (otherwise controlled such assets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 310.25 Td (e have limited rights to specific investment opportunities located by Hines. Our right to participate in Hines) Tj ET Q q 0 0 0 rg BT 509.40 310.25 Td ( investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (allocation process will terminate once we have fully invested the proceeds of our public of) Tj ET Q q 0 0 0 rg BT 411.92 298.25 Td (ferings or if we are no longer advised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (by an af) Tj ET Q q 0 0 0 rg BT 82.03 286.25 Td (filiate of Hines. For investment opportunities not covered by this allocation procedure, Hines will decide in its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (discretion, subject to any priority rights it grants or has granted to other Hines-managed or otherwise af) Tj ET Q q 0 0 0 rg BT 462.76 274.25 Td (filiated investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (vehicles, how to allocate such opportunities among us, Hines and other investment vehicles. Because we do not have a right to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (accept or reject any investment opportunities before Hines or one or more Hines investment vehicles have the right to accept ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (such opportunities, and are otherwise subject to Hines) Tj ET Q q 0 0 0 rg BT 268.65 238.25 Td ( discretion as to the investment opportunities we will receive, we may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (not be able to review and/or invest in opportunities which we would otherwise pursue if we were the only investment vehicles ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (sponsored by Hines or had a priority right in regard to such investments. ) Tj ET Q q 0 0 0 rg BT 341.99 214.25 Td (W) Tj ET Q q 0 0 0 rg BT 350.63 214.25 Td (e are subject to the risk that, as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (conflicts of interest between Hines, us and other investment vehicles sponsored or managed by or af) Tj ET Q q 0 0 0 rg BT 450.26 202.25 Td (filiated with Hines, and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (priority rights Hines has granted or may in the future grant to any such other investment vehicles, we may not be of) Tj ET Q q 0 0 0 rg BT 511.37 190.25 Td (fered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (favorable investment opportunities located by Hines when it would otherwise be in our best interest to accept such investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (opportunities, and our business, results of operations, cash flows and financial condition and our ability to make distributions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (our stockholders and the value of their investment may be adversely impacted thereby) Tj ET Q q 0 0 0 rg BT 393.68 154.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 130.25 Td (e may compete with other investment vehicles af) Tj ET Q q 0 0 0 rg BT 264.99 130.25 Td (filiated with Hines for tenants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 130.30 106.25 Td (filiates are not prohibited from engaging, directly or indirectly) Tj ET Q q 0 0 0 rg BT 378.74 106.25 Td (, in any other business or from possessing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (interests in any other business venture or ventures, including businesses and ventures involved in the acquisition, development, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (ownership, management, leasing or sale of real estate projects. Hines or its af) Tj ET Q q 0 0 0 rg BT 358.88 82.25 Td (filiates own and/or manage properties in most if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (not all geographical areas in which we expect to acquire interests in real estate assets. ) Tj ET Q q 0 0 0 rg BT 394.13 70.25 Td (Therefore, our properties compete for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (tenants with other properties owned and/or managed by Hines and its af) Tj ET Q q 0 0 0 rg BT 337.24 58.25 Td (filiates. Hines may face conflicts of interest when ) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (evaluating tenant opportunities for our properties and other properties owned and/or managed by Hines and its af) Tj ET Q q 0 0 0 rg BT 501.91 742.10 Td (filiates and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (these conflicts of interest may have a negative impact on our ability to attract and retain tenants.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td (Employees of the ) Tj ET Q q 0 0 0 rg BT 131.67 706.10 Td (Advisor and Hines will face conflicts of interest relating to time management and allocation of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 694.10 Td (resources and investment opportunities.) Tj ET Q BT /F2 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 do not have employees. Pursuant to a contract with Hines, we rely on employees of Hines and its af) Tj ET Q q 0 0 0 rg BT 481.63 670.10 Td (filiates to manage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (and operate our business and they are contractually bound to devote the time and attention reasonably necessary to conduct our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (business in an appropriate manner) Tj ET Q q 0 0 0 rg BT 186.07 646.10 Td (. Our of) Tj ET Q q 0 0 0 rg BT 217.28 646.10 Td (ficers and the of) Tj ET Q q 0 0 0 rg BT 281.79 646.10 Td (ficers and employees of our ) Tj ET Q q 0 0 0 rg BT 394.80 646.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 426.63 646.10 Td (, Hines and its af) Tj ET Q q 0 0 0 rg BT 493.93 646.10 Td (filiates hold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (similar positions in numerous entities and they may from time to time allocate more of their time to service the needs of such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (entities than they allocate to servicing our needs. Hines is not restricted from acquiring, developing, operating, managing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (leasing or selling real estate through entities other than us and Hines will continue to be actively involved in real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (operations and activities other than our operations and activities. Hines currently controls and/or operates other entities that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (own properties in many of the markets in which we will seek to invest. Hines spends a material amount of time managing these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (properties and other assets unrelated to our business. ) Tj ET Q q 0 0 0 rg BT 262.82 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 271.46 574.10 Td (e lack the ability to manage it without the time and attention of Hines) Tj ET Q q 0 0 0 rg BT 551.47 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (employees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 130.30 538.10 Td (filiates are general partners and sponsors of other investment vehicles having investment objectives and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (legal and financial obligations similar to ours. Because Hines and its af) Tj ET Q q 0 0 0 rg BT 334.19 526.10 Td (filiates have interests in other investment vehicles and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (also engage in other business activities, they may have conflicts of interest in allocating their time and resources among our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (business and these other activities. Our of) Tj ET Q q 0 0 0 rg BT 216.72 502.10 Td (ficers and directors, as well as those of our ) Tj ET Q q 0 0 0 rg BT 389.45 502.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 421.27 502.10 Td (, own equity interests in entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 490.10 Td (filiated with Hines from which we may buy properties. ) Tj ET Q q 0 0 0 rg BT 279.58 490.10 Td (These individuals may make substantial profits in connection with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (such transactions, which could result in conflicts of interest. Likewise, such individuals could make substantial profits as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (result of investment opportunities allocated to entities af) Tj ET Q q 0 0 0 rg BT 275.04 466.10 Td (filiated with Hines other than us. ) Tj ET Q q 0 0 0 rg BT 408.07 466.10 Td (As a result of these interests, they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (could pursue transactions that may not be in our best interest.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 442.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 430.10 Td (Hines may face conflicts of interest if it sells properties it acquires or develops to us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 406.10 Td (e may in the future acquire properties from Hines and af) Tj ET Q q 0 0 0 rg BT 301.37 406.10 Td (filiates of Hines. ) Tj ET Q q 0 0 0 rg BT 370.06 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 378.70 406.10 Td (e may acquire properties Hines currently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (owns or hereafter acquires from third parties. Hines may also develop properties and then sell the completed properties to us. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 86.57 382.10 Td (, we may provide development loans to Hines in connection with these developments. Hines, its af) Tj ET Q q 0 0 0 rg BT 480.75 382.10 Td (filiates and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (employees \(including our of) Tj ET Q q 0 0 0 rg BT 162.85 370.10 Td (ficers and directors\) may make substantial profits in connection with such transactions. ) Tj ET Q q 0 0 0 rg BT 513.40 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 522.04 370.10 Td (e must ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (follow certain procedures when purchasing assets from Hines and its af) Tj ET Q q 0 0 0 rg BT 335.29 358.10 Td (filiates. Hines may owe fiduciary and/or other duties to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (the selling entity in these transactions and conflicts of interest between us and the selling entities could exist in such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (transactions. Because we are relying on Hines, these conflicts could result in transactions based on terms that are less favorable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (to us than we would receive from a third party) Tj ET Q q 0 0 0 rg BT 234.57 322.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 298.10 Td (Hines may face a conflict of interest when determining whether we should dispose of any property we own that is ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 286.10 Td (managed by Hines because Hines may lose fees associated with the management of the property) Tj ET Q q 0 0 0 rg BT 453.60 286.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 262.10 Td (e expect that Hines will manage many of the properties we acquire directly as well as many of the properties in which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (we acquire an indirect interest should we invest in other Hines af) Tj ET Q q 0 0 0 rg BT 309.46 250.10 Td (filiated entities. Because Hines receives significant fees for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (managing these properties, it may face a conflict of interest when determining whether we should sell properties under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (circumstances where Hines would no longer manage the property after the transaction. ) Tj ET Q q 0 0 0 rg BT 398.49 226.10 Td (As a result of this conflict of interest, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (may not dispose of properties when it would be in our best interests to do so.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 190.10 Td (Hines may face conflicts of interest in connection with the management of our day-to-day operations and in the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 178.10 Td (enforcement of agreements between Hines and its af) Tj ET Q q 0 0 0 rg BT 274.63 178.10 Td (filiates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (Hines and the ) Tj ET Q q 0 0 0 rg BT 124.93 154.10 Td (Advisor manage our day-to-day operations and properties pursuant to an advisory agreement. ) Tj ET Q q 0 0 0 rg BT 501.03 154.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (agreement was not negotiated at arm) Tj ET Q q 0 0 0 rg BT 199.66 142.10 Td (s length and certain fees payable by us under such agreement are paid regardless of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 130.30 106.10 Td (filiates may encounter conflicts of interest with respect to position as to matters relating to this agreement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Areas of potential conflict include the computation of fees and reimbursements under such agreements, the enforcement, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (renewal and/or termination of the agreements and the priority of payments to third parties as opposed to amounts paid to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 70.10 Td (filiates of Hines. ) Tj ET Q q 0 0 0 rg BT 126.28 70.10 Td (These fees may be higher than fees char) Tj ET Q q 0 0 0 rg BT 286.30 70.10 Td (ged by third parties in an arm) Tj ET Q q 0 0 0 rg BT 406.82 70.10 Td (s-length transaction as a result of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (conflicts.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Certain of our of) Tj ET Q q 0 0 0 rg BT 128.55 742.25 Td (ficers and directors face conflicts of interest relating to the positions they hold with other entities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (All of our of) Tj ET Q q 0 0 0 rg BT 118.09 718.25 Td (ficers and non-independent directors are also of) Tj ET Q q 0 0 0 rg BT 308.39 718.25 Td (ficers and directors of the ) Tj ET Q q 0 0 0 rg BT 412.51 718.25 Td (Advisor and/or other entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (controlled by Hines. Some of these entities may compete with us for investment and leasing opportunities. ) Tj ET Q q 0 0 0 rg BT 478.07 706.25 Td (These personnel ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (owe fiduciary duties to these other entities and their security holders and these duties may from time to time conflict with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (fiduciary duties such individuals owe to us and our stockholders. For example, conflicts of interest adversely af) Tj ET Q q 0 0 0 rg BT 495.26 682.25 Td (fecting our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (investment decisions could arise in decisions or activities related to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 646.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 646.25 Td (the allocation of new investments among us and other entities operated by Hines;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 634.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 634.25 Td (the allocation of time and resources among us and other entities operated by Hines;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 622.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 622.25 Td (the timing and terms of the investment in or sale of an asset;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 610.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 610.25 Td (investments with Hines and af) Tj ET Q q 0 0 0 rg BT 197.91 610.25 Td (filiates of Hines;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 598.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 598.25 Td (the compensation paid to our ) Tj ET Q q 0 0 0 rg BT 195.03 598.25 Td (Advisor;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 586.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 586.25 Td (our relationship with Hines in the management of our properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (These conflicts of interest may also be impacted by the fact that such individuals may have compensation structures tied to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (the performance of such other entities controlled by Hines and these compensation structures may potentially provide for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (greater remuneration in the event an investment opportunity is presented to a Hines af) Tj ET Q q 0 0 0 rg BT 393.32 538.25 Td (filiate rather than us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 514.25 Td (Our of) Tj ET Q q 0 0 0 rg BT 86.32 514.25 Td (ficers and directors have limited liability) Tj ET Q q 0 0 0 rg BT 251.77 514.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 106.77 490.25 Td (, we are obligated under our articles to indemnify our of) Tj ET Q q 0 0 0 rg BT 330.69 490.25 Td (ficers and directors against certain liabilities incurred in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (connection with their services. ) Tj ET Q q 0 0 0 rg BT 174.50 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 183.14 478.25 Td (e have entered into indemnification agreements with each of our of) Tj ET Q q 0 0 0 rg BT 451.19 478.25 Td (ficers and directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Pursuant to these indemnification agreements, we have generally agreed to indemnify our of) Tj ET Q q 0 0 0 rg BT 419.42 466.25 Td (ficers and directors for any such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (liabilities that they incur) Tj ET Q q 0 0 0 rg BT 146.92 454.25 Td (. ) Tj ET Q q 0 0 0 rg BT 151.74 454.25 Td (These indemnification agreements, as well as the indemnification provisions in our articles, could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (limit our ability and the ability of our stockholders to ef) Tj ET Q q 0 0 0 rg BT 272.55 442.25 Td (fectively take action against our of) Tj ET Q q 0 0 0 rg BT 410.93 442.25 Td (ficers and directors arising from their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (service to us. In addition, there could be a potential reduction in distributions resulting from our payment of premiums ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (associated with insurance or payments of a defense, settlement or claim.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.25 Td (Our Umbrella Partnership Real Estate Investment T) Tj ET Q q 0 0 0 rg BT 274.20 394.25 Td (rust\(UPREIT\) structure may result in potential conflicts of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 382.25 Td (interest.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (Persons holding OP) Tj ET Q q 0 0 0 rg BT 147.08 358.25 Td (Units have the right to vote on certain amendments to the ) Tj ET Q q 0 0 0 rg BT 380.92 358.25 Td (Agreement of Limited Partnership of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Operating Partnership, as well as on certain other matters. Persons holding such voting rights may exercise them in a manner ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (that conflicts with the interests of our stockholders. ) Tj ET Q q 0 0 0 rg BT 256.90 334.25 Td (As general partner of the Operating Partnership, we will be obligated to act ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (in a manner that is in the best interest of all partners of the Operating Partnership. Circumstances may arise in the future when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (the interests of limited partners in the Operating Partnership may conflict with the interests of our stockholders.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (Risks Related to ) Tj ET Q q 0 0 0 rg BT 121.76 286.25 Td (T) Tj ET Q q 0 0 0 rg BT 127.51 286.25 Td (axes) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 262.25 Td (If we fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 181.70 262.25 Td (, our operations and our ability to pay distributions to our stockholders would be adversely ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 250.25 Td (impacted.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 226.25 Td (e believe that we qualify as a REIT) Tj ET Q q 0 0 0 rg BT 217.23 226.25 Td ( under the Code. ) Tj ET Q q 0 0 0 rg BT 285.28 226.25 Td (A) Tj ET Q q 0 0 0 rg BT 291.95 226.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 316.48 226.25 Td ( generally is not taxed at the corporate level on income that it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (currently distributes to its stockholders. Qualification as a REIT) Tj ET Q q 0 0 0 rg BT 305.60 214.25 Td ( involves the application of highly technical and complex rules ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (for which there are only limited judicial or administrative interpretations. ) Tj ET Q q 0 0 0 rg BT 345.00 202.25 Td (The determination of various factual matters and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (circumstances not entirely within our control may af) Tj ET Q q 0 0 0 rg BT 259.48 190.25 Td (fect our ability to continue to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 448.40 190.25 Td (. In addition, new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (legislation, regulations, administrative interpretations or court decisions could significantly change the tax laws with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (qualification as a REIT) Tj ET Q q 0 0 0 rg BT 142.84 166.25 Td ( or the federal income tax consequences of such qualification.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.25 Td (If we were to fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 220.26 142.25 Td ( in any taxable year:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 118.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 118.25 Td (we would not be allowed to deduct our distributions to our stockholders when computing our taxable income;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 106.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 106.25 Td (we would be subject to federal income tax \(including any applicable alternative minimum tax\) on our taxable income at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 94.25 Td (regular corporate rates;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 82.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 82.25 Td (we would be disqualified from being taxed as a REIT) Tj ET Q q 0 0 0 rg BT 290.93 82.25 Td ( for the four taxable years following the year during which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 70.25 Td (qualification was lost, unless entitled to relief under certain statutory provisions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 58.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 58.25 Td (our cash available for distribution would be reduced and we would have less cash to distribute to our stockholders;and) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (we might be required to borrow additional funds or sell some of our assets in order to pay corporate tax obligations that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (we may incur as a result of our disqualification.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 706.10 Td (e may be required to defer repatriation of cash from foreign jurisdictions in order to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 487.91 706.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Investments in foreign real property may give rise to foreign currency gains and losses. Certain foreign currency gains may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (be excluded from income for purposes of determining our satisfaction of one or both of the REIT) Tj ET Q q 0 0 0 rg BT 438.60 670.10 Td ( gross revenue tests; however) Tj ET Q q 0 0 0 rg BT 555.94 670.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (under certain circumstances \(for example, ifwe regularly trade in foreign securities\) such gains will be treated as non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (qualifying income. ) Tj ET Q q 0 0 0 rg BT 127.86 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 133.27 646.10 Td (o reduce the risk of foreign currency gains adversely af) Tj ET Q q 0 0 0 rg BT 353.82 646.10 Td (fecting our REIT) Tj ET Q q 0 0 0 rg BT 421.95 646.10 Td ( qualification, we may be required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (to defer the repatriation of cash from foreign jurisdictions or to employ other structures that could af) Tj ET Q q 0 0 0 rg BT 450.81 634.10 Td (fect the timing, character or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (amount of income we receive from our foreign investments. No assurance can be given that we will be able to manage our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (foreign currency gains in a manner that enables us to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 334.44 610.10 Td ( or to avoid U.S.federal income or other taxes on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (income as a result of foreign currency gains.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td (If the Operating Partnership is classified as a publicly traded partnership under the Code, our operations and our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 562.10 Td (ability to pay distributions to our stockholders could be adversely af) Tj ET Q q 0 0 0 rg BT 336.04 562.10 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 538.10 Td (e believe that the Operating Partnership will be treated as a partnership, and not as an association or a publicly traded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (partnership for federal income tax purposes. In this regard, the Code generally classifies publicly traded partnerships \(as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (defined in Section7704 of the Code\) as associations taxable as corporations \(rather than as partnerships\), unless substantially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (all of their taxable income consists of specified types of passive income. In order to minimize the risk that the Code would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (classify the Operating Partnership as a publicly traded partnership for tax purposes, we placed certain restrictions on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (transfer and/or repurchase of partnership units in the Operating Partnership. However) Tj ET Q q 0 0 0 rg BT 391.43 478.10 Td (, if the Internal Revenue Service ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (successfully determined that the Operating Partnership should be taxed as a corporation, the Operating Partnership would be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (required to pay U.S.federal income tax at corporate rates on its net income, its partners would be treated as stockholders of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Operating Partnership and distributions to partners would constitute non-deductible distributions in computing the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Partnership) Tj ET Q q 0 0 0 rg BT 98.33 430.10 Td (s taxable income. In addition, we could fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 354.17 430.10 Td (, and the imposition of a corporate tax on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Operating Partnership would reduce our amount of cash available for distribution to our stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.10 Td (Distributions to tax-exempt investors may be classified as unrelated business taxable income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Neither ordinary nor capital gain distributions with respect to our common shares, or gain from the sale of common shares, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (should generally constitute unrelated business taxable income to a tax-exempt investor) Tj ET Q q 0 0 0 rg BT 396.02 358.10 Td (. However) Tj ET Q q 0 0 0 rg BT 437.27 358.10 Td (, there are certain exceptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (to this rule. In particular:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 322.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 322.10 Td (part of the income and gain recognized by certain qualified employee pension trusts with respect to our common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (may be treated as unrelated business taxable income if our stock is predominately held by qualified employee pension ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 298.10 Td (trusts, we are required to rely on a special look through rule for purposes of meeting one of the REIT) Tj ET Q q 0 0 0 rg BT 480.59 298.10 Td ( stock ownership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 286.10 Td (tests, and we are not operated in such a manner as to otherwise avoid treatment of such income or gain as unrelated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 274.10 Td (business taxable income;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 262.10 Td (part of the income and gain recognized by a tax exempt investor with respect to our common shares would constitute ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 250.10 Td (unrelated business taxable income if such investor incurs debt in order to acquire the common shares;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 238.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 238.10 Td (part or all of the income or gain recognized with respect to our common shares by social clubs, voluntary employee ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 226.10 Td (benefit associations, supplemental unemployment benefit trusts and qualified group legal services plans which are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 214.10 Td (exempt from federal income taxation under Sections501\(c\)\(7\), \(9\), \(17\), or \(20\)of the Code may be treated as unrelated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 202.10 Td (business taxable income.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 178.10 Td (Stockholders who participate in our distribution reinvestment plan may realize taxable income without receiving cash ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 166.10 Td (distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (If our stockholders participate in the distribution reinvestment plan, they generally will be required to take into account, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (computing their taxable income, ordinary and capital gain distributions allocable to shares that they own, even though they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (receive no cash because such distributions are reinvested.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 94.10 Td (Foreign investors may be subject to the Foreign Investment in Real Property T) Tj ET Q q 0 0 0 rg BT 381.97 94.10 Td (ax ) Tj ET Q q 0 0 0 rg BT 394.10 94.10 Td (Act \(FIRPT) Tj ET Q q 0 0 0 rg BT 447.71 94.10 Td (A\) on sale of common ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 82.10 Td (shares if we are unable to qualify as a domestically controlled REIT) Tj ET Q q 0 0 0 rg BT 347.80 82.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.67 58.10 Td ( foreign person disposing of a U.S.real property interest, including shares of a U.S.corporation whose assets consist ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (principally of U.S.real property interests, is generally subject to tax under FIRPT) Tj ET Q q 0 0 0 rg BT 375.51 46.10 Td (A) Tj ET Q q 0 0 0 rg BT 382.18 46.10 Td ( on the gain recognized on the disposition. ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (FIRPT) Tj ET Q q 0 0 0 rg BT 76.43 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.10 742.10 Td ( does not apply) Tj ET Q q 0 0 0 rg BT 143.28 742.10 Td (, however) Tj ET Q q 0 0 0 rg BT 182.30 742.10 Td (, to the disposition of stock in a REIT) Tj ET Q q 0 0 0 rg BT 332.39 742.10 Td ( if the REIT) Tj ET Q q 0 0 0 rg BT 380.25 742.10 Td ( is domestically controlled. ) Tj ET Q q 0 0 0 rg BT 499.38 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 506.05 742.10 Td ( REIT) Tj ET Q q 0 0 0 rg BT 530.59 742.10 Td ( is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (domestically controlled if less than 50% of the REIT) Tj ET Q q 0 0 0 rg BT 272.71 730.10 Td (s capital stock, by value, has been owned, directly and indirectly) Tj ET Q q 0 0 0 rg BT 530.04 730.10 Td (, by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (persons who are not U.S.persons during a continuous five-year period ending on the date of disposition or) Tj ET Q q 0 0 0 rg BT 475.90 718.10 Td (, if shorter) Tj ET Q q 0 0 0 rg BT 516.88 718.10 Td (, during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the entire period of the REIT) Tj ET Q q 0 0 0 rg BT 168.57 706.10 Td (s existence.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 682.10 Td (e cannot assure our stockholders that we will qualify as a domestically controlled REIT) Tj ET Q q 0 0 0 rg BT 434.40 682.10 Td (. If we were to fail to so ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (qualify) Tj ET Q q 0 0 0 rg BT 77.68 670.10 Td (, gain realized by foreign investors on a sale of our common shares would be subject to tax under FIRPT) Tj ET Q q 0 0 0 rg BT 495.11 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 501.78 670.10 Td ( \(unless our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (common shares were traded on an established securities market and the foreign investor did not at any time during a specified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (testing period directly or indirectly own more than 5% of the value of our outstanding common shares\).Our common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (are not currently traded on an established securities market.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 610.10 Td (In ) Tj ET Q q 0 0 0 rg BT 70.68 610.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 101.79 610.10 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 165.40 610.10 Td (we ) Tj ET Q q 0 0 0 rg BT 178.73 610.10 Td (may ) Tj ET Q q 0 0 0 rg BT 198.17 610.10 Td (be ) Tj ET Q q 0 0 0 rg BT 209.83 610.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 240.95 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.95 610.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 284.55 610.10 Td (state, ) Tj ET Q q 0 0 0 rg BT 308.16 610.10 Td (local ) Tj ET Q q 0 0 0 rg BT 330.38 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 341.50 610.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 373.72 610.10 Td (income ) Tj ET Q q 0 0 0 rg BT 405.94 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 417.05 610.10 Td (other ) Tj ET Q q 0 0 0 rg BT 440.95 610.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 464.28 610.10 Td (as ) Tj ET Q q 0 0 0 rg BT 475.40 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 482.62 610.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 505.04 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 509.77 610.10 Td (which ) Tj ET Q q 0 0 0 rg BT 537.00 610.10 Td (would ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 598.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 89.27 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 106.22 598.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 127.61 598.10 Td (available ) Tj ET Q q 0 0 0 rg BT 167.33 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 177.60 598.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 194.54 598.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 248.73 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 259.01 598.10 Td (our ) Tj ET Q q 0 0 0 rg BT 275.96 598.10 Td (stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Even ) Tj ET Q q 0 0 0 rg BT 91.07 574.10 Td (if ) Tj ET Q q 0 0 0 rg BT 99.70 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 113.88 574.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 144.72 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.68 574.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 199.20 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 215.05 574.10 Td (status ) Tj ET Q q 0 0 0 rg BT 240.35 574.10 Td (as ) Tj ET Q q 0 0 0 rg BT 251.20 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 258.16 574.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 279.63 574.10 Td (, ) Tj ET Q q 0 0 0 rg BT 284.65 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 298.83 574.10 Td (may ) Tj ET Q q 0 0 0 rg BT 318.57 574.10 Td (be ) Tj ET Q q 0 0 0 rg BT 330.53 574.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 361.38 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.68 574.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 401.40 574.10 Td (federal, ) Tj ET Q q 0 0 0 rg BT 434.17 574.10 Td (state, ) Tj ET Q q 0 0 0 rg BT 457.52 574.10 Td (local ) Tj ET Q q 0 0 0 rg BT 479.47 574.10 Td (or ) Tj ET Q q 0 0 0 rg BT 490.33 574.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 521.72 574.10 Td (income ) Tj ET Q q 0 0 0 rg BT 553.68 574.10 Td (or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.23 562.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 96.47 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 107.48 562.10 Td (state ) Tj ET Q q 0 0 0 rg BT 128.50 562.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 154.23 562.10 Td (For ) Tj ET Q q 0 0 0 rg BT 170.81 562.10 Td (example, ) Tj ET Q q 0 0 0 rg BT 209.87 562.10 Td (if ) Tj ET Q q 0 0 0 rg BT 218.66 562.10 Td (we ) Tj ET Q q 0 0 0 rg BT 233.01 562.10 Td (have ) Tj ET Q q 0 0 0 rg BT 254.58 562.10 Td (net ) Tj ET Q q 0 0 0 rg BT 269.48 562.10 Td (income ) Tj ET Q q 0 0 0 rg BT 301.60 562.10 Td (from ) Tj ET Q q 0 0 0 rg BT 323.73 562.10 Td (a ) Tj ET Q q 0 0 0 rg BT 330.85 562.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 379.08 562.10 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 432.58 562.10 Td (such ) Tj ET Q q 0 0 0 rg BT 453.59 562.10 Td (income ) Tj ET Q q 0 0 0 rg BT 485.71 562.10 Td (will ) Tj ET Q q 0 0 0 rg BT 503.96 562.10 Td (be ) Tj ET Q q 0 0 0 rg BT 516.08 562.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 547.10 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 557.56 562.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 75.97 550.10 Td (tax. ) Tj ET Q q 0 0 0 rg BT 93.13 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 101.77 550.10 Td (e ) Tj ET Q q 0 0 0 rg BT 108.85 550.10 Td (may ) Tj ET Q q 0 0 0 rg BT 128.71 550.10 Td (not ) Tj ET Q q 0 0 0 rg BT 144.12 550.10 Td (be ) Tj ET Q q 0 0 0 rg BT 156.20 550.10 Td (able ) Tj ET Q q 0 0 0 rg BT 175.50 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.91 550.10 Td (make ) Tj ET Q q 0 0 0 rg BT 210.21 550.10 Td (suf) Tj ET Q q 0 0 0 rg BT 222.25 550.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 250.43 550.10 Td (distributions ) Tj ET Q q 0 0 0 rg BT 303.07 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 313.49 550.10 Td (avoid ) Tj ET Q q 0 0 0 rg BT 338.35 550.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 368.20 550.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 398.60 550.10 Td (income ) Tj ET Q q 0 0 0 rg BT 430.67 550.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 445.52 550.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 473.71 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.57 550.10 Td (4% ) Tj ET Q q 0 0 0 rg BT 504.54 550.10 Td (excise ) Tj ET Q q 0 0 0 rg BT 532.16 550.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 547.02 550.10 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 80.61 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.67 538.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 120.15 538.10 Td (income ) Tj ET Q q 0 0 0 rg BT 151.87 538.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 186.35 538.10 Td (by ) Tj ET Q q 0 0 0 rg BT 198.64 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 205.36 538.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 226.83 538.10 Td (. ) Tj ET Q q 0 0 0 rg BT 231.45 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 240.09 538.10 Td (e ) Tj ET Q q 0 0 0 rg BT 246.81 538.10 Td (may ) Tj ET Q q 0 0 0 rg BT 266.31 538.10 Td (also ) Tj ET Q q 0 0 0 rg BT 284.70 538.10 Td (decide ) Tj ET Q q 0 0 0 rg BT 313.08 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.14 538.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 348.18 538.10 Td (income ) Tj ET Q q 0 0 0 rg BT 379.90 538.10 Td (that ) Tj ET Q q 0 0 0 rg BT 397.18 538.10 Td (we ) Tj ET Q q 0 0 0 rg BT 411.12 538.10 Td (earn ) Tj ET Q q 0 0 0 rg BT 430.61 538.10 Td (from ) Tj ET Q q 0 0 0 rg BT 452.33 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.83 538.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 484.66 538.10 Td (or ) Tj ET Q q 0 0 0 rg BT 495.27 538.10 Td (other ) Tj ET Q q 0 0 0 rg BT 518.10 538.10 Td (disposition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.45 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.91 526.10 Td (property ) Tj ET Q q 0 0 0 rg BT 111.91 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.47 526.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 145.03 526.10 Td (income ) Tj ET Q q 0 0 0 rg BT 176.59 526.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 190.93 526.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 223.60 526.10 Td (on ) Tj ET Q q 0 0 0 rg BT 235.72 526.10 Td (such ) Tj ET Q q 0 0 0 rg BT 256.18 526.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 290.23 526.10 Td (In ) Tj ET Q q 0 0 0 rg BT 300.69 526.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.81 526.10 Td (event, ) Tj ET Q q 0 0 0 rg BT 344.09 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 359.54 526.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 412.21 526.10 Td (would ) Tj ET Q q 0 0 0 rg BT 439.34 526.10 Td (be ) Tj ET Q q 0 0 0 rg BT 450.90 526.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 480.22 526.10 Td (as ) Tj ET Q q 0 0 0 rg BT 490.68 526.10 Td (if ) Tj ET Q q 0 0 0 rg BT 498.91 526.10 Td (they ) Tj ET Q q 0 0 0 rg BT 518.25 526.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 547.02 526.10 Td (that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (income ) Tj ET Q q 0 0 0 rg BT 82.35 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 99.71 514.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 119.84 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.98 514.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 150.11 514.10 Td (on ) Tj ET Q q 0 0 0 rg BT 163.03 514.10 Td (it ) Tj ET Q q 0 0 0 rg BT 171.50 514.10 Td (directly) Tj ET Q q 0 0 0 rg BT 201.39 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.81 514.10 Td (However) Tj ET Q q 0 0 0 rg BT 243.06 514.10 Td (, ) Tj ET Q q 0 0 0 rg BT 248.48 514.10 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 301.94 514.10 Td (that ) Tj ET Q q 0 0 0 rg BT 319.86 514.10 Td (are ) Tj ET Q q 0 0 0 rg BT 334.98 514.10 Td (tax-exempt, ) Tj ET Q q 0 0 0 rg BT 385.38 514.10 Td (such ) Tj ET Q q 0 0 0 rg BT 406.63 514.10 Td (as ) Tj ET Q q 0 0 0 rg BT 417.87 514.10 Td (charities ) Tj ET Q q 0 0 0 rg BT 454.66 514.10 Td (or ) Tj ET Q q 0 0 0 rg BT 465.91 514.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 504.37 514.10 Td (pension ) Tj ET Q q 0 0 0 rg BT 538.40 514.10 Td (plans, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (would ) Tj ET Q q 0 0 0 rg BT 77.93 502.10 Td (have ) Tj ET Q q 0 0 0 rg BT 99.74 502.10 Td (no ) Tj ET Q q 0 0 0 rg BT 112.67 502.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 143.37 502.10 Td (from ) Tj ET Q q 0 0 0 rg BT 165.74 502.10 Td (their ) Tj ET Q q 0 0 0 rg BT 187.00 502.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 221.02 502.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 258.39 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.65 502.10 Td (such ) Tj ET Q q 0 0 0 rg BT 290.91 502.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 306.06 502.10 Td (liability) Tj ET Q q 0 0 0 rg BT 336.52 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 341.74 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 350.38 502.10 Td (e ) Tj ET Q q 0 0 0 rg BT 357.75 502.10 Td (may ) Tj ET Q q 0 0 0 rg BT 377.90 502.10 Td (also ) Tj ET Q q 0 0 0 rg BT 396.94 502.10 Td (be ) Tj ET Q q 0 0 0 rg BT 409.31 502.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 440.57 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.28 502.10 Td (state ) Tj ET Q q 0 0 0 rg BT 472.53 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 489.91 502.10 Td (local ) Tj ET Q q 0 0 0 rg BT 512.27 502.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 535.75 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 548.68 502.10 Td (our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (income ) Tj ET Q q 0 0 0 rg BT 81.49 490.10 Td (or ) Tj ET Q q 0 0 0 rg BT 91.87 490.10 Td (property) Tj ET Q q 0 0 0 rg BT 125.10 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.65 490.10 Td (either ) Tj ET Q q 0 0 0 rg BT 154.46 490.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 187.06 490.10 Td (or ) Tj ET Q q 0 0 0 rg BT 197.44 490.10 Td (at ) Tj ET Q q 0 0 0 rg BT 206.71 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.98 490.10 Td (level ) Tj ET Q q 0 0 0 rg BT 242.46 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.85 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.12 490.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 309.15 490.10 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 356.75 490.10 Td (or ) Tj ET Q q 0 0 0 rg BT 367.13 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.52 490.10 Td (other ) Tj ET Q q 0 0 0 rg BT 400.12 490.10 Td (entities ) Tj ET Q q 0 0 0 rg BT 431.05 490.10 Td (through ) Tj ET Q q 0 0 0 rg BT 464.21 490.10 Td (which ) Tj ET Q q 0 0 0 rg BT 490.70 490.10 Td (we ) Tj ET Q q 0 0 0 rg BT 504.41 490.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 544.79 490.10 Td (own ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 478.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 93.61 478.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 113.33 478.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 136.38 478.10 Td (that ) Tj ET Q q 0 0 0 rg BT 153.87 478.10 Td (we ) Tj ET Q q 0 0 0 rg BT 168.03 478.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 184.97 478.10 Td (will ) Tj ET Q q 0 0 0 rg BT 203.03 478.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 232.17 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 248.00 478.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 268.27 478.10 Td (available ) Tj ET Q q 0 0 0 rg BT 306.86 478.10 Td (for ) Tj ET Q q 0 0 0 rg BT 321.02 478.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 369.63 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 379.91 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 395.74 478.10 Td (stockholders.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 454.10 Td (e ) Tj ET Q q 0 0 0 rg BT 74.39 454.10 Td (have ) Tj ET Q q 0 0 0 rg BT 96.62 454.10 Td (entered, ) Tj ET Q q 0 0 0 rg BT 132.47 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 150.83 454.10 Td (may ) Tj ET Q q 0 0 0 rg BT 170.84 454.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 209.76 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.33 454.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 244.24 454.10 Td (into, ) Tj ET Q q 0 0 0 rg BT 265.66 454.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 297.34 454.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 333.48 454.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 386.85 454.10 Td (which ) Tj ET Q q 0 0 0 rg BT 414.65 454.10 Td (may ) Tj ET Q q 0 0 0 rg BT 434.67 454.10 Td (have ) Tj ET Q q 0 0 0 rg BT 456.91 454.10 Td (a ) Tj ET Q q 0 0 0 rg BT 464.70 454.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 503.61 454.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 534.19 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 547.54 454.10 Td (our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 442.10 Td (REIT ) Tj ET Q q 0 0 0 rg BT 84.84 442.10 Td (status.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 418.10 Td (e ) Tj ET Q q 0 0 0 rg BT 84.29 418.10 Td (have ) Tj ET Q q 0 0 0 rg BT 106.38 418.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 139.02 418.10 Td (into ) Tj ET Q q 0 0 0 rg BT 157.79 418.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 193.22 418.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 244.20 418.10 Td (with ) Tj ET Q q 0 0 0 rg BT 265.19 418.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 296.72 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.72 418.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 338.13 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.68 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 366.22 418.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 405.53 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.19 418.10 Td (may ) Tj ET Q q 0 0 0 rg BT 443.62 418.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 481.27 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 492.26 418.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 515.46 418.10 Td (into ) Tj ET Q q 0 0 0 rg BT 534.23 418.10 Td (similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 100.18 406.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.38 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.02 406.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 153.82 406.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 171.79 406.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 206.43 406.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 244.95 406.10 Td (may ) Tj ET Q q 0 0 0 rg BT 264.59 406.10 Td (include ) Tj ET Q q 0 0 0 rg BT 296.44 406.10 Td (entering ) Tj ET Q q 0 0 0 rg BT 331.63 406.10 Td (into ) Tj ET Q q 0 0 0 rg BT 349.60 406.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 381.46 406.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 398.86 406.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 426.83 406.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 458.13 406.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 495.53 406.10 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 524.89 406.10 Td (caps, ) Tj ET Q q 0 0 0 rg BT 547.58 406.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (floors, ) Tj ET Q q 0 0 0 rg BT 78.33 394.10 Td (options ) Tj ET Q q 0 0 0 rg BT 110.28 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 120.56 394.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 158.59 394.10 Td (these ) Tj ET Q q 0 0 0 rg BT 181.64 394.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 208.31 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.24 394.10 Td (futures ) Tj ET Q q 0 0 0 rg BT 255.51 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.45 394.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 306.60 394.10 Td (contracts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Thegrossincometests ) Tj ET Q q 0 0 0 rg BT 161.70 370.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 201.24 370.10 Td (exclude ) Tj ET Q q 0 0 0 rg BT 234.66 370.10 Td (any ) Tj ET Q q 0 0 0 rg BT 251.43 370.10 Td (income ) Tj ET Q q 0 0 0 rg BT 283.19 370.10 Td (or ) Tj ET Q q 0 0 0 rg BT 293.85 370.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 313.40 370.10 Td (from ) Tj ET Q q 0 0 0 rg BT 335.17 370.10 Td (a ) Tj ET Q q 0 0 0 rg BT 341.94 370.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 376.49 370.10 Td (or ) Tj ET Q q 0 0 0 rg BT 387.15 370.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 417.25 370.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 463.45 370.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 495.21 370.10 Td (into ) Tj ET Q q 0 0 0 rg BT 513.10 370.10 Td (by ) Tj ET Q q 0 0 0 rg BT 525.43 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 539.97 370.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 562.01 370.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 90.29 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.15 358.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 135.33 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 150.63 358.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 168.71 358.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.12 358.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 215.13 358.10 Td (rate, ) Tj ET Q q 0 0 0 rg BT 235.70 358.10 Td (price ) Tj ET Q q 0 0 0 rg BT 258.76 358.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 294.05 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 305.46 358.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 343.52 358.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 393.81 358.10 Td (with ) Tj ET Q q 0 0 0 rg BT 414.67 358.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 446.07 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 456.93 358.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 505.56 358.10 Td (made ) Tj ET Q q 0 0 0 rg BT 530.30 358.10 Td (or ) Tj ET Q q 0 0 0 rg BT 541.71 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 552.57 358.10 Td (be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (made ) Tj ET Q q 0 0 0 rg BT 73.88 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 83.88 346.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 115.52 346.10 Td (or ) Tj ET Q q 0 0 0 rg BT 126.07 346.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 148.83 346.10 Td (real ) Tj ET Q q 0 0 0 rg BT 166.04 346.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 191.03 346.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 216.58 346.10 Td (orto ) Tj ET Q q 0 0 0 rg BT 237.41 346.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 270.72 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.16 346.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 302.38 346.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.93 346.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 350.13 346.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 399.57 346.10 Td (with ) Tj ET Q q 0 0 0 rg BT 419.57 346.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 450.10 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 460.10 346.10 Td (an ) Tj ET Q q 0 0 0 rg BT 471.76 346.10 Td (item ) Tj ET Q q 0 0 0 rg BT 491.76 346.10 Td (ofincome ) Tj ET Q q 0 0 0 rg BT 534.24 346.10 Td (or ) Tj ET Q q 0 0 0 rg BT 544.79 346.10 Td (gain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.19 334.10 Td (would ) Tj ET Q q 0 0 0 rg BT 94.38 334.10 Td (be ) Tj ET Q q 0 0 0 rg BT 106.01 334.10 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 149.30 334.10 Td (income ) Tj ET Q q 0 0 0 rg BT 180.93 334.10 Td (under ) Tj ET Q q 0 0 0 rg BT 205.89 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.30 334.10 Td (75% ) Tj ET Q q 0 0 0 rg BT 240.82 334.10 Td (or ) Tj ET Q q 0 0 0 rg BT 251.34 334.10 Td (95% ) Tj ET Q q 0 0 0 rg BT 271.86 334.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 295.17 334.10 Td (income ) Tj ET Q q 0 0 0 rg BT 326.79 334.10 Td (test\(or ) Tj ET Q q 0 0 0 rg BT 357.03 334.10 Td (any ) Tj ET Q q 0 0 0 rg BT 373.66 334.10 Td (property ) Tj ET Q q 0 0 0 rg BT 409.73 334.10 Td (which ) Tj ET Q q 0 0 0 rg BT 436.36 334.10 Td (generates ) Tj ET Q q 0 0 0 rg BT 476.30 334.10 Td (such ) Tj ET Q q 0 0 0 rg BT 496.82 334.10 Td (income ) Tj ET Q q 0 0 0 rg BT 528.45 334.10 Td (or ) Tj ET Q q 0 0 0 rg BT 538.97 334.10 Td (gain\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 88.09 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 105.62 322.10 Td (we ) Tj ET Q q 0 0 0 rg BT 119.82 322.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 156.24 322.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 189.88 322.10 Td (such ) Tj ET Q q 0 0 0 rg BT 210.75 322.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 241.05 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.03 322.10 Td (other ) Tj ET Q q 0 0 0 rg BT 281.12 322.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 331.42 322.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.74 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.49 322.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 389.02 322.10 Td (required ) Tj ET Q q 0 0 0 rg BT 424.87 322.10 Td (by ) Tj ET Q q 0 0 0 rg BT 437.41 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.17 322.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 478.13 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 483.54 322.10 Td (o ) Tj ET Q q 0 0 0 rg BT 491.08 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.84 322.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 532.81 322.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.34 322.10 Td (we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (do ) Tj ET Q q 0 0 0 rg BT 62.62 310.10 Td (not ) Tj ET Q q 0 0 0 rg BT 78.02 310.10 Td (properly ) Tj ET Q q 0 0 0 rg BT 114.52 310.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 148.24 310.10 Td (such ) Tj ET Q q 0 0 0 rg BT 169.19 310.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 219.58 310.10 Td (as ) Tj ET Q q 0 0 0 rg BT 230.53 310.10 Td (hedges ) Tj ET Q q 0 0 0 rg BT 260.92 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 271.87 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 286.15 310.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 312.65 310.10 Td (with ) Tj ET Q q 0 0 0 rg BT 333.05 310.10 Td (other ) Tj ET Q q 0 0 0 rg BT 356.22 310.10 Td (types ) Tj ET Q q 0 0 0 rg BT 379.95 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.90 310.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.50 310.10 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 480.29 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 491.24 310.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 517.74 310.10 Td (other ) Tj ET Q q 0 0 0 rg BT 540.90 310.10 Td (types ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.47 298.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 118.76 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.12 298.10 Td (income ) Tj ET Q q 0 0 0 rg BT 166.69 298.10 Td (from ) Tj ET Q q 0 0 0 rg BT 189.27 298.10 Td (those ) Tj ET Q q 0 0 0 rg BT 213.51 298.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 264.42 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 274.23 298.10 Td (likely ) Tj ET Q q 0 0 0 rg BT 300.14 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 311.05 298.10 Td (be ) Tj ET Q q 0 0 0 rg BT 323.63 298.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 353.97 298.10 Td (as ) Tj ET Q q 0 0 0 rg BT 365.44 298.10 Td (non-qualifying ) Tj ET Q q 0 0 0 rg BT 428.01 298.10 Td (income ) Tj ET Q q 0 0 0 rg BT 460.59 298.10 Td (for ) Tj ET Q q 0 0 0 rg BT 475.38 298.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 514.08 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 525.54 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.90 298.10 Td (gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (income ) Tj ET Q q 0 0 0 rg BT 82.13 286.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 102.60 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.73 286.10 Td (may ) Tj ET Q q 0 0 0 rg BT 139.64 286.10 Td (af) Tj ET Q q 0 0 0 rg BT 147.23 286.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 164.90 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.93 286.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 209.17 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.64 286.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 250.66 286.10 Td (as ) Tj ET Q q 0 0 0 rg BT 261.68 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 268.82 286.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 290.29 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 295.48 286.10 Td (In ) Tj ET Q q 0 0 0 rg BT 306.51 286.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 344.47 286.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.94 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.85 286.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 396.98 286.10 Td (that ) Tj ET Q q 0 0 0 rg BT 414.67 286.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.69 286.10 Td (position ) Tj ET Q q 0 0 0 rg BT 465.61 286.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.08 286.10 Td (a ) Tj ET Q q 0 0 0 rg BT 483.21 286.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 518.12 286.10 Td (transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (has ) Tj ET Q q 0 0 0 rg BT 66.12 274.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 100.58 274.10 Td (value, ) Tj ET Q q 0 0 0 rg BT 127.53 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.54 274.10 Td (instrument ) Tj ET Q q 0 0 0 rg BT 188.11 274.10 Td (may ) Tj ET Q q 0 0 0 rg BT 208.12 274.10 Td (be ) Tj ET Q q 0 0 0 rg BT 220.35 274.10 Td (treated ) Tj ET Q q 0 0 0 rg BT 250.34 274.10 Td (as ) Tj ET Q q 0 0 0 rg BT 261.46 274.10 Td (a ) Tj ET Q q 0 0 0 rg BT 268.70 274.10 Td (non-qualifying ) Tj ET Q q 0 0 0 rg BT 330.92 274.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 353.15 274.10 Td (for ) Tj ET Q q 0 0 0 rg BT 367.61 274.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 405.95 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 417.08 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.08 274.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 455.99 274.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 478.22 274.10 Td (tests ) Tj ET Q q 0 0 0 rg BT 498.79 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.37 274.10 Td (which ) Tj ET Q q 0 0 0 rg BT 536.60 274.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 558.12 274.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (are ) Tj ET Q q 0 0 0 rg BT 64.71 262.10 Td (subject.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 238.10 Td (Entities through which we hold foreign real estate investments are, in most cases, subject to foreign taxes, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 226.10 Td (notwithstanding our status as a REIT) Tj ET Q q 0 0 0 rg BT 212.87 226.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Even if we maintain our status as a REIT) Tj ET Q q 0 0 0 rg BT 231.66 202.10 Td (, entities through which we hold investments in assets located outside the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (States will, in most cases, be subject to income taxation by jurisdictions in which such assets are located. Our cash available for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (distribution to our stockholders will be reduced by any such foreign income taxes.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 154.10 Td (Dividends payable by REIT) Tj ET Q q 0 0 0 rg BT 171.12 154.10 Td (s do not qualify for the reduced tax rates available for some dividends. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (The maximum tax rate applicable to income from qualified dividends payable to U.S. stockholders that are individuals, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (trusts or estates is currently 20%. Dividends payable by REIT) Tj ET Q q 0 0 0 rg BT 296.47 118.10 Td (s, however) Tj ET Q q 0 0 0 rg BT 339.39 118.10 Td (, generally are not eligible for the reduced rates. ) Tj ET Q q 0 0 0 rg BT 533.29 118.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (more favorable rates applicable to regular corporate qualified dividends could cause investors who are individuals, trusts or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (estates to perceive investments in our common shares to be relatively less attractive than investments in the stocks of non-REIT) Tj ET Q q 0 0 0 rg BT 560.52 94.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (corporations that pay dividends, which could adversely af) Tj ET Q q 0 0 0 rg BT 280.86 82.10 Td (fect the value of our common shares.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Recharacterization of sale-leaseback transactions may cause us to lose our REIT status.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.25 Td (e have purchased and may continue to purchase real properties and lease them back to the sellers of such properties. ) Tj ET Q q 0 0 0 rg BT 542.67 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 551.31 718.25 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (use commercially reasonable ef) Tj ET Q q 0 0 0 rg BT 176.15 706.25 Td (forts to structure any such sale-leaseback transaction such that the lease will be characterized as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (a true lease, thereby allowing us to be treated as the owner of the property for federal income tax purposes, but cannot assure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (our stockholders that the Internal Revenue Service will not challenge such characterization. In the event that any such sale-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (leaseback transaction is challenged and recharacterized as a financing transaction or loan for U.S.federal income tax purposes, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (deductions for depreciation and cost recovery relating to such property would be disallowed. ) Tj ET Q q 0 0 0 rg BT 423.04 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 431.67 658.25 Td (e might fail to satisfy the REIT) Tj ET Q q 0 0 0 rg BT 555.91 658.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (qualification asset tests or the income tests and, consequently) Tj ET Q q 0 0 0 rg BT 312.32 646.25 Td (, lose our REIT) Tj ET Q q 0 0 0 rg BT 373.79 646.25 Td ( status ef) Tj ET Q q 0 0 0 rg BT 409.16 646.25 Td (fective with the year of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (recharacterization if a sale-leaseback transaction were so recharacterized. ) Tj ET Q q 0 0 0 rg BT 345.09 634.25 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 397.20 634.25 Td (, the amount of our REIT) Tj ET Q q 0 0 0 rg BT 498.11 634.25 Td ( taxable income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (could be recalculated which might also cause us to fail to meet the distribution requirement for a taxable year) Tj ET Q q 0 0 0 rg BT 486.51 622.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 598.25 Td (Complying with the REIT requirements may cause us to forego otherwise attractive opportunities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 574.25 Td (o qualify as a REIT) Tj ET Q q 0 0 0 rg BT 151.54 574.25 Td ( for U.S.federal income tax purposes, we must continually satisfy tests concerning, among other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (things, the sources of our income, the nature and diversification of our assets, the amounts that we distribute to our stockholders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (and the ownership of shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 254.22 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 262.86 550.25 Td (e may be required to forego otherwise attractive investments or make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution. ) Tj ET Q q 0 0 0 rg BT 525.28 538.25 Td (Thus, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (compliance with the REIT) Tj ET Q q 0 0 0 rg BT 155.62 526.25 Td ( requirements may hinder our ability to operate solely on the basis of maximizing profits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 502.25 Td (Complying with the REIT requirements may force us to liquidate otherwise attractive investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 478.25 Td (e must ensure that at the end of each calendar quarter) Tj ET Q q 0 0 0 rg BT 288.91 478.25 Td (, at least 75% of the value of our assets consists of cash, cash items, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (government securities and qualified REIT) Tj ET Q q 0 0 0 rg BT 217.54 466.25 Td ( real estate assets in order to ensure our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 469.49 466.25 Td (. ) Tj ET Q q 0 0 0 rg BT 474.31 466.25 Td (The remainder of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (investments \(other than governmental securities and qualified real estate assets\) generally cannot include more than 10% of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (issuer) Tj ET Q q 0 0 0 rg BT 72.78 430.25 Td (. In addition, in general, no more than 5% of the value of our assets \(other than government securities and qualified real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (estate assets\) can consist of the securities of any one issuer) Tj ET Q q 0 0 0 rg BT 284.53 418.25 Td (, and no more than 25% of the value of our total assets can be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (represented by securities of one or more taxable REIT) Tj ET Q q 0 0 0 rg BT 266.40 406.25 Td ( subsidiaries. If we fail to comply with these requirements at the end of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (any calendar quarter) Tj ET Q q 0 0 0 rg BT 131.22 394.25 Td (, we must correct such failure within 30days after the end of the calendar quarter in order to avoid losing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (our REIT) Tj ET Q q 0 0 0 rg BT 87.87 382.25 Td ( status and suf) Tj ET Q q 0 0 0 rg BT 144.62 382.25 Td (fering adverse tax consequences. ) Tj ET Q q 0 0 0 rg BT 278.18 382.25 Td (As a result, we may be required to liquidate otherwise attractive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (investments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.25 Td (Legislative or regulatory action could adversely af) Tj ET Q q 0 0 0 rg BT 264.90 346.25 Td (fect us and/or our investors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (In recent years, numerous legislative, judicial and administrative changes have been made to the U.S.federal income tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (laws applicable to the qualification and taxation of REIT) Tj ET Q q 0 0 0 rg BT 276.45 310.25 Td (s and to investments in REIT) Tj ET Q q 0 0 0 rg BT 392.13 310.25 Td (s and similar entities. ) Tj ET Q q 0 0 0 rg BT 479.06 310.25 Td (Additional changes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (to tax laws are likely to continue to occur in the future and may be given retroactive or prospective ef) Tj ET Q q 0 0 0 rg BT 454.95 298.25 Td (fect, and we cannot assure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (our stockholders that any such changes will not adversely af) Tj ET Q q 0 0 0 rg BT 290.59 286.25 Td (fect how we are taxed or the taxation of our stockholders. ) Tj ET Q q 0 0 0 rg BT 522.73 286.25 Td (Any such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (changes could have an adverse ef) Tj ET Q q 0 0 0 rg BT 183.36 274.25 Td (fect on us and on an investment in shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 440.35 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 448.99 274.25 Td (e ur) Tj ET Q q 0 0 0 rg BT 464.08 274.25 Td (ge our stockholders to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (consult with their own tax advisors with respect to the status of legislative, regulatory or administrative developments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (proposals and their potential ef) Tj ET Q q 0 0 0 rg BT 173.67 250.25 Td (fect on an investment in shares of our common stock.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Risks Related to ERISA) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 202.25 Td (If our assets are deemed to be plan assets under the Employee Retirement Income Security ) Tj ET Q q 0 0 0 rg BT 433.89 202.25 Td (Act of 1974, as amended, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 190.25 Td (\(ERISA\), the ) Tj ET Q q 0 0 0 rg BT 125.03 190.25 Td (Advisor and the fiduciaries of investing ERISA) Tj ET Q q 0 0 0 rg BT 318.39 190.25 Td ( plans may be exposed to liabilities under T) Tj ET Q q 0 0 0 rg BT 498.30 190.25 Td (itleI of ERISA) Tj ET Q q 0 0 0 rg BT 559.70 190.25 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 178.25 Td (and the Internal Revenue Code.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td (In some circumstances where an ERISA) Tj ET Q q 0 0 0 rg BT 228.79 154.25 Td ( plan holds an interest in an entity) Tj ET Q q 0 0 0 rg BT 363.39 154.25 Td (, an undivided interest in the assets of the entity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (attributable to that interest are deemed to be ERISA) Tj ET Q q 0 0 0 rg BT 256.60 142.25 Td ( plan assets unless an exception applies. ) Tj ET Q q 0 0 0 rg BT 418.60 142.25 Td (This is known as the look-through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (rule. Under those circumstances, the obligations and other responsibilities of plan sponsors, plan fiduciaries and plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (administrators, and of parties in interest and disqualified persons, under ) Tj ET Q q 0 0 0 rg BT 338.64 118.25 Td (T) Tj ET Q q 0 0 0 rg BT 344.39 118.25 Td (itleI of ERISA) Tj ET Q q 0 0 0 rg BT 404.67 118.25 Td ( and Section4975 of the Code, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (applicable, may be applicable, and there may be liability under these and other provisions of ERISA) Tj ET Q q 0 0 0 rg BT 450.16 106.25 Td ( and the Code. ) Tj ET Q q 0 0 0 rg BT 510.24 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 518.88 106.25 Td (e believe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (that our assets should not be treated as plan assets because the shares should qualify as publicly-of) Tj ET Q q 0 0 0 rg BT 447.49 94.25 Td (fered securities that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (exempt from the look-through rules under applicable regulations of the U.S. Department of the ) Tj ET Q q 0 0 0 rg BT 431.93 82.25 Td (T) Tj ET Q q 0 0 0 rg BT 437.69 82.25 Td (reasury) Tj ET Q q 0 0 0 rg BT 466.47 82.25 Td (. ) Tj ET Q q 0 0 0 rg BT 471.29 82.25 Td (W) Tj ET Q q 0 0 0 rg BT 479.93 82.25 Td (e note, however) Tj ET Q q 0 0 0 rg BT 543.11 82.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (that because certain limitations are imposed upon the transferability of shares so that we may qualify as a REIT) Tj ET Q q 0 0 0 rg BT 494.67 70.25 Td (, and perhaps for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (other reasons, it is possible that this exemption may not apply) Tj ET Q q 0 0 0 rg BT 296.26 58.25 Td (. If that is the case, and if the ) Tj ET Q q 0 0 0 rg BT 416.22 58.25 Td (Advisor or we are exposed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (liability under ERISA) Tj ET Q q 0 0 0 rg BT 137.22 46.25 Td ( or the Code, our performance and results of operations could be adversely af) Tj ET Q q 0 0 0 rg BT 445.82 46.25 Td (fected. In addition, if that ) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (were the case, an investment in our common shares might constitute an inef) Tj ET Q q 0 0 0 rg BT 352.79 742.10 Td (fective delegation of fiduciary responsibility to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.82 730.10 Td (, and expose the fiduciary of the benefit plan to co-fiduciary liability under ERISA) Tj ET Q q 0 0 0 rg BT 411.72 730.10 Td ( for any breach by our ) Tj ET Q q 0 0 0 rg BT 502.25 730.10 Td (Advisor of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (fiduciary duties mandated under ERISA. If our ) Tj ET Q q 0 0 0 rg BT 239.95 718.10 Td (Advisor or we are exposed to liability under ERISA) Tj ET Q q 0 0 0 rg BT 447.13 718.10 Td ( or the Code, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (performance and results of operations could be adversely af) Tj ET Q q 0 0 0 rg BT 288.61 706.10 Td (fected. Prior to making an investment in us, potential investors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (should consult with their legal and other advisors concerning the impact of ERISA) Tj ET Q q 0 0 0 rg BT 379.93 694.10 Td ( and the Code on such investors) Tj ET Q q 0 0 0 rg BT 509.72 694.10 Td ( investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and our performance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td (There are special considerations that apply to pension or profit sharing trusts or individual retirement accounts, \(IRAs\) ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td (investing in our common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (If a stockholder is investing the assets of an IRA, pension, profit sharing, 401\(k\), Keogh or other qualified retirement plan, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (they should satisfy themselves that:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 586.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 586.10 Td (their investment is consistent with their fiduciary obligations under ERISA) Tj ET Q q 0 0 0 rg BT 376.12 586.10 Td ( and the Code;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (their investment is made in accordance with the documents and instruments governing their plan or IRA, including their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (plan) Tj ET Q q 0 0 0 rg BT 97.00 562.10 Td (s investment policy;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 550.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (their investment satisfies the prudence and diversification requirements of Sections 404\(a\)\(1\)\(B\) and 404\(a\)\(1\)\(C\) of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (ERISA;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 526.10 Td (their investment will not impair the liquidity of the plan or IRA;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 514.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 514.10 Td (their investment will not produce unrelated business taxable income for the plan or IRA;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 502.10 Td (they will be able to value the assets of the plan annually in accordance with ERISA) Tj ET Q q 0 0 0 rg BT 409.40 502.10 Td ( requirements;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 490.10 Td (their investment will not constitute a prohibited transaction under Section406 of ERISA) Tj ET Q q 0 0 0 rg BT 430.27 490.10 Td ( or Section4975 of the Code.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Investment Risks ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 442.10 Td (The prior performance of other Hines af) Tj ET Q q 0 0 0 rg BT 226.04 442.10 Td (filiated entities may not be a good measure of our future results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (Our stockholders should not rely on the past performance of investments by other investment vehicles sponsored by Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (to predict our future results. Our investment strategy and key employees may dif) Tj ET Q q 0 0 0 rg BT 372.23 406.10 Td (fer from the investment strategies and key ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (employees of our af) Tj ET Q q 0 0 0 rg BT 129.51 394.10 Td (filiates in the past, present and future.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 370.10 Td (There is no public market for our common shares; therefore, it will be dif) Tj ET Q q 0 0 0 rg BT 361.05 370.10 Td (ficult for our stockholders to sell their shares ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 358.10 Td (and, if they are able to sell their shares, they will likely sell them at a substantial discount.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (There is no public market for our common shares, and we do not expect one to develop. ) Tj ET Q q 0 0 0 rg BT 421.51 334.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 471.41 334.10 Td (, our articles contain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (restrictions on the ownership and transfer of our shares, and these restrictions may limit the ability of our stockholders to sell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (their shares. If they are able to sell their shares, they may only be able to sell them at a substantial discount from the price they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (paid. ) Tj ET Q q 0 0 0 rg BT 72.04 298.10 Td (This may be the result, in part, of the fact that the amount of funds available for investment are reduced by funds used to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (pay certain up-front fees and expenses, including or) Tj ET Q q 0 0 0 rg BT 256.97 286.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 326.21 286.10 Td (fering costs, such as issuer costs, selling commissions, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (the dealer manager fee and acquisition fees and expenses in connection with our public of) Tj ET Q q 0 0 0 rg BT 409.13 274.10 Td (ferings. Unless our aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (investments increase in value to compensate for these up-front fees and expenses, which may not occur) Tj ET Q q 0 0 0 rg BT 462.79 262.10 Td (, it is unlikely that our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (stockholders will be able to sell their shares, without incurring a substantial loss. Stockholders may also experience substantial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (losses if we dispose of our assets or in connection with a liquidation event. ) Tj ET Q q 0 0 0 rg BT 351.15 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 359.79 238.10 Td (e cannot assure stockholders that their shares will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (ever appreciate in value to equal the price they paid for their shares. ) Tj ET Q q 0 0 0 rg BT 323.58 226.10 Td (Thus, prospective stockholders should consider our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (common shares as illiquid and a long-term investment, and they must be prepared to hold their shares for an indefinite length of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (time.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 178.10 Td (The of) Tj ET Q q 0 0 0 rg BT 88.76 178.10 Td (fering price does not increase or decrease with the value of our assets and, therefore, will not accurately represent ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 166.10 Td (the current value of our assets at any particular time; therefore the purchase price that stockholders pay for shares of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 62.00 154.10 Td (our common stock may be higher than the value of our assets per share of our common stock at the time of the purchase.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 125.60 Td (The price for shares of our common stock in the of) Tj ET Q q 0 0 0 rg BT 271.09 125.60 Td (fering does not vary based on the underlying value of our assets at any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 113.60 Td (time. Our board of directors determines the of) Tj ET Q q 0 0 0 rg BT 233.65 113.60 Td (fering price and any changes to such price in its sole discretion. Please see Item ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 101.60 Td (5. Market for Registrant) Tj ET Q q 0 0 0 rg BT 149.42 101.60 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 221.55 101.60 Td (, Related Stockholder Matters and Issuer Purchases of Equity Securities - Market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 89.60 Td (Information for a description of how our board of directors determined the of) Tj ET Q q 0 0 0 rg BT 363.05 89.60 Td (fering price. ) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 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 74.00 742.10 Td (The of) Tj ET Q q 0 0 0 rg BT 100.20 742.10 Td (fering price established for shares of our common stock in the Second Of) Tj ET Q q 0 0 0 rg BT 392.71 742.10 Td (fering may not accurately represent the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (current value of our assets per share of our common stock at any particular time and may be higher or lower than the actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (value of our assets per share at any time. In addition, the of) Tj ET Q q 0 0 0 rg BT 286.41 718.10 Td (fering price may not be indicative of either the price our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (stockholders would receive if they sold their shares, the price at which shares of our common stock would trade if they were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (listed on a national securities exchange or if we were liquidated or dissolved. Similarly) Tj ET Q q 0 0 0 rg BT 397.03 694.10 Td (, the amount our stockholders may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (receive upon redemption of their shares, if they determine to participate in our share redemption program, may be less than the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (amount they paid for the shares, regardless of any increase in the underlying value of any assets we own. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Because we are conducting an ongoing of) Tj ET Q q 0 0 0 rg BT 234.98 646.10 Td (fering, we are providing information about our net tangible book value per share. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.44 634.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.03 634.10 Td (, our net tangible book value per share was $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.86 634.10 Td (6.86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.36 634.10 Td (, which is less than the of) Tj ET Q q 0 0 0 rg BT 450.55 634.10 Td (fering price for shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (our common stock. Net tangible book value is a rough approximation of value calculated simply as total book value of assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (minus total liabilities \(all of which are adjusted for noncontrolling interests\). It assumes that the value of real estate assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (diminishes predictably over time as shown through the depreciation and amortization of real estate investments. Real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (values have historically risen or fallen with market conditions. Net tangible book value is used generally as a conservative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (measure of net worth that we do not believe reflects our estimated value per share. It is not intended to reflect the value of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (assets upon an orderly liquidation of the Company in accordance with our investment objectives. However) Tj ET Q q 0 0 0 rg BT 476.43 562.10 Td (, net tangible book ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (value does reflect certain dilution in value of our common stock from the issue price as a result of \(i\) accumulated depreciation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (and amortization of real estate investments, \(ii\) the funding of distributions from sources other than our cash flow from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (operations, \(iii\) the substantial fees paid in connection with our public of) Tj ET Q q 0 0 0 rg BT 340.86 526.10 Td (ferings, such as selling commissions and marketing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (fees, all or a portion of which have been re-allowed by our dealer manager to participating broker dealers and \(iv\) the fees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (expenses paid to our advisor and its af) Tj ET Q q 0 0 0 rg BT 202.84 502.10 Td (filiates in connection with the selection, acquisition, management and sale of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 466.10 Td (Our distributions have been and may continue to be paid using cash flows from financing activities, including proceeds ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 454.10 Td (from our public of) Tj ET Q q 0 0 0 rg BT 134.66 454.10 Td (ferings and proceeds from debt financings and some or all of the distributions we pay in the future may ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 442.10 Td (be paid from similar sources or sources such as cash advances by the ) Tj ET Q q 0 0 0 rg BT 345.58 442.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 376.70 442.10 Td (, cash resulting from a waiver or deferral of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 430.10 Td (fees and/or proceeds from the sale of assets. ) Tj ET Q q 0 0 0 rg BT 241.86 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 250.01 430.10 Td (e have not placed a cap on the amount of our distributions that may be paid ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 418.10 Td (from any of these sources. The use of sources other than our cash flow from operations to fund distributions could ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (adversely impact our ability to pay distributions in future periods, decrease the amount of cash we have available for ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 394.10 Td (operations and new investments and/or potentially impact the value or result in dilution of our stockholders) Tj ET Q q 0 0 0 rg BT 503.58 394.10 Td ( investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 553.03 394.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 358.01 370.10 Td (ficient to fund distributions to stockholders. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 358.10 Td (ganizational documents permit us to make distributions from any source when we do not have suf) Tj ET Q q 0 0 0 rg BT 449.27 358.10 Td (ficient cash flow from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (operations to fund such distributions.) Tj ET Q q 0 0 0 rg BT 203.42 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 212.06 346.10 Td (e may choose to use advances, deferrals or waivers of fees, if available, from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 103.14 334.10 Td (filiates, borrowings, proceeds from our public of) Tj ET Q q 0 0 0 rg BT 297.35 334.10 Td (ferings and/or proceeds from the sale of assets or other sources to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (fund distributions to our stockholders. ) Tj ET Q q 0 0 0 rg BT 204.81 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 213.45 322.10 Td (e have not placed a cap on the amount of our distributions that may be paid from any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (of these sources. ) Tj ET Q q 0 0 0 rg BT 121.19 310.10 Td (The ) Tj ET Q q 0 0 0 rg BT 138.68 310.10 Td (Advisor has agreed to waive the asset management fee otherwise payable to it pursuant to our ) Tj ET Q q 0 0 0 rg BT 515.79 310.10 Td (Advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Agreement for each quarter in 2012 and 2013, to the extent that our MFFO for a particular quarter) Tj ET Q q 0 0 0 rg BT 442.25 298.10 Td (, as disclosed in each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (quarterly report, amounts to less than 100% of the aggregate distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 445.71 286.10 Td (. In December 2013, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (Advisor agreed to waive asset management fees otherwise payable to it for the year ended December 31, 2014 to the extent that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (our MFFO for the year ended December 31, 2014, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 330.21 262.10 Td (Annual Report on Form 10-K for such year) Tj ET Q q 0 0 0 rg BT 503.39 262.10 Td (, amounts to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (less than 100% of the aggregate distributions declared to our stockholders for the year ended December 31, 2014. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (However) Tj ET Q q 0 0 0 rg BT 104.25 226.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 123.42 226.10 Td (Advisor and af) Tj ET Q q 0 0 0 rg BT 182.66 226.10 Td (filiates are under no obligation to advance funds to us or to defer or waive fees in order to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (support our distributions. For example, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.60 214.10 Td (53%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.93 214.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.20 214.10 Td (201) Tj ET Q q 0 0 0 rg BT 341.83 214.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.83 214.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.83 214.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.16 214.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.42 214.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.42 214.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.86 214.10 Td (67%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.19 214.10 Td ( of total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.67 202.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.67 202.10 Td ( were funded with cash flows from financing activities, which include proceeds from our public of) Tj ET Q q 0 0 0 rg BT 530.25 202.10 Td (ferings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (and proceeds from debt financings. ) Tj ET Q q 0 0 0 rg BT 193.11 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 201.74 190.10 Td (e have not placed a cap on the amount of our distributions that may be paid from sources ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (other than cash flows from operations, including proceeds from our debt financings, proceeds from our public of) Tj ET Q q 0 0 0 rg BT 500.25 178.10 Td (ferings, cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (advances by our ) Tj ET Q q 0 0 0 rg BT 116.92 166.10 Td (Advisor and cash resulting from a waiver or deferral of fees. ) Tj ET Q q 0 0 0 rg BT 361.09 166.10 Td (When we pay distributions in excess of earnings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (and we use cash flows from financing activities, including of) Tj ET Q q 0 0 0 rg BT 293.64 154.10 Td (fering proceeds and borrowings, to fund distributions, then we will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (have less funds available for operations and for acquiring properties and other investments, which could adversely impact our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (ability to pay distributions in future periods, and our stockholders overall return may be reduced and it may result in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (dilution of our stockholders) Tj ET Q q 0 0 0 rg BT 163.41 118.10 Td ( investment. In addition, our ) Tj ET Q q 0 0 0 rg BT 278.67 118.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 343.76 118.10 Td (filiates could choose to receive shares of our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (stock or interests in the Operating Partnership in lieu of cash or deferred fees or the repayment of advances to which they are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (entitled, and the issuance of such securities may dilute our stockholders) Tj ET Q q 0 0 0 rg BT 338.90 94.10 Td ( interest in us. Furthermore, to the extent distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (exceed cash flows from operations, a stockholder) Tj ET Q q 0 0 0 rg BT 247.80 82.10 Td () Tj ET Q q 0 0 0 rg BT 250.58 82.10 Td (s basis in our stock will be reduced and, to the extent distributions exceed a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (stockholder) Tj ET Q q 0 0 0 rg BT 97.03 70.10 Td () Tj ET Q q 0 0 0 rg BT 99.80 70.10 Td (s basis, the stockholder may recognize capital gain. ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 742.25 Td (e have reduced our distribution rate in the past and cannot guarantee that distributions will continue to be paid at the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (current rate or at all.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (Commencing with distributions for the month of January 2012, as a result of market conditions and our goal of increasing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (our distribution coverage, our board of directors declared distributions in an amount equal to $0.0017808 per share, per day) Tj ET Q q 0 0 0 rg BT 543.38 694.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (This amount, which our board of directors has continued to declare through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.64 682.25 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.24 682.25 Td (, was a decrease from the distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (amount of $0.00191781 per share, per day) Tj ET Q q 0 0 0 rg BT 218.75 670.25 Td (, which had been declared by our board of directors in each prior quarter since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (October of 2009. ) Tj ET Q q 0 0 0 rg BT 120.36 658.25 Td (There can be no assurance that the current distribution rate will be maintained. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 634.25 Td (If we pay distributions from sources other than our cash flow from operations, our stockholders) Tj ET Q q 0 0 0 rg BT 455.82 634.25 Td ( overall return may be ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 622.25 Td (reduced.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td (Our or) Tj ET Q q 0 0 0 rg BT 94.20 598.25 Td (ganizational documents permit us to make distributions from any source and we may choose to continue to pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (distributions when we do not have suf) Tj ET Q q 0 0 0 rg BT 202.02 586.25 Td (ficient cash flow from operations to fund such distributions. If we fund distributions from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (borrowings or the net proceeds from our public of) Tj ET Q q 0 0 0 rg BT 249.77 574.25 Td (ferings, as we have since in our initial quarters of operations, we will have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (less funds available for acquiring properties and other investments, and our stockholders) Tj ET Q q 0 0 0 rg BT 406.38 562.25 Td ( overall return may be reduced.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 538.25 Td (Payments to the holder of the Special OP) Tj ET Q q 0 0 0 rg BT 227.78 538.25 Td ( Units or any other OP) Tj ET Q q 0 0 0 rg BT 321.04 538.25 Td ( Units will reduce cash available for distribution to our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 526.25 Td (stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (An af) Tj ET Q q 0 0 0 rg BT 90.31 502.25 Td (filiate of Hines has received OP) Tj ET Q q 0 0 0 rg BT 217.39 502.25 Td (Units in return for its $190,000 contribution to the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 516.06 502.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 115.09 490.25 Td (filiates may also choose to receive OP) Tj ET Q q 0 0 0 rg BT 267.45 490.25 Td (Units in lieu of certain fees. ) Tj ET Q q 0 0 0 rg BT 383.34 490.25 Td (The holders of all OP) Tj ET Q q 0 0 0 rg BT 469.06 490.25 Td (Units will be entitled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (to receive cash from operations pro rata with the distributions being paid to us and such distributions to the holder of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (OP) Tj ET Q q 0 0 0 rg BT 62.41 466.25 Td (Units will reduce the cash available for distribution to our stockholders. In addition, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 480.47 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 482.42 466.25 Td (Associates Limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Partnership, the holder of the Special OP) Tj ET Q q 0 0 0 rg BT 213.20 454.25 Td (Units, will be entitled to cash distributions, under certain circumstances, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (from sales of our real estate investments, refinancings and other sources, which may reduce cash available for distribution to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (our stockholders and may negatively af) Tj ET Q q 0 0 0 rg BT 207.27 430.25 Td (fect the value of our shares of common stock. Furthermore, under certain circumstances ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (the Special OP) Tj ET Q q 0 0 0 rg BT 109.06 418.25 Td (Units and any other OP) Tj ET Q q 0 0 0 rg BT 205.07 418.25 Td (Units held by Hines or its af) Tj ET Q q 0 0 0 rg BT 320.15 418.25 Td (filiates are required to be repurchased, in cash at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (holder) Tj ET Q q 0 0 0 rg BT 75.92 406.25 Td () Tj ET Q q 0 0 0 rg BT 78.70 406.25 Td (s election and there may not be suf) Tj ET Q q 0 0 0 rg BT 217.64 406.25 Td (ficient cash to make such a repurchase payment; therefore, we may need to use cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (from operations, borrowings, or other sources to make the payment, which will reduce cash available for distribution to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 358.25 Td (Our stockholders) Tj ET Q q 0 0 0 rg BT 132.43 358.25 Td ( ability to have their shares redeemed is limited under our share redemption program, and if they are ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 346.25 Td (able to have their shares redeemed, it may be at a price that is less than the price they paid for the shares and the then-) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 334.25 Td (current market value of the shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (Our share redemption program contains significant restrictions and limitations. For example, only stockholders who ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (purchase their shares directly from us or who received their shares through a non-cash transaction, not in the secondary market, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (are eligible to participate, and stockholders must generally hold their shares for a minimum of one year before they can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (participate in our share redemption program. In addition, our share redemption program generally provides that only funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (received from the prior month) Tj ET Q q 0 0 0 rg BT 173.29 262.25 Td (s distribution reinvestment plan may be used in the subsequent month to redeem shares. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (board of directors may terminate, suspend or amend the share redemption program upon 30days) Tj ET Q q 0 0 0 rg BT 439.42 250.25 Td ( written notice without ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (stockholder approval. ) Tj ET Q q 0 0 0 rg BT 138.96 238.25 Td (The redemption price our stockholders may receive upon any such redemption may not be indicative of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (the price our stockholders would receive if our shares were actively traded or if we were liquidated, and our stockholders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (should not assume that they will be able to sell all or any portion of their shares back to us pursuant to our share redemption ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (program or to third parties at a price that reflects the then current market value of the shares or at all.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 178.25 Td (The actual value of shares that we redeem under our share redemption program may be substantially less than what we ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 166.25 Td (pay) Tj ET Q q 0 0 0 rg BT 73.07 166.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 142.25 Td (Under our share redemption program, shares currently may be repurchased at varying prices depending on the number of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (years the shares have been held and whether the redemptions are sought upon a stockholder) Tj ET Q q 0 0 0 rg BT 416.91 130.25 Td () Tj ET Q q 0 0 0 rg BT 419.69 130.25 Td (s death or disability) Tj ET Q q 0 0 0 rg BT 497.64 130.25 Td (. ) Tj ET Q q 0 0 0 rg BT 502.09 130.25 Td (Although the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 118.25 Td (fering price per share for our Second Of) Tj ET Q q 0 0 0 rg BT 218.18 118.25 Td (fering represents the most recent price at which most investors are willing to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (purchase such shares, it will not accurately represent the current value of our assets per share of our common stock at any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (particular time and may be higher or lower than the actual value of our assets per share at such time. ) Tj ET Q q 0 0 0 rg BT 452.91 94.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 502.25 94.25 Td (, when we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (repurchase shares of our common stock at the of) Tj ET Q q 0 0 0 rg BT 243.64 82.25 Td (fering price or at a percentage of the of) Tj ET Q q 0 0 0 rg BT 399.49 82.25 Td (fering price, the actual value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (shares that we repurchase may be less, and, if so, then the repurchase will be dilutive to our remaining stockholders. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td () Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Our stockholders will not have the benefit of an independent due diligence review in connection with the Of) Tj ET Q q 0 0 0 rg BT 501.88 742.25 Td (fering and, if ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 730.25 Td (a conflict of interest arises between us and Hines, we may incur additional fees and expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (Because the ) Tj ET Q q 0 0 0 rg BT 117.98 706.25 Td (Advisor and Hines Securities, Inc., \(the Dealer Manager\) are af) Tj ET Q q 0 0 0 rg BT 379.90 706.25 Td (filiates of Hines, our stockholders will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (have the benefit of an independent due diligence review and investigation of the type normally performed by an unaf) Tj ET Q q 0 0 0 rg BT 517.43 694.25 Td (filiated, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (independent underwriter in connection with a securities of) Tj ET Q q 0 0 0 rg BT 282.80 682.25 Td (fering. In addition, Greenber) Tj ET Q q 0 0 0 rg BT 397.29 682.25 Td (g ) Tj ET Q q 0 0 0 rg BT 404.61 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 410.37 682.25 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 456.66 682.25 Td ( has acted as counsel to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (us, the ) Tj ET Q q 0 0 0 rg BT 78.06 670.25 Td (Advisor and our Dealer Manager in connection with the Of) Tj ET Q q 0 0 0 rg BT 314.75 670.25 Td (fering and, therefore, investors will not have the benefit of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (due diligence review and investigation that might otherwise be performed by independent counsel which increases the risk of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (their investment. If any situation arises in which our interests are in conflict with those of our Dealer Manager or its af) Tj ET Q q 0 0 0 rg BT 523.01 646.25 Td (filiates, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (and we are required to retain additional counsel, we will incur additional fees and expenses.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 610.25 Td (The fees we pay in connection with the Of) Tj ET Q q 0 0 0 rg BT 231.59 610.25 Td (fering and the agreements entered into with Hines and its af) Tj ET Q q 0 0 0 rg BT 479.21 610.25 Td (filiates were not ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 598.25 Td (determined on an arm) Tj ET Q q 0 0 0 rg BT 152.98 598.25 Td (s-length basis and therefore may not be on the same terms we could achieve from a third party) Tj ET Q q 0 0 0 rg BT 540.67 598.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (The compensation paid to our ) Tj ET Q q 0 0 0 rg BT 189.36 574.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 221.18 574.25 Td (, Dealer Manager) Tj ET Q q 0 0 0 rg BT 290.47 574.25 Td (, Hines and other af) Tj ET Q q 0 0 0 rg BT 368.87 574.25 Td (filiates for services they provide us was not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (determined on an arm) Tj ET Q q 0 0 0 rg BT 140.24 562.25 Td (s-length basis. ) Tj ET Q q 0 0 0 rg BT 199.41 562.25 Td (All service agreements, contracts or arrangements between or among Hines and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 550.25 Td (filiates, including the ) Tj ET Q q 0 0 0 rg BT 144.24 550.25 Td (Advisor and us, were not negotiated at arm) Tj ET Q q 0 0 0 rg BT 319.19 550.25 Td (s-length. Such agreements include our ) Tj ET Q q 0 0 0 rg BT 474.15 550.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 513.32 550.25 Td (Agreement, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (our Dealer Manager ) Tj ET Q q 0 0 0 rg BT 132.46 538.25 Td (Agreement, and any property management and leasing agreements. ) Tj ET Q q 0 0 0 rg BT 403.47 538.25 Td (A) Tj ET Q q 0 0 0 rg BT 410.14 538.25 Td ( third party unaf) Tj ET Q q 0 0 0 rg BT 474.66 538.25 Td (filiated with Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (may be willing and able to provide certain services to us at a lower price.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 502.25 Td (e will pay substantial compensation to Hines, the ) Tj ET Q q 0 0 0 rg BT 270.41 502.25 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 352.74 502.25 Td (filiates, which may be increased during the ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 490.25 Td (Of) Tj ET Q q 0 0 0 rg BT 69.37 490.25 Td (fering or in the future by our independent directors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (Subject to limitations in our articles, the fees, compensation, income, expense reimbursements, interests and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (payments payable to Hines, the ) Tj ET Q q 0 0 0 rg BT 177.19 454.25 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 257.27 454.25 Td (filiates may increase during the Of) Tj ET Q q 0 0 0 rg BT 395.64 454.25 Td (fering or in the future if such increase is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (approved by a majority of our independent directors.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.15 418.25 Td (e do not, and do not expect to, have research analysts reviewing our performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 394.25 Td (e do not, and do not expect to, have research analysts reviewing our performance or our securities on an ongoing basis. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (Therefore, our stockholders will not have an independent review of our performance and the value of our common stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (relative to publicly traded companies.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Item1B.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.66 346.25 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 157.31 346.25 Td (f Comments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (Not applicable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 298.25 Td (Item2.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 83.99 298.25 Td (Properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 274.25 Td (e make real estate investments directly and through entities wholly-owned by the Operating Partnership, or indirectly through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 262.25 Td (other entities. ) Tj ET Q q 0 0 0 rg BT 92.38 262.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.82 262.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.40 262.25 Td (, we owned interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.83 262.25 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.83 262.25 Td ( real estate investments which contain, in the aggregate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.58 262.25 Td (12.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 574.47 262.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 250.25 Td (square feet of leasable space that was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.87 250.25 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.20 250.25 Td ( leased. ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The following table provides additional information regarding each of the properties we owned an interest in as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.30 749.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.00 737.10 Td ( and includes the acquisition of ) Tj ET Q q 0 0 0 rg BT 183.01 737.10 Td (The Rim, which was acquired during February 2014:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 659.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 659.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 659.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 659.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 659.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 659.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 659.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 659.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 659.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 631.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 631.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 631.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 631.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 631.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 631.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 631.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 631.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 631.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 603.60 134.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 603.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 603.60 99.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 603.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 603.60 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 603.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 603.60 79.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 603.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 603.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 603.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 603.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 603.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 603.60 27.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 603.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 576.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 576.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 576.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 576.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 576.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 576.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 576.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 576.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 576.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 548.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 548.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 548.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 548.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 548.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 548.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 548.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 548.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 548.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 520.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 520.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 520.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 520.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 520.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 520.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 520.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 520.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 520.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 520.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 520.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 520.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 520.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 520.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 471.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 471.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 471.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 471.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 471.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 471.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 471.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 471.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 471.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 471.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 444.60 134.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 444.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 444.60 99.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 444.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 444.60 49.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 444.60 5.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 444.60 79.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 444.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 444.60 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 444.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 444.60 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 444.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 444.60 27.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 444.60 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 409.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 409.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 409.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 409.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 409.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 409.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 409.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 409.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 409.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 409.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 381.60 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 381.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 381.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 381.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 381.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 381.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 381.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 381.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 381.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 381.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 381.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 381.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 333.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 333.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 333.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 333.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 333.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 333.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 333.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 333.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 333.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 333.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 333.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 333.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 333.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 333.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 305.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 305.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 305.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 305.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 305.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 305.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 305.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 305.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 305.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 277.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 277.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 277.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 277.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 277.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 277.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 277.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 277.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 277.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 277.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 249.60 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 249.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 249.60 99.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 249.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 249.60 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 249.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 249.60 79.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 249.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 249.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 249.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 249.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 249.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 249.60 27.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 249.60 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 225.60 134.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 225.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 225.60 99.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 225.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 225.60 49.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 225.60 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 225.60 79.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 225.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 225.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 225.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 225.60 55.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 225.60 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 225.60 27.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 225.60 17.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 181.60 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 181.60 99.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 181.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 181.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 181.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 181.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 181.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 181.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 181.60 17.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 153.60 134.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 153.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.50 153.60 99.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 153.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 153.60 49.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 153.60 5.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 153.60 79.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 153.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 153.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 153.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 153.60 55.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 153.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 153.60 27.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 153.60 17.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 116.60 237.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 116.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 116.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 116.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 116.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 116.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 116.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 116.60 27.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 559.50 116.60 17.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 673.6 m 170.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 673.6 m 273.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 673.6 m 326.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 673.6 m 331.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 673.6 m 410.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 673.6 m 469.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 673.6 m 528.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 673.6 m 559.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 673.6 m 576.5 673.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 659.6 m 170.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 659.6 m 174.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 659.6 m 273.5 659.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 506.6 m 528.5 506.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 492.6 m 528.5 492.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 506.6 m 532.5 506.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 492.6 m 532.5 492.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 506.6 m 559.5 506.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 492.6 m 559.5 492.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 471.6 m 170.5 471.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 471.6 m 174.5 471.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 471.6 m 273.5 471.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 381.6 m 528.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 381.6 m 532.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 381.6 m 559.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 381.6 m 528.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 367.6 m 528.5 367.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 381.6 m 532.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 367.6 m 532.5 367.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 381.6 m 559.5 381.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 367.6 m 559.5 367.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 347.6 m 170.5 347.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 347.6 m 174.5 347.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 347.6 m 273.5 347.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 213.60000000000002 m 528.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 213.60000000000002 m 559.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 213.60000000000002 m 528.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 201.60000000000002 m 528.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 213.60000000000002 m 532.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 201.60000000000002 m 532.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 213.60000000000002 m 559.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 201.60000000000002 m 559.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 181.60000000000002 m 170.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 181.60000000000002 m 174.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 181.60000000000002 m 273.5 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 116.60000000000002 m 528.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 102.60000000000002 m 528.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 116.60000000000002 m 532.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 102.60000000000002 m 532.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 116.60000000000002 m 559.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 102.60000000000002 m 559.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 116.60000000000002 m 576.5 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 102.60000000000002 m 576.5 102.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 89.60000000000002 m 528.5 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 87.60000000000002 m 528.5 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 89.60000000000002 m 559.5 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 87.60000000000002 m 559.5 87.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 89.60000000000002 m 576.5 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 559.5 87.60000000000002 m 576.5 87.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 677.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 47.29 677.83 Td (operty ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 71.51 681.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 177.00 677.83 Td (Location) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 282.35 685.83 Td (Investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.10 677.83 Td (Type) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 337.65 693.83 Td (Date ) Tj ET Q q 0 0 0 rg BT 355.20 693.83 Td (Acquir) Tj ET Q q 0 0 0 rg BT 379.06 693.83 Td (ed/ Net ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 339.20 685.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 351.94 685.83 Td (chase Price \(in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.55 677.83 Td (millions\) ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 383.33 681.46 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.15 701.83 Td (Estimated ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.35 693.83 Td (Going-in ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.25 685.83 Td (Capitalization ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.45 677.83 Td (Rate ) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 447.44 681.46 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.35 685.83 Td (Leasable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.00 677.83 Td (Square Feet) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 540.95 685.83 Td (Percent) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 542.00 677.83 Td (Leased) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 663.83 Td (Domestic Office Investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.50 663.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.50 663.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.50 663.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 545.50 663.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 567.50 663.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 649.85 Td (17600 Gillette) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 649.85 Td (Irvine, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 649.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 649.85 Td (6/2010; $20.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.15 649.85 Td (13.4%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.30 649.85 Td (98,925) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 649.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 649.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 649.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 635.85 Td (Hock Plaza) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 635.85 Td (Durham, North Carolina) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 635.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 635.85 Td (9/2010; $97.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 635.85 Td (7.2%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 635.85 Td (327,160) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 635.85 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 635.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 635.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 621.85 Td (Fifty South Sixth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 621.85 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 621.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.40 621.85 Td (11/2010; $185.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 621.85 Td (7.4%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 621.85 Td (698,783) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 621.85 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 621.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 621.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 607.85 Td (250 Royall) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 607.85 Td (Canton, Massachusetts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 607.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.40 607.85 Td (9/2011; $57.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 607.85 Td (9.1%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 607.85 Td (185,171) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 607.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 607.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 607.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 594.85 Td (Campus at Marlborough) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 594.85 Td (Marlborough, Massachusetts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 594.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.40 594.85 Td (10/2011; $103.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 594.85 Td (8.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 594.85 Td (532,246) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 594.85 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 594.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 594.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 580.85 Td (9320 Excelsior) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 580.85 Td (Hopkins, Minnesota) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 580.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.40 580.85 Td (12/2011; $69.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 580.85 Td (6.2%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 580.85 Td (254,915) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 580.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 580.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 580.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 566.85 Td (550 Terry Francois) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 566.85 Td (San Francisco, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 566.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 566.85 Td (8/2012; $180.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 566.85 Td (8.2%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 566.85 Td (282,773) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 566.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 566.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 552.85 Td (Riverside Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 552.85 Td (Boston, Massachusetts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 552.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 552.85 Td (3/2013; $197.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 552.85 Td (5.7%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 552.85 Td (509,702) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 552.85 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 552.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 538.85 Td (The Campus at Playa Vista) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 538.85 Td (Los Angeles, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 538.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 538.85 Td (5/2013; $216.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 538.85 Td (5.7%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 538.85 Td (324,955) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 538.85 Td (97) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 538.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 524.85 Td (2300 Main) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 524.85 Td (Irvine, California) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 524.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 524.85 Td (8/2013; $39.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 524.85 Td (6.4%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 524.85 Td (132,064) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 524.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 524.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 510.85 Td (55 M Street) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 510.85 Td (Washington, D.C.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 510.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.25 510.85 Td (12/2013; $140.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 510.85 Td (4.8%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 510.85 Td (267,339) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 510.85 Td (89) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 510.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 496.83 Td (Total for Domestic Office Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 496.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 496.85 Td (3,614,033) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 496.85 Td (97) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 496.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 573.00 496.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 475.83 Td (Domestic Other Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 475.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.50 475.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.00 475.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 556.00 475.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 475.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 461.85 Td (Southpark) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 461.85 Td (Austin, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.15 461.85 Td (Industrial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 461.85 Td (10/2010; $31.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 461.85 Td (8.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 461.85 Td (372,125) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 461.85 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 461.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 461.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 448.85 Td (Komo Plaza \(f/k/a Fisher Plaza\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 448.85 Td (Seattle, Washington) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.50 448.85 Td (Mixed-Use) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.40 448.85 Td (12/2011; $160.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 448.85 Td (7.9%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 448.85 Td (293,727) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 448.85 Td (96) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 448.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 448.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 427.85 Td (Minneapolis Retail Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 427.85 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.90 427.85 Td (Retail) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.05 435.85 Td (8/2012 & 12/2012;) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.50 427.85 Td ($130.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 427.85 Td (6.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 427.85 Td (380,649) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 427.85 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 427.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 427.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 413.85 Td (The Markets at Town Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 413.85 Td (Jacksonville, Florida) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.90 413.85 Td (Retail) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 413.85 Td (7/2013; $135.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 413.85 Td (5.9%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 413.85 Td (317,425) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 413.85 Td (94) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 413.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 399.85 Td (The Avenue at Murfreesboro) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 399.85 Td (Nashville, Tennessee) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.90 399.85 Td (Retail) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 399.85 Td (8/2013; $163.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 399.85 Td (6.4%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 399.85 Td (758,963) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 399.85 Td (88) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 399.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 385.85 Td (The Rim) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 385.85 Td (San Antonio, Texas) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.90 385.85 Td (Retail) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.25 385.85 Td (02/2014: $176.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 385.85 Td (5.9%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 385.85 Td (658,964) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 385.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 385.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 371.83 Td (Total for Domestic Other Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 371.85 Td (2,781,853) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 371.85 Td (95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 371.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 351.83 Td (International Office Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 351.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 351.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 337.85 Td (Stonecutter Court) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 337.85 Td (London, England) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 337.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.40 337.85 Td (3/2011; $145.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 337.85 Td (6.8%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 337.85 Td (152,808) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 337.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 337.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 337.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 323.85 Td (Gogolevsky 11) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 323.85 Td (Moscow, Russia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 323.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.40 323.85 Td (8/2011; $96.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 323.85 Td (8.9%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.30 323.85 Td (85,736) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 323.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 323.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 323.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 309.85 Td (144 Montague) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 309.85 Td (Brisbane, Australia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 309.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 309.85 Td (4/2012; $91.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 309.85 Td (8.7%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 309.85 Td (164,839) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 309.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 309.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 309.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 295.85 Td (100 Brookes St.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 295.85 Td (Brisbane, Australia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 295.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 295.85 Td (7/2012; $67.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.15 295.85 Td (10.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 295.85 Td (105,637) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 295.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 295.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 281.85 Td (Mercedes Benz Bank) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 281.85 Td (Stuttgart, Germany) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 281.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 281.85 Td (2/2013; $70.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 281.85 Td (8.8%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 281.85 Td (255,926) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 281.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 281.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 267.85 Td (465 Victoria) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 267.85 Td (Sydney, Australia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 267.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 267.85 Td (2/2013; $90.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 267.85 Td (8.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 267.85 Td (171,652) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 267.85 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 267.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 253.85 Td (One Westferry Circus) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 253.85 Td (London, England) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 253.85 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 253.85 Td (2/2013; $124.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 253.85 Td (7.4%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 253.85 Td (218,900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 253.85 Td (97) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 253.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 241.55 Td (New City) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 241.55 Td (Warsaw, Poland) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 241.55 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 241.55 Td (3/3013; $163.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 241.55 Td (7.1%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 241.55 Td (484,186) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 241.55 Td (99) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 241.55 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 229.55 Td (825 Ann) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 229.55 Td (Brisbane, Australia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 229.55 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 229.55 Td (4/2013; $128.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 229.55 Td (8.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 229.55 Td (206,505) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 229.55 Td (93) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 229.55 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 217.55 Td (Perspective Defense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 217.55 Td (Paris, France) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.35 217.55 Td (Office) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 217.55 Td (6/2013; $165.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 217.55 Td (8.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 217.55 Td (289,667) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 217.55 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 217.55 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 205.68 Td (Total for International Office Properties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 205.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 205.55 Td (2,135,856) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 205.55 Td (98) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 205.55 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 205.55 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 185.83 Td (International Other Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 185.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 185.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 171.85 Td (Brindleyplace Project) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 171.85 Td (Birmingham, England) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.50 171.85 Td (Mixed-Use) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 171.85 Td (7/2010; $282.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 171.85 Td (7.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 171.85 Td (567,991) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 171.85 Td (90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 171.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 171.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 157.85 Td (FM Logistic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 157.85 Td (Moscow, Russia) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.15 157.85 Td (Industrial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 157.85 Td (4/2011 $70.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.15 157.85 Td (11.2%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 157.85 Td (748,578) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 157.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 157.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 157.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 134.85 Td (Poland Logistics Portfolio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 134.85 Td (Poland ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 201.22 138.48 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.15 134.85 Td (Industrial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.05 142.85 Td (03/2012 & 10/2012;) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.50 134.85 Td ($157.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 134.85 Td (8.1%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 134.85 Td (2,268,287) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 134.85 Td (74) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 134.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 134.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 120.85 Td (Fiege Mega Centre) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 177.00 120.85 Td (Erfurt, Germany) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.15 120.85 Td (Industrial) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.25 120.85 Td (10/2013; $53.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.15 120.85 Td (7.7%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.25 120.85 Td (952,530) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 120.85 Td (100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 120.85 Td (%) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 106.83 Td (Total for International Other Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 106.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.25 106.85 Td (4,537,386) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 106.85 Td (86) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 106.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 567.50 106.85 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 39.00 92.83 Td (Total for All Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.00 92.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.25 92.85 Td (13,069,128) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.30 92.85 Td (93) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 552.30 92.85 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 562.00 96.96 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 65.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 65.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.72 65.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.31 65.10 Td (, the Company ef) Tj ET Q q 0 0 0 rg BT 216.00 65.10 Td (fectively owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.58 65.10 Td (99.99%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.41 65.10 Td ( interest in the properties listed, with the exception of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 53.10 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 122.41 53.10 Td (, through the ownership interest in the Operating Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 468.43 53.10 Td (. ) Tj ET Q q 0 0 0 rg BT 472.88 53.10 Td (Af) Tj ET Q q 0 0 0 rg BT 483.25 53.10 Td (filiates of Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 41.10 Td (owned the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.92 41.10 Td (0.01%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.75 41.10 Td ( interest in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 319.03 41.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.67 41.10 Td (e own a 60% interest in the Brindleyplace Project through our ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (investment in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 193.79 749.10 Td (. See Item 7. Management) Tj ET Q q 0 0 0 rg BT 305.97 749.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 375.14 749.10 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (Operations Financial Condition, Liquidity and Capital Resources Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 455.07 737.10 Td (Activities Distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (for additional information on the Brindleyplace Project and the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 377.06 725.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 257.74 701.10 Td (, amounts have been translated at a rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 505.23 701.10 Td (fect on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (acquisition date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 Td (The estimated going-in capitalization rate is determined as of the date of acquisition by dividing the projected property revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (in excess of expenses for the first fiscal year following the date of acquisition by the net purchase price \(excluding closing costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (and taxes\). Property revenues in excess of expenses includes all projected operating revenues \(rental income, tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (reimbursements, parking and any other property-related income\) less all projected operating expenses \(property operating and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 Td (maintenance expenses, property taxes, insurance and property management fees\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (performance of the property) Tj ET Q q 0 0 0 rg BT 165.80 581.10 Td (, and the actual economic performance of each property for our period of ownership may dif) Tj ET Q q 0 0 0 rg BT 534.91 581.10 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (materially from the amounts used in calculating the estimated going-in capitalization rate. ) Tj ET Q q 0 0 0 rg BT 415.65 569.10 Td (These include assumptions, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (respect to each property) Tj ET Q q 0 0 0 rg BT 149.14 557.10 Td (, that in-place tenants will continue to perform under their lease agreements during the 12months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (following our acquisition of the property) Tj ET Q q 0 0 0 rg BT 216.37 545.10 Td (.In addition, with respect to the Brindleyplace Project, Hock Plaza,Southpark, Fifty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (South Sixth, Komo Plaza, the Poland Logistics Portfolio, the Minneapolis Retail Center) Tj ET Q q 0 0 0 rg BT 404.68 533.10 Td (, 465 ) Tj ET Q q 0 0 0 rg BT 427.00 533.10 Td (V) Tj ET Q q 0 0 0 rg BT 433.62 533.10 Td (ictoria, One ) Tj ET Q q 0 0 0 rg BT 483.14 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.78 533.10 Td (est Ferry Circus, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (Riverside Center) Tj ET Q q 0 0 0 rg BT 121.08 521.10 Td (, 825 ) Tj ET Q q 0 0 0 rg BT 143.03 521.10 Td (Ann, the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 249.50 521.10 Td (V) Tj ET Q q 0 0 0 rg BT 256.12 521.10 Td (ista, the Markets at ) Tj ET Q q 0 0 0 rg BT 334.53 521.10 Td (T) Tj ET Q q 0 0 0 rg BT 339.94 521.10 Td (own Center) Tj ET Q q 0 0 0 rg BT 385.91 521.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 405.08 521.10 Td (A) Tj ET Q q 0 0 0 rg BT 411.56 521.10 Td (venue at Murfreesboroand 55 M Street, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (these include assumptions concerning estimates of timing and rental rates related to re-leasing vacant space.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (The Poland Logistics Portfolio is comprised of five industrial parks located in ) Tj ET Q q 0 0 0 rg BT 367.65 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.29 485.10 Td (arsaw) Tj ET Q q 0 0 0 rg BT 398.96 485.10 Td (, ) Tj ET Q q 0 0 0 rg BT 403.78 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 412.82 485.10 Td (roclaw and Upper Silesia, Poland. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (This amount represents the percentage leased assuming we own a 100% interest in each of these properties. ) Tj ET Q q 0 0 0 rg BT 486.45 461.10 Td (The percentage leased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (based on our ef) Tj ET Q q 0 0 0 rg BT 115.19 449.10 Td (fective ownership interest in each property is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.62 449.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.95 449.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (Other Real Estate Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 401.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 401.10 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 401.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 95.26 401.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 142.84 401.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.84 401.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.17 401.10 Td ( interest in a joint venture that was formed to invest in a multi-family development project in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 389.10 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 101.71 389.10 Td (T) Tj ET Q q 0 0 0 rg BT 107.12 389.10 Td (exas. ) Tj ET Q q 0 0 0 rg BT 132.21 389.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.19 389.10 Td ($65.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.08 389.10 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.66 389.10 Td (322) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.66 389.10 Td ( units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.10 Td (upon completion. ) Tj ET Q q 0 0 0 rg BT 134.94 377.10 Td (An af) Tj ET Q q 0 0 0 rg BT 157.25 377.10 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.10 377.10 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.43 377.10 Td ( interest in this joint venture. ) Tj ET Q q 0 0 0 rg BT 433.86 377.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.30 377.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.89 377.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.89 377.10 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.89 377.10 Td ( units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.10 Td (have been delivered and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.39 365.10 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.39 365.10 Td ( leases have been executed. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.88 365.10 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.05 365.10 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.10 Td (June 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.83 353.10 Td (, although there can be no assurances as to when construction will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 329.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 329.10 Td (@1377 @1377 \(formerly referred to as the ) Tj ET Q q 0 0 0 rg BT 249.14 329.10 Td (Ashford at Brookhaven Development\) is a multi-family development project in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 317.10 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 117.24 317.10 Td (gia, which is being developed by an af) Tj ET Q q 0 0 0 rg BT 270.91 317.10 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 338.21 317.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 305.10 Td ($33.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.89 305.10 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.48 305.10 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.48 305.10 Td ( units upon completion. ) Tj ET Q q 0 0 0 rg BT 354.36 305.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.81 305.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.39 305.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.39 305.10 Td (171) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.39 305.10 Td ( units had been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 293.10 Td (delivered and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.64 293.10 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.64 293.10 Td ( leases had been executed. Constructionbegan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.69 293.10 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.86 293.10 Td ( and was substantially complete in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.83 293.10 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 563.42 293.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 281.10 Td (with all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.77 281.10 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.77 281.10 Td ( units delivered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 257.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 257.10 Td (Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 131.43 257.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.43 257.10 Td (83%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.76 257.10 Td ( interest in a joint venture that was formed in July 2012 to invest in a multi-family development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 245.10 Td (project in Miami, Florida. ) Tj ET Q q 0 0 0 rg BT 168.91 245.10 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.89 245.10 Td ($66.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.78 245.10 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 233.10 Td (276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 233.10 Td ( units upon completion. ) Tj ET Q q 0 0 0 rg BT 174.39 233.10 Td (Af) Tj ET Q q 0 0 0 rg BT 184.76 233.10 Td (filiates of Hines own the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.61 233.10 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.94 233.10 Td ( interest in this joint venture. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.69 233.10 Td (April ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 221.10 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.51 221.10 Td (December 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.09 221.10 Td (, although there can be no assurances as to when construction will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.10 Td (completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 185.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 185.10 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 142.26 185.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.26 185.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.59 185.10 Td ( interest in a joint venture with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 380.85 185.10 Td (, which was formed to initially provide real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 173.10 Td (estate loans. ) Tj ET Q q 0 0 0 rg BT 116.69 173.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.33 173.10 Td (e have committed to investing up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.13 173.10 Td ($49.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.03 173.10 Td ( into the Flagship JV) Tj ET Q q 0 0 0 rg BT 407.07 173.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.39 173.10 Td (The joint venture has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.59 173.10 Td (eight) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.58 173.10 Td ( loans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 161.10 Td (receivable, totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.13 161.10 Td ($39.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.02 161.10 Td (, outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.85 161.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.43 161.10 Td (. Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 436.17 161.10 Td ( owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.05 161.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.38 161.10 Td ( interest in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 149.10 Td (the joint venture. ) Tj ET Q q 0 0 0 rg BT 135.86 149.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.49 149.10 Td (e are not af) Tj ET Q q 0 0 0 rg BT 189.01 149.10 Td (filiated with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 320.11 149.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 125.10 Td (Investment T) Tj ET Q q 0 0 0 rg BT 89.79 125.10 Td (ype) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 101.10 Td (Our portfolio is comprised of investments in a variety of real estate asset classes, including of) Tj ET Q q 0 0 0 rg BT 428.17 101.10 Td (fice, mixed-use, retail and industrial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 89.10 Td (properties as well as multi-family development projects and real estate-related debt investments. ) Tj ET Q q 0 0 0 rg BT 426.24 89.10 Td (The following chart depicts the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 77.10 Td (percentage of our portfolio) Tj ET Q q 0 0 0 rg BT 146.23 77.10 Td (s investment types based on our pro-rata share of the estimated value of each of our investments as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 65.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 65.10 Td (, and includes the ef) Tj ET Q q 0 0 0 rg BT 194.65 65.10 Td (fect of the acquisition of ) Tj ET Q q 0 0 0 rg BT 294.72 65.10 Td (The Rim, which was acquired in February 2014. ) Tj ET Q q 0 0 0 rg BT 490.60 65.10 Td (The estimated values ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 53.10 Td (of our real estate property investments were based on their appraised values as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.10 53.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.69 53.10 Td (. ) Tj ET Q q 0 0 0 rg BT 446.51 53.10 Td (V) Tj ET Q q 0 0 0 rg BT 452.62 53.10 Td (alues of our multi-family ) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 749.10 Td (development projects \(which have not been completed\) were based on their estimated cost at completion and values of our real estate-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (related debt investments were based on the amounts outstanding under each loan as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.12 737.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.70 737.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.75 565.10 Td ( ) Tj ET Q /GS0 gs q 236.00 0 0 143.00 198.25 565.10 cm /I18 Do Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 553.10 Td (Lease Expirations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 529.10 Td (The following table lists our pro-rata share of the scheduled lease expirations and related expiring base rents for each of the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 517.10 Td (ending December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.30 517.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.30 517.10 Td ( through December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.99 517.10 Td (2023) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.99 517.10 Td ( and thereafter for all of the properties in which we owned an interest as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 505.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 505.10 Td (, and includes the ef) Tj ET Q q 0 0 0 rg BT 194.65 505.10 Td (fect of the acquisition of ) Tj ET Q q 0 0 0 rg BT 294.72 505.10 Td (The Rim, which was acquired in February 2014. ) Tj ET Q q 0 0 0 rg BT 490.60 505.10 Td (The table also shows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 493.10 Td (the approximate leasable square feet represented by the applicable lease expirations ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 372.79 497.63 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.37 493.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 424.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 424.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 424.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 424.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 424.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 424.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 424.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 424.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 424.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 424.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 424.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 396.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 396.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 396.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 396.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 396.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 396.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 396.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 396.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 396.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 396.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 396.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 368.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 368.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 368.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 368.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 368.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 368.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 368.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 368.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 368.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 368.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 368.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 340.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 340.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 340.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 340.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 340.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 340.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 340.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 340.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 340.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 340.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 340.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 312.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 312.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 312.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 312.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 312.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 312.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 312.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 312.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 312.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 312.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 312.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 284.60 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 284.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 284.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 284.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 284.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 284.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 284.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 284.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 284.60 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 284.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 284.60 82.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 456.6 m 318.5 456.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 456.6 m 322.5 456.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 456.6 m 404.5 456.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 424.6 m 146.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 424.6 m 232.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 424.6 m 318.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 424.6 m 404.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 424.6 m 490.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 424.6 m 576.5 424.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 461.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 153.00 461.06 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.70 461.05 Td (Leasable Area) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 461.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.00 461.06 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.05 429.05 Td (Year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.30 429.05 Td (Number of Leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.55 438.05 Td (Approximate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.95 429.05 Td (Square Feet) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.55 438.05 Td (Percent of Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.70 429.05 Td (Leasable Area) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.60 447.05 Td (Annual Base) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.00 438.05 Td (Rental Income of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.10 429.05 Td (Expiring Leases) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.55 447.05 Td (Percent of Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.60 438.05 Td (Annual Base) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.85 429.05 Td (Rental Income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 415.06 Td (Vacant) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 415.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.75 415.06 Td (896,899) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 415.06 Td (7.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 415.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 415.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.50 415.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 415.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 401.06 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 401.06 Td (38) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.75 401.06 Td (596,821) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 401.06 Td (4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 401.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 401.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 401.06 Td (8,169,439) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 557.25 401.06 Td (2.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 401.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 387.06 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 387.06 Td (67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.75 387.06 Td (593,219) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 387.06 Td (4.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 387.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 387.06 Td (19,081,356) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 557.25 387.06 Td (6.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 387.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 373.06 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 373.06 Td (55) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 373.06 Td (1,747,135) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.75 373.06 Td (13.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 373.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 373.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 373.06 Td (33,010,579) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.75 373.06 Td (11.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 373.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 359.06 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 359.06 Td (48) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 359.06 Td (1,297,118) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.75 359.06 Td (10.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 359.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 359.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 359.06 Td (34,520,832) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.75 359.06 Td (11.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 359.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 345.06 Td (2018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 345.06 Td (68) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 345.06 Td (1,847,596) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.75 345.06 Td (14.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 345.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 345.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 345.06 Td (35,090,779) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.75 345.06 Td (11.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 345.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 331.06 Td (2019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 331.06 Td (67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 331.06 Td (1,254,542) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 331.06 Td (9.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 331.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 331.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 331.06 Td (48,598,031) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.75 331.06 Td (16.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 331.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 317.06 Td (2020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 317.06 Td (43) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.75 317.06 Td (743,043) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 317.06 Td (5.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 317.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 317.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 317.06 Td (24,462,719) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 557.25 317.06 Td (8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 317.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 303.06 Td (2021) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 303.06 Td (14) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.75 303.06 Td (758,326) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 303.06 Td (5.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 303.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 303.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 303.06 Td (32,435,640) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.75 303.06 Td (11.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 303.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 289.06 Td (2022) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 289.06 Td (17) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.75 289.06 Td (122,626) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 289.06 Td (1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 289.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 289.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 289.06 Td (4,083,690) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 557.25 289.06 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 289.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 275.06 Td (2023) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 275.06 Td (30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 275.06 Td (1,807,223) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.75 275.06 Td (14.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 275.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 275.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 275.06 Td (28,270,986) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 557.25 275.06 Td (9.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 275.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 261.06 Td (Thereafter) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 220.00 261.06 Td (74) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.00 261.06 Td (1,164,967) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.25 261.06 Td (9.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 261.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 261.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.50 261.06 Td (27,905,011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 557.25 261.06 Td (9.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.50 261.06 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 36.00 234.30 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.00 234.30 Td (The table excludes amounts related to development projects and investments in real estate-related debt.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 211.50 Td (Market Concentration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 187.50 Td (The map below depicts the location of our real estate investments, and includes the ef) Tj ET Q q 0 0 0 rg BT 396.21 187.50 Td (fect of the acquisition of ) Tj ET Q q 0 0 0 rg BT 496.27 187.50 Td (The Rim, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 175.50 Td (was acquired in February 2014. ) Tj ET Q q 0 0 0 rg BT 166.80 175.50 Td (Approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.84 175.50 Td (59%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.17 175.50 Td ( of our portfolio is located throughout the United States and approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.77 175.50 Td (41%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 568.10 175.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 163.50 Td (is located internationally \(based on our pro rata share of the estimated value of each of the investments\). ) Tj ET Q q 0 0 0 rg BT 454.84 163.50 Td (The estimated values of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 151.50 Td (real estate property investments were based on their appraised values as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.44 151.50 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.03 151.50 Td (. ) Tj ET Q q 0 0 0 rg BT 419.85 151.50 Td (V) Tj ET Q q 0 0 0 rg BT 425.96 151.50 Td (alues of our multi-family ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 139.50 Td (development projects \(which have not been completed\) were based on their estimated cost at completion and values of our real estate-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 127.50 Td (related debt investments were based on the amounts outstanding under each loan as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.12 127.50 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.70 127.50 Td (. ) Tj ET Q q 0 0 0 rg BT 469.02 127.50 Td (The estimated value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 115.50 Td (The Rim, which was acquired during February 2014, was based on the contract purchase price. ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (35) Tj ET Q /GS0 gs q 478.00 0 0 159.00 76.00 597.00 cm /I19 Do Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 585.00 Td (The following table provides a summary of the market concentration of our portfolio based on our pro-rata share of the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 573.00 Td (value of each of the investments in which we owned interests as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.64 573.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.23 573.00 Td ( including the ef) Tj ET Q q 0 0 0 rg BT 449.31 573.00 Td (fect of the acquisition of ) Tj ET Q q 0 0 0 rg BT 549.37 573.00 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 561.00 Td (Rim, which was acquired in February 2014. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 524.50 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 524.50 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 524.50 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 496.50 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 496.50 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 496.50 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 468.50 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 468.50 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 468.50 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 440.50 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 440.50 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 440.50 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 412.50 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 412.50 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 412.50 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 384.50 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 384.50 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 384.50 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 356.50 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 356.50 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 356.50 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 328.50 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 328.50 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 328.50 135.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 524.5 m 187.5 524.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 524.5 m 576.5 524.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 524.5 m 187.5 524.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 524.5 m 576.5 524.5 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 39.00 528.95 Td (Market) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.00 528.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.55 528.95 Td (Market Concentration ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 549.53 533.03 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 514.96 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 514.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 514.96 Td (10%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 500.96 Td (Boston, Massachusetts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 500.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 500.96 Td (10%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 486.96 Td (London, United Kingdom) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 486.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 486.96 Td (8%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 472.96 Td (Brisbane, Australia) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 472.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 472.96 Td (6%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 458.96 Td (Los Angeles, California) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 458.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 458.96 Td (6%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 444.96 Td (Warsaw, Poland) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 444.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 444.96 Td (6%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 430.96 Td (Seattle, Washington) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 430.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 430.96 Td (5%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 416.96 Td (San Francisco, California) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 416.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 416.96 Td (5%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 402.96 Td (Birmingham, United Kingdom) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 190.00 402.96 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 402.96 Td (5%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 388.96 Td (Moscow, Russia) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 388.96 Td (4%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 374.96 Td (San Antonio, Texas) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 374.96 Td (4%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 360.96 Td (Paris, France) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 360.96 Td (4%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 346.96 Td (Nashville, Tennessee) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 346.96 Td (4%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 332.96 Td (Washington, DC) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.50 332.96 Td (4%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 318.96 Td (Other ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 61.74 323.04 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 318.96 Td (19%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 291.00 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 291.00 Td (Includes costs of development projects which have not been completed and investments in real estate-related debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 279.00 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 279.00 Td (Other is made up of markets which are individually 3% or less of our portfolio and includes: Durham, North Carolina; Houston, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 267.00 Td (T) Tj ET Q q 0 0 0 rg BT 59.41 267.00 Td (exas; Sydney) Tj ET Q q 0 0 0 rg BT 111.81 267.00 Td (, ) Tj ET Q q 0 0 0 rg BT 116.26 267.00 Td (Australia; Stuttgart, Germany; Katowice, Poland; Erfurt, Germany; Miami, Florida; ) Tj ET Q q 0 0 0 rg BT 453.13 267.00 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 484.62 267.00 Td (T) Tj ET Q q 0 0 0 rg BT 490.03 267.00 Td (exas; ) Tj ET Q q 0 0 0 rg BT 512.90 267.00 Td (W) Tj ET Q q 0 0 0 rg BT 521.93 267.00 Td (roclaw) Tj ET Q q 0 0 0 rg BT 548.49 267.00 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 255.00 Td (Poland; Orange County) Tj ET Q q 0 0 0 rg BT 147.78 255.00 Td (, California; ) Tj ET Q q 0 0 0 rg BT 198.05 255.00 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 252.30 255.00 Td (gia; Jacksonville, Florida; and Dallas, ) Tj ET Q q 0 0 0 rg BT 405.69 255.00 Td (T) Tj ET Q q 0 0 0 rg BT 411.10 255.00 Td (exas.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (36) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 45.00 749.25 Td (Industry Concentration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (The following table provides a summary of the industry concentration of the tenants of the properties in which we owned interests ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (based on our pro-rata share of their leased square footage as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.23 713.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.81 713.25 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 435.39 713.25 Td (fect of the acquisition of ) Tj ET Q q 0 0 0 rg BT 535.45 713.25 Td (The Rim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (in February 2014:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 664.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 664.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 664.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 634.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 634.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 634.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 604.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 604.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 604.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 574.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 574.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 574.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 544.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 544.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 544.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 514.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 514.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 514.75 135.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 664.75 m 420.5 664.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 664.75 m 576.5 664.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 664.75 m 420.5 664.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 664.75 m 576.5 664.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 669.43 Td (Industry) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.00 669.43 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.75 669.43 Td (Industry Concentration ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 556.65 673.96 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 654.42 Td (Retail) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 654.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.30 654.42 Td (22%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 639.42 Td (Transportation and Warehousing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 639.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.30 639.42 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 624.42 Td (Other ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 64.27 628.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 624.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.30 624.42 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 609.42 Td (Finance and Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 609.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.30 609.42 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 594.42 Td (Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 594.42 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 579.42 Td (Other Professional Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 579.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 579.42 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 564.42 Td (Manufacturing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 564.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 564.42 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 549.42 Td (Health Care) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 549.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 549.42 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 534.42 Td (Oil and Gas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 534.42 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 519.42 Td (Accounting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 519.42 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 504.42 Td (Legal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 504.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 504.42 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 489.42 Td (Educational Services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 489.42 Td (3%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 461.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 461.25 Td (Industry concentration does not include development projects or investments in real estate-related debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 449.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 449.25 Td (Other is made up of industries which are individually less than 3% of our portfolio and includes: administrative and support ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 437.25 Td (services, agriculture, arts, entertainment and recreation, construction, hospitality) Tj ET Q q 0 0 0 rg BT 374.35 437.25 Td (, government, other services, real estate, utilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 425.25 Td (and wholesale trade.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 401.25 Td (Item3.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 401.25 Td (Legal Proceedings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 377.25 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 365.25 Td (proceedings, claims or disputes. ) Tj ET Q q 0 0 0 rg BT 179.98 365.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.42 365.25 Td (March27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.02 365.25 Td (, neither the Company nor any of its subsidiaries was a party to any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 353.25 Td (material pending legal proceedings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 329.25 Td (Item4.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 329.25 Td (Mine Safety Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 305.25 Td (Not applicable.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td (II) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item5.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 718.25 Td (Market for Registrant) Tj ET Q q 0 0 0 rg BT 177.59 718.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 251.12 718.25 Td (, Related Stockholder Matters and Issuer Purchases of Equity Securities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Market Information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 670.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 670.25 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.13 670.25 Td (229.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.02 670.25 Td ( common shares outstanding, held by a total of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.69 670.25 Td (57,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.19 670.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 105.37 658.25 Td (The number of stockholders is based on the records of our registrar and transfer agent. ) Tj ET Q q 0 0 0 rg BT 452.85 658.25 Td (There is no established ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (public trading market for our common stock. ) Tj ET Q q 0 0 0 rg BT 232.00 646.25 Td (Therefore, there is a risk that a stockholder may not be able to sell our stock at a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (time or price acceptable to the stockholder) Tj ET Q q 0 0 0 rg BT 219.38 634.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (Previously) Tj ET Q q 0 0 0 rg BT 110.13 610.25 Td (, on January 25, 2013, our board of directors established an of) Tj ET Q q 0 0 0 rg BT 357.66 610.25 Td (fering price of $10.28 per share for the Second ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 598.25 Td (fering. Subsequently) Tj ET Q q 0 0 0 rg BT 142.49 598.25 Td (, our board of directors established a new of) Tj ET Q q 0 0 0 rg BT 318.08 598.25 Td (fering price for our primary shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.41 598.25 Td ($10.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.91 598.25 Td ( per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 586.25 Td (fective March 4, 2014, which is an increase from our Initial Of) Tj ET Q q 0 0 0 rg BT 308.71 586.25 Td (fering price of $10.00 per share and which was the of) Tj ET Q q 0 0 0 rg BT 522.07 586.25 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (price on December 31, 2012. Commencing with the Second Of) Tj ET Q q 0 0 0 rg BT 304.76 574.25 Td (fering, we of) Tj ET Q q 0 0 0 rg BT 355.94 574.25 Td (fered shares of our common stock pursuant to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (distribution reinvestment plan at a price of $9.77 per share. In connection with the new of) Tj ET Q q 0 0 0 rg BT 410.83 562.25 Td (fering price for our primary shares, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 550.25 Td (fective March 4, 2014, we began of) Tj ET Q q 0 0 0 rg BT 199.58 550.25 Td (fering shares of our common stock pursuant to our distribution reinvestment plan in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (Second Of) Tj ET Q q 0 0 0 rg BT 92.31 538.25 Td (fering at a price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.66 538.25 Td ($9.88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.16 538.25 Td ( per share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 514.25 Td (o assist the Financial Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 241.72 514.25 Td (Authority \(FINRA\) members and their associated persons that participate in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (our public of) Tj ET Q q 0 0 0 rg BT 101.47 502.25 Td (ferings in their ef) Tj ET Q q 0 0 0 rg BT 170.43 502.25 Td (fort to comply with FINRA) Tj ET Q q 0 0 0 rg BT 279.88 502.25 Td ( Rule 51) Tj ET Q q 0 0 0 rg BT 313.39 502.25 Td (10, we disclose in each annual report distributed to investors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (a per share estimated value of the shares, the method by which it was developed and the date of the data used to develop the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (estimated value. In addition, we plan to prepare annual statements of estimated share values to assist fiduciaries of retirement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (plans subject to the annual reporting requirements of ERISA) Tj ET Q q 0 0 0 rg BT 291.61 466.25 Td ( in the preparation of their reports relating to an investment in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (shares and such statements should not be used for any other purpose. ) Tj ET Q q 0 0 0 rg BT 327.44 454.25 Td (Although, as described below) Tj ET Q q 0 0 0 rg BT 445.65 454.25 Td (, our board of directors met ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (in February 2014 and determined an estimated net asset value per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.06 442.25 Td ($8.90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.56 442.25 Td ( as of December 31, 2013, we have determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (that for the purposes described above, the estimated value of our shares shall be deemed to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.09 430.25 Td ($10.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.59 430.25 Td ( per share as of the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (filing of this ) Tj ET Q q 0 0 0 rg BT 101.39 418.25 Td (Annual Report on Form 10-K, as that is the price at which we are currently of) Tj ET Q q 0 0 0 rg BT 412.23 418.25 Td (fering and selling shares of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (common stock in our Second Of) Tj ET Q q 0 0 0 rg BT 179.52 406.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 207.85 406.25 Td (Although this deemed estimated value is the price currently paid to acquire a share in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (our Second Of) Tj ET Q q 0 0 0 rg BT 108.14 394.25 Td (fering, this estimated value is not likely to reflect the proceeds our stockholders would receive upon our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (liquidation or upon the sale of our stockholders) Tj ET Q q 0 0 0 rg BT 241.72 382.25 Td ( shares because \(i\) this estimate is not designed to reflect the price at which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (properties and other assets can be sold; \(ii\) our proceeds invested in real estate are reduced by fees such as the commissions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (dealer manager fee and issuer costs associated with the Second Of) Tj ET Q q 0 0 0 rg BT 314.72 358.25 Td (fering; \(iii\) no public market for our shares exists or is likely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (to develop; and \(iv\) the current of) Tj ET Q q 0 0 0 rg BT 184.77 346.25 Td (fering price for our Second Of) Tj ET Q q 0 0 0 rg BT 305.93 346.25 Td (fering is not a statement of our net asset value per share. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (Under present FINRA) Tj ET Q q 0 0 0 rg BT 156.32 322.25 Td ( rules, for up to 18 months after the Second Of) Tj ET Q q 0 0 0 rg BT 342.49 322.25 Td (fering or any subsequent of) Tj ET Q q 0 0 0 rg BT 451.72 322.25 Td (ferings of our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (shares \(other than of) Tj ET Q q 0 0 0 rg BT 131.73 310.25 Td (ferings related to a distribution reinvestment plan, employee benefit plan or the redemption of interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (our operating partnership\), we may use the of) Tj ET Q q 0 0 0 rg BT 231.98 298.25 Td (fering price of shares in our most recent of) Tj ET Q q 0 0 0 rg BT 402.29 298.25 Td (fering as the estimated value of a share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (of our common stock \(unless we have sold assets and made special distributions to stockholders of net proceeds from such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (sales, in which case the estimated value of a share of our common stock will equal the of) Tj ET Q q 0 0 0 rg BT 405.26 274.25 Td (fering price less the amount of those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (special distributions constituting a return of capital\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 238.25 Td (e engaged Cushman & ) Tj ET Q q 0 0 0 rg BT 169.77 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 178.41 238.25 Td (akefield, Inc. \(Cushman\) a division of which is an independent third party real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (advisory and consulting firm, to provide, or cause its subsidiaries to provide, appraised values of our domestic real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (property investments as of December31, 2013. ) Tj ET Q q 0 0 0 rg BT 244.21 214.25 Td (These appraisals were performed in accordance with Uniform Standards of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (Professional ) Tj ET Q q 0 0 0 rg BT 101.39 202.25 Td (Appraisal Practice. Cushman has extensive experience in conducting appraisals and valuations on real properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (and each of our appraisals was prepared by personnel who are members of the ) Tj ET Q q 0 0 0 rg BT 364.88 190.25 Td (Appraisal Institute and have the Member of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Appraisal Institute \(MAI\) designation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 154.25 Td (, we engaged Knight Frank, LLP) Tj ET Q q 0 0 0 rg BT 248.16 154.25 Td (, \(Knight Frank\) an independent third party real estate advisory and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (consulting services firm, to provide appraised values of our international real estate investments as of December31, 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (These appraisals were performed in accordance with the professional standards as published by the Royal Institution of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (Chartered Surveyors, with the exception of our ) Tj ET Q q 0 0 0 rg BT 239.95 118.25 Td (Australian real estate property investments, in which case the appraisals were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (performed in accordance with the ) Tj ET Q q 0 0 0 rg BT 186.33 106.25 Td (Australian Property Institute and the International ) Tj ET Q q 0 0 0 rg BT 387.76 106.25 Td (V) Tj ET Q q 0 0 0 rg BT 393.87 106.25 Td (aluation Standards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 82.25 Td (e also engaged Jones Lang LaSalle Incorporated \(JLL\), an independent third party real estate advisory and consulting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (services firm, to perform valuations of our debt obligations as of December31, 2013.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (In establishing the fixed of) Tj ET Q q 0 0 0 rg BT 175.02 742.10 Td (fering price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.71 742.10 Td ($10.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.21 742.10 Td ( per share, in addition to using the appraised values of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (property investments and values of our debt obligations, our board of directors also included in its determination the values of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (other assets and liabilities such as cash, tenant and loan receivables, accounts payable and accrued expenses, distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (payable and other assets and liabilities, all of which were valued at cost. Our board of directors also took into consideration the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (costs and expenses associated with raising equity in connection with this of) Tj ET Q q 0 0 0 rg BT 351.15 694.10 Td (fering and other fees and expenses related to making ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (real estate investments. No liquidity discounts or discounts relating to the fact that we are externally managed were applied to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (the fixed of) Tj ET Q q 0 0 0 rg BT 95.91 670.10 Td (fering price and no attempt was made to value Hines Global as an enterprise. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 646.10 Td (, we engaged Cushman to assess the reasonableness of our new estimated NA) Tj ET Q q 0 0 0 rg BT 427.37 646.10 Td (V) Tj ET Q q 0 0 0 rg BT 434.41 646.10 Td ( per share. In doing so, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Cushman utilized their appraised values as described above, the appraised values provided by Knight Frank, the valuations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (our debt obligations provided by JLL) Tj ET Q q 0 0 0 rg BT 198.77 622.10 Td ( and information provided by management regarding balances of cash, tenant and loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (receivables, accounts payable and accrued expenses, distributions payable and other assets and liabilities. Cushman concluded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (that our board of directors) Tj ET Q q 0 0 0 rg BT 157.00 598.10 Td ( determination of the new estimated NA) Tj ET Q q 0 0 0 rg BT 316.22 598.10 Td (V) Tj ET Q q 0 0 0 rg BT 323.26 598.10 Td ( per share was reasonable. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (The aggregate appraised value of our real estate property investments was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.75 574.10 Td ($4.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.86 574.10 Td (, including amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (attributable to noncontrolling interests, which represents a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.94 562.10 Td (4.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.77 562.10 Td ( increase when compared to the previously determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (appraised value of our assets \(for assets that were acquired prior to 2013\) and to the cost of our assets that were acquired during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 77.32 538.10 Td (The increase in the of) Tj ET Q q 0 0 0 rg BT 163.76 538.10 Td (fering price from the appreciation of our real estate property investments was partially of) Tj ET Q q 0 0 0 rg BT 519.28 538.10 Td (fset by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (dilution of acquisition fees and expenses incurred from our real estate investments made since our last valuation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (The aggregate appraised value of our real estate property investments also represented a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.57 502.10 Td (9.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.40 502.10 Td ( increase compared to the net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (purchase price of the real estate property investments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.30 490.10 Td ($3.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.41 490.10 Td (, excluding closing costs, transaction fees and additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (capital investments since acquisition. ) Tj ET Q q 0 0 0 rg BT 201.17 478.10 Td (The table below sets forth the calculation of our estimated NA) Tj ET Q q 0 0 0 rg BT 449.25 478.10 Td (V) Tj ET Q q 0 0 0 rg BT 456.29 478.10 Td ( per share and of) Tj ET Q q 0 0 0 rg BT 522.74 478.10 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (price ef) Tj ET Q q 0 0 0 rg BT 80.07 466.10 Td (fective March 4, 2014:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 455.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.80 376.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 405.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 405.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 405.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 405.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.80 376.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 377.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 377.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 377.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 377.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 349.80 376.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 349.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 349.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 349.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 349.80 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.80 376.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 321.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 321.80 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 321.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 321.80 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 429.8 m 499.5 429.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 429.8 m 503.5 429.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 429.8 m 562.5 429.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 405.8 m 499.5 405.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 405.8 m 562.5 405.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 349.8 m 499.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 349.8 m 562.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 307.8 m 562.5 307.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 294.8 m 562.5 294.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 292.8 m 562.5 292.8 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.25 434.48 Td (Effective March 4, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.60 420.48 Td (Gr) Tj ET Q q 0 0 0 rg BT 445.64 420.48 Td (oss) Tj ET Q q 0 0 0 rg BT 460.37 420.48 Td (Amount) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.80 410.48 Td (\(in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.40 410.48 Td (Per Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 396.37 Td (Real estate property investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 396.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 396.37 Td (4,001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 396.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 396.37 Td (16.04) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 382.37 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 382.37 Td (402) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 382.37 Td (1.61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 368.37 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.80 368.42 Td (\(2,123) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 368.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 368.42 Td (\(8.51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 368.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 354.37 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 354.42 Td (\(61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 354.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 354.42 Td (\(0.24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 354.37 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 340.37 Td (Estimated NAV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.00 340.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 340.37 Td (2,219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 340.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 340.37 Td (8.90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 326.37 Td (Shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 326.37 Td (249) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 312.37 Td (Costs of raising and investing capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 312.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 312.37 Td (1.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 298.37 Td (Offering price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 298.37 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 298.37 Td (10.40) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 270.30 Td (Our board of directors determined the of) Tj ET Q q 0 0 0 rg BT 229.98 270.30 Td (fering price ef) Tj ET Q q 0 0 0 rg BT 286.43 270.30 Td (fective March 4, 2014 by \(i\)utilizing the appraised values of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.30 Td (real estate property investments of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.49 258.30 Td ($4.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.60 258.30 Td ( and adding our other assets comprised of our cash, tenant and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.30 Td (other receivables, loans receivable and other assets of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.85 246.30 Td ($402 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.24 246.30 Td (, \(ii\)subtracting the values of our debt obligations and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 234.30 Td (liabilities comprised of our accounts payable and accrued expenses, due to af) Tj ET Q q 0 0 0 rg BT 358.04 234.30 Td (filiates, distributions payable and other liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 222.30 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 222.30 Td ($2.1 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.94 222.30 Td (, as well as amounts related to noncontrolling interests of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.72 222.30 Td ($61 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.12 222.30 Td (, and \(iii\)dividing the total by our pro ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 210.30 Td (forma common shares outstanding as of February 28, 2014 of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.12 210.30 Td (249 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.51 210.30 Td (, resulting in an estimated NA) Tj ET Q q 0 0 0 rg BT 464.19 210.30 Td (V) Tj ET Q q 0 0 0 rg BT 471.24 210.30 Td ( per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.43 210.30 Td ($8.90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.93 210.30 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 198.30 Td (, our board of directors considered the costs and expenses associated with raising equity in connection with this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 186.30 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 186.30 Td (fering and other fees and expenses related to making real estate investments, resulting in the fixed of) Tj ET Q q 0 0 0 rg BT 460.33 186.30 Td (fering price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.02 186.30 Td ($10.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.52 186.30 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.30 Td (which is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.05 174.30 Td ($0.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.55 174.30 Td ( increase over our previous per share of) Tj ET Q q 0 0 0 rg BT 273.35 174.30 Td (fering price of $10.28.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 150.30 Td (Other than with respect to the appraised values of our real estate property investments and values of our debt obligations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.30 Td (the values of the assets and liabilities described above were determined based on their cost as of December 31, 2013 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.30 Td (included certain pro forma adjustments primarily related to: \(i\)the issuance of additional shares of our common stock from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.30 Td (January1, 2014 through February 28, 2014, and \(ii\) pro forma adjustments to reflect acquisition fees and expenses expected to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.30 Td (be incurred to invest the proceeds in \(i\) above. Other than those adjustments described above, we did not make additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.30 Td (adjustments related to the operations for the period from January 1, 2014 through February 28, 2014 because we did not believe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.30 Td (they would have a material impact on our estimated NA) Tj ET Q q 0 0 0 rg BT 272.81 78.30 Td (V) Tj ET Q q 0 0 0 rg BT 278.74 78.30 Td (. ) Tj ET Q q 0 0 0 rg BT 283.19 78.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 333.09 78.30 Td (, the calculation of the of) Tj ET Q q 0 0 0 rg BT 432.87 78.30 Td (fering price excluded certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.30 Td (items on our unaudited consolidated balance sheet that were determined to have no future value or economic impact on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.30 Td (valuation. Examples include receivables related to straight-line rental revenue and costs incurred to put debt in place. Other ) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (items were excluded because they were already considered elsewhere in the valuation. Examples include intangible lease assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and liabilities related to our real estate property investments and costs incurred for capital expenditures that were included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the appraised values of our real estate property investments and the fair values of interest rate swaps and caps, as they were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (included in the valuation of our debt. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (The appraised values provided by Cushman and Knight Frank described above were determined primarily by using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (methodologies that are commonly used in the commercial real estate industry) Tj ET Q q 0 0 0 rg BT 359.26 670.10 Td (. For our domestic real estate property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (investments, these methodologies included discounted cash flow analyses and reviews of current, historical and projected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (capitalization rates for properties comparable to those owned by us and assume a two-year holding period for multifamily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (development projects and a 10-12 year holding period for the remaining domestic real estate property investments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 622.10 Td (, the multifamily development project appraisals included assumptions regarding projected construction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (completion and stabilization. For our international real estate investments, these methodologies included cash flow analyses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (and going-in capitalization rates for properties comparable to those owned by us. ) Tj ET Q q 0 0 0 rg BT 376.11 598.10 Td (The tables below summarize the key ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (assumptions that were used in the valuations of our real estate property investments.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 575.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 550.80 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 550.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 550.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 550.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 550.80 92.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 524.80 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 524.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 524.80 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 524.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 524.80 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 496.80 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 496.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 496.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 496.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 496.80 92.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.80 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 469.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 469.80 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 469.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 469.80 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.80 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 442.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 442.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 442.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 442.80 92.00 -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 375.5 550.8 m 466.5 550.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 550.8 m 562.5 550.8 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.85 555.48 Td (Range) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.35 555.48 Td (Weighted Average) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 541.53 Td (Domestic Real Estate Property Investments) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 71.00 528.53 Td (Office/Industrial/Mixed-use/Retail) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 515.37 Td (Exit capitalization rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 515.37 Td (6.00% - 8.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.05 515.37 Td (6.82%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 501.37 Td (Discount rate/internal rate of return) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 501.37 Td (6.75% - 9.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.05 501.37 Td (7.57%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 71.00 487.53 Td (Multi-Family) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 474.37 Td (Exit capitalization rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 474.37 Td (5.00% - 5.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.05 474.37 Td (5.36%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 460.37 Td (Discount rate/internal rate of return) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 460.37 Td (7.25% - 7.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.05 460.37 Td (7.38%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 446.53 Td (International Real Estate Property Investments) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 71.00 433.53 Td (Office/Industrial/Mixed-use) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 420.37 Td (Going-in capitalization rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 420.37 Td (5.27% - 11.23%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.05 420.37 Td (7.47%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 392.30 Td (While our board of directors believes that the assumptions used in determining the appraised values of our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.30 Td (property investments are reasonable, a change in these assumptions would impact the calculation of such values. For example, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.30 Td (assuming all other factors remained unchanged, an increase in the average discount rate of 25 basis points would yield a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.30 Td (decrease in the appraised values of our domestic real estate property investments of 1.9%, while a decrease in the average ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.30 Td (discount rate of 25 basis points would yield an increase in the appraised values of our domestic real estate property investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.30 Td (of 1.9%. Likewise, an increase in the average exit capitalization rate of 25 basis points would yield a decrease in the appraised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.30 Td (values of our domestic real estate property investments of 2.2%, while a decrease in the average exit capitalization rate of 25 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.30 Td (basis points would yield an increase in the appraised values of our domestic real estate property investments of 2.3%. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 296.30 Td (, an increase in the average going-in capitalization rate of 25 basis points would yield a decrease in the appraised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.30 Td (values of our international real estate property investments of 3.4%, while a decrease in the average going-in capitalization rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.30 Td (of 25 basis points would yield an increase in the appraised values of our international real estate property investments of 3.7%.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 248.30 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 248.30 Td (e expect that we will next disclose a new estimated NA) Tj ET Q q 0 0 0 rg BT 296.39 248.30 Td (V) Tj ET Q q 0 0 0 rg BT 303.43 248.30 Td ( per share by March 31, 2015, but our board of directors may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.30 Td (determine, in its sole discretion, to defer any such disclosure to a later date; provided such deferral is permitted under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.30 Td (applicable rules and regulations in ef) Tj ET Q q 0 0 0 rg BT 197.27 224.30 Td (fect at that time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 200.30 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 176.30 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 176.30 Td (ith the authorization of our board of directors, we declared distributions to our stockholders and HALP) Tj ET Q q 0 0 0 rg BT 487.68 176.30 Td ( for the period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.30 Td (from October 20, 2009 through December31, 201) Tj ET Q q 0 0 0 rg BT 250.97 164.30 Td (1. ) Tj ET Q q 0 0 0 rg BT 260.79 164.30 Td (These distributions were calculated based on stockholders of record for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.30 Td (each day in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.90 152.30 Td (0.00191781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.40 152.30 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 297.32 152.30 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 128.30 Td (As a result of market conditions and our goal of increasing our distribution coverage with operating cash flows, we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.30 Td (declared distributions for the months of January 2012 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.23 116.30 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.83 116.30 Td ( at an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.91 116.30 Td ($0.0017808) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.41 116.30 Td ( per share, per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.30 Td (day) Tj ET Q q 0 0 0 rg BT 63.79 104.30 Td (, which was a decrease from the amount per share, per day that was declared for the period from October 20, 2009 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.30 Td (December 31, 201) Tj ET Q q 0 0 0 rg BT 123.21 92.30 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 68.30 Td (Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 355.51 68.30 Td (ficient to fund distributions to stockholders. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 56.30 Td (Therefore some or all of our distributions may continue to be paid from other sources, such as proceeds from our debt ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (financings, proceeds from our public of) Tj ET Q q 0 0 0 rg BT 208.11 742.10 Td (ferings, cash advances by our ) Tj ET Q q 0 0 0 rg BT 328.07 742.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 359.89 742.10 Td (, and cash resulting from a waiver or deferral of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 70.92 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 79.56 730.10 Td (e funded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.76 730.10 Td (53%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.09 730.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.36 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 249.99 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.99 730.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.99 730.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.32 730.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.59 730.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.59 730.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.03 730.10 Td (67%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.36 730.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.63 730.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.63 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (with cash flows from financing activities, which include proceeds from our public of) Tj ET Q q 0 0 0 rg BT 388.89 718.10 Td (ferings and proceeds from our debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (financings. ) Tj ET Q q 0 0 0 rg BT 96.47 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 105.11 706.10 Td (e have not placed a cap on the amount of our distributions that may be paid from any of these sources. See Item ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (7. Management) Tj ET Q q 0 0 0 rg BT 114.98 694.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 184.15 694.10 Td (Analysis of Financial Condition and Results of Operations Financial Condition, Liquidity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and Capital Resources for additional information regarding our distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.05 658.10 Td (years ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.52 658.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.02 658.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.61 658.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.04 658.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.04 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 336.71 658.10 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.58 658.10 Td ($83.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.47 658.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.91 658.10 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.80 658.10 Td ( in acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (fees and expenses. Under GAAP) Tj ET Q q 0 0 0 rg BT 182.74 646.10 Td (, acquisition fees and acquisition-related expenses are expensed and therefore reduce cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 216.77 634.10 Td (, we fund these expenses with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 450.14 634.10 Td (ferings or other equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (capital. See Item 7. Management) Tj ET Q q 0 0 0 rg BT 191.33 622.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 260.50 622.10 Td (Analysis of Financial Condition and Results of Operations Funds from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Operations and Modified Funds from Operations for additional information regarding our fund performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td () Tj ET Q q 0 0 0 rg BT 70.32 586.10 Td (The table below outlines our total distributions declared to stockholders and noncontrolling interests \(HALP) Tj ET Q q 0 0 0 rg BT 502.18 586.10 Td (, Moorfield ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Real Estate Fund II GP) Tj ET Q q 0 0 0 rg BT 142.39 574.10 Td ( Ltd. \(Moorfield\) and Flagship Capital GP\) for each of the quarters during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 562.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 562.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.61 562.10 Td (, including the breakout between the distributions declared in cash and those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (reinvested pursuant to our distribution reinvestment plan \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 465.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 465.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 465.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 465.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 465.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 435.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 435.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 435.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 435.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 435.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 405.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 405.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 405.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 405.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 405.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 405.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 376.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 376.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 376.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 376.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 376.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 376.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 376.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 376.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 376.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 346.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 346.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 346.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 346.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 346.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 346.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 346.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 346.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 346.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 316.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 316.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 316.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 316.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 316.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 316.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 316.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 316.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 316.60 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 503.6 m 344.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 503.6 m 348.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 503.6 m 419.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 503.6 m 423.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 503.6 m 494.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 503.6 m 570.5 503.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 479.6 m 269.5 479.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 479.6 m 344.5 479.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 479.6 m 419.5 479.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 479.6 m 494.5 479.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 479.6 m 570.5 479.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 465.6 m 269.5 465.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 405.6 m 344.5 405.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 405.6 m 419.5 405.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 405.6 m 494.5 405.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 405.6 m 570.5 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 391.6 m 344.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 389.6 m 344.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 391.6 m 419.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 389.6 m 419.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 391.6 m 494.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 389.6 m 494.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 391.6 m 570.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 389.6 m 570.5 389.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 376.6 m 269.5 376.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 376.6 m 269.5 376.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 316.6 m 344.5 316.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 316.6 m 419.5 316.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 316.6 m 494.5 316.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 316.6 m 570.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 302.6 m 344.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 300.6 m 344.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 302.6 m 419.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 300.6 m 419.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 302.6 m 494.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 300.6 m 494.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 302.6 m 570.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 300.6 m 570.5 300.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 508.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.70 508.28 Td (Stockholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.85 518.28 Td (Noncontrolling) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 515.45 508.28 Td (Interests) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.00 484.28 Td (Distributions for the three months ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.65 494.28 Td (Cash) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.40 484.28 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.40 494.28 Td (Distributions) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 360.15 484.28 Td (Reinvested) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 427.25 484.28 Td (Total Declared) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 502.75 484.28 Td (Total Declared) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.00 470.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 308.50 470.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.50 470.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 458.50 470.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 534.00 470.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 455.27 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.00 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 455.27 Td (16,458) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.00 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 455.27 Td (18,660) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 455.27 Td (35,118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 455.27 Td (1,454) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 440.27 Td (September 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 440.27 Td (14,561) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 440.27 Td (16,079) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 440.27 Td (30,640) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 440.27 Td (638) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 425.27 Td (June 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 425.27 Td (13,265) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 425.27 Td (14,551) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 425.27 Td (27,816) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 425.27 Td (685) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 410.27 Td (March 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 410.27 Td (12,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 410.27 Td (13,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 410.27 Td (26,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 410.27 Td (554) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 395.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.00 395.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 395.27 Td (56,702) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.00 395.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 395.27 Td (63,062) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 395.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 395.27 Td (119,764) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 395.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 395.27 Td (3,331) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 61.00 381.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 366.27 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.00 366.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 366.27 Td (10,676) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.00 366.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 366.27 Td (11,606) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 366.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 366.27 Td (22,282) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 366.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 366.27 Td (1,227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 351.27 Td (September 30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 351.27 Td (9,266) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 351.27 Td (10,001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 351.27 Td (19,267) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 351.27 Td (711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 336.27 Td (June 30, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 336.27 Td (8,236) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 336.27 Td (8,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 336.27 Td (17,101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 336.27 Td (675) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 321.27 Td (March 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 321.27 Td (7,403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 321.27 Td (7,922) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 321.27 Td (15,325) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.65 321.27 Td (546) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 306.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.00 306.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 306.27 Td (35,581) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.00 306.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 306.27 Td (38,394) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 306.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 306.27 Td (73,975) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 306.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 306.27 Td (3,159) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 278.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 278.10 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 141.05 278.10 Td (Advisor agreed to waive the asset management fee otherwise payable to it pursuant to the ) Tj ET Q q 0 0 0 rg BT 501.21 278.10 Td (Advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (Agreement for each quarter in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.99 266.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.99 266.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.43 266.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.43 266.10 Td (, to the extent that our MFFO for a particular quarter) Tj ET Q q 0 0 0 rg BT 442.25 266.10 Td (, as disclosed in each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (quarterly report, amounts to less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.35 254.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.68 254.10 Td ( of the aggregate distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 524.87 254.10 Td (. ) Tj ET Q q 0 0 0 rg BT 529.32 254.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (result of the waiver of these fees, cash flows from operations that would have been paid to the ) Tj ET Q q 0 0 0 rg BT 427.94 242.10 Td (Advisor for asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (feesmay be available to pay distributions to stockholders. In December 2013, our ) Tj ET Q q 0 0 0 rg BT 381.58 230.10 Td (Advisor agreed to waive asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (fees otherwise payable to it for the year ended December 31, 2014 to the extent that our MFFO for the year ended December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (31, 2014, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 166.10 206.10 Td (Annual Report on Form 10-K for such year) Tj ET Q q 0 0 0 rg BT 339.28 206.10 Td (, amounts to less than 100% of the aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (distributions declared to our stockholders for the year ended December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 378.89 194.10 Td (These fee waivers are not deferrals and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 96.55 182.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 232.63 182.10 Td (Advisor in cash at any time in the future. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.75 182.10 Td (years ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.22 182.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.72 182.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 170.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.44 170.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.02 170.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 187.19 170.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.29 170.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.18 170.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.62 170.10 Td ($8.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.51 170.10 Td ( in asset management fees, respectively) Tj ET Q q 0 0 0 rg BT 527.57 170.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 146.10 Td (Distributions to stockholders are characterized for federal income tax purposes as ordinary income, capital gains, non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (taxable return of capital or a combination of the three. Distributions that exceed our current and accumulated earnings and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (profits \(calculated for tax purposes\) constitute a return of capital for tax purposes rather than a distribution and reduce the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 103.13 110.10 Td ( basis in our common shares. ) Tj ET Q q 0 0 0 rg BT 221.55 110.10 Td (T) Tj ET Q q 0 0 0 rg BT 226.96 110.10 Td (o the extent that a distribution exceeds both current and accumulated earnings and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (profits and the stockholders) Tj ET Q q 0 0 0 rg BT 163.40 98.10 Td ( basis in the common shares, it will generally be treated as a capital gain. ) Tj ET Q q 0 0 0 rg BT 457.29 98.10 Td (W) Tj ET Q q 0 0 0 rg BT 465.93 98.10 Td (e annually notify ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (stockholders of the taxability of distributions paid during the preceding year) Tj ET Q q 0 0 0 rg BT 353.82 86.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 62.10 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 62.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 62.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.11 62.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.11 62.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 319.77 62.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.03 62.10 Td (62.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.86 62.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.29 62.10 Td (66.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.13 62.10 Td ( of the distributions paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (were taxable to the investor as ordinary income and approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.35 50.10 Td (37.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.18 50.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.62 50.10 Td (33.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.45 50.10 Td ( were treated as a return of capital for ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 167.28 742.10 Td (The primary driver for the increase in the distribution taxability was an increase in 2012 taxable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (income due to the asset management fee waiver discussed above. ) Tj ET Q q 0 0 0 rg BT 315.83 730.10 Td (The amount of distributions paid and taxable portion in each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (period are not indicative or predictive of amounts anticipated in future periods. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Recent Sales of Unr) Tj ET Q q 0 0 0 rg BT 133.97 694.10 Td (egister) Tj ET Q q 0 0 0 rg BT 162.10 694.10 Td (ed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (There have been no sales of unregistered securities within the past three years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 70.38 646.10 Td (e RedemptionPr) Tj ET Q q 0 0 0 rg BT 142.41 646.10 Td (ogram) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 622.10 Td (e of) Tj ET Q q 0 0 0 rg BT 91.73 622.10 Td (fer a share redemption program that may allow stockholders who have purchased their shares from us or received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (their shares through a non-cash transaction, not in the secondary market, and who have held their shares for a minimum of one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 598.10 Td (, to have their shares redeemed subject to certain limitations and restrictions. ) Tj ET Q q 0 0 0 rg BT 375.42 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.05 598.10 Td (e allow redemptions of our shares on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (monthly basis. No fees will be paid to Hines in connection with any redemption. Our board of directors may terminate, suspend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (or amend the share redemption program upon 30days) Tj ET Q q 0 0 0 rg BT 268.64 574.10 Td ( written notice without stockholder approval, which notice shall take the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (form of a current report on Form 8-K filed at least 30 days prior to the ef) Tj ET Q q 0 0 0 rg BT 340.84 562.10 Td (fective date of any such termination, suspension or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (amendment. On December 21, 2012, we filed a current report on Form 8-K to provide notice to our stockholders that we were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (amending and restating our share redemption program to reflect a new formula to determine the price at which shares may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (redeemed under the program, which was ef) Tj ET Q q 0 0 0 rg BT 222.80 526.10 Td (fective on February 2, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (The following paragraphs discuss the significant changes to our Share Redemption Program, ef) Tj ET Q q 0 0 0 rg BT 449.11 502.10 Td (fective February 2, 2013:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Under the amended and restated program shares that are redeemed will be redeemed at the following prices, unless such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (shares are redeemed in connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 363.94 466.10 Td (, as described below: \(i\) the lower of 92.5% of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (the then-current of) Tj ET Q q 0 0 0 rg BT 124.23 454.10 Td (fering price or 92.5% of the price paid to acquire the shares from us for stockholders who have held their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (shares continuously for at least one year; \(ii\) the lower of 95.0% of the then-current of) Tj ET Q q 0 0 0 rg BT 394.70 442.10 Td (fering price or 95.0% of the price paid to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (acquire the shares from us for stockholders who have held their shares continuously for at least two years; \(iii\) the lower of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (97.5% of the then-current of) Tj ET Q q 0 0 0 rg BT 163.39 418.10 Td (fering price or 97.5% of the price paid to acquire the shares from us for stockholders who have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (held their shares continuously for at least three years; and \(iv\) the lower of 100% of the then-current of) Tj ET Q q 0 0 0 rg BT 461.34 406.10 Td (fering price or 100% of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (the price paid to acquire the shares from us for stockholders who have held their shares continuously for at least four years; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (provided that in each case, the redemption price will be adjusted for any stock dividends, combinations, splits, recapitalizations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (or similar actions with respect to our common stock. In addition, our board of directors, in its sole discretion, may determine at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (any time to amend the share redemption program to redeem shares at a price that is higher or lower than the price paid for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (shares by the redeeming stockholder) Tj ET Q q 0 0 0 rg BT 195.51 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 199.96 346.10 Td (Any such price modification may be arbitrarily determined by our board of directors, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (may be determined on a dif) Tj ET Q q 0 0 0 rg BT 159.50 334.10 Td (ferent basis, including but not limited to a price equal to an estimated value per share or the then-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (current net asset value per share, as calculated in accordance with policies and procedures developed by our board of directors. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (In the event a stockholder is having all his shares redeemed, we may waive the one-year holding requirement for shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (purchased under our distribution reinvestment plan. In addition, we may waive the one-year holding requirement in the event of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (a stockholder) Tj ET Q q 0 0 0 rg BT 103.96 274.10 Td () Tj ET Q q 0 0 0 rg BT 106.74 274.10 Td (s bankruptcy) Tj ET Q q 0 0 0 rg BT 157.47 274.10 Td (. If we determine to waive the one-year holding requirement in these circumstances, then, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (purposes of determining the applicable redemption price, the stockholder will be deemed to have held his shares for one year) Tj ET Q q 0 0 0 rg BT 549.28 262.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (In the event of the death or disability of the holder) Tj ET Q q 0 0 0 rg BT 250.65 250.10 Td (, upon request, we will waive the one-year holding requirement. Except as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (noted below) Tj ET Q q 0 0 0 rg BT 98.51 238.10 Td (, shares that are redeemed in connection with the death or disability of a stockholder will be redeemed at a purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (price equal to the price paid to acquire such shares from us; provided, that, the redemption price cannot exceed the then-current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 214.10 Td (fering price and, as described below) Tj ET Q q 0 0 0 rg BT 201.88 214.10 Td (, the redemption price will be reduced as necessary to equal the then-current of) Tj ET Q q 0 0 0 rg BT 517.13 214.10 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (price. For purposes of the one-year holding period, limited partners of the Operating Partnership who exchange their OP) Tj ET Q q 0 0 0 rg BT 530.88 202.10 Td ( Units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (for shares of our common stock \(and any persons to whom they transfer such stock\) shall be deemed to have owned those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (shares of our common stock as of the date the related OP) Tj ET Q q 0 0 0 rg BT 277.62 178.10 Td ( Units were issued.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (During the period of any public of) Tj ET Q q 0 0 0 rg BT 205.01 154.10 Td (fering, the repurchase price will be equal to or less than the price of the shares of) Tj ET Q q 0 0 0 rg BT 527.76 154.10 Td (fered in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (the relevant of) Tj ET Q q 0 0 0 rg BT 107.57 142.10 Td (fering. If we are engaged in a public of) Tj ET Q q 0 0 0 rg BT 263.15 142.10 Td (fering and the redemption price calculated in accordance with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (guidelines set forth above would result in a price that is higher than the then-current public of) Tj ET Q q 0 0 0 rg BT 423.60 130.10 Td (fering price of our common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (shares, then the redemption price will be reduced and will be equal to the then-current of) Tj ET Q q 0 0 0 rg BT 404.69 118.10 Td (fering price of our common shares.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Issuer) Tj ET Q q 0 0 0 rg BT 75.93 742.25 Td ( Redemptions of Equity Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (All eligible requests for redemptions were redeemed using the proceeds from our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 519.91 718.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (following table lists shares we redeemed \(in thousands\) under our share redemption plan during the period covered by this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (report, including the average price paid per share.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.75 180.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 640.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 640.75 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 640.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 640.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 640.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 640.75 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 640.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 640.75 102.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 611.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 611.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 611.75 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 611.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 611.75 102.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 640.75 m 230.5 640.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 640.75 m 295.5 640.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 640.75 m 349.5 640.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 640.75 m 456.5 640.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 640.75 m 562.5 640.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 640.75 m 295.5 640.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 596.75 m 295.5 596.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 596.75 m 456.5 596.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 645.20 Td (Period) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.60 663.20 Td (Total Number) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.70 654.20 Td (of Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.50 645.20 Td (Redeemed) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.30 663.20 Td (Average) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.10 654.20 Td (Price Paid) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 645.20 Td (Per Share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.70 672.20 Td (Total Number of Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.70 663.20 Td (Purchased as Part of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.85 654.20 Td (Publicly Announced) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.05 645.20 Td (Plans of Programs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.05 672.20 Td (Maximum Number) Tj ET Q q 0 0 0 rg BT 543.13 672.20 Td ( of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.50 663.20 Td (Shar) Tj ET Q q 0 0 0 rg BT 484.84 663.20 Td (es that May ) Tj ET Q q 0 0 0 rg BT 531.75 663.20 Td (Y) Tj ET Q q 0 0 0 rg BT 537.25 663.20 Td (et be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.55 654.20 Td (Redeemed Under) Tj ET Q q 0 0 0 rg BT 537.12 654.20 Td ( the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.60 645.20 Td (Plans or) Tj ET Q q 0 0 0 rg BT 502.19 645.20 Td ( Pr) Tj ET Q q 0 0 0 rg BT 513.77 645.20 Td (ograms ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 544.51 649.28 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 631.32 Td (October 1, 2013 to October 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.15 631.32 Td (143,123) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.00 631.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 631.32 Td (9.64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 631.32 Td (143,123) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 631.32 Td (416,356) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 616.42 Td (November 1, 2013 to November 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.15 616.42 Td (162,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.00 616.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 616.42 Td (9.64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 616.42 Td (162,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 616.42 Td (444,931) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 601.42 Td (December 1, 2013 to December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.15 601.42 Td (153,366) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.00 601.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 601.42 Td (9.74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 601.42 Td (153,366) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 601.42 Td (471,407) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 587.32 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.15 587.32 Td (459,072) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.00 587.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 587.32 Td (459,072) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 587.32 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 559.25 Td (See description of our share redemption program above for a description of the limitations on the number of shares that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 547.25 Td (may be redeemed. ) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Item6.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 730.10 Td (Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The following selected consolidated financial data are qualified by reference to and should be read in conjunction with our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Consolidated Financial Statements and Notes thereto and Item7. Management) Tj ET Q q 0 0 0 rg BT 371.58 694.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 440.75 694.10 Td (Analysis of Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Condition and Results of Operations below \(in thousands, except per share amounts\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 629.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 629.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 629.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 629.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 629.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 629.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 599.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 599.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 599.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 599.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 599.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 599.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 569.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 569.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 569.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 569.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 569.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 569.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 539.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 539.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 539.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 539.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 539.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 539.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 539.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 509.60 238.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 509.60 57.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 509.60 5.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 509.60 54.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 509.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 509.60 54.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 509.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 509.60 50.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 509.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 509.60 42.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 478.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 478.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 478.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 478.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 478.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 478.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 448.60 238.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 448.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 448.60 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 448.60 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 448.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 448.60 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 448.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 448.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 448.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 448.60 42.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 408.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 408.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 408.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 408.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 408.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 408.60 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 378.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 378.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 378.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 378.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 378.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 378.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 378.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 378.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.50 378.60 42.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 644.6 m 345.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 644.6 m 404.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 644.6 m 462.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 644.6 m 516.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 644.6 m 562.5 644.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.50 649.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 367.00 649.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.25 649.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 481.00 649.28 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 531.00 649.28 Td (2009) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 634.28 Td (Operating Data:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 634.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 634.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 634.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 634.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 619.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.15 619.27 Td (322,862) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 619.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 619.27 Td (187,240) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 619.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 619.27 Td (95,526) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 619.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 619.27 Td (24,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 619.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 619.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.15 604.27 Td (140,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 604.27 Td (84,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 604.27 Td (53,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 604.27 Td (16,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 604.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 589.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 589.27 Td (60,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 589.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 589.27 Td (22,006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 589.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 589.27 Td (20,453) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 589.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 589.27 Td (11,236) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 589.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td (Organizational expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 574.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 574.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 574.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.65 574.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 574.27 Td (337) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 559.27 Td (General and administrative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 559.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 559.27 Td (5,344) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 559.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 559.27 Td (3,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 559.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 559.27 Td (3,129) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 559.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 559.27 Td (1,866) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 559.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 559.27 Td (228) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 544.27 Td (Income \(loss\) before benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 544.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.80 544.32 Td (\(85,062) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 544.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 544.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.80 544.32 Td (\(32,393) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 544.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 544.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.80 544.32 Td (\(55,724) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 544.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 544.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 544.32 Td (\(30,759) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 544.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 544.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 544.32 Td (\(562) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 544.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 529.27 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.30 529.32 Td (\(701) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.80 529.32 Td (\(1,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 529.32 Td (\(2,885) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.30 529.32 Td (\(657) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 529.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 529.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 514.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 514.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.80 514.32 Td (\(85,763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 514.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 514.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.80 514.32 Td (\(33,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 514.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 514.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.80 514.32 Td (\(58,609) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 514.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 514.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 514.32 Td (\(31,416) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 514.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 514.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 514.32 Td (\(562) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 514.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 498.27 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 498.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.80 498.32 Td (\(3,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 498.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 498.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.30 498.32 Td (\(939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 498.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 498.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 498.27 Td (1,592) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 498.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 498.27 Td (5,951) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 498.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 498.27 Td (154) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 483.27 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 483.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.80 483.32 Td (\(88,936) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 483.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 483.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.80 483.32 Td (\(34,479) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 483.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 483.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.80 483.32 Td (\(57,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 483.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 483.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 483.32 Td (\(25,465) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 483.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 483.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 483.32 Td (\(408) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 483.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 468.27 Td (Basic and diluted income \(loss\) per common share:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 468.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.80 468.32 Td (\(0.48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 468.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 468.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.80 468.32 Td (\(0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.65 468.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 468.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.80 468.32 Td (\(0.85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 468.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 468.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.80 468.32 Td (\(1.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 468.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 468.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 468.32 Td (\(1.19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 468.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 453.27 Td (Distributions declared per common share ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 220.45 457.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 453.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 453.27 Td (0.65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 453.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.15 453.27 Td (0.65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 453.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 453.27 Td (0.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 453.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 453.27 Td (0.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 453.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 453.27 Td (0.14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 438.27 Td (Weighted average common shares outstanding - basic and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 428.27 Td (diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.15 428.27 Td (184,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 428.27 Td (113,578) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 428.27 Td (67,429) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 428.27 Td (19,597) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 428.27 Td (343) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 413.28 Td (Balance Sheet Data:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 398.27 Td (Total investment property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.60 398.27 Td (2,799,850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.60 398.27 Td (1,482,478) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 398.27 Td (950,430) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.10 398.27 Td (449,029) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 398.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 383.27 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 383.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.15 383.27 Td (124,859) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 383.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 383.27 Td (97,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 383.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 383.27 Td (66,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 383.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.10 383.27 Td (146,953) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 383.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.10 383.27 Td (28,168) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 368.27 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 368.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.60 368.27 Td (3,803,219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 368.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.60 368.27 Td (2,078,572) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 368.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.60 368.27 Td (1,381,317) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 368.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.10 368.27 Td (775,684) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 368.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.10 368.27 Td (28,481) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 353.27 Td (Long-term obligations ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 145.21 357.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 353.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.60 353.27 Td (1,982,791) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 353.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 353.27 Td (873,585) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 353.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 353.27 Td (647,204) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 353.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.10 353.27 Td (378,333) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 353.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 353.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 325.10 Td (Distributions declared for the period from October 20, 2009 through December 31, 2009, were paid in March 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 307.10 Td (These amounts include notes payable, notes payable to af) Tj ET Q q 0 0 0 rg BT 297.47 307.10 Td (filiates and long-term derivative instruments.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (Item7.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 730.25 Td ( Management) Tj ET Q q 0 0 0 rg BT 144.53 730.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 216.12 730.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (Y) Tj ET Q q 0 0 0 rg BT 72.64 706.25 Td (ou should r) Tj ET Q q 0 0 0 rg BT 117.83 706.25 Td (ead the following discussion and analysis together with our consolidated financial statements and notes ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (ther) Tj ET Q q 0 0 0 rg BT 65.74 694.25 Td (eto included in this ) Tj ET Q q 0 0 0 rg BT 144.43 694.25 Td (Annual Report on Form10-K. The following information contains forwar) Tj ET Q q 0 0 0 rg BT 438.52 694.25 Td (d-looking statements, which ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (ar) Tj ET Q q 0 0 0 rg BT 58.52 682.25 Td (e subject to risks and uncertainties. Should one or mor) Tj ET Q q 0 0 0 rg BT 277.02 682.25 Td (e of these risks or uncertainties materialize, actual r) Tj ET Q q 0 0 0 rg BT 485.79 682.25 Td (esults may differ ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (materially fr) Tj ET Q q 0 0 0 rg BT 99.90 670.25 Td (om those expr) Tj ET Q q 0 0 0 rg BT 155.63 670.25 Td (essed or implied by the forwar) Tj ET Q q 0 0 0 rg BT 277.19 670.25 Td (d-looking statements. Please see Special Note Regar) Tj ET Q q 0 0 0 rg BT 492.61 670.25 Td (ding Forwar) Tj ET Q q 0 0 0 rg BT 543.08 670.25 Td (d-) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Looking Statements above for a description of these risks and uncertainties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Executive Summary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 145.02 610.25 Td (, Inc. \(Hines Global and, together with its consolidated subsidiaries, we, us or the Company\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (and its subsidiary) Tj ET Q q 0 0 0 rg BT 119.35 598.25 Td (, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 201.93 598.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 261.27 598.25 Td ( \(the Operating Partnership\) were formed in December 2008 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (January 2009, respectively) Tj ET Q q 0 0 0 rg BT 156.26 586.25 Td (, to invest in a diversified portfolio of quality commercial real estate properties and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (investments in the United States and internationally) Tj ET Q q 0 0 0 rg BT 255.98 574.25 Td (. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 574.25 Td (August5, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.04 574.25 Td (, we commenced our initial public of) Tj ET Q q 0 0 0 rg BT 486.31 574.25 Td (fering of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td ($3.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.11 562.25 Td (in shares of common stock for sale to the public \(the Initial Of) Tj ET Q q 0 0 0 rg BT 352.25 562.25 Td (fering\), which was terminated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 562.25 Td (February1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 550.25 Td (. ) Tj ET Q q 0 0 0 rg BT 74.82 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 83.46 550.25 Td (e commenced a follow-on of) Tj ET Q q 0 0 0 rg BT 198.23 550.25 Td (fering on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.11 550.25 Td (February4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.71 550.25 Td (, through which we are of) Tj ET Q q 0 0 0 rg BT 408.27 550.25 Td (fering up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.43 550.25 Td ($3.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.54 550.25 Td ( in shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (common stock \(the Second Of) Tj ET Q q 0 0 0 rg BT 175.90 538.25 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 214.86 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 223.50 538.25 Td (e have received gross of) Tj ET Q q 0 0 0 rg BT 319.94 538.25 Td (fering proceeds of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.44 538.25 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.56 538.25 Td ( from the sale ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 526.25 Td (233.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.72 526.25 Td ( shares in our public of) Tj ET Q q 0 0 0 rg BT 206.46 526.25 Td (ferings through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.34 526.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.93 526.25 Td (. Our board of directors established a new of) Tj ET Q q 0 0 0 rg BT 529.24 526.25 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.32 514.25 Td ($10.40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.82 514.25 Td ( per share ef) Tj ET Q q 0 0 0 rg BT 159.77 514.25 Td (fective March 4, 2014. Previously) Tj ET Q q 0 0 0 rg BT 297.70 514.25 Td (, in February 2013, our board of directors established an of) Tj ET Q q 0 0 0 rg BT 533.01 514.25 Td (fering ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (price of $10.28 per share. ) Tj ET Q q 0 0 0 rg BT 157.00 502.25 Td (The increase in our per share of) Tj ET Q q 0 0 0 rg BT 283.43 502.25 Td (fering price is lar) Tj ET Q q 0 0 0 rg BT 351.83 502.25 Td (gely due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.70 502.25 Td (4.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.53 502.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.03 502.25 Td (increase in our real estate values ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (when such values are compared to \(i\) the previously determined appraised value of our assets \(for assets that were acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (prior to 2013\) and \(ii\) to the cost of our assets that were acquired during 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 454.25 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (estate investments that relate to properties that are generally diversified by geographic area, lease expirations and tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (industries. ) Tj ET Q q 0 0 0 rg BT 93.71 430.25 Td (These investments could include a variety of asset types in the US and internationally such as of) Tj ET Q q 0 0 0 rg BT 478.43 430.25 Td (fice, retail, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (industrial, multi-family) Tj ET Q q 0 0 0 rg BT 142.67 418.25 Td (, etc. In addition, we may invest in operating properties, properties under development and undeveloped ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (properties or real estate-related investments such as real estate securities or debt. ) Tj ET Q q 0 0 0 rg BT 374.41 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 383.05 406.25 Td (e fund our acquisitions primarily with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (proceeds from of) Tj ET Q q 0 0 0 rg BT 118.13 394.25 Td (ferings of our securities and debt financing. ) Tj ET Q q 0 0 0 rg BT 294.18 394.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.63 394.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.21 394.25 Td (, we owned interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.64 394.25 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.64 394.25 Td ( real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (investments which contain, in the aggregate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.50 382.25 Td (12.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.39 382.25 Td ( square feet of leasable space, and we believe each property is suitable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (for its intended purpose. ) Tj ET Q q 0 0 0 rg BT 149.52 370.25 Td (These investments consisted of:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 346.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 346.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 346.25 Td (of) Tj ET Q q 0 0 0 rg BT 125.97 346.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 143.46 346.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.73 346.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.06 346.25 Td (1) Tj ET Q q 0 0 0 rg BT 201.69 346.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.69 346.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.19 346.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 334.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 334.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 334.25 Td (other ) Tj ET Q q 0 0 0 rg BT 140.87 334.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.15 334.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.48 334.25 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.48 334.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.98 334.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 322.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 322.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 322.25 Td (of) Tj ET Q q 0 0 0 rg BT 138.74 322.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.22 322.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 206.50 322.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.83 322.25 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.83 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.33 322.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 310.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 310.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 310.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.64 310.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.91 310.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.24 310.25 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.24 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.74 310.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td (Discussed below are additional details related to our investments in multi-family projects and investments in real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (related debt, each of which is included in our domestic other investments segment. ) Tj ET Q q 0 0 0 rg BT 384.91 274.25 Td (All other investments are operating real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (estate investments.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 238.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.64 238.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 109.26 238.25 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 156.84 238.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.84 238.25 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.17 238.25 Td ( interest in a joint venture that was formed to invest in a multi-family development project in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 226.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 115.71 226.25 Td (T) Tj ET Q q 0 0 0 rg BT 121.12 226.25 Td (exas. ) Tj ET Q q 0 0 0 rg BT 146.21 226.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.19 226.25 Td ($65.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.08 226.25 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.66 226.25 Td (322) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.66 226.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 214.25 Td (units upon completion. ) Tj ET Q q 0 0 0 rg BT 170.89 214.25 Td (An af) Tj ET Q q 0 0 0 rg BT 193.20 214.25 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.05 214.25 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.38 214.25 Td ( interest in this joint venture. ) Tj ET Q q 0 0 0 rg BT 469.81 214.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.25 214.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 202.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.00 202.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.00 202.25 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 202.25 Td ( units have been delivered and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.84 202.25 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.84 202.25 Td ( leases have been executed. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.33 202.25 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.50 202.25 Td ( and is expected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 190.25 Td (to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.87 190.25 Td (June 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.70 190.25 Td (, although there can be no assurances as to when construction will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 166.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 166.25 Td (@1377 @1377 is a multi-family development project in ) Tj ET Q q 0 0 0 rg BT 316.21 166.25 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 370.46 166.25 Td (gia, which is being developed by an af) Tj ET Q q 0 0 0 rg BT 524.12 166.25 Td (filiate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 154.25 Td (Hines. ) Tj ET Q q 0 0 0 rg BT 107.65 154.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.63 154.25 Td ($33.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.52 154.25 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.10 154.25 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.10 154.25 Td ( units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 142.25 Td (upon completion. ) Tj ET Q q 0 0 0 rg BT 153.94 142.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.38 142.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.97 142.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.97 142.25 Td (171) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.97 142.25 Td ( units had been delivered and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.37 142.25 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.37 142.25 Td ( leases had been executed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 130.25 Td (Constructionbegan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.82 130.25 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.99 130.25 Td ( and was substantially complete in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.96 130.25 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.56 130.25 Td ( with all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.83 130.25 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.83 130.25 Td ( units delivered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 106.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 106.25 Td (Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 145.43 106.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.43 106.25 Td (83%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.76 106.25 Td ( interest in a joint venture that was formed in July 2012 to invest in a multi-family development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 94.25 Td (project in Miami, Florida. ) Tj ET Q q 0 0 0 rg BT 182.91 94.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.89 94.25 Td ($66.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.78 94.25 Td ( and the project will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 82.25 Td (consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.11 82.25 Td (276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.11 82.25 Td ( units upon completion. ) Tj ET Q q 0 0 0 rg BT 232.00 82.25 Td (Af) Tj ET Q q 0 0 0 rg BT 242.37 82.25 Td (filiates of Hines own the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.22 82.25 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.55 82.25 Td ( interest in this joint venture. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 70.25 Td (Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.27 70.25 Td (April 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.88 70.25 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.38 70.25 Td (December 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.97 70.25 Td (, although there can be no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 58.25 Td (assurances as to when construction will be completed.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 156.26 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.26 742.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.59 742.10 Td ( interest in a joint venture with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 394.85 742.10 Td (, which was formed to provide real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 730.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 105.43 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 114.07 730.10 Td (e have committed to investing up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.87 730.10 Td ($49.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.76 730.10 Td ( into the Flagship JV) Tj ET Q q 0 0 0 rg BT 395.81 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 403.13 730.10 Td (The joint venture has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.33 730.10 Td (eight) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.32 730.10 Td ( loans ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (receivable, totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.13 718.10 Td ($39.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.02 718.10 Td (, outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.85 718.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.43 718.10 Td (. Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 450.17 718.10 Td ( owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.05 718.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.38 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 706.10 Td (interest in the joint venture. ) Tj ET Q q 0 0 0 rg BT 192.07 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 200.71 706.10 Td (e are not af) Tj ET Q q 0 0 0 rg BT 245.22 706.10 Td (filiated with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 376.32 706.10 Td (. See Note 5 Real Estate Loans Receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 694.10 Td (for additional information regarding these loans receivable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (As described in Item 2 Properties, our portfolio is comprised of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.70 670.10 Td (59%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.03 670.10 Td ( domestic and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.07 670.10 Td (41%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.40 670.10 Td ( international ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (investments, including the ef) Tj ET Q q 0 0 0 rg BT 165.35 658.10 Td (fect of ) Tj ET Q q 0 0 0 rg BT 193.49 658.10 Td (The Rim acquisition, which was acquired subsequent to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.27 658.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.86 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.18 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 513.81 658.10 Td (e believe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (that this diversification is directly in-line with our investment strategies in maintaining a well-diversified real estate portfolio ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (and providing additional diversification across currencies.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 610.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 136.10 610.10 Td (Policies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Our discussion and analysis of financial condition and results of operations is based on our consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (statements, which have been prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 308.52 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 313.33 574.10 Td (The preparation of the consolidated financial statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (requires us to make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 256.43 562.10 Td (fect the reported amounts of assets, liabilities and contingencies as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. ) Tj ET Q q 0 0 0 rg BT 501.89 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 510.53 550.10 Td (e evaluate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (our assumptions and estimates on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 258.96 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.60 538.10 Td (e base our estimates on historical experience and on various other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (assumptions that we believe to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 333.52 526.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 383.42 526.10 Td (, application of our accounting policies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (involves exercising judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 369.93 514.10 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 458.34 514.10 Td (fer from these estimates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (under dif) Tj ET Q q 0 0 0 rg BT 86.20 502.10 Td (ferent assumptions or conditions.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 490.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 478.10 Td (Accounting for Joint V) Tj ET Q q 0 0 0 rg BT 153.19 478.10 Td (entures and Noncontrolling Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (Our consolidated financial statements included in this annual report include the accounts of Hines Global, the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Partnership and its wholly-owned subsidiaries and joint ventures as well as the related amounts of noncontrolling interests. ) Tj ET Q q 0 0 0 rg BT 545.74 442.10 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (intercompany balances and transactions have been eliminated in consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 406.10 Td (e evaluate the need to consolidate investments based on standards set forth by GAAP) Tj ET Q q 0 0 0 rg BT 416.28 406.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 418.78 406.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.28 406.10 Td (Our joint ventures are evaluated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (based upon GAAP) Tj ET Q q 0 0 0 rg BT 124.62 394.10 Td ( to determine whether or not the investment qualifies as a variable interest entity \(VIE\).If the investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (qualifies as a ) Tj ET Q q 0 0 0 rg BT 104.52 382.10 Td (VIE, an analysis is then performed to determine if we are the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 457.81 382.10 Td (VIE by reviewing a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (combination of qualitative and quantitative measures including analyzing the expected investment portfolio using various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (assumptions to estimate the net income from the underlying assets.) Tj ET Q q 0 0 0 rg BT 322.54 358.10 Td (The projected cash flows are then analyzed to determine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (whether or not we are the primary beneficiary by analyzing if we have both the power to direct the entity) Tj ET Q q 0 0 0 rg BT 472.34 346.10 Td (s significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits.In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (addition to this analysis, we also consider the rights and decision making abilities of each holder of variable interests. ) Tj ET Q q 0 0 0 rg BT 521.65 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 530.28 322.10 Td (e will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (consolidate joint ventures that are determined to be variable interest entities for which we are the primary beneficiary) Tj ET Q q 0 0 0 rg BT 518.33 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 523.15 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 531.79 310.10 Td (e will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (also consolidate joint ventures that are not determined to be variable interest entities, but for which we exercise significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (control over major operating decisions, such as approval of budgets, selection of property managers, asset management, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (investment activity and changes in financing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td (Any investments in partially owned real estate joint ventures and partnerships are reviewed for impairment periodically if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (events or circumstances change indicating that the carrying amount of its investments may exceed its fair value. In such an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (instance, we will record an impairment char) Tj ET Q q 0 0 0 rg BT 225.58 226.10 Td (ge if we determine that a decline in the value of an investment below its fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (is other than temporary) Tj ET Q q 0 0 0 rg BT 142.38 214.10 Td (.Our analysis will be dependent on a number of factors, including the performance of each investment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (current market conditions, and our intent and ability to hold the investment to full recovery) Tj ET Q q 0 0 0 rg BT 413.42 202.10 Td (. Based on our analysis of the facts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (and circumstances at each reporting period, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.31 190.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.31 190.10 Td ( impairment was recorded related to its investments in unconsolidated, partially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (owned real estate joint ventures for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.97 178.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.56 178.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 178.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 380.82 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 389.45 178.10 Td (e had no investments in unconsolidated, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (partially owned real estate joint ventures for the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.49 166.10 Td (201) Tj ET Q q 0 0 0 rg BT 363.12 166.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.12 166.10 Td (. However) Tj ET Q q 0 0 0 rg BT 409.37 166.10 Td (, if market conditions deteriorate in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (the future and result in lower valuations or reduced cash flows of the Company) Tj ET Q q 0 0 0 rg BT 369.08 154.10 Td (s investments, impairment char) Tj ET Q q 0 0 0 rg BT 493.87 154.10 Td (ges may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (recorded in future periods.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 118.10 Td (Investment Property and Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (Real estate assets that we own directly are stated at cost less accumulated depreciation. Depreciation is computed using the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (straight-line method. ) Tj ET Q q 0 0 0 rg BT 135.63 82.10 Td (The estimated useful lives for computing depreciation are generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.59 82.10 Td (10 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.19 82.10 Td ( for furniture and fixtures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 70.10 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.33 70.10 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.33 70.10 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.46 70.10 Td (40 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.06 70.10 Td ( for buildings. Major replacements that extend the useful life ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (of the assets are capitalized and maintenance and repair costs are expensed as incurred.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 121.08 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.94 742.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 174.45 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 189.18 742.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 232.23 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.42 742.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 282.27 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 297.01 742.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 343.42 742.10 Td (method ) Tj ET Q q 0 0 0 rg BT 375.94 742.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 395.40 742.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 441.96 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 446.98 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 461.71 742.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 499.21 742.10 Td (at ) Tj ET Q q 0 0 0 rg BT 508.95 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 742.10 Td (estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.76 730.10 Td (values ) Tj ET Q q 0 0 0 rg BT 93.18 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 103.39 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.49 730.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 142.70 730.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 179.00 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.32 730.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 234.42 730.10 Td (assumed. ) Tj ET Q q 0 0 0 rg BT 273.10 730.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.53 730.10 Td (results ) Tj ET Q q 0 0 0 rg BT 318.52 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.73 730.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 372.26 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.47 730.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 418.78 730.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 460.64 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 474.73 730.10 Td (included ) Tj ET Q q 0 0 0 rg BT 511.04 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 520.70 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 535.91 730.10 Td (results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.48 718.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 104.29 718.10 Td (from ) Tj ET Q q 0 0 0 rg BT 125.88 718.10 Td (their ) Tj ET Q q 0 0 0 rg BT 146.35 718.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 189.04 718.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 211.73 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.21 718.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 270.75 718.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 311.78 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 322.26 718.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 338.29 718.10 Td (values ) Tj ET Q q 0 0 0 rg BT 365.99 718.10 Td (are ) Tj ET Q q 0 0 0 rg BT 380.34 718.10 Td (based ) Tj ET Q q 0 0 0 rg BT 405.26 718.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 427.41 718.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 466.78 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.26 718.10 Td (future ) Tj ET Q q 0 0 0 rg BT 503.29 718.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 523.21 718.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 547.58 718.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.93 706.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 112.52 706.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 157.66 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 175.04 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 189.07 706.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 220.33 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.91 706.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 265.07 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.22 706.10 Td (those ) Tj ET Q q 0 0 0 rg BT 298.71 706.10 Td (used ) Tj ET Q q 0 0 0 rg BT 319.42 706.10 Td (by ) Tj ET Q q 0 0 0 rg BT 331.80 706.10 Td (market ) Tj ET Q q 0 0 0 rg BT 361.94 706.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 410.97 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.79 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 442.38 706.10 Td (used ) Tj ET Q q 0 0 0 rg BT 463.09 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.24 706.10 Td (record ) Tj ET Q q 0 0 0 rg BT 501.16 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.76 706.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 553.67 706.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 97.84 694.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 123.47 694.10 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 162.70 694.10 Td (such ) Tj ET Q q 0 0 0 rg BT 183.34 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 193.97 694.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 215.99 694.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 255.52 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.26 694.10 Td (improvements, ) Tj ET Q q 0 0 0 rg BT 334.28 694.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 378.79 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.54 694.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 443.38 694.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 485.67 694.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 511.30 694.10 Td (related ) Tj ET Q q 0 0 0 rg BT 540.81 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.89 694.10 Td (in-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (place ) Tj ET Q q 0 0 0 rg BT 72.43 682.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 97.64 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.41 682.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 151.96 682.10 Td (assumed, ) Tj ET Q q 0 0 0 rg BT 190.24 682.10 Td (such ) Tj ET Q q 0 0 0 rg BT 209.90 682.10 Td (as ) Tj ET Q q 0 0 0 rg BT 219.57 682.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 254.79 682.10 Td (related ) Tj ET Q q 0 0 0 rg BT 283.32 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.44 682.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 328.19 682.10 Td (out-of-market ) Tj ET Q q 0 0 0 rg BT 385.06 682.10 Td (leases, ) Tj ET Q q 0 0 0 rg BT 412.77 682.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 433.55 682.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 475.97 682.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 524.25 682.10 Td (mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 74.16 670.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 108.30 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 125.79 670.10 Td (any ) Tj ET Q q 0 0 0 rg BT 143.28 670.10 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 181.88 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.26 670.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 213.53 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 226.58 670.10 Td (purchase. ) Tj ET Q q 0 0 0 rg BT 267.44 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 273.56 670.10 Td (alues ) Tj ET Q q 0 0 0 rg BT 297.15 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 308.53 670.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 348.81 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 366.30 670.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 426.56 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 441.81 670.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 489.84 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 502.89 670.10 Td (an ) Tj ET Q q 0 0 0 rg BT 515.38 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 526.76 670.10 Td (if ) Tj ET Q q 0 0 0 rg BT 535.92 670.10 Td (vacant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 74.51 658.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 100.41 658.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 143.52 658.10 Td (are ) Tj ET Q q 0 0 0 rg BT 157.75 658.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 188.08 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 197.88 658.10 Td (change ) Tj ET Q q 0 0 0 rg BT 228.20 658.10 Td (until ) Tj ET Q q 0 0 0 rg BT 248.55 658.10 Td (such ) Tj ET Q q 0 0 0 rg BT 268.90 658.10 Td (information ) Tj ET Q q 0 0 0 rg BT 318.12 658.10 Td (is ) Tj ET Q q 0 0 0 rg BT 326.80 658.10 Td (finalized, ) Tj ET Q q 0 0 0 rg BT 366.30 658.10 Td (no ) Tj ET Q q 0 0 0 rg BT 378.31 658.10 Td (later ) Tj ET Q q 0 0 0 rg BT 398.09 658.10 Td (than ) Tj ET Q q 0 0 0 rg BT 417.32 658.10 Td (12months ) Tj ET Q q 0 0 0 rg BT 461.28 658.10 Td (from ) Tj ET Q q 0 0 0 rg BT 482.73 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.96 658.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 542.85 658.10 Td (date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Acquisition-related ) Tj ET Q q 0 0 0 rg BT 129.70 646.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 152.20 646.10 Td (such ) Tj ET Q q 0 0 0 rg BT 173.03 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 183.86 646.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 230.23 646.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.73 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.67 646.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 316.05 646.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.65 646.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 354.37 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.64 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.81 646.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 413.53 646.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.24 646.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 467.94 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 478.77 646.10 Td (incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (The estimated fair value of acquired in-place leases are the costs we would have incurred to lease the properties to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, legal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (costs and other direct costs that would be incurred to lease the properties to such occupancy levels. ) Tj ET Q q 0 0 0 rg BT 447.10 598.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 497.00 598.10 Td (, we evaluate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (the time period over which such occupancy levels would be achieved. Such evaluation will include an estimate of the net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (market-based rental revenues and net operating costs \(primarily consisting of real estate taxes, insurance and utilities\) that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (would be incurred during the lease-up period. ) Tj ET Q q 0 0 0 rg BT 234.39 562.10 Td (Acquired in-place leases as of the date of acquisition are amortized over the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is char) Tj ET Q q 0 0 0 rg BT 516.32 550.10 Td (ged to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (amortization expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (Acquired out-of-market lease values \(including ground leases\) arerecorded based on the present value \(using a discount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (rate that reflects the risks associated with the lease acquired\) of the dif) Tj ET Q q 0 0 0 rg BT 330.82 502.10 Td (ference between the contractual amounts paid pursuant to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (the in-place leases and management) Tj ET Q q 0 0 0 rg BT 196.60 490.10 Td (s estimate of fair market value lease rates for the corresponding in-place leases. ) Tj ET Q q 0 0 0 rg BT 516.28 490.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (capitalized out-of-market lease values are amortized as adjustments to rental revenue \(or ground lease expense, as applicable\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (over the remaining terms of the respective leases, which include periods covered by bar) Tj ET Q q 0 0 0 rg BT 400.24 466.10 Td (gain renewal options. Should a tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (terminate its lease, the unamortized portion of the out-of-market lease value is char) Tj ET Q q 0 0 0 rg BT 382.19 454.10 Td (ged to rental revenue.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (pricing for similar types of debt with similar maturities. ) Tj ET Q q 0 0 0 rg BT 274.40 418.10 Td (Assumed mortgage notes payable are initially recorded at their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (estimated fair value as of the assumption date, and the dif) Tj ET Q q 0 0 0 rg BT 280.02 406.10 Td (ference between such estimated fair value and the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (principal balance of the note will be amortized over the life of the mortgage note payable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 230.69 334.10 Td (.If the carrying amount exceeds the undiscounted cash flows, it would be written ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (down to theestimated fair value to reflect impairment in the value of the asset. ) Tj ET Q q 0 0 0 rg BT 366.93 322.10 Td (The determination of whether investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (property is impaired requires a significant amount of judgment by management and is based on the best information available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (to management at the time of the evaluation. No impairment char) Tj ET Q q 0 0 0 rg BT 311.12 298.10 Td (ges were recorded during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 298.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.24 298.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 286.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.94 286.10 Td (201) Tj ET Q q 0 0 0 rg BT 106.57 286.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.57 286.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 274.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td (Deferred Leasing Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (Direct leasing costs, primarily consisting of third-party leasing commissions and tenant inducements, are capitalized and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (amortized over the life of the related lease. ) Tj ET Q q 0 0 0 rg BT 223.34 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 228.75 226.10 Td (enant inducement amortization is recorded as an of) Tj ET Q q 0 0 0 rg BT 432.66 226.10 Td (fset to rental revenue and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (amortization of other direct leasing costs is recorded in amortization expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 190.10 Td (e consider a number of dif) Tj ET Q q 0 0 0 rg BT 181.70 190.10 Td (ferent factors to evaluate whether we or the lesseeis the owner of the tenant improvements for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (accounting purposes. ) Tj ET Q q 0 0 0 rg BT 136.74 178.10 Td (These factors include: \(i\)whether the lease stipulates how and on what a tenant improvement allowance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (may be spent; \(ii\)whether the tenant or landlord retains legal title to the improvements; \(iii\)the uniqueness of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (improvements; \(iv\)the expected economic life of the tenant improvements relative to the term of the lease; and \(v\)who ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (constructs or directs the construction of the improvements. ) Tj ET Q q 0 0 0 rg BT 287.26 142.10 Td (The determination of who owns the tenant improvements for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (accounting purposes is subject to significant judgment. In making that determination, we consider all of the above factors. No ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (one factor) Tj ET Q q 0 0 0 rg BT 89.85 118.10 Td (, however) Tj ET Q q 0 0 0 rg BT 128.88 118.10 Td (, necessarily establishes any determination.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 94.10 Td (Revenue Recognition and V) Tj ET Q q 0 0 0 rg BT 173.17 94.10 Td (aluation of Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 70.10 Td (e are required to recognize minimum rent revenues on a straight-line basis over the terms of tenant leases, including rent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (holidays and bar) Tj ET Q q 0 0 0 rg BT 115.91 58.10 Td (gain renewal options, if any) Tj ET Q q 0 0 0 rg BT 226.62 58.10 Td (. Revenues associated with tenant reimbursements are recognized in the period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (which the expenses are incurred based upon the tenant) Tj ET Q q 0 0 0 rg BT 270.47 46.10 Td (s lease provision. Revenues relating to lease termination fees are ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (recognized on a straight-line basis amortized from the time that a tenant) Tj ET Q q 0 0 0 rg BT 340.18 742.10 Td (s right to occupy the leased space is modified through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the end of the revised lease term and are included in other revenue in the accompanying consolidated statements of operations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 718.10 Td (o the extent our leases provide for rental increases at specified intervals, we will record a receivable for rent not yet due under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the lease terms. ) Tj ET Q q 0 0 0 rg BT 113.87 706.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 163.20 706.10 Td (, our management must determine, in its judgment, to what extent the unbilled rent receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (applicable to each specific tenant is collectible. ) Tj ET Q q 0 0 0 rg BT 240.84 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 249.48 694.10 Td (e review unbilled rent receivables on a quarterly basis and take into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (consideration the tenant) Tj ET Q q 0 0 0 rg BT 148.30 682.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 218.75 682.10 Td (, the financial condition of the tenant, business conditions in the industry in which the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (tenant operates and economic conditions in the area in which the property is located. In the event that the collectibility of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (unbilled rent with respect to any given tenant is in doubt, we would be required to record an increase in our allowance for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (doubtful accounts or record a direct write-of) Tj ET Q q 0 0 0 rg BT 226.97 646.10 Td (f of the specific rent receivable, which would have an adverse ef) Tj ET Q q 0 0 0 rg BT 484.44 646.10 Td (fect on our net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (income for the year in which the reserve is increased or the direct write-of) Tj ET Q q 0 0 0 rg BT 346.08 634.10 Td (f is recorded and would decrease our total assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 103.13 622.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 129.98 622.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 598.10 Td (Real Estate Loans Receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Real estate loans receivable is shown at cost, net of any applicable allowance for uncollectibility and deferred loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (origination fees. ) Tj ET Q q 0 0 0 rg BT 117.30 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.94 562.10 Td (e defer certain loan origination fees and amortize them as an adjustment of yield over the term of the related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (real estate loan receivable. ) Tj ET Q q 0 0 0 rg BT 160.86 550.10 Td (The related amortization of the deferred loan origination fees are recorded in other revenue in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (accompanying consolidated statement of operations and comprehensive income \(loss\). ) Tj ET Q q 0 0 0 rg BT 400.73 538.10 Td (An allowance for the uncollectible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (portion of the real estate loans receivable is determined based upon an analysis of the economic conditions in the area in which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (the property is located and credit quality indicators which include the borrower) Tj ET Q q 0 0 0 rg BT 366.66 514.10 Td () Tj ET Q q 0 0 0 rg BT 369.43 514.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 439.89 514.10 Td (, the financial condition of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 86.25 502.10 Td (, and business conditions in the industry in which the borrower operates. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 478.10 Td (, a real estate loan receivable is considered to be impaired when, based upon current events, it is probable that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (we will be unable to collect all amounts due according to the existing contractual terms. If a real estate loan receivable is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (discounting the expected future cash flows at its ef) Tj ET Q q 0 0 0 rg BT 252.53 442.10 Td (fective interest rate or to the value of the underlying collateral if the real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (estate loan receivable is collateral dependent. Evaluating real estate loans receivable for potential impairment can require ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (management to exercise significant judgment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.11 418.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.33 418.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 319.45 418.10 Td (ges were recorded for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.56 418.10 Td (years ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.04 418.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.54 418.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.12 418.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 406.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.94 406.10 Td (201) Tj ET Q q 0 0 0 rg BT 106.57 406.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.57 406.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 382.10 Td (Derivative Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 358.10 Td (e have entered into several interest rate swap contracts and interest rate cap agreements as economic hedges against the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (variability of future interest rates on our variable interest rate borrowings.Our interest rate swaps ef) Tj ET Q q 0 0 0 rg BT 451.62 346.10 Td (fectively fixed the interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (rates on each of the loans to which they relate and the interest rate cap contracts have ef) Tj ET Q q 0 0 0 rg BT 400.49 334.10 Td (fectively limited the interest rate on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (loans to which they relate. ) Tj ET Q q 0 0 0 rg BT 157.56 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.20 322.10 Td (e have not designated any of these contracts as fair value or cash flow hedges for accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (The valuation of the interest rate contracts and agreements is determined using widely accepted valuation techniques ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (including discounted cash flow analysis on the expected cash flows of each derivative. ) Tj ET Q q 0 0 0 rg BT 398.60 274.10 Td (This analysis reflects the contractual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 275.68 262.10 Td (, and uses observable market-based inputs, including interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (curves. ) Tj ET Q q 0 0 0 rg BT 80.92 250.10 Td (The fair values of interest rate contracts and agreements are determined using the market standard methodology of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (netting the discounted future fixed cash receipts \(or payments\) and the discounted expected variable cash payments \(or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (receipts\). ) Tj ET Q q 0 0 0 rg BT 89.24 226.10 Td (The variable cash payments \(or receipts\) are based on an expectation of future interest rates \(forward curves\) derived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (from observable market interest rate curves.) Tj ET Q q 0 0 0 rg BT 228.35 214.10 Td (The interest rate contracts have been recorded at their estimated fair values in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (accompanying consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.48 202.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.07 202.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.51 202.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.51 202.10 Td (. Changes in the fair values of the interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (contracts have been recorded in the accompanying consolidated statements of operations and comprehensive income \(loss\) for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (the yearsended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.69 178.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.28 178.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.28 178.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.28 178.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.71 178.10 Td (201) Tj ET Q q 0 0 0 rg BT 252.34 178.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.34 178.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 154.10 Td (e also entered into foreign currency forward contracts as economic hedges against the variability of foreign exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (rates on our international investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.30 142.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.30 142.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.12 142.10 Td (These forward contracts ef) Tj ET Q q 0 0 0 rg BT 344.82 142.10 Td (fectively fixed the currency exchange rates on each of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (the investments to which they relate. ) Tj ET Q q 0 0 0 rg BT 198.95 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.58 130.10 Td (e did not designate any of these contracts as fair value or cash flow hedges for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (accounting purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (The valuation of these forward contracts is determined based on assumptions that management believes market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (participants would use in pricing, using widely accepted valuation techniques.) Tj ET Q q 0 0 0 rg BT 364.74 82.10 Td (This analysis reflects the contractual terms of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 225.42 70.10 Td (, and uses observable market-based inputs, including currency exchange rate curves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (and implied volatilities. ) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 89.45 742.25 Td (Accounting Pronouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (In December 201) Tj ET Q q 0 0 0 rg BT 137.04 718.25 Td (1, the Financial ) Tj ET Q q 0 0 0 rg BT 200.92 718.25 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 331.54 718.25 Td (ASB\) issued guidance on disclosures about of) Tj ET Q q 0 0 0 rg BT 519.66 718.25 Td (fsetting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 134.80 706.25 Td (This guidance results in enhanced disclosures by requiring improved information about financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (instruments and derivative instruments that are either \(1\) of) Tj ET Q q 0 0 0 rg BT 287.52 694.25 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 407.19 694.25 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 483.58 694.25 Td (ASC 815-10-45 or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (\(2\) subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are of) Tj ET Q q 0 0 0 rg BT 503.23 682.25 Td (fset in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (accordance with either ) Tj ET Q q 0 0 0 rg BT 142.45 670.25 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 218.84 670.25 Td (ASC 815-10-45. ) Tj ET Q q 0 0 0 rg BT 287.28 670.25 Td (The adoption of this guidance was ef) Tj ET Q q 0 0 0 rg BT 434.83 670.25 Td (fective for annual periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (beginning on or after January 1, 2013 and interim periods within those annual periods. ) Tj ET Q q 0 0 0 rg BT 398.08 658.25 Td (The adoption of this guidance did not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (have a material ef) Tj ET Q q 0 0 0 rg BT 121.16 646.25 Td (fect on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (In October 2012, F) Tj ET Q q 0 0 0 rg BT 143.36 622.25 Td (ASB clarified and relocated guidance in the ) Tj ET Q q 0 0 0 rg BT 320.24 622.25 Td (Accounting Standards Codification \(ASC or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Codification\), corrected unintended application of guidance and made minor improvements to the Codification that are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (expected to have a significant ef) Tj ET Q q 0 0 0 rg BT 178.93 598.25 Td (fect on current accounting practice. ) Tj ET Q q 0 0 0 rg BT 324.69 598.25 Td (Amendments made to the Codification without transition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (guidance are ef) Tj ET Q q 0 0 0 rg BT 110.89 586.25 Td (fective upon issuance and amendments subject to transition guidance were ef) Tj ET Q q 0 0 0 rg BT 418.94 586.25 Td (fective for fiscal periods beginning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (after December 15, 2012. ) Tj ET Q q 0 0 0 rg BT 156.72 574.25 Td (This guidance did not have a material impact on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.25 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 147.25 550.25 Td (ASB issued guidance to improve transparency of reporting reclassifications out of accumulated other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (comprehensive income. ) Tj ET Q q 0 0 0 rg BT 149.79 538.25 Td (The adoption of this guidance was ef) Tj ET Q q 0 0 0 rg BT 297.34 538.25 Td (fective for interim and annual periods beginning after December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (15, 2012. ) Tj ET Q q 0 0 0 rg BT 92.32 526.25 Td (The adoption of this guidance did not have a material ef) Tj ET Q q 0 0 0 rg BT 315.95 526.25 Td (fect on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 147.25 502.25 Td (ASB issued amendments to provide guidance on the recognition, measurement and disclosure of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (obligations resulting from joint and several liability arrangements for which the total amount of obligation within the scope of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP) Tj ET Q q 0 0 0 rg BT 491.84 478.25 Td (. ) Tj ET Q q 0 0 0 rg BT 499.16 478.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (amendments are ef) Tj ET Q q 0 0 0 rg BT 125.34 466.25 Td (fective for fiscal years, and interim periods within those years, beginning after December 15, 2013. ) Tj ET Q q 0 0 0 rg BT 524.19 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 532.83 466.25 Td (e have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (not concluded our analysis on this guidance, but we do not believe the adoption of this guidance will have a material impact on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.25 Td (In March 2013, F) Tj ET Q q 0 0 0 rg BT 137.25 418.25 Td (ASB issued guidance on releasing cumulative translation adjustments when a reporting entity ceases to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity) Tj ET Q q 0 0 0 rg BT 486.75 406.25 Td (. ) Tj ET Q q 0 0 0 rg BT 494.07 406.25 Td (The guidance is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 394.25 Td (fective on a prospective basis for fiscal years and interim reporting periods within those years beginning after December 15, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (2013. ) Tj ET Q q 0 0 0 rg BT 77.32 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.96 382.25 Td (e have not concluded our analysis on this guidance, but we do not believe the adoption of this guidance will have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (material impact on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td (In July 2013, F) Tj ET Q q 0 0 0 rg BT 127.82 346.25 Td (ASB issued amendments to the Codification to provide guidance on the presentation of an unrecognized tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ) Tj ET Q q 0 0 0 rg BT 456.62 334.25 Td (These amendments are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 322.25 Td (fective for fiscal years, and interim periods within those years, beginning after December 31, 2013. ) Tj ET Q q 0 0 0 rg BT 456.44 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 465.08 322.25 Td (e have not concluded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (our analysis on this guidance, but we do not believe the adoption of this guidance will have a material impact on our financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 140.30 274.25 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 201.44 274.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 235.61 274.25 Td (Resour) Tj ET Q q 0 0 0 rg BT 265.98 274.25 Td (ces) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 250.25 Td (Our principal demands for funds are to purchase real estate properties and make other real estate investments, for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (payment of operating expenses and distributions, and for the payment of principal and interest on indebtedness. Generally) Tj ET Q q 0 0 0 rg BT 536.99 238.25 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (expect to meet operating cash needs from our cash flows from operating activities, and we expect to meet cash needs for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (acquisitions and investments from the net proceeds of of) Tj ET Q q 0 0 0 rg BT 275.87 214.25 Td (ferings of our securities and from debt proceeds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.25 Td (One of our primary concerns is to invest proceeds raised from our of) Tj ET Q q 0 0 0 rg BT 342.18 190.25 Td (ferings as quickly and prudently as possible.In 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (a significant amount of investment capital began pursuing high-quality) Tj ET Q q 0 0 0 rg BT 332.62 178.25 Td (, well located assets and these conditions caused ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (aggressive competition and higher pricing for assets which match our investment strategy) Tj ET Q q 0 0 0 rg BT 407.87 166.25 Td (.) Tj ET Q q 0 0 0 rg BT 414.81 166.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 464.15 166.25 Td (, we experienced delays ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (in investing our public of) Tj ET Q q 0 0 0 rg BT 150.92 154.25 Td (fering proceeds which, combined with higher pricing, caused us to reduce the amount of per share, per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (day distributions declared from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.74 142.25 Td ($0.00191781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.24 142.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.02 142.25 Td ($0.0017808) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.52 142.25 Td ( ef) Tj ET Q q 0 0 0 rg BT 300.61 142.25 Td (fective January 1, 2012. See Cash Flows from Financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (Activities Distributions later in this section for additional information regarding our distributions. ) Tj ET Q q 0 0 0 rg BT 453.82 130.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.27 130.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.85 130.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (all of the proceeds from our public of) Tj ET Q q 0 0 0 rg BT 199.49 118.25 Td (ferings raised to date had been invested in or committed to various real estate investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.25 Td (Until the proceeds from our public of) Tj ET Q q 0 0 0 rg BT 217.22 94.25 Td (ferings are fully invested, and from time to time thereafter) Tj ET Q q 0 0 0 rg BT 449.51 94.25 Td (, we may not generate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 82.25 Td (ficient cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 324.31 82.25 Td (Therefore some or all of our distributions may continue to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (be paid from other sources, such as proceeds from our debt financings, proceeds from our public of) Tj ET Q q 0 0 0 rg BT 446.92 70.25 Td (ferings, cash advances by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 58.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 97.10 58.25 Td (, and cash resulting from a waiver or deferral of fees. In ) Tj ET Q q 0 0 0 rg BT 324.51 58.25 Td (April 2012, our ) Tj ET Q q 0 0 0 rg BT 388.39 58.25 Td (Advisor agreed to waive the asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (management fee otherwise payable to it pursuant to the ) Tj ET Q q 0 0 0 rg BT 272.98 46.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 312.15 46.25 Td (Agreement for each quarter in 2012 and 2013, to the extent ) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (that our MFFO for a particular quarter) Tj ET Q q 0 0 0 rg BT 202.89 742.10 Td (, as disclosed in each of our quarterly reports, amounts to less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.43 742.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.76 742.10 Td ( of the aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 201.62 730.10 Td (. In December 2013, our ) Tj ET Q q 0 0 0 rg BT 303.81 730.10 Td (Advisor agreed to waive asset management fees otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (payable to it for the year ended December 31, 2014 to the extent that our MFFO for the year ended December 31, 2014, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (disclosed in our ) Tj ET Q q 0 0 0 rg BT 115.27 706.10 Td (Annual Report on Form 10-K for such year) Tj ET Q q 0 0 0 rg BT 288.45 706.10 Td (, amounts to less than 100% of the aggregate distributions declared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (to our stockholders for the year ended December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 290.02 694.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 495.65 694.10 Td (, these fees will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (not be paid to the ) Tj ET Q q 0 0 0 rg BT 121.38 682.10 Td (Advisor in cash at any time in the future. ) Tj ET Q q 0 0 0 rg BT 289.77 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 307.26 682.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.36 682.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.25 682.10 Td ( of asset management fees payable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (to it during the three months ended March 31, 2013. However) Tj ET Q q 0 0 0 rg BT 299.82 670.10 Td (, because MFFO exceeded distributions declared to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (stockholders for each of the last three quarters of 2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.98 658.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.98 658.10 Td ( asset management fees were waived for those periods. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.58 646.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.58 646.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.17 646.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 196.33 646.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.43 646.10 Td ($8.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.32 646.10 Td ( in asset management fees. See Results of Operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 634.10 Td (ear ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.30 634.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.89 634.10 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.39 634.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.98 634.10 Td ( Other Expenses, for additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (information regarding our asset management fee waiver) Tj ET Q q 0 0 0 rg BT 273.25 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 283.07 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 288.48 622.10 Td (o date, the ) Tj ET Q q 0 0 0 rg BT 331.80 622.10 Td (Advisor has waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.73 622.10 Td ($12.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.62 622.10 Td ( in asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 73.42 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.06 610.10 Td (e have not placed a cap on the amount of our distributions that may be paid from sources other than cash flows from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (operations, including proceeds from our debt financings, proceeds from this of) Tj ET Q q 0 0 0 rg BT 364.18 598.10 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 480.25 598.10 Td (Advisor and cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (resulting from a waiver or deferral fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 562.10 Td (e believe that the proper use of leverage can enhance returns on real estate investments. ) Tj ET Q q 0 0 0 rg BT 428.52 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 437.16 562.10 Td (e expect that once we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (fully invested the proceeds of our of) Tj ET Q q 0 0 0 rg BT 194.78 550.10 Td (ferings, our debt financing, including our pro rata share of the debt financing of entities in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (which we invest, will be in the range of approximately 50% - 70% of the aggregate value of our real estate investments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (other assets. ) Tj ET Q q 0 0 0 rg BT 100.83 526.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.27 526.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.85 526.10 Td (, our portfolio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.23 526.10 Td (48%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.56 526.10 Td (leveraged, based on the values of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 547.08 526.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (that time, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.37 514.10 Td ($2.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.48 514.10 Td ( of principal outstanding under our various loan agreements with a weighted average interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 502.10 Td (3.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.66 502.10 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 149.24 502.10 Td (fects of related interest rate swaps. Comparatively) Tj ET Q q 0 0 0 rg BT 348.79 502.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.45 502.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.03 502.10 Td (, our portfolio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.41 502.10 Td (39%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.74 502.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (leveraged, based on the aggregate purchase price of our real estate investments, and we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.45 490.10 Td ($858.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.34 490.10 Td ( of principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (outstanding under various loan agreements with a weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.33 478.10 Td (4.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.16 478.10 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 472.73 478.10 Td (fects of related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (interest rate swaps.) Tj ET Q BT /F2 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 BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 418.10 Td ( ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 61.50 418.10 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 178.93 418.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (property-level operating expenses and interest payments. Property-level operating expenses consist primarily of salaries and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (wages of property management personnel, utilities, cleaning, insurance, security and building maintenance costs, property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (management and leasing fees, and property taxes. ) Tj ET Q q 0 0 0 rg BT 250.76 358.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 300.66 358.10 Td (, we incur general and administrative expenses, acquisition fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (and expenses and asset management fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Net cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.21 322.10 Td (provided by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.25 322.10 Td ( operating activities for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.58 322.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.16 322.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.71 322.10 Td ($40.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.60 322.10 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.31 322.10 Td ($38.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 310.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.05 310.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.64 310.10 Td (. Net cash provided by operating activities was reduced by the payment of acquisition fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (and acquisition-related expenses totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.50 298.10 Td ($83.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.39 298.10 Td ( during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 298.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.89 298.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.33 298.10 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.22 298.10 Td ( during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.08 286.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.67 286.10 Td (. Under GAAP) Tj ET Q q 0 0 0 rg BT 235.78 286.10 Td (, acquisition fees and acquisition-related expenses are expensed and therefore ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 266.19 274.10 Td (, we fund these expenses with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 499.55 274.10 Td (ferings or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (equity capital. Excluding the ef) Tj ET Q q 0 0 0 rg BT 177.55 262.10 Td (fect of these fees and expenses, operating cash flows increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.56 262.10 Td ($55.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.45 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 504.77 262.10 Td (This increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (is due to our acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.43 250.10 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.43 250.10 Td ( operating properties during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.29 250.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.29 250.10 Td ( and the operation of properties acquired during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.55 250.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.55 250.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (entire year) Tj ET Q q 0 0 0 rg BT 91.92 238.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Net cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.21 214.10 Td (provided by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.25 214.10 Td ( operating activities for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.58 214.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.16 214.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.71 214.10 Td ($38.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.60 214.10 Td ( compared to cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (provided by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.05 202.10 Td ( operating activities of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.24 202.10 Td (24.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.13 202.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.59 202.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 394.80 202.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.80 202.10 Td (. Net cash provided by operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (activities was reduced by the payment of acquisition fees and acquisition-related expenses totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.26 190.10 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 190.10 Td ( during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.08 178.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.67 178.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.11 178.10 Td ($17.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.00 178.10 Td ( during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.91 178.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 413.12 178.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.12 178.10 Td (. Excluding these fees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (expenses, operating cash flows increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.11 166.10 Td ($26.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.00 166.10 Td ( between these periods as a result of our acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.66 166.10 Td (nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (operating properties during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.36 154.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.36 154.10 Td ( and the operation of properties which were acquired during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.49 154.10 Td (201) Tj ET Q q 0 0 0 rg BT 438.12 154.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.12 154.10 Td ( for the entire year) Tj ET Q q 0 0 0 rg BT 516.42 154.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 130.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 173.10 130.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (Net cash used in investing activitiesprimarily relates to payments made for the acquisition of our real estate investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (including deposits for pending acquisitions and activities related to our loans receivable. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.37 94.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 82.10 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.88 82.10 Td ($1.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.99 82.10 Td ( primarily related to our acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.22 82.10 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.22 82.10 Td ( real estate investments. ) Tj ET Q q 0 0 0 rg BT 420.57 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.20 82.10 Td (e also paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.47 82.10 Td ($1) Tj ET Q q 0 0 0 rg BT 484.10 82.10 Td (1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.99 82.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (capital expenditures at our operating properties and paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.70 70.10 Td ($44.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.59 70.10 Td ( in capital expenditures at our multi-family development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (projects in Houston, ) Tj ET Q q 0 0 0 rg BT 133.14 58.10 Td (T) Tj ET Q q 0 0 0 rg BT 138.55 58.10 Td (exas and Miami, Florida during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.22 58.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.81 58.10 Td (. ) Tj ET Q q 0 0 0 rg BT 413.75 58.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 463.66 58.10 Td (, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 46.10 Td (, we made loans of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.34 46.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.23 46.10 Td ( and received proceeds from loans receivable of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.02 46.10 Td ($12.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.92 46.10 Td (. ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (By comparison, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.23 730.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.82 730.10 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.70 730.10 Td ($593.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.59 730.10 Td ( related to our acquisitions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.00 730.10 Td (nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.22 730.10 Td ( real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (estate investments. ) Tj ET Q q 0 0 0 rg BT 130.36 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 138.99 718.10 Td (e also paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.26 718.10 Td ($12.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.15 718.10 Td ( in capital expenditures at our operating properties and paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.62 718.10 Td ($18.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.51 718.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (capital expenditures at our multi-family development projects in Houston, ) Tj ET Q q 0 0 0 rg BT 348.63 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 354.04 706.10 Td (exas and Miami, Florida during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.63 706.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 77.32 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.96 694.10 Td (e also paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.22 694.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.11 694.10 Td ( related to our unconsolidated joint venture investment in @1377 and paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.81 694.10 Td ($7.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.70 694.10 Td ( related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to deposits on pending acquisitions that were completed in 2013. ) Tj ET Q q 0 0 0 rg BT 313.85 682.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 363.75 682.10 Td (, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.16 682.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.74 682.10 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (made loans of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.59 670.10 Td ($33.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.49 670.10 Td ( and received proceeds from loans receivable of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.28 670.10 Td ($3.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.17 670.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 646.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 232.84 646.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.84 646.10 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.72 646.10 Td ($603.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.61 646.10 Td ( related to our acquisitions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.03 646.10 Td (seven) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.79 646.10 Td ( real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 105.09 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 113.73 634.10 Td (e also paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.99 634.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.89 634.10 Td ( in capital expenditures at our operating properties and paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.36 634.10 Td ($8.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.25 634.10 Td ( in capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (expenditures at our multi-family development projects in Houston, ) Tj ET Q q 0 0 0 rg BT 319.48 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 324.89 622.10 Td (exas for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.12 622.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 493.33 622.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.33 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 505.65 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 514.29 622.10 Td (e also paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td ($24.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 610.10 Td ( related to deposits on pending acquisitions that were completed in 2012 and invested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.26 610.10 Td ($4.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.15 610.10 Td ( in real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (loans receivable during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.80 598.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 219.01 598.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.01 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.96 598.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 280.86 598.10 Td (, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.27 598.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 448.48 598.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.48 598.10 Td (, we made loans of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.24 598.10 Td ($4.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 586.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 562.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 562.10 Td (, we had an increase in restricted cash of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.58 562.10 Td ($4.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.48 562.10 Td ( primarily related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (escrows required by several of our outstanding mortgage loans. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.67 550.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.25 550.10 Td (, we had an increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (in restricted cash of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.08 538.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.97 538.10 Td ( primarily related to escrows required by several of our outstanding mortgage loans. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.80 526.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 184.01 526.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.01 526.10 Td (, restricted cash increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.74 526.10 Td ($6.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.63 526.10 Td ( primarily related to a reserve that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 119.52 514.10 Td ( was required to fund that was depleted in 2012 and escrows required by several of our outstanding mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (loans.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 59.00 478.10 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 178.11 478.10 Td (Activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (Public Offerings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.52 430.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.11 430.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.11 430.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.11 430.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.54 430.10 Td (201) Tj ET Q q 0 0 0 rg BT 301.17 430.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.17 430.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 358.83 430.10 Td (, we raised proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.24 430.10 Td ($772.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.13 430.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.13 430.10 Td ($556.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 418.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 418.10 Td ($468.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.22 418.10 Td ( from our public of) Tj ET Q q 0 0 0 rg BT 233.13 418.10 Td (ferings, excluding proceeds from the distribution reinvestment plan. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.30 406.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.88 406.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.88 406.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.88 406.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.32 406.10 Td (201) Tj ET Q q 0 0 0 rg BT 280.95 406.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.95 406.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 338.61 406.10 Td (, we redeemed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.14 406.10 Td ($18.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.03 406.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.03 406.10 Td ($1) Tj ET Q q 0 0 0 rg BT 467.66 406.10 Td (1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.55 406.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.99 406.10 Td ($7.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 394.10 Td ( in shares of our common stock through our share redemption program. ) Tj ET Q q 0 0 0 rg BT 366.33 394.10 Td (As described previously) Tj ET Q q 0 0 0 rg BT 462.32 394.10 Td (, we terminated the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Initial Of) Tj ET Q q 0 0 0 rg BT 86.75 382.10 Td (fering on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.63 382.10 Td (February1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.23 382.10 Td ( and commenced the Second Of) Tj ET Q q 0 0 0 rg BT 321.50 382.10 Td (fering on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.38 382.10 Td (February4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.98 382.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (In addition to the investing activities described above, we use proceeds from our public of) Tj ET Q q 0 0 0 rg BT 428.00 358.10 Td (ferings of securities to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (certain payments to the ) Tj ET Q q 0 0 0 rg BT 144.97 346.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 176.79 346.10 Td (, our Dealer Manager and Hines and their af) Tj ET Q q 0 0 0 rg BT 352.92 346.10 Td (filiates during the various phases of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 334.10 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 215.70 334.10 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 284.94 334.10 Td (fering stage, these include payments to our Dealer Manager for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (selling commissions and the dealer manager fee and payments to our ) Tj ET Q q 0 0 0 rg BT 327.42 322.10 Td (Advisor for reimbursement of issuer costs. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.98 310.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.56 310.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.56 310.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.56 310.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.00 310.10 Td (201) Tj ET Q q 0 0 0 rg BT 237.63 310.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.63 310.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.29 310.10 Td (, we made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.26 310.10 Td ($84.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 310.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 310.10 Td ($58.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.04 310.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.48 310.10 Td ($51.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 298.10 Td (, for selling commissions, dealer manager fees and issuer costs related to our public of) Tj ET Q q 0 0 0 rg BT 423.61 298.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 456.20 298.10 Td (The increase from year to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (year is primarily related to an increase in the proceeds raised from our public of) Tj ET Q q 0 0 0 rg BT 368.58 286.10 Td (ferings during each successive year) Tj ET Q q 0 0 0 rg BT 509.64 286.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 238.10 Td (ith the authorization of our board of directors, we declared distributions to our stockholders and HALP) Tj ET Q q 0 0 0 rg BT 487.68 238.10 Td ( for the period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (from October 20, 2009 through December31, 201) Tj ET Q q 0 0 0 rg BT 250.97 226.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 260.79 226.10 Td (These distributions were calculated based on stockholders of record for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (each day in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.90 214.10 Td ($0.0019178) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.40 214.10 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 297.32 214.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (As described previously in the Financial Condition, Liquidity and Capital Resources section, we have declared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (distributions for the months of January 2012 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.87 178.10 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.47 178.10 Td ( at an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.55 178.10 Td ($0.0017808) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.05 178.10 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 523.97 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 531.29 178.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (per share, per day amount was a decrease from the amount per share, per day that was declared for the period from October 20, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (2009 through December 31, 201) Tj ET Q q 0 0 0 rg BT 179.32 154.10 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (In our initial quarters of operations, and from time to time thereafter) Tj ET Q q 0 0 0 rg BT 340.29 130.10 Td (, our cash flows from operations have been and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (continue to be insuf) Tj ET Q q 0 0 0 rg BT 128.97 118.10 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 308.77 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 317.41 118.10 Td (e funded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.61 118.10 Td (53%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.94 118.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.21 118.10 Td (201) Tj ET Q q 0 0 0 rg BT 487.84 118.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.84 118.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.84 118.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.17 118.10 Td ( of total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.67 106.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.67 106.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.10 106.10 Td (67%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.43 106.10 Td ( of total distributions for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.70 106.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.70 106.10 Td ( with cash flows from financing activities, which include proceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (from our public of) Tj ET Q q 0 0 0 rg BT 123.41 94.10 Td (ferings and proceeds from our debt financings. ) Tj ET Q q 0 0 0 rg BT 314.75 94.10 Td (Also, during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.96 94.10 Td (years ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.44 94.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.94 94.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.52 94.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.52 94.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.52 94.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 82.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 82.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.29 82.10 Td (, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.17 82.10 Td ($83.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.06 82.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.06 82.10 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.95 82.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.39 82.10 Td ($17.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.28 82.10 Td ( in acquisition fees and expenses. Under GAAP) Tj ET Q q 0 0 0 rg BT 539.18 82.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (acquisition fees and acquisition-related expenses are expensed and therefore reduce cash flows from operating activities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 58.10 Td (, we fund these expenses with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 319.61 58.10 Td (ferings or other equity capital. See Results of ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Operations Funds from Operations and Modified Funds from Operations for additional information regarding our fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Distributions are paid monthly on the first business day following the completion of each month to which they relate. ) Tj ET Q q 0 0 0 rg BT 539.02 706.10 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (distributions were or will be paid in cash or reinvested in shares of our common stock for those participating in our distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (reinvestment plan. Distributions paid to stockholders \(including those reinvested in stock\) during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.46 682.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 670.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 670.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 670.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.44 670.10 Td (201) Tj ET Q q 0 0 0 rg BT 129.07 670.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.07 670.10 Td ( were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.50 670.10 Td ($1) Tj ET Q q 0 0 0 rg BT 168.13 670.10 Td (15.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.02 670.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.02 670.10 Td ($71.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.91 670.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.35 670.10 Td ($44.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.24 670.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 401.90 670.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (The Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 155.57 646.10 Td ( declared distributions related to the operations of the Brindleyplace Project of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.58 646.10 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.47 646.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.47 646.10 Td ($2.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 634.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 634.10 Td ($3.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.22 634.10 Td ( to Moorfield for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.90 634.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.48 634.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.48 634.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.48 634.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.92 634.10 Td (201) Tj ET Q q 0 0 0 rg BT 419.55 634.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.55 634.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 477.21 634.10 Td (.) Tj ET Q q 0 0 0 rg BT 482.03 634.10 Td (The table below ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (contains additional information regarding distributions to our stockholders and noncontrolling interest holders \(HALP) Tj ET Q q 0 0 0 rg BT 521.03 622.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Moorfield and Flagship Capital GP\) as well as the sources of distribution payments \(all amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 533.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.50 533.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 533.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 533.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 533.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 533.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 533.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 533.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 533.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 533.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 533.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 533.60 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 533.60 19.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 533.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 533.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 533.60 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 138.50 505.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 142.50 505.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.50 505.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 205.50 505.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 505.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 505.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 505.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 505.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 505.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 505.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 505.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 505.60 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 505.60 19.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 505.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 505.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 505.60 30.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 142.5 564.6 m 201.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 564.6 m 205.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 564.6 m 264.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 564.6 m 268.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 564.6 m 313.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 564.6 m 386.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 564.6 m 435.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 564.6 m 439.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 564.6 m 469.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 564.6 m 488.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 564.6 m 528.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 564.6 m 532.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 564.6 m 562.5 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 533.6 m 138.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 142.5 533.6 m 201.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 533.6 m 264.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 533.6 m 313.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 533.6 m 386.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 533.6 m 435.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 533.6 m 439.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 533.6 m 469.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 533.6 m 528.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 533.6 m 532.5 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 533.6 m 562.5 533.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 569.06 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.45 569.05 Td (Stockholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.55 578.05 Td (Noncontrolling) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.80 569.05 Td (Interests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.05 569.05 Td (Sources) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 547.05 Td (Distributions for the) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 538.05 Td (Three Years Ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.70 547.05 Td (Cash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.20 538.05 Td (Distributions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.20 547.05 Td (Distributions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.50 538.05 Td (Reinvested) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.65 547.05 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.30 538.05 Td (Declared) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.35 538.05 Td (Total Declared) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.55 556.00 Td (Cash Flows From) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.75 547.00 Td (Operating) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.50 538.00 Td (Activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.00 538.06 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.05 556.00 Td (Cash Flows Fr) Tj ET Q q 0 0 0 rg BT 546.89 556.00 Td (om ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.70 547.00 Td (Financing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.85 538.00 Td (Activities) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 538.84 542.08 Td ( \(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 524.06 Td (December 31, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 145.00 524.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.25 524.06 Td (56,702) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.00 524.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.25 524.06 Td (63,062) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 524.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.75 524.06 Td (119,764) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.00 524.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 524.06 Td (3,331) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.00 524.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 524.06 Td (40,524) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 524.06 Td (33) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 524.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 524.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 524.06 Td (82,571) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.50 524.06 Td (67) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.50 524.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 510.06 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 145.00 510.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.25 510.06 Td (35,581) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.00 510.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.25 510.06 Td (38,394) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 510.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 510.06 Td (73,975) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.00 510.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 510.06 Td (3,159) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.00 510.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 510.06 Td (38,850) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 510.06 Td (50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 510.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 510.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 510.06 Td (38,284) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.50 510.06 Td (50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.50 510.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 496.06 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 145.00 496.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 173.25 496.06 Td (22,287) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.00 496.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.25 496.06 Td (24,911) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 496.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 496.06 Td (47,198) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.00 496.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 496.06 Td (3,808) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.00 496.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 496.06 Td (23,991) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.50 496.06 Td (47) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 496.06 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.00 496.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.25 496.06 Td (27,015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.50 496.06 Td (53) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 554.50 496.06 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 474.10 Td (Cash flows from financing activities includes proceeds from our public of) Tj ET Q q 0 0 0 rg BT 363.30 474.10 Td (ferings, equity capital contributions from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 462.10 Td (noncontrolling interests and proceeds from debt financings.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 438.10 Td (Debt Financings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 414.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 414.10 Td (e utilize permanent mortgage financing to leverage returns on our real estate investments and use borrowings under our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (revolving credit facility with JPMor) Tj ET Q q 0 0 0 rg BT 193.68 402.10 Td (gan Chase Bank, N.A. \(the Revolving Credit Facility\) to provide funding for near) Tj ET Q q 0 0 0 rg BT 528.68 402.10 Td (-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (investment or working capital needs. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.59 390.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.18 390.10 Td (, we entered into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.32 390.10 Td ($676.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.21 390.10 Td ( of mortgage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (financing with a weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.47 378.10 Td (2.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.30 378.10 Td (, related to the acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.21 378.10 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.21 378.10 Td ( operating properties with an aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (net purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.07 366.10 Td ($1.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.18 366.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.13 366.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 239.03 366.10 Td (, two of our multi-family development projects borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.37 366.10 Td ($44.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.26 366.10 Td ( to fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (construction costs. ) Tj ET Q q 0 0 0 rg BT 129.25 354.10 Td (The Flagship JV) Tj ET Q q 0 0 0 rg BT 195.18 354.10 Td ( borrowed an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.93 354.10 Td ($8.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.82 354.10 Td ( under its revolving credit facility related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (funding of its loans receivable during the period and made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.70 342.10 Td ($4.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.59 342.10 Td ( on its revolving credit facility) Tj ET Q q 0 0 0 rg BT 507.29 342.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 318.10 Td (During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.83 318.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.41 318.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.91 318.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.50 318.10 Td (, we also borrowed approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.35 318.10 Td ($1.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.46 318.10 Td ( under our Revolving Credit Facility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (and bridge loan and made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.45 306.10 Td ($943.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.34 306.10 Td (. ) Tj ET Q q 0 0 0 rg BT 273.29 306.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 323.19 306.10 Td (, we also made payments of $53.2 million \(net of hedge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (settlement\) and received proceeds of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.10 294.10 Td (51.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.99 294.10 Td ( on the 56.3 million ) Tj ET Q q 0 0 0 rg BT 333.54 294.10 Td (AUD credit facility related to 144 Montague.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 270.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 270.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 270.10 Td (, we made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.19 270.10 Td ($10.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.08 270.10 Td ( for financing costs related to our loans and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td ($4.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 258.10 Td ( related to our interest rate caps.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 234.10 Td ( During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.13 234.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.71 234.10 Td (, we entered into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.86 234.10 Td ($249.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.75 234.10 Td ( of mortgage financing with a weighted average ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.25 222.10 Td (4.35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.08 222.10 Td (, related to the acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.99 222.10 Td (nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.21 222.10 Td ( operating properties with an aggregate net purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.10 222.10 Td ($626.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 210.10 Td (. ) Tj ET Q q 0 0 0 rg BT 85.84 210.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.74 210.10 Td (, two of our multi-family development projects borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.08 210.10 Td ($19.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.97 210.10 Td ( to fund construction costs and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 129.26 198.10 Td ( borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.58 198.10 Td ($7.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.47 198.10 Td ( related to its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.90 198.10 Td ($28.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.79 198.10 Td ( investments in loans receivable. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 186.10 Td (, we borrowed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.56 186.10 Td ($492.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.46 186.10 Td ( and made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.71 186.10 Td ($551.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.60 186.10 Td ( under our two bridge loans and our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (revolving credit facility) Tj ET Q q 0 0 0 rg BT 143.76 174.10 Td (. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.89 174.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.47 174.10 Td (, we made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.45 174.10 Td ($5.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.34 174.10 Td ( for financing costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (related to our loans and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.36 162.10 Td ($1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.25 162.10 Td ( related to our interest rate caps. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 138.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 138.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 232.84 138.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.84 138.10 Td (, we entered into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.98 138.10 Td ($189.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.88 138.10 Td ( of mortgage financing \(including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.34 138.10 Td ($97.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.23 138.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (in mortgages that were assumed\) with a weighted average interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.33 126.10 Td (5.29%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.16 126.10 Td (, related to the acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.07 126.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.73 126.10 Td ( operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (properties with an aggregate net purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.13 114.10 Td ($702.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.03 114.10 Td (. ) Tj ET Q q 0 0 0 rg BT 315.84 114.10 Td (W) Tj ET Q q 0 0 0 rg BT 324.48 114.10 Td (e also made payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.84 114.10 Td ($4.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.73 114.10 Td ( for financing costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (related to our loans. ) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Contributions Fr) Tj ET Q q 0 0 0 rg BT 135.70 742.10 Td (om Noncontr) Tj ET Q q 0 0 0 rg BT 187.82 742.10 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 232.73 742.10 Td (ests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.52 718.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.11 718.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.54 718.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.54 718.10 Td (, Moorfield made contributions in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.34 718.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.23 718.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td ($4.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 706.10 Td (, which is recorded in contributions from noncontrolling interests in our consolidated statement of cash flows. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.52 694.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.11 694.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.54 694.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.54 694.10 Td (, the Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 363.27 694.10 Td (, the noncontrolling interest in the Flagship JV) Tj ET Q q 0 0 0 rg BT 548.07 694.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (contributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.04 682.10 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.93 682.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.37 682.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.26 682.10 Td (, respectively to the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 375.33 682.10 Td ( which is also recorded in contributions from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (noncontrolling interests in our consolidated statement of cash flows. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Results of Operations) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.50 622.10 Td (Y) Tj ET Q q 0 0 0 rg BT 63.50 622.10 Td (ear ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 106.27 622.10 Td (December31, 2013) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 185.41 622.10 Td ( compared to the year ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 303.72 622.10 Td (December31, 2012) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 382.87 622.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 598.10 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 107.68 598.10 Td (e ) Tj ET Q q 0 0 0 rg BT 114.44 598.10 Td (Analysis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 574.10 Td (e owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.24 574.10 Td (34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.24 574.10 Td ( real estate investments that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.18 574.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.51 574.10 Td ( leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.16 574.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.74 574.10 Td (, compared to 21 real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (investments that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.20 562.10 Td (94%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.53 562.10 Td ( leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.17 562.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.76 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 295.08 562.10 Td (The following table presents the property-level revenues in excess ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (of expenses for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.89 550.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.47 550.10 Td (, as compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.59 550.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.59 550.10 Td (, by reportable segment. Same-store ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (properties for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.95 538.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.53 538.10 Td ( include 12 properties owned as of January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.37 538.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.37 538.10 Td ( that were 97% leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 526.10 Td ( compared to 93% leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.76 526.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.35 526.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 367.88 526.10 Td (, the results below reflect three real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (investments, including the Flagship JV) Tj ET Q q 0 0 0 rg BT 205.14 514.10 Td ( and two multi-family projects that have not been completed. ) Tj ET Q q 0 0 0 rg BT 453.41 514.10 Td (As we are currently in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (acquisition phase of our life cycle, changes in our results of operations related to our properties are primarily due to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (acquisition of properties, as indicated by the same-store analysis below) Tj ET Q q 0 0 0 rg BT 333.22 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 340.16 490.10 Td (All amounts are in thousands, except for percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 407.60 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 407.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 407.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 407.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 407.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 407.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 407.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 407.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 377.60 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 377.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 377.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 377.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 377.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 377.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 377.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 377.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 347.60 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 347.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 347.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 347.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 347.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 347.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 347.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 347.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 317.60 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 317.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 317.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 317.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 317.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 317.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 317.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 317.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 286.60 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 286.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 286.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 286.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 286.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 286.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 286.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 286.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 256.60 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 256.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 256.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 256.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 256.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 256.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 256.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 256.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 226.60 230.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 226.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 226.60 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 226.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 226.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 226.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 226.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 226.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 452.6 m 344 452.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344 452.6 m 354 452.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354 452.6 m 418 452.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426 452.6 m 490 452.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490 452.6 m 499 452.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499 452.6 m 563 452.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 437.6 m 344 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354 437.6 m 418 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426 437.6 m 490 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499 437.6 m 563 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 347.6 m 344 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 347.6 m 418 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 347.6 m 490 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 347.6 m 563 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 317.6 m 344 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 303.6 m 344 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 301.6 m 344 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 317.6 m 418 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 303.6 m 418 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 301.6 m 418 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 317.6 m 490 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 303.6 m 490 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 301.6 m 490 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 317.6 m 563 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 303.6 m 563 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 301.6 m 563 301.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 457.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.10 457.28 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 477.60 457.28 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 442.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.50 442.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 375.50 442.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 455.00 442.28 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.50 442.28 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 427.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.87 427.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 97.39 427.28 Td (evenues in excess of expenses ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 223.21 431.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 427.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 427.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 427.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.50 427.27 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 412.31 Td (Same-store properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 397.27 Td (Domestic office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 397.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 397.27 Td (38,960) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 397.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 397.27 Td (39,591) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 397.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 397.32 Td (\(631) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 397.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.45 397.27 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 397.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 382.27 Td (Domestic other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 382.27 Td (20,135) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 382.27 Td (18,026) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 382.27 Td (2,109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 382.27 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 382.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 367.27 Td (International office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 367.27 Td (18,139) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 367.27 Td (18,438) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 367.32 Td (\(299) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 367.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.45 367.27 Td (\(2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 367.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 352.27 Td (International other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 352.27 Td (25,502) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 352.27 Td (25,101) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 352.27 Td (401) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 352.27 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 352.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 337.27 Td (Total same-store properties) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 337.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 337.27 Td (102,736) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 337.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 337.27 Td (101,156) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 337.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 337.27 Td (1,580) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.80 337.27 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 337.27 Td (%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 322.31 Td (Recent acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 322.27 Td (118,033) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 322.27 Td (25,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 322.27 Td (92,988) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.80 322.27 Td (371) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 322.27 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 307.28 Td (Total property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 307.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 307.27 Td (220,769) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 307.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 307.27 Td (126,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 307.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 307.27 Td (94,568) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 307.27 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 307.27 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 276.28 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 276.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 276.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 276.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.50 276.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 261.27 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 261.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 261.27 Td (140,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 261.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 261.27 Td (84,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 261.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 261.27 Td (55,440) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 261.27 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 261.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 246.27 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 246.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 246.27 Td (60,968) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 246.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 246.27 Td (37,915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 246.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 246.27 Td (23,053) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 246.27 Td (61) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 246.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 231.27 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 231.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 231.27 Td (454) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 231.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 231.27 Td (227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 231.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 231.27 Td (227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.80 231.27 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 231.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 216.27 Td (Income tax provision) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.50 216.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 216.27 Td (701) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.50 216.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 216.27 Td (1,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.50 216.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 216.32 Td (\(446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 216.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.45 216.27 Td (\(39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.80 216.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 188.10 Td (Property ) Tj ET Q q 0 0 0 rg BT 105.34 188.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 144.28 188.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.45 188.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 184.95 188.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.68 188.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 236.18 188.10 Td (include ) Tj ET Q q 0 0 0 rg BT 269.01 188.10 Td (total ) Tj ET Q q 0 0 0 rg BT 290.19 188.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 329.12 188.10 Td (less ) Tj ET Q q 0 0 0 rg BT 347.52 188.10 Td (property ) Tj ET Q q 0 0 0 rg BT 384.80 188.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 425.96 188.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 467.96 188.10 Td (real ) Tj ET Q q 0 0 0 rg BT 486.35 188.10 Td (property ) Tj ET Q q 0 0 0 rg BT 523.63 188.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 547.57 188.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 176.10 Td (property ) Tj ET Q q 0 0 0 rg BT 103.88 176.10 Td (management ) Tj ET Q q 0 0 0 rg BT 157.47 176.10 Td (fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 152.10 Td (In total, property revenues in excess of expenses of the same-store properties increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.92 152.10 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.25 152.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.63 152.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.22 152.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 140.10 Td ( as compared to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.33 140.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.92 140.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.42 140.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 140.10 Td (. See bullet points below describing the most significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (variances in our property revenues in excess of expenses at our same-store properties: ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 742.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 742.25 Td (Domestic other) Tj ET Q q 0 0 0 rg BT 150.02 742.25 Td ( investments:) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 722.09 cm /I20 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 724.25 Td (W) Tj ET Q q 0 0 0 rg BT 130.14 724.25 Td (e experienced an increase in interest income earned on our real estate loans receivable from the Flagship ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 712.25 Td (Capital JV) Tj ET Q q 0 0 0 rg BT 163.81 712.25 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.19 712.25 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.78 712.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.28 712.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.86 712.25 Td (, due to an increase in our loan real estate receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 700.25 Td (balance. ) Tj ET Q q 0 0 0 rg BT 158.98 700.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.42 700.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.01 700.25 Td (, our loans receivable balance from the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 498.98 700.25 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.53 700.25 Td ($39.6 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 688.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.39 688.25 Td (, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.42 688.25 Td ($31.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.32 688.25 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.53 688.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.12 688.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 668.09 cm /I21 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 130.14 670.25 Td (e experienced an increase in fees received for telecommunication-related services for new and existing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 658.25 Td (tenants at Komo Plaza \(previously referred to as Fisher Plaza\) which increased our rental revenues for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 646.25 Td (property) Tj ET Q q 0 0 0 rg BT 154.73 646.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 622.25 Td (Derivative Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 598.25 Td (e have entered into several interest rate contracts as economic hedges against the fluctuation of future interest rates on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (our variable interest rate borrowings, and we have also entered into several foreign currency forward contracts as economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (hedges against the variability of future exchange rates on our international investments. ) Tj ET Q q 0 0 0 rg BT 401.71 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 410.34 574.25 Td (e have not designated any of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (contracts as cash flow hedges for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 271.19 562.25 Td (These derivatives have been recorded at their estimated fair values in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (the accompanying consolidated balance sheets. Changes in the fair value of these derivatives result in gains or losses recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (in our consolidated statements of operations and comprehensive income \(loss\). See Item 7A. Quantitative and Qualitative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (Disclosures ) Tj ET Q q 0 0 0 rg BT 98.11 526.25 Td (About Market Risk included elsewhere in this ) Tj ET Q q 0 0 0 rg BT 288.35 526.25 Td (Annual Report on Form 10-K for additional information regarding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (certain risks related to our derivatives, such as the risk of counterparty non-performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 490.25 Td (The table below summarizes the activity related to our derivatives for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.92 490.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.51 490.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.95 490.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.95 490.25 Td ( \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 437.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 437.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 437.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 437.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 407.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 407.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 407.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 407.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 452.75 m 488 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488 452.75 m 492 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 452.75 m 562 452.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 437.75 m 488 437.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 437.75 m 562 437.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 392.75 m 488 392.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 392.75 m 562 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 378.75 m 488 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 376.75 m 488 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 378.75 m 562 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 376.75 m 562 376.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 457.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.10 457.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 442.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.50 442.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.50 442.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 427.42 Td (Gain \(loss\) on interest rate contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 427.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 427.42 Td (5,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 427.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 427.47 Td (\(2,663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 427.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 412.42 Td (Unrealized gain \(loss\) on foreign currency forward contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 412.42 Td (576) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.80 412.47 Td (\(198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 412.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 397.42 Td (Gain \(loss\) on settlement of foreign currency forward contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 397.42 Td (4,251) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 397.42 Td (4,259) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 382.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.50 382.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 382.42 Td (9,909) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 382.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 382.42 Td (1,398) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 354.25 Td (Other Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (The tables below provide detail relating to our acquisition-related expenses, asset management and acquisition fees and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 318.25 Td (and administrative expenses for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.60 318.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.18 318.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.62 318.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.62 318.25 Td (. ) Tj ET Q q 0 0 0 rg BT 368.94 318.25 Td (These fees and expenses were generally higher ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.66 306.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.66 306.25 Td ( compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.36 306.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.36 306.25 Td (, primarily due to our acquisition of more real estate investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.68 306.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.68 306.25 Td (. ) Tj ET Q q 0 0 0 rg BT 456.63 306.25 Td (All amounts in thousands, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 294.25 Td (except percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 241.75 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 241.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.75 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.75 241.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.75 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.75 241.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.75 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.75 241.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 211.75 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 211.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.75 211.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.75 211.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.75 211.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.75 211.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.75 211.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.75 211.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 181.75 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 181.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.75 181.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.75 181.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.75 181.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.75 181.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.75 181.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.75 181.75 51.00 -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 310.75 256.75 m 373.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.75 256.75 m 377.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.75 256.75 m 438.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.75 256.75 m 506.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.75 256.75 m 510.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.75 256.75 m 561.75 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 241.75 m 373.75 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.75 241.75 m 438.75 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.75 241.75 m 506.75 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.75 241.75 m 561.75 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 211.75 m 373.75 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 197.75 m 373.75 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 195.75 m 373.75 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.75 211.75 m 438.75 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.75 197.75 m 438.75 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.75 195.75 m 438.75 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.75 211.75 m 506.75 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.75 197.75 m 506.75 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.75 195.75 m 506.75 195.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.75 211.75 m 561.75 211.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.75 197.75 m 561.75 197.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.75 195.75 m 561.75 195.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 261.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.85 261.43 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 485.35 261.43 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 246.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.75 246.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 397.75 246.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 471.75 246.43 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.75 246.43 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 231.42 Td (Acquisition fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 231.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.40 231.42 Td (40,136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 231.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.40 231.42 Td (16,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.25 231.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.40 231.42 Td (24,072) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.90 231.42 Td (150) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 231.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 216.42 Td (Asset management fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.40 216.42 Td (20,354) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 216.42 Td (5,942) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.25 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.40 216.42 Td (14,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.90 216.42 Td (243) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 216.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 201.42 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 201.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.40 201.42 Td (60,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 201.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.40 201.42 Td (22,006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.25 201.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.40 201.42 Td (38,484) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.90 201.42 Td (175) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 201.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 171.42 Td (Acquisition-related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 171.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.40 171.42 Td (42,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 171.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.40 171.42 Td (12,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.25 171.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.40 171.42 Td (30,114) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.90 171.42 Td (238) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 171.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 156.42 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 156.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.40 156.42 Td (5,344) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 156.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 156.42 Td (3,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.25 156.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.40 156.42 Td (1,754) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.90 156.42 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 156.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 128.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 128.25 Td (e pay our ) Tj ET Q q 0 0 0 rg BT 115.29 128.25 Td (Advisor acquisition fees equal to 2.25% of the net purchase price of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 505.18 128.25 Td (Acquisition-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (related expenses represent costs incurred on properties we have acquired and those which we may acquire in future periods. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (These costs vary significantly from one acquisition to another) Tj ET Q q 0 0 0 rg BT 296.11 104.25 Td (. ) Tj ET Q q 0 0 0 rg BT 300.55 104.25 Td (Acquisition-related expenses increased for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.98 104.25 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.57 104.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 92.25 Td (, as compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.21 92.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.21 92.25 Td (, primarily due to our acquisition of more international properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.83 80.25 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.41 80.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.91 80.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.49 80.25 Td (. ) Tj ET Q q 0 0 0 rg BT 224.44 80.25 Td (Acquisition-related expenses are generally higher for international acquisitions than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (domestic acquisitions.) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 742.10 Td (e also pay monthly asset management fees toour ) Tj ET Q q 0 0 0 rg BT 274.14 742.10 Td (Advisor based on an annual fee equal to 1.5% of the amount of net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (equity capital invested in real estate investments. However) Tj ET Q q 0 0 0 rg BT 284.02 730.10 Td (, in ) Tj ET Q q 0 0 0 rg BT 298.75 730.10 Td (April 2012, our ) Tj ET Q q 0 0 0 rg BT 362.63 730.10 Td (Advisor agreed to waive the asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (fee otherwise payable to it for each quarter in 2012 and 2013 to the extent that our MFFO for a particular quarter) Tj ET Q q 0 0 0 rg BT 500.33 718.10 Td (, as disclosed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (in each quarterly report, amounts to less than 100% of the aggregate distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 555.46 706.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (In December 2013, our ) Tj ET Q q 0 0 0 rg BT 144.19 694.10 Td (Advisor agreed to waive asset management fees otherwise payable to it for the year ended December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (31, 2014 to the extent that our MFFO for the year ended December 31, 2014, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 436.64 682.10 Td (Annual Report on Form 10-K ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (for such year) Tj ET Q q 0 0 0 rg BT 101.30 670.10 Td (, amounts to less than 100% of the aggregate distributions declared to our stockholders for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 135.40 658.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 341.04 658.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 477.12 658.10 Td (Advisor in cash at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (any time in the future. ) Tj ET Q q 0 0 0 rg BT 142.90 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 160.40 646.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.50 646.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.39 646.10 Td ( of asset management fees payable to it for the three months ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (March 31, 2013. However) Tj ET Q q 0 0 0 rg BT 156.85 634.10 Td (, because MFFO exceeded distributions declared to our stockholders for each of the last three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (quarters of 2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.04 622.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.04 622.10 Td ( asset management fees were waived for those periods. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.22 622.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.81 622.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.81 622.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.39 622.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.60 610.10 Td ($8.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.49 610.10 Td ( in asset management fees. Since inception, the ) Tj ET Q q 0 0 0 rg BT 354.99 610.10 Td (Advisor has waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.92 610.10 Td ($12.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.81 610.10 Td ( in asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (management fees. ) Tj ET Q q 0 0 0 rg BT 126.51 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 135.14 598.10 Td (e have not placed a cap on the amount of our distributions that may be paid from sources other than cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (flows from operations, including proceeds from our debt financings, proceeds from this of) Tj ET Q q 0 0 0 rg BT 410.34 586.10 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 526.41 586.10 Td (Advisor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (and cash resulting from a waiver or deferral fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 550.10 Td (General and administrative expenses includes legal and accounting fees, printing and mailing costs, insurance costs, costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (and expenses associated with our board of directors and other administrative expenses. ) Tj ET Q q 0 0 0 rg BT 398.93 538.10 Td (The increase identified in the tables ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (above in our general and administrative costs is primarily due to increased transfer agent costs resulting from an increase in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (number of stockholders compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.71 514.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.71 514.10 Td (, as well as an increase in audit and tax fees as a result of an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (increase in acquisition and leasing activity in 2013. Certain of these costs are variable and will continue to increase in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (future as we continue to raise capital and make additional real estate investments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 466.10 Td (For) Tj ET Q q 0 0 0 rg BT 82.13 466.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 120.93 466.10 Td (ency Gains \(Losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 442.10 Td (Foreign currency gains \(losses\) primarily reflects the ef) Tj ET Q q 0 0 0 rg BT 289.18 442.10 Td (fect of changes in foreign currency exchange rateson transactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (that were denominated in currencies other than our functional currencies. During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.18 430.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.76 430.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.20 430.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.20 430.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (these gains and losses were primarily related to the ef) Tj ET Q q 0 0 0 rg BT 263.41 418.10 Td (fect of remeasuring our borrowings denominated in foreign currencies ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (into U.S. dollars and the changes in exchange rates between the date of the borrowing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.16 406.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.75 406.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.18 406.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.18 406.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.50 382.10 Td (Y) Tj ET Q q 0 0 0 rg BT 63.50 382.10 Td (ear ended ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 106.27 382.10 Td (December31, 2012) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 185.41 382.10 Td ( compared to the year ended December 31, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 362.87 382.10 Td (201) Tj ET Q q 0 0 0 rg BT 377.32 382.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 Td (Our results of operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.00 358.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.58 358.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.02 358.10 Td (201) Tj ET Q q 0 0 0 rg BT 360.65 358.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 358.10 Td ( are not indicative of those expected in future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (periods as we did not make our first real estate investment until June 2010. ) Tj ET Q q 0 0 0 rg BT 353.32 346.10 Td (Amounts recorded in our consolidated statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (of operations for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.34 334.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.92 334.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.36 334.10 Td (201) Tj ET Q q 0 0 0 rg BT 295.99 334.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.99 334.10 Td ( were due to the following:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 107.68 310.10 Td (e ) Tj ET Q q 0 0 0 rg BT 114.44 310.10 Td (Analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 286.10 Td (e owned 21 properties that were 94% leased as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.62 286.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.21 286.10 Td (, compared to twelve properties that were 97% leased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.74 274.10 Td (201) Tj ET Q q 0 0 0 rg BT 144.37 274.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.37 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 154.19 274.10 Td (The following table presents the property-level revenues and expenses for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 262.10 Td (, as compared to the same period in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.21 262.10 Td (201) Tj ET Q q 0 0 0 rg BT 286.83 262.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.83 262.10 Td (. Same-store properties for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.77 262.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.35 262.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (include five properties all of which were owned as of January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.58 250.10 Td (201) Tj ET Q q 0 0 0 rg BT 323.21 250.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.21 250.10 Td (. ) Tj ET Q q 0 0 0 rg BT 332.65 250.10 Td (As we are currently in the acquisition phase of our life ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (cycle, changes in our results of operations related to our properties are primarily due to the acquisition of properties, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (indicated by the same-store analysis below) Tj ET Q q 0 0 0 rg BT 220.19 226.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.64 226.10 Td (All amounts are in thousands, except for percentages:) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 703.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.75 703.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.75 703.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.75 703.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 703.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 703.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.75 703.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 703.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 672.50 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.75 672.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.75 672.50 9.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.75 672.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 672.50 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 672.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.75 672.50 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 672.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 647.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.75 647.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.75 647.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.75 647.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 647.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 647.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.75 647.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 647.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 616.50 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.75 616.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.75 616.50 9.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.75 616.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 616.50 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 616.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.75 616.50 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 616.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 589.50 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.75 589.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.75 589.50 9.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.75 589.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 589.50 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 589.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.75 589.50 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 589.50 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 561.50 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.75 561.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.75 561.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.75 561.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 561.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.75 561.50 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.75 561.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.75 561.50 62.00 -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 288.75 731.5 m 350.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.75 731.5 m 359.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.75 731.5 m 421.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.75 731.5 m 491.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.75 731.5 m 499.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 731.5 m 561.75 731.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.75 716.5 m 350.75 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.75 716.5 m 421.75 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.75 716.5 m 491.75 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 716.5 m 561.75 716.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.75 672.5 m 350.75 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.75 660.5 m 350.75 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.75 658.5 m 350.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.75 672.5 m 421.75 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.75 660.5 m 421.75 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.75 658.5 m 421.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.75 672.5 m 491.75 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.75 660.5 m 491.75 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.75 658.5 m 491.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 672.5 m 561.75 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 660.5 m 561.75 660.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 658.5 m 561.75 658.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.75 616.5 m 350.75 616.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288.75 603.5 m 350.75 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.75 616.5 m 421.75 616.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.75 603.5 m 421.75 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.75 616.5 m 491.75 616.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429.75 603.5 m 491.75 603.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 616.5 m 561.75 616.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.75 603.5 m 561.75 603.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.35 736.18 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 478.85 736.18 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.25 721.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 309.25 721.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.50 721.18 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.75 721.18 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.25 721.18 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.25 707.23 Td (Property Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 707.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.25 707.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 707.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.25 707.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 693.17 Td (Same-store properties ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 141.22 697.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 693.17 Td (68,089) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.25 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.40 693.17 Td (71,861) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.05 693.22 Td (\(3,772) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.90 693.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.20 693.17 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.55 693.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 677.17 Td (Recent acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.40 677.17 Td (119,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.40 677.17 Td (23,665) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 677.17 Td (95,486) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.55 677.17 Td (403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 677.17 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.25 663.23 Td (Total property revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 663.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.40 663.07 Td (187,240) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.25 663.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.40 663.07 Td (95,526) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 663.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 663.07 Td (91,714) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.55 663.07 Td (96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 663.07 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.25 650.23 Td (Pr) Tj ET Q q 0 0 0 rg BT 61.62 650.23 Td (operty expenses ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 131.61 654.76 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 637.17 Td (Same-store properties ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 141.22 641.70 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 637.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 637.17 Td (25,071) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.25 637.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.40 637.17 Td (26,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 637.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.05 637.22 Td (\(1,327) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.90 637.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.20 637.17 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.55 637.17 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 621.17 Td (Recent acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 621.17 Td (37,115) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.40 621.17 Td (5,798) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 621.17 Td (31,317) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.55 621.17 Td (540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 621.17 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.25 607.23 Td (Total property expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 607.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 607.07 Td (62,186) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.25 607.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.40 607.07 Td (32,196) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 607.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 607.07 Td (29,990) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.55 607.07 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 607.07 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.25 594.18 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 580.07 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 580.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 580.07 Td (84,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.25 580.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.40 580.07 Td (53,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 580.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 580.07 Td (31,580) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.55 580.07 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 580.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 566.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 566.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 566.17 Td (37,915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.25 566.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.40 566.17 Td (23,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 566.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.40 566.17 Td (14,748) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.55 566.17 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 566.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 551.17 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 551.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.90 551.17 Td (227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.25 551.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.90 551.17 Td (189) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.25 551.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.90 551.17 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.55 551.17 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 551.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 523.00 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 523.00 Td (Decrease ) Tj ET Q q 0 0 0 rg BT 124.48 523.00 Td (in ) Tj ET Q q 0 0 0 rg BT 134.60 523.00 Td (property ) Tj ET Q q 0 0 0 rg BT 170.83 523.00 Td (revenues ) Tj ET Q q 0 0 0 rg BT 208.71 523.00 Td (from ) Tj ET Q q 0 0 0 rg BT 230.49 523.00 Td (our ) Tj ET Q q 0 0 0 rg BT 246.17 523.00 Td (same-store ) Tj ET Q q 0 0 0 rg BT 291.83 523.00 Td (properties ) Tj ET Q q 0 0 0 rg BT 334.16 523.00 Td (is ) Tj ET Q q 0 0 0 rg BT 343.17 523.00 Td (primarily ) Tj ET Q q 0 0 0 rg BT 382.73 523.00 Td (due ) Tj ET Q q 0 0 0 rg BT 399.52 523.00 Td (to ) Tj ET Q q 0 0 0 rg BT 409.64 523.00 Td (the ) Tj ET Q q 0 0 0 rg BT 424.20 523.00 Td (expiration ) Tj ET Q q 0 0 0 rg BT 467.09 523.00 Td (of ) Tj ET Q q 0 0 0 rg BT 477.76 523.00 Td (the ) Tj ET Q q 0 0 0 rg BT 492.33 523.00 Td (lease ) Tj ET Q q 0 0 0 rg BT 514.66 523.00 Td (with ) Tj ET Q q 0 0 0 rg BT 534.78 523.00 Td (British ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 511.00 Td (T) Tj ET Q q 0 0 0 rg BT 90.91 511.00 Td (elecom ) Tj ET Q q 0 0 0 rg BT 122.82 511.00 Td (at ) Tj ET Q q 0 0 0 rg BT 133.07 511.00 Td (the ) Tj ET Q q 0 0 0 rg BT 148.33 511.00 Td (Brindleyplace ) Tj ET Q q 0 0 0 rg BT 207.45 511.00 Td (Project ) Tj ET Q q 0 0 0 rg BT 238.82 511.00 Td (in ) Tj ET Q q 0 0 0 rg BT 249.63 511.00 Td (January ) Tj ET Q q 0 0 0 rg BT 283.77 511.00 Td (2012. ) Tj ET Q q 0 0 0 rg BT 308.63 511.00 Td (As ) Tj ET Q q 0 0 0 rg BT 322.78 511.00 Td (of ) Tj ET Q q 0 0 0 rg BT 334.15 511.00 Td (December ) Tj ET Q q 0 0 0 rg BT 378.27 511.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 393.81 511.00 Td (2012, ) Tj ET Q q 0 0 0 rg BT 419.35 511.00 Td (the ) Tj ET Q q 0 0 0 rg BT 434.60 511.00 Td (Brindleyplace ) Tj ET Q q 0 0 0 rg BT 493.73 511.00 Td (Project ) Tj ET Q q 0 0 0 rg BT 525.09 511.00 Td (was ) Tj ET Q q 0 0 0 rg BT 543.68 511.00 Td (66% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 499.00 Td (leased.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 475.00 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 475.00 Td (Property ) Tj ET Q q 0 0 0 rg BT 121.82 475.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 159.81 475.00 Td (include ) Tj ET Q q 0 0 0 rg BT 191.13 475.00 Td (property ) Tj ET Q q 0 0 0 rg BT 226.89 475.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 266.54 475.00 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 307.03 475.00 Td (real ) Tj ET Q q 0 0 0 rg BT 323.90 475.00 Td (property ) Tj ET Q q 0 0 0 rg BT 359.66 475.00 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 384.60 475.00 Td (property ) Tj ET Q q 0 0 0 rg BT 420.36 475.00 Td (management ) Tj ET Q q 0 0 0 rg BT 473.33 475.00 Td (fees ) Tj ET Q q 0 0 0 rg BT 491.32 475.00 Td (and ) Tj ET Q q 0 0 0 rg BT 507.64 475.00 Td (income ) Tj ET Q q 0 0 0 rg BT 538.96 475.00 Td (taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 451.00 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 451.00 Td (The ) Tj ET Q q 0 0 0 rg BT 102.67 451.00 Td (decrease ) Tj ET Q q 0 0 0 rg BT 138.71 451.00 Td (in ) Tj ET Q q 0 0 0 rg BT 148.11 451.00 Td (property ) Tj ET Q q 0 0 0 rg BT 183.62 451.00 Td (operating ) Tj ET Q q 0 0 0 rg BT 223.00 451.00 Td (expenses ) Tj ET Q q 0 0 0 rg BT 260.73 451.00 Td (for ) Tj ET Q q 0 0 0 rg BT 274.01 451.00 Td (the ) Tj ET Q q 0 0 0 rg BT 287.86 451.00 Td (year ) Tj ET Q q 0 0 0 rg BT 306.69 451.00 Td (ended ) Tj ET Q q 0 0 0 rg BT 332.19 451.00 Td (December ) Tj ET Q q 0 0 0 rg BT 374.90 451.00 Td (31, ) Tj ET Q q 0 0 0 rg BT 389.02 451.00 Td (2012 ) Tj ET Q q 0 0 0 rg BT 410.65 451.00 Td (is ) Tj ET Q q 0 0 0 rg BT 418.94 451.00 Td (due ) Tj ET Q q 0 0 0 rg BT 435.01 451.00 Td (to ) Tj ET Q q 0 0 0 rg BT 444.41 451.00 Td (deferred ) Tj ET Q q 0 0 0 rg BT 479.34 451.00 Td (tax ) Tj ET Q q 0 0 0 rg BT 493.18 451.00 Td (assets ) Tj ET Q q 0 0 0 rg BT 518.14 451.00 Td (recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 439.00 Td (in ) Tj ET Q q 0 0 0 rg BT 95.78 439.00 Td (the ) Tj ET Q q 0 0 0 rg BT 110.50 439.00 Td (current ) Tj ET Q q 0 0 0 rg BT 141.31 439.00 Td (period.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 415.00 Td (Derivative Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 391.00 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 391.00 Td (e have entered into several interest rate contracts as economic hedges against the fluctuation of future interest rates on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 379.00 Td (our variable interest rate borrowings, and we have also entered into several foreign currency forward contracts as economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 367.00 Td (hedges against the variability of future exchange rates on our international investments. ) Tj ET Q q 0 0 0 rg BT 401.71 367.00 Td (W) Tj ET Q q 0 0 0 rg BT 410.34 367.00 Td (e have not designated any of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 355.00 Td (contracts as cash flow hedges for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 271.19 355.00 Td (These derivatives have been recorded at their estimated fair values in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 343.00 Td (the accompanying consolidated balance sheets. Changes in the fair value of these derivatives result in gains or losses recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 331.00 Td (in our consolidated statements of operations and comprehensive income \(loss\). See Item 7A. Quantitative and Qualitative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 319.00 Td (Disclosures ) Tj ET Q q 0 0 0 rg BT 98.11 319.00 Td (About Market Risk included elsewhere in this ) Tj ET Q q 0 0 0 rg BT 288.35 319.00 Td (Annual Report on Form 10-K for additional information regarding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 307.00 Td (certain risks related to our derivatives, such as the risk of counterparty non-performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 283.00 Td (The table below summarizes the activity related to our derivatives for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.92 283.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.51 283.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.95 283.00 Td (201) Tj ET Q q 0 0 0 rg BT 507.58 283.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.58 283.00 Td ( \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 271.00 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 218.50 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.75 218.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.75 218.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 218.50 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 188.50 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.75 188.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.75 188.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 188.50 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 422.75 233.5 m 489.75 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.75 233.5 m 493.75 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 233.5 m 561.75 233.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.75 218.5 m 489.75 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 218.5 m 561.75 218.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.75 173.5 m 489.75 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.75 159.5 m 489.75 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.75 157.5 m 489.75 157.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 173.5 m 561.75 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 159.5 m 561.75 159.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 157.5 m 561.75 157.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 238.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 434.35 238.18 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 223.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.75 223.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.50 223.18 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 208.17 Td (Gain \(loss\) on interest rate contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.25 208.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.05 208.22 Td (\(2,663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.90 208.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.25 208.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.05 208.22 Td (\(16,523) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.90 208.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 193.17 Td (Unrealized gain \(loss\) on foreign currency forward contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.55 193.22 Td (\(198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.90 193.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.90 193.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 178.17 Td (Gain \(loss\) on settlement of foreign currency forward contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.40 178.17 Td (4,259) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.90 178.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 163.17 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.25 163.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.40 163.17 Td (1,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.25 163.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.05 163.22 Td (\(16,523) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.90 163.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 135.00 Td (Other Expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 111.00 Td (The tables below provide detail relating to our acquisition-related expenses, asset management and acquisition fees and general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 99.00 Td (and administrative expenses for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.60 99.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.18 99.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.62 99.00 Td (201) Tj ET Q q 0 0 0 rg BT 356.25 99.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.25 99.00 Td (. ) Tj ET Q q 0 0 0 rg BT 365.70 99.00 Td (All amounts in thousands, except percentages) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 718.50 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 718.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.75 718.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.75 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.75 718.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.75 718.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 688.50 262.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.75 688.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.75 688.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.75 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.75 688.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.75 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.75 688.50 46.00 -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 310.75 733.5 m 374.75 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 733.5 m 378.75 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.75 733.5 m 443.75 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.75 733.5 m 511.75 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.75 733.5 m 515.75 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 733.5 m 561.75 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.75 718.5 m 374.75 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.75 718.5 m 443.75 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.75 718.5 m 511.75 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.75 718.5 m 561.75 718.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 738.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 319.35 738.18 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.85 738.18 Td (Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 723.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 332.25 723.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 401.00 723.18 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.75 723.18 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 533.25 723.18 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 708.17 Td (Acquisition-related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 708.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.40 708.17 Td (12,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.25 708.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.40 708.17 Td (5,863) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.25 708.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.40 708.17 Td (6,770) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.90 708.17 Td (115) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 708.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 693.17 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.40 693.17 Td (22,006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.25 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.40 693.17 Td (20,453) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.25 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.40 693.17 Td (1,553) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.90 693.17 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 693.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.25 678.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 678.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.40 678.17 Td (3,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.25 678.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.40 678.17 Td (3,129) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.25 678.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.90 678.17 Td (461) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.90 678.17 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.90 678.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 650.00 Td (Acquisition-related expenses represents costs incurred on properties we have acquired and those which we may acquire in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 638.00 Td (future periods. ) Tj ET Q q 0 0 0 rg BT 110.13 638.00 Td (These costs vary significantly from one acquisition to another) Tj ET Q q 0 0 0 rg BT 356.74 638.00 Td (. ) Tj ET Q q 0 0 0 rg BT 361.56 638.00 Td (These costs increased significantly in 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 626.00 Td (compared to 201) Tj ET Q q 0 0 0 rg BT 116.33 626.00 Td (1, due primarily to Stamp Duty taxes and other costs paid in relation to our international acquisitions in 2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 602.00 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 602.00 Td (e pay our ) Tj ET Q q 0 0 0 rg BT 115.29 602.00 Td (Advisor acquisition fees equal to 2.25% of the net purchase price of our real estate investments. Prior to March ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 590.00 Td (29, 2012, we paid our ) Tj ET Q q 0 0 0 rg BT 138.66 590.00 Td (Advisor acquisition fees equal to 2.0% of the net purchase price of our real estate investments. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 578.00 Td (the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.19 578.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.78 578.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.21 578.00 Td (201) Tj ET Q q 0 0 0 rg BT 226.84 578.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.84 578.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 284.50 578.00 Td (, we incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.48 578.00 Td ($16.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.37 578.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.81 578.00 Td ($14.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.70 578.00 Td ( of acquisition fees. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 554.00 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 554.00 Td (e also pay monthly asset management fees to our ) Tj ET Q q 0 0 0 rg BT 274.14 554.00 Td (Advisor based on an annual fee equal to 1.5% of the amount of net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 542.00 Td (equity capital invested in real estate investments. However) Tj ET Q q 0 0 0 rg BT 284.02 542.00 Td (, in ) Tj ET Q q 0 0 0 rg BT 298.75 542.00 Td (April 2012, our ) Tj ET Q q 0 0 0 rg BT 362.63 542.00 Td (Advisor agreed to waive the asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 530.00 Td (fee otherwise payable to it for each quarter in 2012 and 2013 to the extent that our MFFO for a particular quarter) Tj ET Q q 0 0 0 rg BT 500.33 530.00 Td (, as disclosed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 518.00 Td (in each quarterly report, amounts to less than 100% of the aggregate distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 555.46 518.00 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 506.00 Td (In December 2013, our ) Tj ET Q q 0 0 0 rg BT 144.19 506.00 Td (Advisor agreed to waive asset management fees otherwise payable to it for the year ended December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 494.00 Td (31, 2014 to the extent that our MFFO for the year ended December 31, 2014, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 436.64 494.00 Td (Annual Report on Form 10-K ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 482.00 Td (for such year) Tj ET Q q 0 0 0 rg BT 101.30 482.00 Td (, amounts to less than 100% of the aggregate distributions declared to our stockholders for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 470.00 Td (December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 135.40 470.00 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 341.04 470.00 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 477.12 470.00 Td (Advisor in cash at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 458.00 Td (any time in the future. Our ) Tj ET Q q 0 0 0 rg BT 158.08 458.00 Td (Advisor waived asset management fees payable to it during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.65 458.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.23 458.00 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 446.00 Td ($8.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.39 446.00 Td (. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.02 446.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.61 446.00 Td (, we incurred asset management fees of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.54 446.00 Td (5.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.43 446.00 Td (, compared to $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.63 446.00 Td (6.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 434.00 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 434.00 Td ( of asset management fees incurred during the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.66 434.00 Td (201) Tj ET Q q 0 0 0 rg BT 384.29 434.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.29 434.00 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 410.00 Td (General and administrative expenses include legal and accounting fees, printing and mailing costs, insurance costs, costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 398.00 Td (and expenses associated with our board of directors and other administrative expenses. Certain of these costs are variable and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 386.00 Td (will continue to increase in the future as we continue to raise capital and make additional real estate investments. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 362.00 Td (Other Gains \(Losses\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 338.00 Td (Other gains \(losses\) primarily reflects the ef) Tj ET Q q 0 0 0 rg BT 243.37 338.00 Td (fect of changes in foreign currency exchange rates on transactions that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 326.00 Td (denominated in currencies other than our functional currencies. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.86 326.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.45 326.00 Td (, these losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 314.00 Td (primarily relate to the ef) Tj ET Q q 0 0 0 rg BT 146.50 314.00 Td (fect of remeasuring our Euro-denominated borrowings into U.S. dollars and the changes in the Euro ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 302.00 Td (U.S. dollar exchange rate between the date of the borrowing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.68 302.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.26 302.00 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 58.50 278.00 Td (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 266.00 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 254.00 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.44 254.00 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.35 254.00 Td (Association of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 242.00 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.01 242.00 Td (T) Tj ET Q q 0 0 0 rg BT 149.77 242.00 Td (rusts \(NAREIT\) and is widely recognized by investors and analysts as one measure of operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 230.00 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.05 230.00 Td (. FFO excludes items such as real estate depreciation and amortization. Depreciation and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 218.00 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 251.94 218.00 Td (, implicitly assumes that the value of real estate assets diminishes predictably ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 206.00 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 194.00 Td (value. Since real estate values have historically risen or fallen with market conditions such as occupancy rates, rental rates, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 182.00 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.40 182.00 Td (s view) Tj ET Q q 0 0 0 rg BT 479.58 182.00 Td (, and we believe the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 170.00 Td (view of many industry investors and analysts, that the presentation of operating results for real estate companies using historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 158.00 Td (cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 167.63 158.00 Td (ficient. In addition, FFO excludes gains and losses from the sale of real estate and impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 146.00 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 146.00 Td (ges related to depreciable real estate assets and in-substance real estate equity investments, which we believe provides ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 134.00 Td (management and investors with a helpful additional measure of the historical performance of our real estate portfolio, as it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 122.00 Td (allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 194.61 122.00 Td (, that reflect the impact on operations from trends in items such as occupancy rates, rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 110.00 Td (rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 359.13 110.00 Td (A) Tj ET Q q 0 0 0 rg BT 365.80 110.00 Td ( property will be evaluated for impairment if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 98.00 Td (events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount exceeds the total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 86.00 Td (estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on anticipated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 74.00 Td (operating performance, including estimated future net rental and lease revenues, net proceeds on the sale of the property) Tj ET Q q 0 0 0 rg BT 529.49 74.00 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 62.00 Td (certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 187.04 62.00 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 279.60 62.00 Td (ges are excluded from the calculation of FFO as described above, ) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (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 398.67 742.10 Td (ficult to recover any impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 730.10 Td (ges. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td (In addition to FFO, management uses MFFO, as defined by the Investment Program ) Tj ET Q q 0 0 0 rg BT 406.63 706.10 Td (Association, \(the IP) Tj ET Q q 0 0 0 rg BT 489.30 706.10 Td (A\), as a non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.36 694.10 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q q 0 0 0 rg BT 418.52 694.10 Td (The IP) Tj ET Q q 0 0 0 rg BT 444.54 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 451.21 694.10 Td ( has recommended the use ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 357.34 682.10 Td (s to enhance the assessment of the operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 184.26 670.10 Td (. MFFO is not equivalent to our net income or loss as determined under GAAP) Tj ET Q q 0 0 0 rg BT 498.94 670.10 Td (, and MFFO ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (may not be useful as a measure of the long-term operating performance of our investments or as a comparative measure to other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 193.21 646.10 Td (s if we do not continue to operate with a limited life and tar) Tj ET Q q 0 0 0 rg BT 430.46 646.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 503.12 646.10 Td (, as currently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (intended and described herein. MFFO includes funds generated by the operations of our real estate investments and funds used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (in our corporate-level operations. MFFO is based on FFO, but includes certain additional adjustments which we believe are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 240.64 610.10 Td (fects of straight-line rent revenue recognition, fair value adjustments to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (derivative instruments that do not qualify for hedge accounting treatment and certain other items as described below) Tj ET Q q 0 0 0 rg BT 513.70 598.10 Td (. Some of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (these adjustments are necessary to address changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 457.89 586.10 Td ( such as the accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (for acquisition-related expenses from a capitalization/depreciation model to an expensed-as-incurred model that were put into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 562.10 Td (fect in 2009 and other changes to GAAP) Tj ET Q q 0 0 0 rg BT 219.18 562.10 Td ( rules for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 480.22 562.10 Td (s definition of FFO. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (These changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 312.11 550.10 Td ( af) Tj ET Q q 0 0 0 rg BT 322.20 550.10 Td (fected all industries, and as a result of these changes, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (acquisition fees and expenses are typically accounted for as operating expenses under GAAP) Tj ET Q q 0 0 0 rg BT 420.49 538.10 Td (. Management believes these fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (and expenses do not af) Tj ET Q q 0 0 0 rg BT 140.40 526.10 Td (fect our overall long-term operating performance. ) Tj ET Q q 0 0 0 rg BT 341.52 526.10 Td (These changes also have prompted a significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (increase in the magnitude of non-cash and non-operating items included in FFO, as defined. Such items include amortization of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (out-of-market lease intangible assets and liabilities and certain tenant incentives. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (Other adjustments included in MFFO are necessary to address issues that are common to publicly registered, non-listed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.02 466.10 Td (s. Publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 224.18 466.10 Td (s typically have a significant amount of acquisition activity and are substantially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (more dynamic during their initial years of investment and operations. ) Tj ET Q q 0 0 0 rg BT 328.97 454.10 Td (While other start-up entities may also experience ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (significant acquisition activity during their initial years, we believe that non-listed REIT) Tj ET Q q 0 0 0 rg BT 401.49 442.10 Td (s like us are unique in that they have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (limited life with tar) Tj ET Q q 0 0 0 rg BT 126.80 430.10 Td (geted exit strategies within a relatively limited time frame after the acquisition activity ceases. ) Tj ET Q q 0 0 0 rg BT 505.65 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 514.29 430.10 Td (e will use ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (the proceeds raised in our of) Tj ET Q q 0 0 0 rg BT 162.89 418.10 Td (ferings to make real estate investments, and intend to begin the process of considering our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (alternatives for the execution of a Liquidity Event \(i.e., a sale of our assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 412.25 406.10 Td (ger) Tj ET Q q 0 0 0 rg BT 424.62 406.10 Td (, a listing of our shares on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (national securities exchange, or another similar transaction\) between 2017 and 2019. ) Tj ET Q q 0 0 0 rg BT 390.59 394.10 Td (Thus, as a limited life REIT) Tj ET Q q 0 0 0 rg BT 502.05 394.10 Td ( we will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (continuously purchase assets and will have a limited life.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 Td (The purchase of properties, and the corresponding expenses associated with that process, including acquisition fees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (distributions to our stockholders. MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 375.01 334.10 Td (Advisor and acquisition expenses. Under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 75.62 322.10 Td (, acquisition fees and expenses are characterized as operating expenses in determining operating net income. ) Tj ET Q q 0 0 0 rg BT 511.65 322.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 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 496.05 310.10 Td (All paid and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (accrued acquisition fees and expenses with respect to the acquisition of a property negatively impact our operating performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (during the period in which the property is acquired and will have negative ef) Tj ET Q q 0 0 0 rg BT 355.61 286.10 Td (fects on returns to our stockholders, the potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (for future distributions, and future cash flows, unless earnings from operations or net sales proceeds from the disposition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (other properties are generated to cover the purchase price of the property) Tj ET Q q 0 0 0 rg BT 340.10 262.10 Td (, the related acquisition fees and expenses and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (costs related to such property) Tj ET Q q 0 0 0 rg BT 166.04 250.10 Td (. In addition, if we acquire a property after all of) Tj ET Q q 0 0 0 rg BT 359.11 250.10 Td (fering proceeds from our public of) Tj ET Q q 0 0 0 rg BT 496.94 250.10 Td (ferings have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (been invested, there will not be any of) Tj ET Q q 0 0 0 rg BT 202.05 238.10 Td (fering proceeds to pay the corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 469.47 238.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 518.80 238.10 Td (, unless ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.78 226.10 Td (Advisor determines to waive the payment of any then-outstanding acquisition-related costs otherwise payable to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.32 214.10 Td (, such costs will be paid from additional debt, operational earnings or cash flow) Tj ET Q q 0 0 0 rg BT 398.65 214.10 Td (, net proceeds from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (properties, or ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 190.11 202.10 Td (Therefore, MFFO may not be an accurate indicator of our operating performance, especially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (during periods in which properties are being acquired. Since MFFO excludes acquisition fees and expenses, MFFO would only ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (be comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 254.57 178.10 Td (s that have completed their acquisition activity and have other similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (operating characteristics. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 142.10 Td (Management uses MFFO to evaluate the financial performance of our investment portfolio, including the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (potential future investments. In addition, management uses MFFO to evaluate and establish our distribution policy and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (sustainability thereof. Further) Tj ET Q q 0 0 0 rg BT 167.68 118.10 Td (, we believe MFFO is one of several measures that may be useful to investors in evaluating the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (potential performance of our portfolio following the conclusion of the acquisition phase, as it excludes acquisition fees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (expenses, as described herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 70.10 Td (MFFO has limitations as a performance measure in an of) Tj ET Q q 0 0 0 rg BT 295.32 70.10 Td (fering such as ours where the price of a share of common stock is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (a stated value and there is no net asset value determination during the of) Tj ET Q q 0 0 0 rg BT 337.83 58.10 Td (fering stage and for a period thereafter) Tj ET Q q 0 0 0 rg BT 491.09 58.10 Td (. MFFO is useful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (in assisting management and investors in assessing the sustainability \(that is, the capacity to continue to be maintained\) of ) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (operating performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 319.27 742.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 367.95 742.10 Td (fering and acquisition stages are complete and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (account in determining net asset value but not in determining MFFO. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 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 451.48 694.10 Td ( methodology in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (calculating net income or in its applicability in evaluating our operating performance. In addition, FFO and MFFO should not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (be considered as alternatives to net income \(loss\) or income \(loss\) from continuing operations as an indication of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 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 454.00 658.10 Td (, but rather should be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 258.80 646.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 352.54 646.10 Td (, FFO and MFFO are not intended to be used as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (stockholders. Please see the limitations listed below associated with the use of MFFO: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 598.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 586.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 562.10 Td (MFFO excludes acquisition fees payable to our ) Tj ET Q q 0 0 0 rg BT 267.85 562.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 406.44 562.10 Td (Although these amounts reduce net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 550.10 Td (income, we generally fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 333.19 550.10 Td (fering and acquisition-related indebtedness \(and, solely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 Td (with respect to acquisition-related costs incurred in connection with our acquisition of the Brindleyplace Project in July ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 Td (2010, equity capital contributions from Moorfield\) and do not consider these fees and expenses in the evaluation of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 514.10 Td (operating performance and determining MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 490.10 Td (e use interest rate swap contracts and interest rate caps as economic hedges against the variability of interest rates on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 478.10 Td (variable rate loans. ) Tj ET Q q 0 0 0 rg BT 154.24 478.10 Td (Although we expect to hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 383.56 478.10 Td (, if we were to settle these instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 466.10 Td (currently) Tj ET Q q 0 0 0 rg BT 111.94 466.10 Td (, it would have an impact on our operating performance.) Tj ET Q q 0 0 0 rg BT 341.59 466.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 391.50 466.10 Td (, these derivative instruments are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 454.10 Td (measured at fair value on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 352.23 454.10 Td (.MFFO excludes gains \(losses\) related to changes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 442.10 Td (in these estimated values of our derivative instruments because such adjustments may not be reflective of ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 430.10 Td (operations and may reflect unrealized impacts on our operating performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 406.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 406.10 Td (e use foreign currency forward contracts as economic hedges against the variability of foreign exchange rates on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 394.10 Td (certain international investments. ) Tj ET Q q 0 0 0 rg BT 211.83 394.10 Td (These derivative instruments are typically short-term and are frequently settled at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td (amounts that result in additional amounts paid or received. However) Tj ET Q q 0 0 0 rg BT 349.91 382.10 Td (, such gains \(losses\) are excluded from MFFO since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 370.10 Td (they are not considered to be operational in nature.) Tj ET Q q 0 0 0 rg BT 283.93 370.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 333.83 370.10 Td (, these derivative instruments are measured at fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 358.10 Td (on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 261.17 358.10 Td (.MFFO excludes gains \(losses\) related to changes in these estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 346.10 Td (values of our derivative instruments because such adjustments may not be reflective of ongoing operations or may reflect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 334.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 310.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 310.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 302.70 310.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 500.37 310.10 Td (A. Our FFO ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 Td (and MFFO as presented may not be comparable to amounts calculated by other REIT) Tj ET Q q 0 0 0 rg BT 417.65 298.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 481.63 298.10 Td (ferent approaches.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 274.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 274.10 Td (Our business is subject to volatility in the real estate markets and general economic conditions, and adverse changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 262.10 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 494.75 262.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 544.09 262.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 250.10 Td (predictive nature of MFFO is uncertain and past performance may not be indicative of future results. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 226.10 Td (Neither the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 174.52 226.10 Td ( nor any regulatory body has passed judgment on the acceptability of the adjustments that we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 306.51 214.10 Td ( or a regulatory body may decide to standardize the allowable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 206.51 202.10 Td ( industry and we would have to adjust our calculation and characterization of FFO or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 178.10 Td () Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (The following section presents our calculation of FFO and MFFO and provides additional information related to our operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (\(in thousands, except per share amounts\) for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.14 730.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.72 730.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.72 730.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.72 730.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.16 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 431.79 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.79 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 441.24 730.10 Td (As we are in the capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (raising and acquisition phase of our operations, FFO and MFFO are not useful in comparing operations for the three periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (presented below) Tj ET Q q 0 0 0 rg BT 114.10 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 118.92 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 127.56 706.10 Td (e expect revenues and expenses to increase in future periods as we raise additional of) Tj ET Q q 0 0 0 rg BT 467.80 706.10 Td (fering proceeds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (use them to acquire additional investments. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 625.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 625.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 625.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 625.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 625.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 625.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 625.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 625.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 595.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 595.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 595.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 595.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 595.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 595.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 595.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 595.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 565.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 565.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 565.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 565.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 565.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 565.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 565.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 535.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 535.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 535.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 535.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 535.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 535.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 505.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 505.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 505.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 505.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 505.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 505.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 505.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 505.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 475.60 227.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 475.60 91.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 475.60 9.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 475.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 475.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 475.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 475.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 475.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 435.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 435.60 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 435.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 435.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 435.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 435.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 640.6 m 436 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436 640.6 m 440 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 640.6 m 499 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499 640.6 m 503 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 640.6 m 563 640.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 625.6 m 368 625.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 625.6 m 436 625.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 625.6 m 499 625.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 625.6 m 563 625.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 625.6 m 368 625.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 580.6 m 368 580.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 580.6 m 436 580.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 580.6 m 499 580.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 580.6 m 563 580.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 490.6 m 368 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 490.6 m 436 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 490.6 m 499 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 490.6 m 563 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 476.6 m 368 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 474.6 m 368 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 476.6 m 436 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 474.6 m 436 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 476.6 m 499 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 474.6 m 499 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 476.6 m 563 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 474.6 m 563 474.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.10 670.28 Td (Period from) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 301.70 660.28 Td (Inception) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.25 650.28 Td (\(December 10,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 291.90 640.28 Td (2008\) through) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 281.65 630.28 Td (December 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.10 645.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 630.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.00 630.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 459.00 630.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 522.75 630.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 615.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.50 615.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.30 615.32 Td (\(209,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 615.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.50 615.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.30 615.32 Td (\(85,763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 615.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 615.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.30 615.32 Td (\(33,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 615.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.50 615.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.30 615.32 Td (\(58,609) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 615.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 600.27 Td (Depreciation and amortization ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 197.12 604.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 600.27 Td (294,118) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.65 600.27 Td (140,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 600.27 Td (84,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 600.27 Td (53,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 585.27 Td () Tj ET Q q 0 0 0 rg BT 72.45 585.27 Td (Adjustments for noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 234.37 589.80 Td ( \(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.30 585.32 Td (\(9,279) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 585.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.30 585.32 Td (\(5,397) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 585.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.30 585.32 Td (\(3,711) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 585.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 585.32 Td (\(3,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 585.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 570.27 Td (Funds from operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 570.27 Td (74,949) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 570.27 Td (49,027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 570.27 Td (47,496) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 570.32 Td (\(8,524) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 570.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 555.27 Td (Loss \(gain\) on derivative instruments ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 222.41 559.80 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 555.27 Td (2,416) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.30 555.32 Td (\(9,909) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 555.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.30 555.32 Td (\(1,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 555.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 555.27 Td (16,523) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 540.27 Td (Loss \(gain\) on foreign currency ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 199.62 544.80 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.65 540.27 Td (5,978) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 540.27 Td (6,433) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.80 540.32 Td (\(455) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 540.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.15 540.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 525.27 Td (Other components of revenues and expenses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 248.50 529.80 Td ( \(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.30 525.32 Td (\(8,823) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 525.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.30 525.32 Td (\(5,596) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 525.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.30 525.32 Td (\(1,884) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 525.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.80 525.32 Td (\(469) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 525.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 510.27 Td (Acquisition fees and expenses ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 193.80 514.80 Td (\(6\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 510.27 Td (155,791) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 510.27 Td (82,050) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 510.27 Td (28,535) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 510.27 Td (19,759) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 495.27 Td (Adjustments for noncontrolling interests ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 234.92 499.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.30 495.32 Td (\(3,397) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 495.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 495.27 Td (2,667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 495.27 Td (872) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.30 495.32 Td (\(1,767) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 495.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 480.27 Td (Modified Funds From Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.50 480.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 480.27 Td (226,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.50 480.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.65 480.27 Td (124,672) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 480.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 480.27 Td (73,166) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.50 480.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 480.27 Td (25,522) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 465.27 Td (Basic and Diluted Loss Per Common Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 455.27 Td (Attributable to Common Stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.50 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.30 455.32 Td (\(1.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 455.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.50 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.30 455.32 Td (\(0.48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 455.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.30 455.32 Td (\(0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 455.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.50 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.30 455.32 Td (\(0.85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 455.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 440.27 Td (Funds From Operations Per Common Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.50 440.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 440.27 Td (0.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.50 440.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 440.27 Td (0.27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 440.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 440.27 Td (0.42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.50 440.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.30 440.32 Td (\(0.13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.15 440.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 425.27 Td (Modified Funds From Operations Per Common Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.50 425.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.65 425.27 Td (1.14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.50 425.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 425.27 Td (0.68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 425.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 425.27 Td (0.64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.50 425.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.65 425.27 Td (0.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 410.27 Td (Weighted Average Shares Outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 410.27 Td (199,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.65 410.27 Td (184,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 410.27 Td (113,578) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 410.27 Td (67,429) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (Notes to the table:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 Td (Represents the depreciation and amortization of various real estate assets.Historical cost accounting for real estate assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 346.10 Td (in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 172.37 346.10 Td ( implicitly assumes that the value of real estate assets diminishes predictably over time. Since ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 Td (real estate values have historically risen or fallen with market conditions, we believe that such depreciation and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 322.10 Td (amortization may be of limited relevance in evaluating current operating performance and, as such, these items are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td (excluded from our determination of FFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 286.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 533.04 286.10 Td ( share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (of the adjustments to convert our net loss to FFO and MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 Td (Represents components of net loss related to the estimated changes in the values of our interest rate contract derivatives ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 238.10 Td (and foreign currency forwards. ) Tj ET Q q 0 0 0 rg BT 196.15 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 204.79 238.10 Td (e have excluded these changes in value from our evaluation of our operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 226.10 Td (performance and MFFO because such adjustments may not be reflective of our ongoing performance and may reflect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 190.10 Td (Represents components of net loss primarily resulting from the remeasurement of loans denominated in currencies other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 178.10 Td (than our functional currencies. ) Tj ET Q q 0 0 0 rg BT 191.99 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 200.63 178.10 Td (e have excluded these changes in value from our evaluation of our operating performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 166.10 Td (and MFFO because such adjustments may not be reflective of our ongoing performance and may reflect unrealized impacts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 154.10 Td (on our operating performance.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Includes the following components of revenues and expenses that we do not consider in evaluating our operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 730.10 Td (performance and determining MFFO for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.87 730.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.45 730.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.45 730.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.45 730.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.89 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 434.52 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.52 730.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 661.60 235.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 661.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 661.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 661.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 661.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 661.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 661.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 661.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 631.60 235.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 631.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 631.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 631.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 631.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 631.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 601.60 235.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 601.60 98.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 601.60 5.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 601.60 53.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 601.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 601.60 54.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 601.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 601.60 55.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388 676.6 m 441 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441 676.6 m 445 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445 676.6 m 499 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499 676.6 m 503 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 676.6 m 558 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 285 661.6 m 383 661.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388 661.6 m 441 661.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445 661.6 m 499 661.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 661.6 m 558 661.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 285 601.6 m 383 601.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388 601.6 m 441 601.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445 601.6 m 499 601.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 601.6 m 558 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 586.6 m 383 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 584.6 m 383 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 586.6 m 441 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 584.6 m 441 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 586.6 m 499 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 584.6 m 499 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 586.6 m 558 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 584.6 m 558 584.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 307.60 696.28 Td (Period from) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 288.70 686.28 Td (Inception \(December) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 295.90 676.28 Td (10, 2008\) through) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 293.15 666.28 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 681.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.10 681.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 666.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.00 666.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 461.50 666.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 520.25 666.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 652.17 Td (Straight-line rent adjustment \(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.50 651.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.30 651.32 Td (\(26,865) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 651.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 651.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.30 651.32 Td (\(13,927) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.15 651.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.50 651.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.30 651.32 Td (\(7,512) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 651.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.50 651.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.30 651.32 Td (\(3,812) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 651.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 637.17 Td (Amortization of lease incentives \(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 636.27 Td (2,451) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 636.27 Td (1,736) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 636.27 Td (486) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 636.27 Td (170) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 622.17 Td (Amortization of out-of-market leases \(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 621.27 Td (13,643) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 621.27 Td (5,990) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 621.27 Td (4,479) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.65 621.27 Td (2,681) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 607.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 606.27 Td (1,948) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 606.27 Td (605) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 606.27 Td (663) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.15 606.27 Td (492) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 590.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.50 590.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.30 590.32 Td (\(8,823) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 590.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.50 590.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.30 590.32 Td (\(5,596) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.15 590.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.50 590.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.30 590.32 Td (\(1,884) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 590.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.50 590.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.80 590.32 Td (\(469) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.15 590.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 562.10 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 562.10 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 343.56 562.10 Td ( to recognize minimum lease payments on a straight-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 550.10 Td (line basis over the respective lease terms.) Tj ET Q q 0 0 0 rg BT 246.53 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.17 550.10 Td (e have excluded these adjustments from our evaluation of our operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 Td (more relevant measure of our operating performance for such period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 502.10 Td (Represents the amortization of lease incentives and out-of-market leases.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (\(6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (Represents acquisition expenses and acquisition fees paid to our ) Tj ET Q q 0 0 0 rg BT 326.05 478.10 Td (Advisor that are expensed in our consolidated statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 466.10 Td (of operations. ) Tj ET Q q 0 0 0 rg BT 124.80 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 133.44 466.10 Td (e fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 308.77 466.10 Td (fering, and therefore do not consider these expenses in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 454.10 Td (evaluating our operating performance and determining MFFO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 430.10 Td (Set forth below is additional information relating to certain items excluded from the analysis above which may be helpful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (in assessing our operating results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 394.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 394.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 132.20 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.92 394.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 178.61 394.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 218.76 394.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 241.14 394.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.08 394.10 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 283.96 394.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.85 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.24 394.10 Td (for ) Tj ET Q q 0 0 0 rg BT 329.28 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.88 394.10 Td (period ) Tj ET Q q 0 0 0 rg BT 371.81 394.10 Td (from ) Tj ET Q q 0 0 0 rg BT 393.64 394.10 Td (inception ) Tj ET Q q 0 0 0 rg BT 433.23 394.10 Td (through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.73 394.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 525.19 394.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.19 394.10 Td ( ) Tj ET Q q 0 0 0 rg BT 547.58 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 564.52 394.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td ($5.2 ) Tj ET Q q 0 0 0 rg BT 96.50 382.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.39 382.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.39 382.10 Td ($3.4 ) Tj ET Q q 0 0 0 rg BT 150.39 382.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.28 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 181.78 382.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.72 382.10 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 218.72 382.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.61 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.11 382.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.27 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.99 382.10 Td (years ) Tj ET Q q 0 0 0 rg BT 302.59 382.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.97 382.10 Td (December31, ) Tj ET Q q 0 0 0 rg BT 387.55 382.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.55 382.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.55 382.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.55 382.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.05 382.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.99 382.10 Td (201) Tj ET Q q 0 0 0 rg BT 466.62 382.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.62 382.10 Td (, ) Tj ET Q q 0 0 0 rg BT 476.62 382.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 524.28 382.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 Td (As noted previously) Tj ET Q q 0 0 0 rg BT 147.40 358.10 Td (, in our initial quarters of operations, and from time to time thereafter) Tj ET Q q 0 0 0 rg BT 424.13 358.10 Td (, we may not generate suf) Tj ET Q q 0 0 0 rg BT 526.69 358.10 Td (ficient ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 286.23 346.10 Td (Therefore some or all of our distributions may continue to be paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (from other sources, such as proceeds from our debt financings, proceeds from our public of) Tj ET Q q 0 0 0 rg BT 414.76 334.10 Td (ferings, cash advances by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.32 322.10 Td (, and cash resulting from a waiver or deferral of fees. ) Tj ET Q q 0 0 0 rg BT 298.27 322.10 Td (The ) Tj ET Q q 0 0 0 rg BT 315.76 322.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.86 322.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.75 322.10 Td ( of asset management fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (payable to it for the three months ended March 31, 2013. However) Tj ET Q q 0 0 0 rg BT 318.46 310.10 Td (, because MFFO exceeded distributions declared to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (stockholders for each of the last three quarters of 2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.48 298.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.48 298.10 Td ( asset management fees were waived for those periods. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.08 286.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.08 286.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.67 286.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 195.83 286.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.93 286.10 Td ($8.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.82 286.10 Td ( in asset management fees. See Results of Operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (Y) Tj ET Q q 0 0 0 rg BT 55.72 274.10 Td (ear ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.80 274.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.39 274.10 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.89 274.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.48 274.10 Td ( Other Expenses, for additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (information regarding our asset management fee waiver) Tj ET Q q 0 0 0 rg BT 272.75 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 282.57 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 287.98 262.10 Td (o date, the ) Tj ET Q q 0 0 0 rg BT 331.30 262.10 Td (Advisor has waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.23 262.10 Td ($12.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.12 262.10 Td ( in asset management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (fees. ) Tj ET Q q 0 0 0 rg BT 72.92 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.56 250.10 Td (e have not placed a cap on the amount of our distributions that may be paid from sources other than cash flows from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (operations, including proceeds from our debt financings, proceeds from this of) Tj ET Q q 0 0 0 rg BT 363.68 238.10 Td (fering, cash advances by our ) Tj ET Q q 0 0 0 rg BT 479.75 238.10 Td (Advisor and cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (resulting from a waiver or deferral fees. See Y) Tj ET Q q 0 0 0 rg BT 241.19 226.10 Td (ear ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.27 226.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.86 226.10 Td ( compared to the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.36 226.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.94 226.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td ( Other Expenses, for additional information regarding our asset management fee waiver) Tj ET Q q 0 0 0 rg BT 414.37 214.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 190.10 Td (From inception through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.99 190.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.57 190.10 Td (, we declared distributions to our stockholders totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.81 190.10 Td ($254.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.70 190.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (compared to total aggregate FFO of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.01 178.10 Td ($74.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.90 178.10 Td ( and cash flows from operating activities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.96 178.10 Td ($86.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.86 178.10 Td (. For the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 166.10 Td (, we declared distributions to our stockholders totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.32 166.10 Td ($1) Tj ET Q q 0 0 0 rg BT 357.95 166.10 Td (19.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.84 166.10 Td (, compared to total aggregate FFO of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td ($49.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 154.10 Td (. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.48 154.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.06 154.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.50 154.10 Td (201) Tj ET Q q 0 0 0 rg BT 302.13 154.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.13 154.10 Td (, we declared distributions to our stockholders totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.36 154.10 Td ($74.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 142.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 97.83 142.10 Td ($47.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.72 142.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 204.38 142.10 Td (, compared to an FFO of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.20 142.10 Td ($47.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.09 142.10 Td ( and an FFO loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.20 142.10 Td ($8.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.09 142.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 541.76 142.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (During our of) Tj ET Q q 0 0 0 rg BT 104.31 130.10 Td (fering and investment stages, we incur acquisition fees and expenses in connection with our real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (investments, which are recorded as reductions to net income and FFO. From inception through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.08 118.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.67 118.10 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (incurred acquisition fees and expenses totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.88 106.10 Td ($155.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.78 106.10 Td (. ) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Related-Party ) Tj ET Q q 0 0 0 rg BT 112.29 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 118.22 742.25 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 187.69 742.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 204.17 742.25 Td (eements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.25 Td (e have entered into agreements with the ) Tj ET Q q 0 0 0 rg BT 237.41 718.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 269.23 718.25 Td (, Dealer Manager and Hines or its af) Tj ET Q q 0 0 0 rg BT 414.55 718.25 Td (filiates, whereby we pay certain fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (and reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 337.25 706.25 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 494.80 706.25 Td (ganization and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 694.25 Td (fering stage, these include payments to our Dealer Manager for selling commissions and the dealer manager fee and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (payments to the ) Tj ET Q q 0 0 0 rg BT 115.27 682.25 Td (Advisor for reimbursement of issuer costs. During the acquisition and operational stages, these include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (payments for certain services related to acquisitions, financing and management of our investments and operations provided to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (us by the ) Tj ET Q q 0 0 0 rg BT 88.06 658.25 Td (Advisor and Hines and its af) Tj ET Q q 0 0 0 rg BT 202.02 658.25 Td (filiates pursuant to various agreements we have entered into or anticipate entering into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (with these entities. ) Tj ET Q q 0 0 0 rg BT 127.03 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.66 646.25 Td (e have also entered into several af) Tj ET Q q 0 0 0 rg BT 270.97 646.25 Td (filiated transactions with af) Tj ET Q q 0 0 0 rg BT 379.92 646.25 Td (filiates of Hines to make investments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (provide financing. See Note 9 Related Party ) Tj ET Q q 0 0 0 rg BT 241.16 634.25 Td (T) Tj ET Q q 0 0 0 rg BT 246.91 634.25 Td (ransactions to the Consolidated Financial Statements contained elsewhere in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.40 622.25 Td (Annual Report on Form 10-K for additional information concerning our Related-Party ) Tj ET Q q 0 0 0 rg BT 414.19 622.25 Td (T) Tj ET Q q 0 0 0 rg BT 419.95 622.25 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 483.82 622.25 Td (Agreements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 598.25 Td (Arrangements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 574.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 574.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.47 574.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.47 574.25 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 267.21 574.25 Td (f-balance sheet arrangements that have or are reasonably likely to have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (current or future ef) Tj ET Q q 0 0 0 rg BT 125.61 562.25 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results of operations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 83.24 550.25 Td (, capital expenditures or capital resources.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (Contractual Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td (The following table lists our known contractual obligations as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.06 502.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.64 502.25 Td (. ) Tj ET Q q 0 0 0 rg BT 412.46 502.25 Td (The table below excludes $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.87 502.25 Td (48.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 490.25 Td ( in obligations comprised principally of construction contracts which are generally due within the next 12 months ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (related to our new development projects because such amounts are not fixed or determinable. Specifically included are our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (obligations under long-term debt agreements and our operating lease agreement \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.75 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 404.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 404.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 404.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 404.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 404.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 404.75 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.75 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 374.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 374.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 374.75 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 374.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 374.75 77.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 428.75 m 271.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 428.75 m 275.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 428.75 m 336.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 428.75 m 340.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 428.75 m 401.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 428.75 m 405.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 428.75 m 481.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 428.75 m 485.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 428.75 m 562.5 428.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 404.75 m 271.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 404.75 m 336.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 404.75 m 401.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 404.75 m 481.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 404.75 m 562.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 404.75 m 271.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 404.75 m 336.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 359.75 m 271.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 359.75 m 336.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 359.75 m 401.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 359.75 m 481.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 359.75 m 562.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 345.75 m 271.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 343.75 m 271.5 343.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 359.75 m 336.5 359.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 345.75 m 336.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 343.75 m 336.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 345.75 m 401.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 343.75 m 401.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 345.75 m 481.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 343.75 m 481.5 343.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 345.75 m 562.5 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 343.75 m 562.5 343.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 433.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 329.15 433.43 Td (Payments due by Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 409.43 Td (Contractual Obligations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 209.70 419.43 Td (Less Than 1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 225.55 409.43 Td (Year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.80 409.43 Td (1-3 Years) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.80 409.43 Td (3-5 Years) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.10 419.43 Td (More Than 5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.05 409.43 Td (Years) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.55 409.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 394.42 Td (Notes payable ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 112.42 398.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.00 394.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 394.42 Td (127,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.00 394.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.60 394.42 Td (1,048,155) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 394.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 394.42 Td (637,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 394.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 394.42 Td (326,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 394.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 394.42 Td (2,139,206) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 379.42 Td (Notes payable to af) Tj ET Q q 0 0 0 rg BT 130.29 379.42 Td (filiates ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 160.00 383.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.15 379.42 Td (21,134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 379.42 Td (17,418) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 379.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 379.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 379.42 Td (38,552) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 364.42 Td (Operating lease agreement ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 162.11 368.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 364.42 Td (387) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 364.42 Td (774) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 364.42 Td (774) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 364.42 Td (3,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 364.42 Td (5,809) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 349.42 Td (Total contractual obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.00 349.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.15 349.42 Td (148,776) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.00 349.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.60 349.42 Td (1,066,347) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 349.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 349.42 Td (637,786) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 349.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 349.42 Td (330,658) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.00 349.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 349.42 Td (2,183,567) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 321.25 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 321.25 Td (Notes payable includes principal and interest payments under our mortgage and construction loans. For the purpose of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 309.25 Td (table, we assumed that rates of our unhedged variable-interest loans were equal to the rates in ef) Tj ET Q q 0 0 0 rg BT 451.84 309.25 Td (fect as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.98 309.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 297.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.00 297.25 Td ( and remain constant for the remainder of the loan term. Further) Tj ET Q q 0 0 0 rg BT 345.56 297.25 Td (, for the purpose of this table, for mortgages ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 285.25 Td (denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 205.07 285.25 Td (, we assumed the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 351.49 285.25 Td (fect as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.64 285.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.22 285.25 Td ( remains constant for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 273.25 Td (the remainder of the loan term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 255.25 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 255.25 Td (The operating lease agreement relates to the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 314.94 255.25 Td (, which leases space from a tenant in one of its properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 243.25 Td (through a non-cancellable lease agreement which expires on December 24, 2028.) Tj ET Q q 0 0 0 rg BT 397.69 243.25 Td (The Company expects to make annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 231.25 Td (payments of approximately 0.2 million \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.64 231.25 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.53 231.25 Td ( assuming a rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.56 231.25 Td ($1.65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.06 231.25 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 420.91 231.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.07 231.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.65 231.25 Td (\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 219.25 Td (pursuant to the lease, which will be recorded in rental expense in its consolidated statement of operations. For the purpose ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 207.25 Td (of this table, we assumed the exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.60 207.25 Td ($1.65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.10 207.25 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 313.95 207.25 Td ( remains constant for the remainder of the lease term.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 183.25 Td (Recent Developments and Subsequent Events) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 159.25 Td (The Rim ) Tj ET Q q 0 0 0 rg BT 85.93 159.25 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 135.25 Td (In February 2014, we acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.51 135.25 Td (658,964) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.01 135.25 Td ( square feet of retail space that is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.84 135.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.17 135.25 Td ( leased in an outdoor retail center located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 123.25 Td (San ) Tj ET Q q 0 0 0 rg BT 66.95 123.25 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 104.55 123.25 Td (T) Tj ET Q q 0 0 0 rg BT 109.96 123.25 Td (exas known as ) Tj ET Q q 0 0 0 rg BT 170.60 123.25 Td (The Rim. ) Tj ET Q q 0 0 0 rg BT 213.19 123.25 Td (The contract purchase price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.51 123.25 Td ($176.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.40 123.25 Td (, exclusive of transaction costs and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.25 Td (working capital reserves. ) Tj ET Q q 0 0 0 rg BT 155.06 111.25 Td (The Rim consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.83 111.25 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.72 111.25 Td ( square feet and we have acquired rights to purchase additional space ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 99.25 Td (that is expected to be developed over the next two years, as described below) Tj ET Q q 0 0 0 rg BT 354.24 99.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 75.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 75.25 Td (e have not concluded our accounting for this recent acquisition, but we expect that the purchase price will primarily be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 63.25 Td (allocated to building, land and intangible assets and liabilities. ) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (In February 2014, we also entered into a purchase and sale agreement with Phase ) Tj ET Q q 0 0 0 rg BT 395.21 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 402.25 742.10 Td ( Rim, LLC \(Phase ) Tj ET Q q 0 0 0 rg BT 481.78 742.10 Td (V\) to acquire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (271,873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.50 730.10 Td ( square feet of additional retail space at ) Tj ET Q q 0 0 0 rg BT 241.69 730.10 Td (The Rim that is currently under construction and expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (December 31, 2014 \(with an option to extend to ) Tj ET Q q 0 0 0 rg BT 243.85 718.10 Td (April 30, 2015\). ) Tj ET Q q 0 0 0 rg BT 312.73 718.10 Td (Also, in February 2014, we entered into an option and right of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (first of) Tj ET Q q 0 0 0 rg BT 76.76 706.10 Td (fer agreement with Phase ) Tj ET Q q 0 0 0 rg BT 180.42 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 187.47 706.10 Td ( pursuant to which we have the option, but not the obligation, to purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.07 706.10 Td (97,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.57 706.10 Td ( square feet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of additional retail center space. Construction of this space has not begun but is expected to be completed by December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (The purchase price for each of the additional phases described above will be calculated based on respective financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (models that have been agreed upon by us and Phase ) Tj ET Q q 0 0 0 rg BT 259.76 646.10 Td (V) Tj ET Q q 0 0 0 rg BT 265.69 646.10 Td (, and therefore the price of a component cannot be determined until ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (construction of that component is completed. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (25 Cabot Squar) Tj ET Q q 0 0 0 rg BT 112.97 610.10 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (In March 2014, we entered into a contract to acquire 25 Cabot Square, a single-tenant Class ) Tj ET Q q 0 0 0 rg BT 436.77 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 443.44 586.10 Td ( of) Tj ET Q q 0 0 0 rg BT 454.09 586.10 Td (fice building located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (London, England. 25 Cabot Square consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.09 574.10 Td (455,687) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.59 574.10 Td ( square feet and is 100% leased to Mor) Tj ET Q q 0 0 0 rg BT 428.92 574.10 Td (gan Stanley UK. ) Tj ET Q q 0 0 0 rg BT 500.11 574.10 Td (The contract ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (purchase price for 25 Cabot Square is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.01 562.10 Td (225.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.90 562.10 Td ( \(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.99 562.10 Td ($371.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.88 562.10 Td ( assuming an exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.17 562.10 Td ($1.65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.67 562.10 Td ( per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (GBP) Tj ET Q q 0 0 0 rg BT 69.08 550.10 Td ( as of the date the contract was signed\). ) Tj ET Q q 0 0 0 rg BT 231.34 550.10 Td (There can be no assurances that this acquisition will be consummated, and if we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (elect not to close on this acquisition, we could potentially forfeit our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.77 538.10 Td ($37.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.66 538.10 Td ( earnest money deposit.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Item7A.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 87.21 514.10 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 261.85 514.10 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (equity prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 233.91 478.10 Td (fect market-sensitive instruments. In pursuing our business plan, we believe that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (interest rate risk, currency risk and real estate valuation risk are the primary market risks to which we are exposed.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 87.07 442.10 Td (est ) Tj ET Q q 0 0 0 rg BT 100.68 442.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 121.50 442.10 Td (Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 418.10 Td (e are exposed to the ef) Tj ET Q q 0 0 0 rg BT 166.13 418.10 Td (fects of interest rate changes primarily as a result of debt used to maintain liquidity and fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (expansion of our real estate investment portfolio and operations. One of our interest rate risk management objectives is to limit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (the impact of interest rate changes on cash flows. ) Tj ET Q q 0 0 0 rg BT 249.19 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 254.60 394.10 Td (o achieve this objective, we may borrow at fixed rates or fix and cap the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (variable rates of interest on variable interest rate borrowings through the use of interest rate swaps and caps. ) Tj ET Q q 0 0 0 rg BT 484.39 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.03 382.10 Td (e have and may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (continue to enter into derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (risk on a related financial instrument. ) Tj ET Q q 0 0 0 rg BT 201.71 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.35 358.10 Td (e will not enter into derivative or interest rate transactions for speculative purposes. ) Tj ET Q q 0 0 0 rg BT 546.17 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 554.81 358.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (are exposed to credit risk of the counterparty to these interest rate swap agreements in the event of non-performance under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (terms of the derivative contracts.In the event of non-performance by the counterparty) Tj ET Q q 0 0 0 rg BT 395.32 334.10 Td (, if we were not able to replace these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (swaps, we would be subject to the variability of interest rates on the total amount of debt outstanding under the mortgage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.50 298.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.08 298.10 Td (, we had fixed rate debt of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.26 298.10 Td ($627.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 298.10 Td ( and variable rate debt of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.33 298.10 Td ($1.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.44 298.10 Td (, after adjusting for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.72 286.10 Td ($333.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.61 286.10 Td ( notional amount of our interest rate swap contracts. If interest rates were to increase by 1% and all other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (variables were held constant, we would incur ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.27 274.10 Td ($13.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.16 274.10 Td ( in additional annual interest expense associated with our variable-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (rate debt. ) Tj ET Q q 0 0 0 rg BT 91.65 262.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 141.55 262.10 Td (, we have notional amounts of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.84 262.10 Td ($498.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.73 262.10 Td ( in interest rate caps to cap our variable rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 74.17 250.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.61 250.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.19 250.10 Td (, the variable interest rates did not exceed their capped interest rates. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (For) Tj ET Q q 0 0 0 rg BT 82.63 226.10 Td (eign ) Tj ET Q q 0 0 0 rg BT 102.35 226.10 Td (Curr) Tj ET Q q 0 0 0 rg BT 121.43 226.10 Td (ency ) Tj ET Q q 0 0 0 rg BT 142.24 226.10 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 202.10 Td (e currently have real estate investments located in countries outside of the U.S. that are subject to the ef) Tj ET Q q 0 0 0 rg BT 490.20 202.10 Td (fects of exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (rate movements between the foreign currency of each real estate investment and the U.S. dollar) Tj ET Q q 0 0 0 rg BT 431.11 190.10 Td (, which may af) Tj ET Q q 0 0 0 rg BT 490.36 190.10 Td (fect future costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (and cash flows as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements. Generally) Tj ET Q q 0 0 0 rg BT 557.56 178.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (we have entered into mortgage loans denominated in foreign currencies for these investments, which provide natural hedges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (rate dif) Tj ET Q q 0 0 0 rg BT 78.41 142.10 Td (ferences. ) Tj ET Q q 0 0 0 rg BT 118.67 142.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 168.57 142.10 Td (, we are typically a net receiver of these foreign currencies, and, as a result, our foreign operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (benefit from a weaker U.S. dollar and are adversely af) Tj ET Q q 0 0 0 rg BT 266.67 130.10 Td (fected by a stronger U.S. dollar) Tj ET Q q 0 0 0 rg BT 391.35 130.10 Td (. ) Tj ET Q q 0 0 0 rg BT 398.67 130.10 Td (The table below identifies the ef) Tj ET Q q 0 0 0 rg BT 527.61 130.10 Td (fect that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (an 10% immediate, unfavorable change in the exchange rates would have on our equity in these international real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (investments and their net income for the most recently completed period, by foreign currency \(in thousands\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 483.20 110.63 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.78 106.10 Td (: ) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 127.50 704.50 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 704.50 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 704.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 704.50 106.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 127.50 674.50 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 674.50 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 674.50 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 674.50 106.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 704.5 m 387.5 704.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 704.5 m 501.5 704.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 704.5 m 387.5 704.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 704.5 m 501.5 704.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.35 719.18 Td (Reduction in Book Value as) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 279.25 709.18 Td (of December 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.85 739.18 Td (Reduction in Net) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.40 729.18 Td (Income \(Loss\) for the) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 400.10 719.18 Td (Year Ended December) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 430.50 709.18 Td (31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 694.17 Td (AUD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.25 694.17 Td ($7,826) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 694.17 Td ($1,146) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 679.17 Td (EUR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.75 679.17 Td ($16,194) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 679.17 Td ($2,961) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 664.17 Td (GBP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.75 664.17 Td ($22,962) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 664.17 Td ($995) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 636.00 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 636.00 Td (Our real estate assets in Moscow) Tj ET Q q 0 0 0 rg BT 207.70 636.00 Td (, Russia were purchased in U.S. dollars and we expect that when we dispose of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 624.00 Td (assets, the sale transactions will also be denominated in U.S. dollars. ) Tj ET Q q 0 0 0 rg BT 353.34 624.00 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 402.67 624.00 Td (, we do not expect to have rouble ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 612.00 Td (exposure upon disposition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 588.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 588.00 Td (, our Revolving Credit Facility allows for borrowings denominated in foreign currencies, which subject us to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.00 Td (risks related to the ef) Tj ET Q q 0 0 0 rg BT 133.68 576.00 Td (fects of exchange rate movement. ) Tj ET Q q 0 0 0 rg BT 272.78 576.00 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.23 576.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.81 576.00 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.91 576.00 Td (18.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.80 576.00 Td ( outstanding on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.00 Td (Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 151.56 564.00 Td (. Holding everything else constant, a 10% immediate, unfavorable change in the exchange rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.00 Td (between the Euro and the U.S. dollar would result in an increase of our principal balance by $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.16 552.00 Td (2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.05 552.00 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 528.00 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.83 528.00 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 516.00 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 504.00 Td (There continues to be a significant amount of investment capital pursuing high-quality) Tj ET Q q 0 0 0 rg BT 413.10 504.00 Td (, well-located assets that generate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.00 Td (stable cash flows causing aggressive competition and pricing for assets which match our investment strategy) Tj ET Q q 0 0 0 rg BT 483.68 492.00 Td (. ) Tj ET Q q 0 0 0 rg BT 488.50 492.00 Td (This may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.00 Td (continue to drive prices higher) Tj ET Q q 0 0 0 rg BT 171.78 480.00 Td (, resulting in lower cap rates and returns. ) Tj ET Q q 0 0 0 rg BT 336.73 480.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 386.64 480.00 Td (, while we intend to invest the proceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.00 Td (raised from our of) Tj ET Q q 0 0 0 rg BT 122.29 468.00 Td (ferings as quickly and prudently as possible, the aggressive competition and higher pricing for assets that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.00 Td (meet our investment objectives has caused us to experience significant delays in investing our of) Tj ET Q q 0 0 0 rg BT 436.38 456.00 Td (fering proceeds in the past and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.00 Td (may continue to cause such delays in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 420.00 Td (As described elsewhere in this ) Tj ET Q q 0 0 0 rg BT 191.58 420.00 Td (Annual Report on Form 10-K, our ) Tj ET Q q 0 0 0 rg BT 330.73 420.00 Td (Advisor has agreed to waive asset management fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.00 Td (payable to it in order to more closely align the amount of distributions paid with our operations. In December 2013, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.00 Td (Advisor agreed to waive asset management fees otherwise payable to it for the year ended December 31, 2014 to the extent that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.00 Td (our MFFO for the year ended December 31, 2014, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 330.21 384.00 Td (Annual Report on Form 10-K for such year) Tj ET Q q 0 0 0 rg BT 503.39 384.00 Td (, amounts to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.00 Td (less than 100% of the aggregate distributions declared to our stockholders for the year ended December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 508.84 372.00 Td (There can be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.00 Td (no assurances that the expiration of this waiver at the end of 2014 will not negatively impact the cash available to pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.00 Td (distributions in future periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 336.00 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 324.00 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 324.00 Td (e invest proceeds we receive from our public of) Tj ET Q q 0 0 0 rg BT 266.94 324.00 Td (ferings in short-term, highly-liquid investments until we use such funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.00 Td (to make real estate investments. ) Tj ET Q q 0 0 0 rg BT 179.40 312.00 Td (Although we do not expect that income we earn on these temporary investments will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.00 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 395.00 300.00 Td (fect on these investments.) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item8.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 84.65 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.14 718.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 107.15 718.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 182.26 718.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 292.57 718.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 694.25 Td (o the Board of Directors and Stockholders of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 127.02 682.25 Td (, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 88.71 670.25 Td (T) Tj ET Q q 0 0 0 rg BT 94.12 670.25 Td (exas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 646.25 Td (e have audited the accompanying consolidated balance sheets of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 413.28 646.25 Td (, Inc. and subsidiaries \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Company\) as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 634.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.84 634.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.28 634.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.28 634.25 Td (, and the related consolidated statements of operations and comprehensive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (income \(loss\), equity) Tj ET Q q 0 0 0 rg BT 133.50 622.25 Td (, and cash flows for each of the three years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.46 622.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.04 622.25 Td (. Our audits also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (included the financial statement schedules listed in the Index at Item 15. ) Tj ET Q q 0 0 0 rg BT 341.12 610.25 Td (These financial statements and financial statement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (schedules are the responsibility of the Company) Tj ET Q q 0 0 0 rg BT 244.96 598.25 Td (s management. Our responsibility is to express an opinion on the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (statements and financial statement schedules based on our audits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 562.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 396.83 562.25 Td (Accounting Oversight Board \(United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 82.04 550.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (statements are free of material misstatement. ) Tj ET Q q 0 0 0 rg BT 231.13 538.25 Td (The Company is not required to have, nor were we engaged to perform, an audit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (on the ef) Tj ET Q q 0 0 0 rg BT 84.80 502.25 Td (fectiveness of the Company) Tj ET Q q 0 0 0 rg BT 198.94 502.25 Td (s internal control over financial reporting. ) Tj ET Q q 0 0 0 rg BT 368.05 502.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 417.39 502.25 Td (, we express no such opinion. ) Tj ET Q q 0 0 0 rg BT 537.37 502.25 Td (An ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (financial statement presentation. ) Tj ET Q q 0 0 0 rg BT 181.99 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 190.63 466.25 Td (e believe that our audits provide a reasonable basis for our opinion.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td (In our opinion, such consolidated financial statements present fairly) Tj ET Q q 0 0 0 rg BT 338.66 442.25 Td (, in all material respects, the financial position of Hines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Global REIT) Tj ET Q q 0 0 0 rg BT 101.19 430.25 Td (, Inc. and subsidiaries as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.28 430.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.86 430.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.30 430.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.30 430.25 Td (, and the results of their operations and their cash flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (for each of the three years in the period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.03 418.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.61 418.25 Td (, in conformity with accounting principles generally accepted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (in the United States of ) Tj ET Q q 0 0 0 rg BT 141.38 406.25 Td (America. ) Tj ET Q q 0 0 0 rg BT 180.25 406.25 Td (Also, in our opinion, such financial statement schedules, when considered in relation to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (basic consolidated financial statements taken as a whole, present fairly in all material respects the information set forth therein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (/s/ Deloitte& ) Tj ET Q q 0 0 0 rg BT 106.76 370.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.17 370.25 Td (ouche LLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 88.71 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 94.12 346.25 Td (exas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (March27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.60 334.25 Td ( ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.00 742.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 742.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 742.25 Td (, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.40 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 279.22 730.25 Td (TED BALANCE SHEETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 232.90 718.25 Td (As of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 257.34 718.25 Td (December) Tj ET Q q 0 0 0 rg BT 300.47 718.25 Td (31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 337.97 718.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.09 718.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.09 718.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 655.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 655.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 655.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 625.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 625.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 625.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 595.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 595.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 595.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 595.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 565.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 565.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 565.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 535.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 535.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 535.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 505.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 505.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 505.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 475.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 475.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 475.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 475.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 445.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 445.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 445.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 415.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 415.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 415.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 415.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 385.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 385.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 385.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 385.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 355.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 355.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 355.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 325.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 325.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 325.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 325.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 296.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 296.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 296.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 296.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 267.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 267.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 267.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 237.75 378.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 237.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 237.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 237.75 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 177.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 177.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 177.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 147.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 147.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 147.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 147.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 117.75 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 117.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 117.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 117.75 65.00 -15.00 re f /GS0 gs 0.8 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325.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 325.75 m 562.5 325.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 132.75 m 493.5 132.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 132.75 m 562.5 132.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 117.75 m 493.5 117.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 117.75 m 562.5 117.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 102.75 m 493.5 102.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 102.75 m 562.5 102.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 87.75 m 493.5 87.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 87.75 m 562.5 87.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 73.75 m 493.5 73.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 71.75 m 493.5 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 73.75 m 562.5 73.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 71.75 m 562.5 71.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 697.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.50 697.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.50 697.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 674.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 441.15 683.48 Td (\(In thousands, except per) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 462.15 673.48 Td (share amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 220.35 660.43 Td (ASSETS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.50 660.43 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.50 660.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 645.42 Td (Investment property, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 645.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 645.42 Td (2,799,850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 645.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 645.42 Td (1,482,478) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 630.42 Td (Investment in unconsolidated entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 630.42 Td (3,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 630.42 Td (3,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 615.42 Td (Cash and cash equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 615.42 Td (124,859) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 615.42 Td (97,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 600.42 Td (Restricted cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 600.42 Td (12,283) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 600.42 Td (7,457) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 585.42 Td (Derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 585.42 Td (5,294) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 585.42 Td (790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 570.42 Td (Tenant and other receivables, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 570.42 Td (48,247) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 570.42 Td (33,615) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 555.42 Td (Intangible lease assets, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 555.42 Td (695,724) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 555.42 Td (385,532) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 540.42 Td (Deferred leasing costs, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 540.42 Td (43,999) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 540.42 Td (7,850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 525.42 Td (Deferred financing costs, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 525.42 Td (15,874) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 525.42 Td (10,927) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 510.42 Td (Real estate loans receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 510.42 Td (43,237) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 510.42 Td (34,701) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 495.42 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 495.42 Td (10,279) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 495.42 Td (14,251) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 480.43 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 480.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 480.42 Td (3,803,219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 480.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 480.42 Td (2,078,572) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.55 465.43 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 465.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 465.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 450.43 Td (Liabilities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 450.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 450.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 435.42 Td (Accounts payable and accrued expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 435.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 435.42 Td (72,941) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 435.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 435.42 Td (35,889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 420.42 Td (Due to affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 420.42 Td (16,419) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 420.42 Td (10,198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 405.42 Td (Intangible lease liabilities, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 405.42 Td (68,355) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 405.42 Td (27,183) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 390.42 Td (Other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 390.42 Td (33,875) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 390.42 Td (18,472) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 375.42 Td (Derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 375.42 Td (9,817) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 375.42 Td (15,453) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 360.42 Td (Distributions payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 360.42 Td (14,143) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 360.42 Td (8,777) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 345.42 Td (Notes payable to affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 345.42 Td (37,561) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 345.42 Td (28,535) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 330.42 Td (Notes payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 330.42 Td (1,935,901) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 330.42 Td (829,795) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 315.43 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 315.42 Td (2,189,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 315.42 Td (974,302) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 286.42 Td (Commitments and contingencies \(Note 14\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 286.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 286.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 257.43 Td (Equity:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 257.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 257.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 242.42 Td (Stockholders equity:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 242.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.00 242.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 227.42 Td (Preferred shares, $.001 par value; 500,000 preferred shares authorized, none issued or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 217.42 Td (outstanding as of December 31, 2013 and 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 217.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 217.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 202.42 Td (Common shares, $.001 par value; 1,500,000 common shares authorized as of December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 192.42 Td (2013 and 2012; 229,035 and 148,889 common shares issued and outstanding as of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 182.42 Td (December 31, 2013 and 2012, respectively) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 182.42 Td (229) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 182.42 Td (149) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 167.42 Td (Additional paid-in capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 167.42 Td (1,800,936) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 167.42 Td (1,189,739) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 152.42 Td (Accumulated deficit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 152.47 Td (\(206,305) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 152.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.80 152.47 Td (\(117,369) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 152.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 137.42 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 137.47 Td (\(23,921) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 137.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 137.47 Td (\(8,612) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 137.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 122.42 Td (Total stockholders equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 122.42 Td (1,570,939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 122.42 Td (1,063,907) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 107.42 Td (Noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 107.42 Td (43,268) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 107.42 Td (40,363) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 92.42 Td (Total equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 92.42 Td (1,614,207) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 92.42 Td (1,104,270) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 77.43 Td (Total liabilities and equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 77.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.65 77.42 Td (3,803,219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 77.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 77.42 Td (2,078,572) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.60 49.25 Td (See notes to the consolidated financial statements.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.65 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 151.47 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 186.03 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 192.50 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 257.42 730.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 294.18 730.25 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 327.25 730.25 Td (AND COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 187.90 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 203.27 718.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 221.23 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 227.34 718.25 Td (ears Ended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.90 718.25 Td (December) Tj ET Q q 0 0 0 rg BT 321.02 718.25 Td (31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 358.52 718.25 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 363.52 718.25 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.52 718.25 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 404.65 718.25 Td (201) Tj ET Q q 0 0 0 rg BT 419.10 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428.5 339.75 m 493.5 339.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 339.75 m 562.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 326.75 m 424.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 324.75 m 424.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 326.75 m 493.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 324.75 m 493.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 326.75 m 562.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 324.75 m 562.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 324.75 m 424.5 324.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 326.75 m 424.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 312.75 m 424.5 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 310.75 m 424.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 324.75 m 493.5 324.75 l s 0 0 0 RG /GS0 gs 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296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 310.75 m 562.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 312.75 m 562.5 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 298.75 m 562.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 296.75 m 562.5 296.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 241.75 m 424.5 241.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 241.75 m 493.5 241.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 241.75 m 562.5 241.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 213.75 m 424.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 213.75 m 493.5 213.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 213.75 m 562.5 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 200.75 m 424.5 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 198.75 m 424.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 200.75 m 493.5 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 198.75 m 493.5 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 200.75 m 562.5 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 198.75 m 562.5 198.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 698.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 698.43 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.50 698.43 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.75 698.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 675.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.60 675.43 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 661.48 Td (Revenues:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.50 661.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.50 661.48 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 529.50 661.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 648.32 Td (Rental revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 648.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 648.32 Td (298,943) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 648.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 648.32 Td (174,794) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 648.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 648.32 Td (88,657) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 634.32 Td (Other revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 634.32 Td (23,919) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 634.32 Td (12,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 634.32 Td (6,869) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 620.32 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 620.32 Td (322,862) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 620.32 Td (187,240) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 620.32 Td (95,526) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 606.43 Td (Expenses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 592.32 Td (Property operating expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 592.32 Td (65,716) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 592.32 Td (40,511) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 592.32 Td (19,403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 578.32 Td (Real property taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 578.32 Td (28,638) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 578.32 Td (16,576) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 578.32 Td (7,677) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 564.32 Td (Property management fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 564.32 Td (7,739) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 564.32 Td (3,952) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 564.32 Td (2,231) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 550.32 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 550.32 Td (140,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 550.32 Td (84,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 550.32 Td (53,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 536.32 Td (Acquisition related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 536.32 Td (42,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 536.32 Td (12,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 536.32 Td (5,863) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 522.32 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 522.32 Td (60,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 522.32 Td (22,006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 522.32 Td (20,453) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 508.32 Td (General and administrative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 508.32 Td (5,344) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 508.32 Td (3,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 508.32 Td (3,129) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 494.32 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 494.32 Td (350,861) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 494.32 Td (184,015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 494.32 Td (111,923) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 480.43 Td (Income \(loss\) before other income \(expenses\) and benefit \(provision\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 470.43 Td (for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 470.47 Td (\(27,999) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 470.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 470.42 Td (3,225) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 470.47 Td (\(16,397) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 470.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 456.43 Td (Other income \(expenses\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 442.32 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 442.32 Td (9,909) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 442.32 Td (1,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 442.37 Td (\(16,523) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 442.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 428.32 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 428.37 Td (\(6,458) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 428.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 428.32 Td (672) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 428.32 Td (174) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 414.32 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 414.37 Td (\(60,968) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 414.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 414.37 Td (\(37,915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 414.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 414.37 Td (\(23,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 414.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 400.32 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 400.32 Td (454) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 400.32 Td (227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 400.32 Td (189) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 386.43 Td (Income \(loss\) before benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 386.37 Td (\(85,062) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 386.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 386.37 Td (\(32,393) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 386.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 386.37 Td (\(55,724) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 386.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 372.32 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 372.37 Td (\(701) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 372.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 372.37 Td (\(1,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 372.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 372.37 Td (\(2,885) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 372.32 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 358.43 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 358.37 Td (\(85,763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 358.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 358.37 Td (\(33,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 358.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 358.37 Td (\(58,609) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 358.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 344.32 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 344.37 Td (\(3,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 344.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.30 344.37 Td (\(939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 344.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 344.32 Td (1,592) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 330.43 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 330.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 330.37 Td (\(88,936) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 330.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 330.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 330.37 Td (\(34,479) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 330.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 330.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 330.37 Td (\(57,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 330.32 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 316.43 Td (Basic and diluted income \(loss\) per common share:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 316.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.80 316.37 Td (\(0.48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 316.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 316.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.80 316.37 Td (\(0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 316.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 316.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 316.37 Td (\(0.85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 316.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 302.32 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 302.32 Td (184,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 302.32 Td (113,578) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 302.32 Td (67,429) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 288.43 Td (Net comprehensive income \(loss\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 274.32 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 274.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 274.37 Td (\(85,763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 274.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 274.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 274.37 Td (\(33,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 274.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 274.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 274.37 Td (\(58,609) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 274.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 260.32 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 246.32 Td (Foreign currency translation adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 246.37 Td (\(14,840) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 246.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 246.32 Td (12,301) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 246.37 Td (\(20,765) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 246.32 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 232.43 Td (Net comprehensive income \(loss\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.80 232.37 Td (\(100,603) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 232.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 232.37 Td (\(21,239) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 232.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 232.37 Td (\(79,374) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 232.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 218.32 Td (Net comprehensive \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 218.37 Td (\(3,642) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 218.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 218.37 Td (\(2,111) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 218.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 218.32 Td (1,269) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 204.43 Td (Net comprehensive income \(loss\) attributable to common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 204.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.80 204.37 Td (\(104,245) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 204.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 204.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 204.37 Td (\(23,350) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 204.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 204.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 204.37 Td (\(78,105) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 204.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.60 176.25 Td (See notes to the consolidated financial statements.) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (67) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.40 749.95 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 316.67 749.95 Td ( REIT) Tj ET Q q 0 0 0 rg BT 340.26 749.95 Td (, INC.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.65 739.15 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 266.49 739.15 Td (TED ST) Tj ET Q q 0 0 0 rg BT 297.59 739.15 Td (A) Tj ET Q q 0 0 0 rg BT 303.42 739.15 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 361.84 739.15 Td ( EQUITY) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.70 728.35 Td (For) Tj ET Q q 0 0 0 rg BT 213.53 728.35 Td ( the ) Tj ET Q q 0 0 0 rg BT 229.69 728.35 Td (Y) Tj ET Q q 0 0 0 rg BT 235.19 728.35 Td (ears Ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.70 728.35 Td (December) Tj ET Q q 0 0 0 rg BT 319.51 728.35 Td (31, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.26 728.35 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.76 728.35 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.76 728.35 Td ( and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.77 728.35 Td (201) Tj ET Q q 0 0 0 rg BT 407.78 728.35 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.28 728.35 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.10 717.55 Td 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-13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 157.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 157.05 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 157.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 157.05 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 157.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 157.05 59.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 157.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 157.05 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 157.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 157.05 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 157.05 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 157.05 72.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 30.50 123.05 95.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 125.50 123.05 44.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 123.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 123.05 42.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 123.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.50 123.05 56.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 123.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 123.05 59.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 123.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 123.05 95.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 123.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 123.05 63.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 123.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 123.05 72.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 692.05 m 169.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 692.05 m 173.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 692.05 m 215.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 692.05 m 219.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 692.05 m 275.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 692.05 m 279.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 692.05 m 338.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 692.05 m 342.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 692.05 m 437.5 692.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 660.05 m 169.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 660.05 m 215.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 660.05 m 275.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 660.05 m 338.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 660.05 m 437.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 660.05 m 504.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 660.05 m 580.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 660.05 m 169.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 660.05 m 215.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 660.05 m 275.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 660.05 m 338.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 660.05 m 437.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 660.05 m 504.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 660.05 m 580.5 660.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 465.04999999999995 m 169.5 465.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 465.04999999999995 m 215.5 465.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 465.04999999999995 m 275.5 465.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 465.04999999999995 m 338.5 465.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 465.04999999999995 m 437.5 465.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 465.04999999999995 m 504.5 465.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 465.04999999999995 m 580.5 465.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 294.04999999999995 m 169.5 294.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 294.04999999999995 m 215.5 294.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 294.04999999999995 m 275.5 294.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 294.04999999999995 m 338.5 294.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 294.04999999999995 m 437.5 294.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 294.04999999999995 m 504.5 294.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 294.04999999999995 m 580.5 294.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 94.04999999999995 m 169.5 94.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 94.04999999999995 m 215.5 94.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 94.04999999999995 m 275.5 94.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 94.04999999999995 m 338.5 94.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 94.04999999999995 m 437.5 94.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 94.04999999999995 m 504.5 94.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 94.04999999999995 m 580.5 94.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 74.04999999999995 m 169.5 74.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 72.04999999999995 m 169.5 72.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 74.04999999999995 m 215.5 74.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 72.04999999999995 m 215.5 72.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 74.04999999999995 m 275.5 74.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 72.04999999999995 m 275.5 72.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 74.04999999999995 m 338.5 74.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 72.04999999999995 m 338.5 72.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 74.04999999999995 m 437.5 74.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 72.04999999999995 m 437.5 72.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 74.04999999999995 m 504.5 74.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 72.04999999999995 m 504.5 72.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 74.04999999999995 m 580.5 74.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 72.04999999999995 m 580.5 72.04999999999995 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 33.00 696.51 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.40 696.50 Td (Hines Global REIT, Inc.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.00 696.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.00 696.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 33.00 664.51 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.25 673.50 Td (Common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.05 664.50 Td (Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.20 664.50 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.45 682.50 Td (Additional) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.95 673.50 Td (Paid-in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.70 664.50 Td (Capital) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.00 673.50 Td (Accumulated) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.75 664.50 Td (Deficit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.45 682.50 Td (Accumulated Other) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.55 673.50 Td (Comprehensive) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.35 664.50 Td (Income \(Loss\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.65 682.50 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 446.30 673.50 Td (Stockholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 664.50 Td (Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.05 673.50 Td (Noncontrolling) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.30 664.50 Td (Interests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 33.00 651.45 Td (Balance as of January) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 33.00 642.45 Td (1, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.25 643.51 Td (41,287) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.00 643.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 643.51 Td (41) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.00 643.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.75 643.51 Td (350,561) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.00 643.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.25 643.51 Td (\(25,873) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 643.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.00 643.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.75 643.51 Td (1,347) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.00 643.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.75 643.51 Td (326,076) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.00 643.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.25 643.51 Td (38,309) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 629.30 Td (Issuance of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.25 629.51 Td (49,479) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 629.51 Td (50) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.75 629.51 Td (492,716) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 629.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 629.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.75 629.51 Td (492,766) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 629.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 616.30 Td (Contribution from) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 608.30 Td (noncontrolling interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 608.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 608.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 608.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 608.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 608.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 608.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 608.51 Td (97) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 595.30 Td (Distributions declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 595.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 595.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.25 595.31 Td (\(47,198) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 595.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 595.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 595.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 595.31 Td (\(47,198) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 595.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 565.00 595.31 Td (\(15) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 577.00 595.31 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 582.30 Td (Distributions on) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 574.30 Td (Convertible Preferred) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 566.30 Td (Equity Certificates) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 558.30 Td (\(CPEC\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 558.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 558.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 558.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 558.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 558.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 558.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.75 558.51 Td (\(3,793) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 577.00 558.51 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 545.30 Td (Redemption of common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 537.30 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 149.50 537.51 Td (\(743) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.00 537.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.50 537.51 Td (\(1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.00 537.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.75 537.51 Td (\(7,190) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 537.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 537.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 537.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.75 537.51 Td (\(7,191) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 537.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 537.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 524.30 Td (Selling commissions and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 516.30 Td (dealer manager fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 516.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 516.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.25 516.51 Td (\(46,187) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 516.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 516.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 516.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 516.51 Td (\(46,187) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 516.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 516.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 503.30 Td (Issuer costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 503.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 503.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.75 503.31 Td (\(4,086) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 503.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 503.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 503.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.75 503.31 Td (\(4,086) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 503.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 503.31 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 490.30 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 490.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 490.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 490.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.25 490.31 Td (\(57,017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 490.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 490.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 490.31 Td (\(57,017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 490.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.75 490.31 Td (\(1,592) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 577.00 490.31 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 477.30 Td (Foreign currency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 469.30 Td (translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 469.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 469.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 469.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 469.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.25 469.51 Td (\(21,088) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.00 469.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 469.51 Td (\(21,088) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 469.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.50 469.51 Td (323) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 33.00 456.28 Td (Balance as of December) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 33.00 448.28 Td (31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.25 448.51 Td (90,023) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.00 448.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 448.51 Td (90) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.00 448.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.75 448.51 Td (738,616) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.00 448.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.25 448.51 Td (\(82,890) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 448.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.00 448.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.25 448.51 Td (\(19,741) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.00 448.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.00 448.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.75 448.51 Td (636,075) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.00 448.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.25 448.51 Td (33,329) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 435.30 Td (Issuance of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.25 435.31 Td (60,019) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 435.31 Td (60) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.75 435.31 Td (596,683) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 435.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 435.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.75 435.31 Td (596,743) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 435.31 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 422.30 Td (Contributions from) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 414.30 Td (noncontrolling interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 414.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 414.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 414.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 414.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 414.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 414.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 556.75 414.51 Td (8,082) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 401.30 Td (Distributions declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 401.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 401.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.25 401.31 Td (\(73,975) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 401.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 401.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 401.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 401.31 Td (\(73,975) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 401.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 560.50 401.31 Td (\(293) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 577.00 401.31 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 387.30 Td (Distributions on CPEC) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 387.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 387.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 387.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 387.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 387.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 387.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.75 387.51 Td (\(2,866) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 577.00 387.51 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 374.30 Td (Redemption of common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 366.30 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.75 366.51 Td (\(1,153) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.00 366.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.50 366.51 Td (\(1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.00 366.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.25 366.51 Td (\(11,323) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 366.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 366.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 366.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 366.51 Td (\(11,324) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 366.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 366.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 353.30 Td (Selling commissions and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 345.30 Td (dealer manager fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 345.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 345.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.25 345.51 Td (\(54,552) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 345.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 345.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 345.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 345.51 Td (\(54,552) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 345.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 345.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 332.30 Td (Issuer costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 332.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 332.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.75 332.31 Td (\(5,710) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 332.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 332.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 332.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.75 332.31 Td (\(5,710) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 332.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 332.31 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 319.30 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 319.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 319.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 319.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.25 319.31 Td (\(34,479) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 319.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 319.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 319.31 Td (\(34,479) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 319.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.50 319.31 Td (939) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 306.30 Td (Foreign currency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 298.30 Td (translation adjustment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 298.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 298.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 298.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 298.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.25 298.51 Td (11,129) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.25 298.51 Td (11,129) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 556.75 298.51 Td (1,172) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 33.00 285.28 Td (Balance as of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 33.00 277.28 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 136.75 277.51 Td (148,889) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.00 277.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 198.50 277.51 Td (149) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 222.00 277.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 236.00 277.51 Td (1,189,739) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 282.00 277.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.75 277.51 Td (\(117,369) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 277.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.00 277.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.75 277.51 Td (\(8,612) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.00 277.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.00 277.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.00 277.51 Td (1,063,907) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 511.00 277.51 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 552.25 277.51 Td (40,363) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 264.30 Td (Issuance of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 141.25 264.31 Td (82,085) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 264.31 Td (82) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 242.75 264.31 Td (833,748) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 264.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 264.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.75 264.31 Td (833,830) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 264.31 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 251.30 Td (Contributions from) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 243.30 Td (noncontrolling interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 243.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 243.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 243.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 243.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 243.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 243.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 556.75 243.51 Td (2,594) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 230.30 Td (Distributions declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 230.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 230.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 239.75 230.31 Td (\(119,764) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 230.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 230.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 230.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.75 230.31 Td (\(119,764) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 230.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 560.50 230.31 Td (\(544) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 577.00 230.31 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 216.30 Td (Distributions on CPEC) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 216.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 216.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.00 216.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 216.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 216.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.00 216.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 553.75 216.51 Td (\(2,787) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 577.00 216.51 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 203.30 Td (Redemption of common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 195.30 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.75 195.51 Td (\(1,939) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 166.00 195.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.50 195.51 Td (\(2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.00 195.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.25 195.51 Td (\(20,071) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 195.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 195.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 195.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 195.51 Td (\(20,073) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 195.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 195.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 182.30 Td (Selling commissions and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 174.30 Td (dealer manager fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 174.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 174.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.25 174.51 Td (\(75,579) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 174.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 174.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 174.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.25 174.51 Td (\(75,579) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.00 174.51 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 568.00 174.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 33.00 161.30 Td (Issuer costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.00 161.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 203.00 161.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.75 161.31 Td (\(7,137) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.00 161.31 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.00 161.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.00 161.31 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 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493.5 373.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 373.75 m 562.5 373.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 359.75 m 424.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 359.75 m 493.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 359.75 m 562.5 359.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 177.75 m 424.5 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 177.75 m 493.5 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 177.75 m 562.5 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 163.75 m 424.5 163.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 163.75 m 493.5 163.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 163.75 m 562.5 163.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 121.75 m 424.5 121.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 121.75 m 493.5 121.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 121.75 m 562.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 108.75 m 424.5 108.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 106.75 m 424.5 106.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 108.75 m 493.5 108.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 106.75 m 493.5 106.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 108.75 m 562.5 108.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 106.75 m 562.5 106.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 686.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.50 686.20 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.50 686.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.70 686.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 672.20 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.60 672.20 Td (\(In thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 658.21 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 658.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 658.21 Td (\(85,763) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 658.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.00 658.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 658.21 Td (\(33,540) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 658.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.00 658.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 658.21 Td (\(58,609) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 658.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 644.21 Td (Adjustments to reconcile net income \(loss\) to net cash from operating activities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 630.21 Td (Depreciation and amortization) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.75 630.21 Td (153,203) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 630.21 Td (93,526) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 630.21 Td (58,327) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 616.21 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 616.21 Td (6,458) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 616.21 Td (\(672) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 616.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 616.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 602.21 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 602.21 Td (\(9,909) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 602.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 602.21 Td (\(1,398) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 602.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 602.21 Td (16,523) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 588.21 Td (Changes in assets and liabilities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 588.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 574.21 Td (Change in other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 574.21 Td (\(3,965) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 574.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 574.21 Td (\(1,497) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 574.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.50 574.21 Td (823) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 560.21 Td (Change in tenant and other receivables) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 560.21 Td (\(15,539) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 560.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 560.21 Td (\(15,355) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 560.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 560.21 Td (\(5,188) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 560.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 546.21 Td (Change in deferred leasing costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 546.21 Td (\(38,168) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 546.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 546.21 Td (\(6,542) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 546.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 546.21 Td (\(1,494) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 546.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 532.21 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 532.21 Td (27,078) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 532.21 Td (4,221) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 532.21 Td (7,638) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 518.21 Td (Change in other liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.50 518.21 Td (\(121) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 518.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 518.21 Td (\(431) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 518.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 518.21 Td (3,259) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 59.00 504.21 Td (Change in due to affiliates) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 504.21 Td (7,250) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.50 504.21 Td (538) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 504.21 Td (2,712) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 490.21 Td (Net cash from operating activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 490.21 Td (40,524) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 490.21 Td (38,850) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 490.21 Td (23,991) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 476.20 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 476.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 476.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 476.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 462.21 Td (Investments in acquired properties and lease intangibles) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.00 462.21 Td (\(1,669,620) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 462.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.75 462.21 Td (\(593,428) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 462.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.75 462.21 Td (\(603,908) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 462.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 448.21 Td (Capital expenditures at operating properties and developments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 448.21 Td (\(56,148) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 448.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 448.21 Td (\(31,219) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 448.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 448.21 Td (\(9,605) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 448.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 434.21 Td (Investments in unconsolidated entities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.00 434.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 434.21 Td (\(3,573) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 434.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 434.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 420.21 Td (Deposits on investment property) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.00 420.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 420.21 Td (\(7,458) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 420.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 420.21 Td (\(24,404) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 420.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 406.21 Td (Investments in real estate loans receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 406.21 Td (\(20,022) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 406.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 406.21 Td (\(33,316) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 406.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 406.21 Td (\(4,919) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 406.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 392.21 Td (Proceeds from collection of real estate loans receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 392.21 Td (12,397) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 392.21 Td (3,107) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 392.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 378.21 Td (Change in restricted cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 378.21 Td (\(4,621) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 378.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 378.21 Td (\(286) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 378.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 378.21 Td (\(6,299) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 378.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 364.21 Td (Net cash from investing activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.00 364.21 Td (\(1,738,014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 364.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.75 364.21 Td (\(666,173) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 364.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.75 364.21 Td (\(649,135) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 364.21 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 350.20 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 350.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 350.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 350.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 336.21 Td (Proceeds from issuance of common stock) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.75 336.21 Td (772,693) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 336.21 Td (556,657) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 336.21 Td (468,730) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 322.21 Td (Contribution from noncontrolling interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 322.21 Td (2,594) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 322.21 Td (5,082) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 322.21 Td (93) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 308.21 Td (Redemption of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 308.21 Td (\(18,713) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 308.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 308.21 Td (\(11,099) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 308.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 308.21 Td (\(7,082) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 308.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 294.21 Td (Payment of issuer costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 294.21 Td (\(7,121) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 294.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 294.21 Td (\(5,675) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 294.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 294.21 Td (\(4,481) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 294.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 280.21 Td (Payment of selling commissions and dealer manager fees) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 280.21 Td (\(77,018) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 280.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 280.21 Td (\(52,660) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 280.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 280.21 Td (\(46,766) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 280.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 266.21 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 266.21 Td (\(57,277) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 266.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.25 266.21 Td (\(39,493) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 266.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 266.21 Td (\(22,751) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 266.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 252.21 Td (Proceeds from notes payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.00 252.21 Td (2,118,606) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 252.21 Td (749,076) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 252.21 Td (157,009) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 238.21 Td (Proceeds from related party notes payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 238.21 Td (8,273) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 238.21 Td (19,628) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 238.21 Td (8,403) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 224.21 Td (Payments on notes payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.00 224.21 Td (\(1,010,807) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 224.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.75 224.21 Td (\(557,588) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 224.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 224.21 Td (\(3,151) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 224.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 210.21 Td (Change in security deposit liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 210.21 Td (1,475) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 476.50 210.21 Td (542) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.00 210.21 Td (\(30) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 210.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 196.21 Td (Deferred financing costs paid) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 393.25 196.21 Td (\(10,119) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 196.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 196.21 Td (\(5,504) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 196.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 196.21 Td (\(3,961) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 196.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 182.21 Td (Payments related to interest rate contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.75 182.21 Td (\(4,330) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.00 182.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.75 182.21 Td (\(1,795) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.00 182.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.00 182.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 168.21 Td (Net cash from financing activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.00 168.21 Td (1,718,256) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.75 168.21 Td (657,171) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 168.21 Td (546,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 154.20 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.75 154.21 Td (6,695) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.75 154.21 Td (1,060) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.75 154.21 Td (\(1,332) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 154.21 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 140.20 Td (Net change in cash and cash equivalents) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 140.21 Td (27,461) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 140.21 Td (30,908) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.25 140.21 Td (\(80,463) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 559.00 140.21 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 126.20 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 126.21 Td (97,398) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 126.21 Td (66,490) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.75 126.21 Td (146,953) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 112.20 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 112.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.75 112.21 Td (124,859) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.00 112.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.25 112.21 Td (97,398) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.00 112.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.25 112.21 Td (66,490) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.60 84.25 Td (See notes to the consolidated financial statements.) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 242.00 742.25 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 317.86 742.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 344.07 742.25 Td (, INC.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 163.60 718.25 Td (NOTES) Tj ET Q q 0 0 0 rg BT 199.82 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 206.31 718.25 Td (O ) Tj ET Q q 0 0 0 rg BT 216.41 718.25 Td (THE CONSOLIDA) Tj ET Q q 0 0 0 rg BT 299.85 718.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.03 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 393.02 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 399.50 718.25 Td (TEMENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 694.25 Td (1.ORGANIZA) Tj ET Q q 0 0 0 rg BT 102.76 694.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 670.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 131.02 670.25 Td (, Inc. \(the Company\), was formed as a Maryland corporation on December10, 2008 under the General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 658.25 Td (Corporation Law of the state of Maryland for the purpose of engaging in the business of investing in and owning commercial real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 646.25 Td (estate properties and other real estate investments. ) Tj ET Q q 0 0 0 rg BT 239.08 646.25 Td (The Company conducts substantially all of its operations through Hines Global ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 634.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 58.04 634.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 117.38 634.25 Td ( \(the Operating Partnership\) and subsidiaries of the Operating Partnership. Beginning with its taxable year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 622.25 Td (ended December 31, 2009, the Company operated and intends to continue to operate in a manner to qualify as a real estate investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 610.25 Td (trust \(REIT\) for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 227.97 610.25 Td (The business of the Company is managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 487.19 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.13 610.25 Td (AdvisorsLP) Tj ET Q q 0 0 0 rg BT 539.05 610.25 Td ( \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 598.25 Td (Advisor\), an af) Tj ET Q q 0 0 0 rg BT 104.96 598.25 Td (filiate of Hines Interests Limited Partnership \(Hines\), pursuant to the ) Tj ET Q q 0 0 0 rg BT 391.27 598.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 430.44 598.25 Td (Agreement between the Company) Tj ET Q q 0 0 0 rg BT 566.13 598.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 50.17 586.25 Td (Advisor and the Operating Partnership.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 562.25 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.17 562.25 Td (August5, 2009) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.56 562.25 Td (, the Company commenced its initial public of) Tj ET Q q 0 0 0 rg BT 314.90 562.25 Td (fering of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.88 562.25 Td ($3.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 562.25 Td (in shares of common stock for sale to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 550.25 Td (the public \(the Initial Of) Tj ET Q q 0 0 0 rg BT 137.45 550.25 Td (fering\). ) Tj ET Q q 0 0 0 rg BT 173.92 550.25 Td (The Initial Of) Tj ET Q q 0 0 0 rg BT 228.71 550.25 Td (fering was terminated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.90 550.25 Td (February1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.50 550.25 Td ( and the Company commenced a follow-on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 538.25 Td (of) Tj ET Q q 0 0 0 rg BT 44.15 538.25 Td (fering ef) Tj ET Q q 0 0 0 rg BT 78.11 538.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.82 538.25 Td (February4, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.42 538.25 Td ( through which it is of) Tj ET Q q 0 0 0 rg BT 264.84 538.25 Td (fering up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.99 538.25 Td ($3.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.11 538.25 Td ( in shares of common stock \(the Second Of) Tj ET Q q 0 0 0 rg BT 537.10 538.25 Td (fering\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 526.25 Td (Hines Global currently anticipates that the Second Of) Tj ET Q q 0 0 0 rg BT 249.92 526.25 Td (fering will terminate on or before ) Tj ET Q q 0 0 0 rg BT 385.43 526.25 Td (April 1) Tj ET Q q 0 0 0 rg BT 413.67 526.25 Td (1, 2014. ) Tj ET Q q 0 0 0 rg BT 450.99 526.25 Td (The Company has received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 514.25 Td (gross of) Tj ET Q q 0 0 0 rg BT 67.76 514.25 Td (fering proceeds of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.27 514.25 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.38 514.25 Td ( from the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.41 514.25 Td (233.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 514.25 Td ( shares in its public of) Tj ET Q q 0 0 0 rg BT 459.16 514.25 Td (ferings through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 502.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 502.25 Td (. ) Tj ET Q q 0 0 0 rg BT 119.40 502.25 Td (The Company engaged Hines Securities, Inc. \(the Dealer Manager\), an af) Tj ET Q q 0 0 0 rg BT 422.15 502.25 Td (filiate of Hines, to serve as the dealer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 490.25 Td (manager for its public of) Tj ET Q q 0 0 0 rg BT 134.68 490.25 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 167.26 490.25 Td (The Dealer Manager is responsible for marketing the Company) Tj ET Q q 0 0 0 rg BT 423.29 490.25 Td (s shares being of) Tj ET Q q 0 0 0 rg BT 490.04 490.25 Td (fered pursuant to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 478.25 Td (Second Of) Tj ET Q q 0 0 0 rg BT 78.31 478.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 107.01 478.25 Td (The Company has invested and intends to continue to invest the net proceeds from its public of) Tj ET Q q 0 0 0 rg BT 487.30 478.25 Td (ferings in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 466.25 Td (diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 454.25 Td (internationally) Tj ET Q q 0 0 0 rg BT 93.67 454.25 Td (. Properties purchased by the Company may have varying uses including of) Tj ET Q q 0 0 0 rg BT 395.64 454.25 Td (fice, retail, industrial, multi-family ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 442.25 Td (residential and hospitality or leisure. ) Tj ET Q q 0 0 0 rg BT 184.12 442.25 Td (The Company may invest in operating properties, properties under development, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 430.25 Td (undeveloped properties, such as land. In addition, the Company may also make other real estate investments including investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 418.25 Td (equity or debt interests, which may include securities in other real estate entities and debt related to real estate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 394.25 Td (The Company made its initial real estate investment in June 2010 and owned interests in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.31 394.25 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.31 394.25 Td ( real estate investments as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 382.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 382.25 Td (. ) Tj ET Q q 0 0 0 rg BT 119.40 382.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 179.12 382.25 Td (s investments consisted of the following types of investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 358.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 358.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 358.25 Td (of) Tj ET Q q 0 0 0 rg BT 111.97 358.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 129.46 358.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 179.73 358.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.06 358.25 Td (1) Tj ET Q q 0 0 0 rg BT 187.69 358.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.69 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.19 358.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 346.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 346.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 346.25 Td (other ) Tj ET Q q 0 0 0 rg BT 126.87 346.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.15 346.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.48 346.25 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.48 346.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.98 346.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 334.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 334.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 334.25 Td (of) Tj ET Q q 0 0 0 rg BT 124.74 334.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 142.22 334.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.50 334.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.83 334.25 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.83 334.25 Td ( ) Tj ET Q q 0 0 0 rg BT 208.33 334.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 322.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 322.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 322.25 Td (other ) Tj ET Q q 0 0 0 rg BT 139.64 322.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.91 322.25 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.24 322.25 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.24 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.74 322.25 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 298.25 Td (Discussed below are additional details related to the Company) Tj ET Q q 0 0 0 rg BT 306.15 298.25 Td (s investments in multi-family projects and investments in real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 286.25 Td (estate related debt, each of which are included in the Company) Tj ET Q q 0 0 0 rg BT 290.07 286.25 Td (s domestic other investments segment. ) Tj ET Q q 0 0 0 rg BT 448.66 286.25 Td (All other investments are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 274.25 Td (operating real estate investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 250.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 250.25 Td (W) Tj ET Q q 0 0 0 rg BT 71.64 250.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 95.26 250.25 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 142.84 250.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.84 250.25 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.17 250.25 Td ( interest in a joint venture that was formed to invest in a multi-family development project in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 238.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 101.71 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 107.12 238.25 Td (exas. ) Tj ET Q q 0 0 0 rg BT 132.21 238.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.19 238.25 Td ($65.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.08 238.25 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.66 238.25 Td (322) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.66 238.25 Td ( units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 226.25 Td (upon completion. ) Tj ET Q q 0 0 0 rg BT 134.94 226.25 Td (An af) Tj ET Q q 0 0 0 rg BT 157.25 226.25 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.10 226.25 Td (7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.43 226.25 Td ( interest in this joint venture. ) Tj ET Q q 0 0 0 rg BT 433.86 226.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.30 226.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.89 226.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.89 226.25 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.89 226.25 Td ( units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 214.25 Td (have been delivered and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.39 214.25 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.39 214.25 Td ( leases have been executed. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.88 214.25 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.05 214.25 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 202.25 Td (June 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.83 202.25 Td (, although there can be no assurances as to when construction will be completed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 178.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 178.25 Td (@1377 @1377 is a multi-family development project in ) Tj ET Q q 0 0 0 rg BT 302.21 178.25 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 356.46 178.25 Td (gia, which is being developed by an af) Tj ET Q q 0 0 0 rg BT 510.12 178.25 Td (filiate of Hines. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 166.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.98 166.25 Td ($33.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.87 166.25 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.45 166.25 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.45 166.25 Td ( units upon completion. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 154.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.44 154.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.03 154.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 154.25 Td (171) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.03 154.25 Td ( units had been delivered and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.43 154.25 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.43 154.25 Td ( leases had been executed. Constructionbegan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.48 154.25 Td (July 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.65 154.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 142.25 Td (and was substantially complete in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.47 142.25 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.07 142.25 Td ( with all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.34 142.25 Td (215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.34 142.25 Td ( units delivered. See Joint ) Tj ET Q q 0 0 0 rg BT 409.14 142.25 Td (V) Tj ET Q q 0 0 0 rg BT 415.25 142.25 Td (entures, Equity Method Investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 130.25 Td (and Noncontrolling Interests below for additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 414.86 130.25 Td (s accounting for the @1377 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 118.25 Td (development. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 94.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 94.25 Td (Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 131.43 94.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.43 94.25 Td (83%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.76 94.25 Td ( interest in a joint venture that was formed in July 2012 to invest in a multi-family development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 82.25 Td (project in Miami, Florida. ) Tj ET Q q 0 0 0 rg BT 173.91 82.25 Td (The estimated total cost of the project is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.89 82.25 Td ($66.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.78 82.25 Td ( and the project will consist of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 70.25 Td (276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 70.25 Td ( units upon completion. ) Tj ET Q q 0 0 0 rg BT 176.89 70.25 Td (Af) Tj ET Q q 0 0 0 rg BT 187.26 70.25 Td (filiates of Hines own the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.11 70.25 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.44 70.25 Td ( interest in this joint venture. Construction began in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 58.25 Td (April 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.61 58.25 Td ( and is expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.12 58.25 Td (December 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.70 58.25 Td (, although there can be no assurances as to when construction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 46.25 Td (will be completed.) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 737.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 737.10 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 142.26 737.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.26 737.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.59 737.10 Td ( interest in a joint venture with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 380.85 737.10 Td (, which was formed to provide real estate loans. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 725.10 Td (The Company has committed to investing up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.75 725.10 Td ($49.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.65 725.10 Td ( into the Flagship JV) Tj ET Q q 0 0 0 rg BT 391.69 725.10 Td (. ) Tj ET Q q 0 0 0 rg BT 399.01 725.10 Td (The joint venture has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.21 725.10 Td (eight) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.20 725.10 Td ( loans receivable, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 713.10 Td (totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.05 713.10 Td ($39.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.94 713.10 Td (, outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.77 713.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.35 713.10 Td (. Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 390.09 713.10 Td ( owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.97 713.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.30 713.10 Td ( interest in the joint ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 701.10 Td (venture. ) Tj ET Q q 0 0 0 rg BT 100.30 701.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.94 701.10 Td (e are not af) Tj ET Q q 0 0 0 rg BT 153.45 701.10 Td (filiated with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 284.56 701.10 Td (. See Note 5 Real Estate Loans Receivable for additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 689.10 Td (information regarding these loans receivable.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (Joint V) Tj ET Q q 0 0 0 rg BT 65.18 665.10 Td (entures, Equity Method Investments and Noncontrolling Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (On January7, 2009, the Company and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 287.95 641.10 Td ( ) Tj ET Q q 0 0 0 rg BT 289.89 641.10 Td (Associates Limited Partnership \(HALP\), an af) Tj ET Q q 0 0 0 rg BT 483.55 641.10 Td (filiate of the ) Tj ET Q q 0 0 0 rg BT 534.36 641.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 566.18 641.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (formed Hines Global REIT) Tj ET Q q 0 0 0 rg BT 144.96 629.10 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 204.31 629.10 Td ( \(the Operating Partnership\). ) Tj ET Q q 0 0 0 rg BT 329.91 629.10 Td (The Company conducts most of its operations through the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (Operating Partnership. On January14, 2009, the Company and HALP) Tj ET Q q 0 0 0 rg BT 316.14 617.10 Td ( made initial capital contributions to the Operating Partnership ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 46.83 605.10 Td ($10,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.33 605.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.77 605.10 Td ($190,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.27 605.10 Td (, respectively and accordingly) Tj ET Q q 0 0 0 rg BT 255.57 605.10 Td (, HALP) Tj ET Q q 0 0 0 rg BT 286.31 605.10 Td ( owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.91 605.10 Td (95.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.74 605.10 Td ( noncontrolling interest in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 564.03 605.10 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 593.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 46.83 593.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.41 593.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.85 593.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.85 593.10 Td (, HALP) Tj ET Q q 0 0 0 rg BT 195.59 593.10 Td ( owned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.19 593.10 Td (0.01%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.02 593.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.46 593.10 Td (0.01%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.29 593.10 Td ( interest in the Operating Partnership, respectively) Tj ET Q q 0 0 0 rg BT 505.41 593.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (The Brindleyplace JV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (In June 2010, the Operating Partnership and Moorfield Real Estate Fund II GP) Tj ET Q q 0 0 0 rg BT 368.29 545.10 Td ( Ltd. \(Moorfield\) formed Hines Moorfield UK ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 533.10 Td (V) Tj ET Q q 0 0 0 rg BT 42.11 533.10 Td (enture I S.A.R.L., \(the Brindleyplace JV\) and, in July 2010, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 376.57 533.10 Td ( acquired several properties located in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (Birmingham, England \(the Brindleyplace Project\).) Tj ET Q q 0 0 0 rg BT 251.86 521.10 Td (The Company owns a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.85 521.10 Td (60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.18 521.10 Td ( interest in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 489.13 521.10 Td ( and Moorfield holds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.76 509.10 Td (40%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.09 509.10 Td ( interest.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (The Company has concluded its investment in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 325.70 485.10 Td ( does not qualify as a variable interest entity \(VIE\) under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (the Financial ) Tj ET Q q 0 0 0 rg BT 89.88 473.10 Td (Accounting Standards Board \(the F) Tj ET Q q 0 0 0 rg BT 235.21 473.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 264.38 473.10 Td (Accounting Standards Codification \(ASC or the Codification\) 810 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (Consolidation. Based on the Company) Tj ET Q q 0 0 0 rg BT 201.81 461.10 Td (s majority voting interest as well as certain additional voting rights and other factors, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 Td (Company has consolidated the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 230.50 449.10 Td ( and its wholly-owned subsidiaries in its financial statements. See Note 10 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (Noncontrolling Interests for additional information regarding our noncontrolling interests in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 489.60 437.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (Consolidated VIEs) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (The Flagship JV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (In June 201) Tj ET Q q 0 0 0 rg BT 100.29 365.10 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 475.76 365.10 Td (Agreement \(as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (amended\) with Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 181.44 353.10 Td ( for the formation of Flagship Capital Partners Fund, LP) Tj ET Q q 0 0 0 rg BT 406.04 353.10 Td (\(the Flagship JV\) for the purpose of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (originating real estate loans. ) Tj ET Q q 0 0 0 rg BT 153.56 341.10 Td (The Company has committed to investing up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.31 341.10 Td ($49.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.20 341.10 Td ( into the Flagship JV) Tj ET Q q 0 0 0 rg BT 483.36 341.10 Td ( and owns a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.35 341.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.68 341.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (interest in the Flagship JV) Tj ET Q q 0 0 0 rg BT 140.81 329.10 Td ( as a result. Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 271.54 329.10 Td ( has committed to investing up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.36 329.10 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.25 329.10 Td ( and owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.06 329.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 570.39 329.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (interest. Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 153.68 317.10 Td ( serves as the general partner and will manage the day-to-day activities of the Flagship JV) Tj ET Q q 0 0 0 rg BT 511.99 317.10 Td (. Both partners ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (have equal voting rights and distributions from the Flagship JV) Tj ET Q q 0 0 0 rg BT 288.85 305.10 Td ( will initially be paid to the fund partners based on their pro rata ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (ownership. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.66 293.10 Td (Since the voting rights of each of the partners are disproportionate to their ownership interests, the Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (concluded that the Flagship JV) Tj ET Q q 0 0 0 rg BT 159.69 281.10 Td ( qualifies as a ) Tj ET Q q 0 0 0 rg BT 216.71 281.10 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 260.58 281.10 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 331.58 281.10 Td (, the Company has determined that it is the primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (beneficiary due to its ability to exercise significant control and influence over the Flagship JV) Tj ET Q q 0 0 0 rg BT 411.26 269.10 Td ( as well as certain other factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.60 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 539.54 269.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 257.10 Td (result, the Company has consolidated the Flagship JV) Tj ET Q q 0 0 0 rg BT 250.79 257.10 Td ( and its wholly-owned subsidiaries in its financial statements. See Note 10 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 245.10 Td (Noncontrolling Interests for additional information regarding our noncontrolling interests in the Flagship JV) Tj ET Q q 0 0 0 rg BT 467.96 245.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 Td (The W) Tj ET Q q 0 0 0 rg BT 78.91 221.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 102.43 221.10 Td (all Place JV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 197.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 123.04 197.10 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 498.51 197.10 Td (Agreement with an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 185.10 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 185.10 Td (filiate of Hines for the formation of Hines One ) Tj ET Q q 0 0 0 rg BT 232.52 185.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.16 185.10 Td (aterwall Holdings LP) Tj ET Q q 0 0 0 rg BT 326.33 185.10 Td ( \(the W) Tj ET Q q 0 0 0 rg BT 359.95 185.10 Td (aterwall Place JV\), a Delaware limited liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (company) Tj ET Q q 0 0 0 rg BT 72.01 173.10 Td (, for the purpose of developing a multi-family project in Houston, ) Tj ET Q q 0 0 0 rg BT 337.04 173.10 Td (T) Tj ET Q q 0 0 0 rg BT 342.46 173.10 Td (exas. Hines serves as the initial general partner and as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 161.10 Td (development partner and the subsidiary of the Operating Partnership is the initial limited partner) Tj ET Q q 0 0 0 rg BT 420.62 161.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.44 161.10 Td (The Company has concluded its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 149.10 Td (investment in the ) Tj ET Q q 0 0 0 rg BT 107.20 149.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.83 149.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 139.46 149.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 187.04 149.10 Td ( qualifies as a ) Tj ET Q q 0 0 0 rg BT 244.06 149.10 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 287.94 149.10 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 358.93 149.10 Td (, the Company has determined that it is the primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 137.10 Td (beneficiary since it has greater exposure to the variability of One ) Tj ET Q q 0 0 0 rg BT 297.66 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 306.30 137.10 Td (aterwall JV) Tj ET Q q 0 0 0 rg BT 354.89 137.10 Td (s economic performance as well as certain other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 125.10 Td (factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.71 125.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.66 125.10 Td (As a result, the Company has consolidated the ) Tj ET Q q 0 0 0 rg BT 254.94 125.10 Td (W) Tj ET Q q 0 0 0 rg BT 263.57 125.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 287.20 125.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 334.78 125.10 Td ( and its wholly-owned subsidiaries in its financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 113.10 Td (statements.) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (71) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The Ponce & Bir) Tj ET Q q 0 0 0 rg BT 121.67 749.10 Td (d JV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (In July 2012, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 474.47 725.10 Td (Agreement with an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 713.10 Td (filiate of Hines for the formation of Hines Ponce & Bird Holdings LP) Tj ET Q q 0 0 0 rg BT 321.50 713.10 Td ( \(the Ponce & Bird JV\), a Delaware limited liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (company) Tj ET Q q 0 0 0 rg BT 72.01 701.10 Td (, for the purpose of developing a multi-family project in Miami, Florida. Hines serves as the initial general partner and as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (development partner and the subsidiary of the Operating Partnership is the initial limited partner) Tj ET Q q 0 0 0 rg BT 420.62 689.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.94 689.10 Td (The Company has concluded its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (investment in the Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 175.80 677.10 Td ( qualifies as a ) Tj ET Q q 0 0 0 rg BT 232.83 677.10 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 276.70 677.10 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 350.19 677.10 Td (, the Company has determined that it is the primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 665.10 Td (beneficiary since it has greater exposure to the variability of Ponce & Bird's economic performance as well as certain other factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.10 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 564.54 665.10 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (a result, the Company has consolidated the Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 278.28 653.10 Td ( and its wholly-owned subsidiaries in its financial statements. See Note ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (10 Noncontrolling Interests for additional information regarding our noncontrolling interests in the Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 513.51 641.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (A) Tj ET Q q 0 0 0 rg BT 42.67 617.10 Td ( summary of our consolidated ) Tj ET Q q 0 0 0 rg BT 164.41 617.10 Td (VIEs is as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 579.60 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 579.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 579.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 579.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 579.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 549.60 317.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 549.60 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 549.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 549.60 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 549.60 97.00 -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 366.5 579.6 m 462.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 579.6 m 575.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 579.6 m 462.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 579.6 m 575.5 579.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.65 584.28 Td (December 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 486.15 584.28 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 569.27 Td (Maximum risk of loss ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 128.56 573.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 569.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 569.27 Td (25,278) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 569.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 569.27 Td (28,626) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 554.27 Td (Assets held by VIEs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 554.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 554.27 Td (126,528) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 554.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 554.27 Td (68,699) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 539.27 Td (Assets held as collateral for debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 539.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.15 539.27 Td (126,528) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 539.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 539.27 Td (68,699) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 524.27 Td (Liabilities held by VIEs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.00 524.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 524.27 Td (94,675) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 524.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 524.27 Td (43,912) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 496.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 496.10 Td (Represents the Company's contributions, net of distributions, made to the consolidated ) Tj ET Q q 0 0 0 rg BT 402.51 496.10 Td (VIEs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.56 496.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 472.10 Td (Restrictions on the use of these assets are significant because they serve as collateral for the ) Tj ET Q q 0 0 0 rg BT 423.13 472.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 442.57 472.10 Td (s debt, and the Company is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 460.10 Td (generally required to obtain its partners) Tj ET Q q 0 0 0 rg BT 196.03 460.10 Td ( approval in accordance with the respective joint venture agreements for any major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 448.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 91.08 448.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.84 448.10 Td (ransactions with these joint ventures on the Company) Tj ET Q q 0 0 0 rg BT 313.74 448.10 Td (s consolidated financial statements primarily relate to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 436.10 Td (contributions for the funding of loans receivable at the Flagship JV) Tj ET Q q 0 0 0 rg BT 302.98 436.10 Td (. ) Tj ET Q q 0 0 0 rg BT 310.30 436.10 Td (The Company and its partners are subject to the provisions of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 424.10 Td (joint venture agreements which include provisions for when additional contributions may be required. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 424.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.08 424.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 412.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 412.10 Td (, the Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.19 412.10 Td ( made ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.84 412.10 Td (capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.49 412.10 Td ( contributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.27 412.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.10 412.10 Td ($4.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.99 412.10 Td (, net of received distributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.23 412.10 Td ($12.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.12 412.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 400.10 Td (accordance with the Company) Tj ET Q q 0 0 0 rg BT 160.12 400.10 Td (s respective joint venture agreements. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.44 400.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.03 400.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.53 400.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.11 400.10 Td (, the Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.72 400.10 Td ( made ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 571.37 400.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 388.10 Td (capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.65 388.10 Td ( contributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.42 388.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.25 388.10 Td ($26.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.15 388.10 Td ( in accordance with the Company) Tj ET Q q 0 0 0 rg BT 322.04 388.10 Td (s respective joint venture agreements. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 54.00 364.10 Td (Unconsolidated VIEs) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 340.10 Td (The @1377 Equity Method Investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 316.10 Td (In November 201) Tj ET Q q 0 0 0 rg BT 124.17 316.10 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a loan agreement with an af) Tj ET Q q 0 0 0 rg BT 521.64 316.10 Td (filiate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 304.10 Td (Hines to provide pre-construction financing for the development of a multi-family project in ) Tj ET Q q 0 0 0 rg BT 407.28 304.10 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 461.53 304.10 Td (gia to be marketed as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 292.10 Td (@1377. In June 2012, this loan was repaid. Subsequent to the initial loan being repaid, the Company provided a preferred equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 280.10 Td (investment in the project of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.47 280.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.36 280.10 Td (, representing a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.22 280.10 Td (51.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.05 280.10 Td ( ownership in the project, for the year ended December31, 2012. ) Tj ET Q q 0 0 0 rg BT 552.34 280.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 268.10 Td (Company has concluded that @1377 qualifies as a ) Tj ET Q q 0 0 0 rg BT 240.54 268.10 Td (VIE. @1377 is financed with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.22 268.10 Td ($23.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.11 268.10 Td ( secured loan made by Cadence Bank, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 256.10 Td (N.A., which is solely guaranteed by the Company) Tj ET Q q 0 0 0 rg BT 238.18 256.10 Td (s joint venture partner \(the JV) Tj ET Q q 0 0 0 rg BT 362.13 256.10 Td ( Partner\), and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 256.10 Td ($3.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.04 256.10 Td ( mezzanine loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 244.10 Td (commitment plus accrued interest made by the Company) Tj ET Q q 0 0 0 rg BT 263.34 244.10 Td (, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.11 244.10 Td ($3.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 244.10 Td ( was outstanding at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.44 244.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.02 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 517.84 244.10 Td (The JV) Tj ET Q q 0 0 0 rg BT 546.82 244.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 232.10 Td (Partner is the manager of the project, allowing the JV) Tj ET Q q 0 0 0 rg BT 249.64 232.10 Td ( Partner to direct the activities of the ) Tj ET Q q 0 0 0 rg BT 397.74 232.10 Td (VIE that most significantly impact the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 220.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 55.44 220.10 Td (s financial performance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.83 220.10 Td (Based upon the loan guarantees and the JV) Tj ET Q q 0 0 0 rg BT 326.55 220.10 Td ( Partner) Tj ET Q q 0 0 0 rg BT 358.29 220.10 Td () Tj ET Q q 0 0 0 rg BT 361.07 220.10 Td (s ability to direct the activities that significantly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 208.10 Td (impact the economic performance of the ) Tj ET Q q 0 0 0 rg BT 200.19 208.10 Td (VIE, the Company has determined that it is not the primary beneficiary of this ) Tj ET Q q 0 0 0 rg BT 515.20 208.10 Td (VIE and will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 196.10 Td (account for its preferred equity investment in the project as an equity method investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.11 196.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.93 196.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 457.65 196.10 Td (s maximum loss exposure is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 184.10 Td (expected to change in future periods as a result of additional contributions made and any additional borrowings under its loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 172.10 Td (receivable with the ) Tj ET Q q 0 0 0 rg BT 114.39 172.10 Td (VIE.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.55 172.10 Td ( Other than the initial capital contributions provided by the Company) Tj ET Q q 0 0 0 rg BT 409.51 172.10 Td (, the Company has not provided any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 160.10 Td (additional subordinated financial support. ) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The table below includes the Company) Tj ET Q q 0 0 0 rg BT 213.13 749.10 Td (s maximum loss exposure related to this investment as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.20 749.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.78 749.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 737.10 Td (, which is equal to the carrying value of its investment in the joint venture included in the balance sheet line item ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 725.10 Td (Investment in unconsolidated entities and the Company) Tj ET Q q 0 0 0 rg BT 269.83 725.10 Td (s outstanding loan receivable balance held by the ) Tj ET Q q 0 0 0 rg BT 468.47 725.10 Td (VIE which is included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (the balance sheet line item Real estate loans receivable in the consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.39 713.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.97 713.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.58 701.10 Td ( \(in thousands\). ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 663.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 663.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 663.60 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 663.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 663.60 168.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 663.6 m 232.5 663.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 663.6 m 404.5 663.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 663.6 m 576.5 663.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 663.6 m 232.5 663.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 663.6 m 404.5 663.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 663.6 m 576.5 663.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.55 668.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 121.05 668.27 Td (Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.45 668.28 Td (Investment in @1377 Development ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 391.96 672.81 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 442.40 668.28 Td (Maximum Risk of Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 654.17 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.00 654.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 654.17 Td (3,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 654.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 654.17 Td (7,246) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 640.17 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.00 640.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.15 640.17 Td (3,573) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 640.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.15 640.17 Td (6,893) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 612.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 612.10 Td (Represents the carrying amount of the investment in @1377, which represents the Company) Tj ET Q q 0 0 0 rg BT 426.18 612.10 Td (s contribution made to the ) Tj ET Q q 0 0 0 rg BT 532.92 612.10 Td (VIE.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (2.SUMMAR) Tj ET Q q 0 0 0 rg BT 108.25 588.10 Td (Y) Tj ET Q q 0 0 0 rg BT 115.10 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.60 588.10 Td (OF) Tj ET Q q 0 0 0 rg BT 131.12 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.62 588.10 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 200.12 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.07 588.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 274.01 588.10 Td (POLICIES) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 564.10 Td (Use of Estimates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 540.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 540.10 Td (s consolidated financial statements have been prepared in accordance with accounting principles generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 178.85 528.10 Td (America \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 263.35 528.10 Td (The preparation of the consolidated financial statements requires the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (Company to make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 251.72 516.10 Td (fect the reported amounts of assets, liabilities and contingencies as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. ) Tj ET Q q 0 0 0 rg BT 501.89 504.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (evaluates its assumptions and estimates on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 294.79 492.10 Td (The Company bases its estimates on historical experience and on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (various other assumptions that the Company believes to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 434.34 480.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 484.24 480.10 Td (, application of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 468.10 Td (s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 497.96 468.10 Td (Actual results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (may dif) Tj ET Q q 0 0 0 rg BT 80.64 456.10 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 215.14 456.10 Td (ferent assumptions or conditions.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 432.10 Td (Basis ) Tj ET Q q 0 0 0 rg BT 92.17 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.45 432.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 112.08 432.10 Td (esentation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 408.10 Td (The consolidated financial statements of the Company include the accounts of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 460.20 408.10 Td (, Inc., the Operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (Partnership and its wholly-owned subsidiaries and the joint ventures as well as amounts related to noncontrolling interests. ) Tj ET Q q 0 0 0 rg BT 542.69 396.10 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (intercompany balances and transactions have been eliminated in consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 360.10 Td (The Company evaluates the need to consolidate joint ventures in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 422.90 360.10 Td (. In accordance with GAAP) Tj ET Q q 0 0 0 rg BT 535.08 360.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (Company will consolidate joint ventures that are determined to be variable interest entities for which it is the primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 94.32 336.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 128.36 336.10 Td (, partially owned real estate joint ventures over which the Company has a controlling financial interest are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (consolidated in its financial statements. In determining if the Company has a controlling financial interest, it considers factors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (continually analyzes and assesses reconsideration events, including changes in these factors, to determine if the consolidation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (treatment remains appropriate. Partially owned real estate joint ventures where the Company does not have a controlling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (financial interest, but has the ability to exercise significant influence, are accounted for using the equity method.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 252.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 252.10 Td (s investments in partially owned real estate joint ventures are reviewed for impairment periodically if events ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (or circumstances change indicating that the carrying amount of its investments may not be recoverable. In such an instance, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (Company will record an impairment char) Tj ET Q q 0 0 0 rg BT 215.04 228.10 Td (ge if it determines that a decline in the value of an investment below its fair value is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (other than temporary) Tj ET Q q 0 0 0 rg BT 133.21 216.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.53 216.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 200.24 216.10 Td (s analysis will be dependent on a number of factors, including the performance of each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (investment, current market conditions, and its intent and ability to hold the investment to full recovery) Tj ET Q q 0 0 0 rg BT 458.42 204.10 Td (. Based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 192.10 Td (s analysis of the facts and circumstances at each reporting period, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.01 192.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.01 192.10 Td ( impairment was recorded related to its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (investments in unconsolidated, partially owned real estate joint ventures for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.89 180.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.47 180.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.91 180.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.91 180.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.73 180.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (Company had no investments in unconsolidated, partially owned real estate joint ventures for the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 156.10 Td (1. However) Tj ET Q q 0 0 0 rg BT 110.88 156.10 Td (, if market conditions deteriorate in the future and result in lower valuations or reduced cash flows of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 144.10 Td (s investments, impairment char) Tj ET Q q 0 0 0 rg BT 216.46 144.10 Td (ges may be recorded in future periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 132.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 120.10 Td (International Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 108.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 96.10 Td (The British pound \(GBP\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 355.71 96.10 Td (s subsidiaries operating in the United Kingdom, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (Russian rouble \(RUB\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 325.76 84.10 Td (s subsidiaries operating in Russia, the Polish zloty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (\(PLN\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 261.88 72.10 Td (s subsidiaries operating in Poland, the ) Tj ET Q q 0 0 0 rg BT 415.47 72.10 Td (Australian dollar \(AUD\) is the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (functional currency for the Company) Tj ET Q q 0 0 0 rg BT 201.06 60.10 Td (s subsidiaries operating in ) Tj ET Q q 0 0 0 rg BT 307.16 60.10 Td (Australia and the Euro \(EUR\) is the functional currency for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 48.10 Td (s subsidiaries operating in Germany and France. ) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (These subsidiaries have translated their financial statements into U.S.dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 471.23 730.10 Td (Assets and liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (are translated at the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 206.12 718.10 Td (fect as of the balance sheet date while income statement accounts are translated using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (or losses resulting from translation are included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 530.24 694.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 557.08 694.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Foreign currency transaction gains and losses are recorded in foreign currency gains \(losses\) on the consolidated statement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (operations and result from the ef) Tj ET Q q 0 0 0 rg BT 180.05 670.10 Td (fect of changes in exchange rates on transactions denominated in currencies other than a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 93.89 658.10 Td (s functional currency) Tj ET Q q 0 0 0 rg BT 177.65 658.10 Td (, including transactions between consolidated subsidiaries. ) Tj ET Q q 0 0 0 rg BT 413.71 658.10 Td (An exception is made where an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (intercompany loan or advance is deemed to be of a long-term investment nature, in which instance foreign currency transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (gains or losses are included as currency translation adjustments and are reported in the consolidated statement of equity as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (accumulated other comprehensive gains or losses. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.48 622.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.07 622.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.57 622.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 622.10 Td (, an intercompany loan agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (with a consolidated subsidiary in Russia was amended to change the functional currency of the loan and as a result the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.75 598.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.64 598.10 Td ( of accumulated other comprehensive loss into earnings. ) Tj ET Q q 0 0 0 rg BT 413.52 598.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 463.42 598.10 Td (, an intercompany loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (with a consolidated subsidiary in ) Tj ET Q q 0 0 0 rg BT 183.59 586.10 Td (Australia was repaid and as a result, the Company recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.68 586.10 Td ($6.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.57 586.10 Td ( of accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (other comprehensive loss into earnings. Upon disposal of the Company) Tj ET Q q 0 0 0 rg BT 340.79 574.10 Td (s foreign subsidiaries, the Company will remove any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (accumulated translation adjustment from stockholders) Tj ET Q q 0 0 0 rg BT 269.19 562.10 Td ( equity and include it in the gain or loss on disposal in its consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (statement of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Investment Pr) Tj ET Q q 0 0 0 rg BT 123.44 526.10 Td (operty and Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Real estate assets acquired by the Company are stated at fair value at the date of acquisition less accumulated depreciation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Depreciation is computed using the straight-line method. ) Tj ET Q q 0 0 0 rg BT 279.77 490.10 Td (The estimated useful lives for computing depreciation are generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (10 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.60 478.10 Td ( for furniture and fixtures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.23 478.10 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.23 478.10 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.56 478.10 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.56 478.10 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.69 478.10 Td (40 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.29 478.10 Td ( for buildings. Major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (replacements that extend the useful life of the assets are capitalized and maintenance and repair costs are expensed as incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 442.10 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 123.89 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.56 442.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 176.88 442.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.42 442.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 234.29 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.29 442.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 283.96 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.51 442.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 344.73 442.10 Td (method ) Tj ET Q q 0 0 0 rg BT 377.06 442.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 396.33 442.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 442.89 442.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.72 442.10 Td (are ) Tj ET Q q 0 0 0 rg BT 462.27 442.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 499.58 442.10 Td (at ) Tj ET Q q 0 0 0 rg BT 509.13 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 442.10 Td (estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.29 430.10 Td (values ) Tj ET Q q 0 0 0 rg BT 96.26 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.00 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.64 430.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 150.39 430.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 188.23 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.08 430.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 246.72 430.10 Td (assumed. ) Tj ET Q q 0 0 0 rg BT 286.82 430.10 Td (The ) Tj ET Q q 0 0 0 rg BT 305.79 430.10 Td (results ) Tj ET Q q 0 0 0 rg BT 335.31 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.06 430.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 392.13 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.88 430.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 441.72 430.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 485.12 430.10 Td (are ) Tj ET Q q 0 0 0 rg BT 500.75 430.10 Td (included ) Tj ET Q q 0 0 0 rg BT 538.60 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 430.10 Td (the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 418.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.31 418.10 Td (results ) Tj ET Q q 0 0 0 rg BT 127.18 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.27 418.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 182.68 418.10 Td (from ) Tj ET Q q 0 0 0 rg BT 204.88 418.10 Td (their ) Tj ET Q q 0 0 0 rg BT 225.96 418.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 269.25 418.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 292.56 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.64 418.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 352.78 418.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 394.42 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.51 418.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.15 418.10 Td (values ) Tj ET Q q 0 0 0 rg BT 450.45 418.10 Td (are ) Tj ET Q q 0 0 0 rg BT 465.42 418.10 Td (based ) Tj ET Q q 0 0 0 rg BT 490.94 418.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 513.70 418.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 553.67 418.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.42 406.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 96.73 406.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 121.49 406.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.47 406.10 Td (other ) Tj ET Q q 0 0 0 rg BT 161.56 406.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 201.31 406.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 246.61 406.10 Td (that ) Tj ET Q q 0 0 0 rg BT 264.15 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.90 406.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 320.33 406.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 355.64 406.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.38 406.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 400.70 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.02 406.10 Td (those ) Tj ET Q q 0 0 0 rg BT 434.67 406.10 Td (used ) Tj ET Q q 0 0 0 rg BT 455.54 406.10 Td (by ) Tj ET Q q 0 0 0 rg BT 468.08 406.10 Td (market ) Tj ET Q q 0 0 0 rg BT 498.38 406.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 547.57 406.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.67 394.10 Td (used ) Tj ET Q q 0 0 0 rg BT 83.46 394.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.71 394.10 Td (record ) Tj ET Q q 0 0 0 rg BT 119.71 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.39 394.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 170.39 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.18 394.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 227.18 394.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.98 394.10 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 290.37 394.10 Td (such ) Tj ET Q q 0 0 0 rg BT 310.16 394.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.95 394.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 341.13 394.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 379.83 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.73 394.10 Td (improvements, ) Tj ET Q q 0 0 0 rg BT 456.90 394.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 500.58 394.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.48 394.10 Td (identifiable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 92.21 382.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 117.76 382.10 Td (related ) Tj ET Q q 0 0 0 rg BT 147.18 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.18 382.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 191.60 382.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 217.70 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.35 382.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 273.79 382.10 Td (assumed, ) Tj ET Q q 0 0 0 rg BT 312.95 382.10 Td (such ) Tj ET Q q 0 0 0 rg BT 333.50 382.10 Td (as ) Tj ET Q q 0 0 0 rg BT 344.05 382.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 380.15 382.10 Td (related ) Tj ET Q q 0 0 0 rg BT 409.57 382.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.57 382.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 456.21 382.10 Td (out-of-market ) Tj ET Q q 0 0 0 rg BT 513.96 382.10 Td (leases, ) Tj ET Q q 0 0 0 rg BT 542.56 382.10 Td (asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 93.92 370.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 143.70 370.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 184.30 370.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 208.24 370.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 244.47 370.10 Td (V) Tj ET Q q 0 0 0 rg BT 250.58 370.10 Td (alues ) Tj ET Q q 0 0 0 rg BT 273.96 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.12 370.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 325.19 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.46 370.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 402.50 370.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.55 370.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 465.36 370.10 Td (on ) Tj ET Q q 0 0 0 rg BT 478.20 370.10 Td (an ) Tj ET Q q 0 0 0 rg BT 490.47 370.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.63 370.10 Td (if ) Tj ET Q q 0 0 0 rg BT 510.58 370.10 Td (vacant ) Tj ET Q q 0 0 0 rg BT 539.50 370.10 Td (basis. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 77.26 358.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 121.74 358.10 Td (are ) Tj ET Q q 0 0 0 rg BT 137.32 358.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.02 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.17 358.10 Td (change ) Tj ET Q q 0 0 0 rg BT 211.86 358.10 Td (until ) Tj ET Q q 0 0 0 rg BT 233.57 358.10 Td (such ) Tj ET Q q 0 0 0 rg BT 255.28 358.10 Td (information ) Tj ET Q q 0 0 0 rg BT 305.87 358.10 Td (is ) Tj ET Q q 0 0 0 rg BT 315.91 358.10 Td (finalized, ) Tj ET Q q 0 0 0 rg BT 356.77 358.10 Td (no ) Tj ET Q q 0 0 0 rg BT 370.14 358.10 Td (later ) Tj ET Q q 0 0 0 rg BT 391.28 358.10 Td (than ) Tj ET Q q 0 0 0 rg BT 411.88 358.10 Td (12months ) Tj ET Q q 0 0 0 rg BT 457.20 358.10 Td (from ) Tj ET Q q 0 0 0 rg BT 480.01 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.61 358.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 542.86 358.10 Td (date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Acquisition-related ) Tj ET Q q 0 0 0 rg BT 129.70 346.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 152.20 346.10 Td (such ) Tj ET Q q 0 0 0 rg BT 173.03 346.10 Td (as ) Tj ET Q q 0 0 0 rg BT 183.86 346.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 230.23 346.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.73 346.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.67 346.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 316.05 346.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.65 346.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 354.37 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.64 346.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.81 346.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 413.53 346.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.24 346.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 467.94 346.10 Td (as ) Tj ET Q q 0 0 0 rg BT 478.77 346.10 Td (incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (The estimated fair value of acquired in-place leases are the costs the Company would have incurred to lease the properties ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (to the occupancy level of the properties at the date of acquisition. Such estimates include the fair value of leasing commissions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (legal costs and other direct costs that would be incurred to lease the properties to such occupancy levels. ) Tj ET Q q 0 0 0 rg BT 469.03 298.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 518.94 298.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (estimate of the net market-based rental revenues and net operating costs \(primarily consisting of real estate taxes, insurance and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (utilities\) that would be incurred during the lease-up period. ) Tj ET Q q 0 0 0 rg BT 287.71 262.10 Td (Acquired in-place leases as of the date of acquisition are amortized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (over the remaining lease terms. Should a tenant terminate its lease, the unamortized portion of the in-place lease value is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 238.10 Td (ged to amortization expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Acquired out-of-market lease values \(including ground leases\) arerecorded based on the present value \(using a discount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (rate that reflects the risks associated with the lease acquired\) of the dif) Tj ET Q q 0 0 0 rg BT 330.82 202.10 Td (ference between the contractual amounts paid pursuant to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (the in-place leases and management) Tj ET Q q 0 0 0 rg BT 196.60 190.10 Td (s estimate of fair market value lease rates for the corresponding in-place leases. ) Tj ET Q q 0 0 0 rg BT 516.28 190.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (capitalized out-of-market lease values are amortized as adjustments to rental revenue \(or ground lease expense, as applicable\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (over the remaining terms of the respective leases, which include periods covered by bar) Tj ET Q q 0 0 0 rg BT 400.24 166.10 Td (gain renewal options. Should a tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (terminate its lease, the unamortized portion of the out-of-market lease value is char) Tj ET Q q 0 0 0 rg BT 382.19 154.10 Td (ged to rental revenue.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (pricing for similar types of debt with similar maturities. ) Tj ET Q q 0 0 0 rg BT 274.40 118.10 Td (Assumed mortgage notes payable are initially recorded at their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (estimated fair value as of the assumption date, and the dif) Tj ET Q q 0 0 0 rg BT 280.02 106.10 Td (ference between such estimated fair value and the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (principal balance of the note will be amortized over the life of the mortgage note payable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (carrying amount of the individual property may not be recoverable. In such an event, a comparison will be made of the current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted ) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 230.69 742.10 Td (.If the carrying amount exceeds the undiscounted cash flows, it would be written ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (down to theestimated fair value to reflect impairment in the value of the asset. ) Tj ET Q q 0 0 0 rg BT 366.93 730.10 Td (The determination of whether investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (property is impaired requires a significant amount of judgment by management and is based on the best information available ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (to management at the time of the evaluation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.77 706.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.99 706.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 311.12 706.10 Td (ges were recorded during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 706.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.24 706.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 694.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.94 694.10 Td (201) Tj ET Q q 0 0 0 rg BT 106.57 694.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.57 694.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 91.06 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.56 670.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 131.62 670.10 Td (Equivalents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (The Company considers all short-term, highly liquid investments that are readily convertible to cash with an original ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (maturity of three months or less at the time of purchase to be cash equivalents.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (Restricted Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (The Company has restricted cash primarily related to certain escrow accounts required by several of the Company) Tj ET Q q 0 0 0 rg BT 527.28 586.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (mortgage agreements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 148.74 550.10 Td (edit Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 526.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 526.10 Td (, the Company had cash and cash equivalents and restricted cash deposited in certain financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (institutions in excess of federally insured levels. Management regularly monitors the financial stability of these financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (institutions in an ef) Tj ET Q q 0 0 0 rg BT 126.76 502.10 Td (fort to manage the Company) Tj ET Q q 0 0 0 rg BT 243.95 502.10 Td (s exposure to any significant credit risk in cash and cash equivalents or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (restricted cash. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (In addition, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.26 466.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.85 466.10 Td (, the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.89 466.10 Td ($69.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.78 466.10 Td ( of cash and cash equivalents deposited in certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (financial institutions located in the United Kingdom, Russia, Poland, ) Tj ET Q q 0 0 0 rg BT 327.19 454.10 Td (Australia, Germany) Tj ET Q q 0 0 0 rg BT 405.41 454.10 Td (, and France. Management regularly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (monitors the financial stability of these financial institutions in an ef) Tj ET Q q 0 0 0 rg BT 323.09 442.10 Td (fort to manage its exposure to any significant credit risk in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (cash and cash equivalents.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.64 406.10 Td (enant and Other Receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (Receivable balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (rent. ) Tj ET Q q 0 0 0 rg BT 72.50 370.10 Td (An allowance for the uncollectible portion of tenant and other receivables is determined based upon an analysis of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (tenant) Tj ET Q q 0 0 0 rg BT 77.21 358.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 147.67 358.10 Td (, the financial condition of the tenant, business conditions in the industry in which the tenant operates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (and economic conditions in the area in which the property is located. ) Tj ET Q q 0 0 0 rg BT 330.29 346.10 Td (T) Tj ET Q q 0 0 0 rg BT 335.70 346.10 Td (enant and other receivables are shown at cost in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (consolidated balance sheets, net of allowance for doubtful accounts of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.95 334.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.85 334.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.06 334.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 334.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 334.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.54 334.10 Td ( of such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (allowances were recorded as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.99 322.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.57 322.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 94.29 298.10 Td (ed Leasing Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Direct leasing costs, primarily consisting of third-party leasing commissions, tenant inducements and legal costs are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (capitalized and amortized over the life of the related lease. ) Tj ET Q q 0 0 0 rg BT 286.09 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 291.50 262.10 Td (enant inducement amortization is recorded as an of) Tj ET Q q 0 0 0 rg BT 495.41 262.10 Td (fset to rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (revenue and the amortization of other direct leasing costs is recorded in amortization expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 94.29 226.10 Td (ed Financing Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Deferred financing costs consist of direct costs incurred in obtaining debt financing, including the financing fees paid to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 190.10 Td (Advisor \(see Note 9 Related Party ) Tj ET Q q 0 0 0 rg BT 210.89 190.10 Td (T) Tj ET Q q 0 0 0 rg BT 216.65 190.10 Td (ransactions\). ) Tj ET Q q 0 0 0 rg BT 269.79 190.10 Td (These costs are amortized into interest expense on a straight-line basis, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (which approximates the ef) Tj ET Q q 0 0 0 rg BT 155.62 178.10 Td (fective interest method, over the terms of the obligations. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.52 178.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.11 178.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 166.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.94 166.10 Td (201) Tj ET Q q 0 0 0 rg BT 106.57 166.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.57 166.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.57 166.10 Td ($5.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.46 166.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.46 166.10 Td ($3.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.35 166.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.79 166.10 Td ($1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.68 166.10 Td (, were amortized into interest expense, respectively) Tj ET Q q 0 0 0 rg BT 491.95 166.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (Real Estate Loans Receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (Real estate loans receivable are shown at cost, net of any applicable allowance for uncollectibility and net of deferred loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (origination fees. ) Tj ET Q q 0 0 0 rg BT 117.30 106.10 Td (The Company defers certain loan origination fees and amortizes them as an adjustment of yield over the term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (of the related real estate loan receivable. ) Tj ET Q q 0 0 0 rg BT 216.11 94.10 Td (The related amortization of the deferred loan origination fees are recorded in other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (revenue in the accompanying consolidated statement of operations and comprehensive income \(loss\). ) Tj ET Q q 0 0 0 rg BT 459.87 82.10 Td (An allowance for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (uncollectible portion of the real estate loans receivable is determined based upon an analysis of the economic conditions in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (area in which the property is located and credit quality indicators which include: borrower) Tj ET Q q 0 0 0 rg BT 411.08 58.10 Td () Tj ET Q q 0 0 0 rg BT 413.86 58.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 484.31 58.10 Td (, the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (condition of the borrower) Tj ET Q q 0 0 0 rg BT 152.07 46.10 Td (, and business conditions in the industry in which the borrower operates. ) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 730.10 Td (, a real estate loan receivable is considered to be impaired, when based upon current events, it is probable that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (we will be unable to collect all amounts due according to the existing contractual terms. If a real estate loan receivable is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (considered to be impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (discounting the expected future cash flows at its ef) Tj ET Q q 0 0 0 rg BT 252.53 694.10 Td (fective interest rate or to the value of the underlying collateral if the real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (estate loan receivable is collateral dependent. Evaluating real estate loans receivable for potential impairment can require ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (management to exercise significant judgment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.11 670.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.33 670.10 Td ( impairment was recorded for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.81 670.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.39 670.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.39 670.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.39 670.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 658.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.29 658.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 158.83 658.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.49 658.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.07 658.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.51 658.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.09 658.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.09 658.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.09 658.10 Td ( allowances for uncollectibility have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (recorded.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.65 622.10 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.60 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 572.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 572.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 572.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 572.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 544.60 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 544.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 544.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 544.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 516.60 316.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 516.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 516.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 516.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 516.60 90.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 572.6 m 458.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 572.6 m 562.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 572.6 m 458.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 572.6 m 562.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 502.6 m 458.5 502.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 502.6 m 562.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 489.6 m 458.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 487.6 m 458.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 489.6 m 562.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 487.6 m 562.5 487.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 577.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 373.65 577.28 Td (December 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.65 577.28 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 563.17 Td (Deposits on investment property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 563.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.65 563.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 563.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 563.17 Td (7,767) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 549.17 Td (Deferred offering costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.65 549.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 549.17 Td (848) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 535.17 Td (Prepaid expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 535.17 Td (2,259) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 535.17 Td (1,470) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 521.17 Td (Deferred tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.15 521.17 Td (7,340) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 521.17 Td (3,702) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 507.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.65 507.17 Td (680) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 507.17 Td (464) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 493.17 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 493.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 493.17 Td (10,279) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.00 493.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 493.17 Td (14,251) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 465.10 Td (Revenue Recognition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 453.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 441.10 Td (Rental payments are generally paid by the tenants prior to the beginning of each month. ) Tj ET Q q 0 0 0 rg BT 420.68 441.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.12 441.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.70 441.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 429.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 181.25 429.10 Td (, the Company recorded liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.37 429.10 Td ($27.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.26 429.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.70 429.10 Td ($14.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.59 429.10 Td ( related to prepaid rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (payments which were included in other liabilities in the accompanying consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 450.81 417.10 Td (The Company recognizes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (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 420.62 405.10 Td (. Straight-line rent receivable was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td ($26.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 393.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.33 393.10 Td ($13.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.22 393.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.38 393.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.97 393.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.40 393.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.99 393.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 430.65 393.10 Td (. Straight-line rent receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (consists of the dif) Tj ET Q q 0 0 0 rg BT 120.64 381.10 Td (ference between the tenants) Tj ET Q q 0 0 0 rg BT 234.00 381.10 Td ( rents calculated on a straight-line basis from the date of acquisition or lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (commencement over the remaining terms of the related leases and the tenants) Tj ET Q q 0 0 0 rg BT 362.74 369.10 Td ( actual rents due under the lease agreements and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (is included in tenant and other receivables in the accompanying consolidated balance sheets. Revenues associated with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (provisions. Revenues relating to lease termination fees are recognized on a straight-line basis amortized from the time that a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (tenant) Tj ET Q q 0 0 0 rg BT 77.21 321.10 Td (s right to occupy the leased space is modified through the end of the revised lease term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 297.10 Td (Other revenues consist primarily of parking revenue, tenant reimbursements and interest on loans receivable. Parking ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized in the period that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (expense is incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 249.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 237.10 Td (Issuer ) Tj ET Q q 0 0 0 rg BT 94.94 237.10 Td (Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 213.10 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.98 213.10 Td (Advisor for any issuer costs related to the Company) Tj ET Q q 0 0 0 rg BT 398.49 213.10 Td (s public of) Tj ET Q q 0 0 0 rg BT 440.52 213.10 Td (ferings that it pays on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 201.10 Td (s behalf.Such costs consist of, among other costs, expenses of the Company) Tj ET Q q 0 0 0 rg BT 402.72 201.10 Td (s or) Tj ET Q q 0 0 0 rg BT 417.27 201.10 Td (ganization, legal, accounting, bona ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (data processing fees, advertising and sales literature and other of) Tj ET Q q 0 0 0 rg BT 308.06 177.10 Td (fering-related costs. Or) Tj ET Q q 0 0 0 rg BT 400.34 177.10 Td (ganizational issuer costs, such as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (expenses associated with the formation of the Company and its board of directors are expensed andother issuer costs related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (our public of) Tj ET Q q 0 0 0 rg BT 101.47 153.10 Td (ferings are recorded as an of) Tj ET Q q 0 0 0 rg BT 214.84 153.10 Td (fset to additional paid-in capital. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 129.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.57 129.10 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 105.10 Td (The Company has elected to be treated as a REIT) Tj ET Q q 0 0 0 rg BT 265.80 105.10 Td ( under the Internal Revenue Code of 1986, as amended \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (Code\).) Tj ET Q q 0 0 0 rg BT 90.63 93.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 150.35 93.10 Td (s management believes that it operates in such a manner as to qualify for treatment as a REIT) Tj ET Q q 0 0 0 rg BT 523.65 93.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (intends to operate in the foreseeable future in such a manner so that it will remain qualified as a REIT) Tj ET Q q 0 0 0 rg BT 456.63 81.10 Td ( for federal income tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 69.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 90.00 69.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 139.34 69.10 Td (, no provision has been made for U.S.federal income taxes for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.01 69.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.59 69.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.59 69.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.59 69.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 57.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 57.10 Td (201) Tj ET Q q 0 0 0 rg BT 81.57 57.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.57 57.10 Td ( in the accompanying consolidated financial statements. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.94 57.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.94 57.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.94 57.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.94 57.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.38 57.10 Td (201) Tj ET Q q 0 0 0 rg BT 405.00 57.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.00 57.10 Td (, income tax expense recorded by the ) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Company was primarily comprised of foreign income taxes related to the operation its international properties. ) Tj ET Q q 0 0 0 rg BT 497.74 742.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Redemption of Common Stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (The Company complies with F) Tj ET Q q 0 0 0 rg BT 191.13 682.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 212.54 682.10 Td (ASC 480 Distinguishing Liabilities from Equity which requires, among other things, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (that financial instruments that represent a mandatory obligation of the Company to repurchase shares be classified as liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (and reported at settlement value. ) Tj ET Q q 0 0 0 rg BT 185.04 658.10 Td (When approved, the Company will reclassify such obligations from equity to an accrued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (liability based upon their respective settlement values. ) Tj ET Q q 0 0 0 rg BT 269.20 646.10 Td (The Company has recorded liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.49 646.10 Td ($2.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.38 646.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.82 646.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.71 646.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (accounts payable and accrued expenses in the accompanying consolidated balance sheets as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.68 634.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.26 634.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 622.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 181.25 622.10 Td (, related to shares tendered for redemption and approved by the board of directors, but which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (were not redeemed until the subsequent month. Such amounts have been included in redemption of common shares in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (accompanying consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 243.74 598.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Per Shar) Tj ET Q q 0 0 0 rg BT 103.46 574.10 Td (e Data) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Net income \(loss\) per common share is calculated by dividing the net income \(loss\) attributable to common stockholders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (for each period by the weighted average number of common shares outstanding during such period. Net income \(loss\) per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (outstanding.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.52 490.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 155.19 490.10 Td (onouncements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 137.04 466.10 Td (1, F) Tj ET Q q 0 0 0 rg BT 151.86 466.10 Td (ASB issued guidance on disclosures about of) Tj ET Q q 0 0 0 rg BT 332.21 466.10 Td (fsetting assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 449.51 466.10 Td (This guidance results in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (enhanced disclosures by requiring improved information about financial instruments and derivative instruments that are either ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (\(1\) of) Tj ET Q q 0 0 0 rg BT 72.31 442.10 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 191.98 442.10 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 268.37 442.10 Td (ASC 815-10-45 or \(2\) subject to an enforceable master netting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (arrangement or similar agreement, irrespective of whether they are of) Tj ET Q q 0 0 0 rg BT 327.47 430.10 Td (fset in accordance with either ) Tj ET Q q 0 0 0 rg BT 447.13 430.10 Td (ASC 210-20-45 or ) Tj ET Q q 0 0 0 rg BT 523.53 430.10 Td (ASC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (815-10-45. ) Tj ET Q q 0 0 0 rg BT 96.48 418.10 Td (The adoption of this guidance was ef) Tj ET Q q 0 0 0 rg BT 244.03 418.10 Td (fective for annual periods beginning on or after January 1, 2013 and interim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (periods within those annual periods. ) Tj ET Q q 0 0 0 rg BT 197.02 406.10 Td (The adoption of this guidance did not have a material ef) Tj ET Q q 0 0 0 rg BT 420.65 406.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 507.02 406.10 Td (s financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (In October 2012, F) Tj ET Q q 0 0 0 rg BT 143.36 370.10 Td (ASB clarified and relocated guidance in the Codification, corrected unintended application of guidance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (and made minor improvements to the Codification that are not expected to have a significant ef) Tj ET Q q 0 0 0 rg BT 431.08 358.10 Td (fect on current accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (practice. ) Tj ET Q q 0 0 0 rg BT 88.59 346.10 Td (Amendments made to the Codification without transition guidance are ef) Tj ET Q q 0 0 0 rg BT 380.27 346.10 Td (fective upon issuance and amendments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (subject to transition guidance were ef) Tj ET Q q 0 0 0 rg BT 199.49 334.10 Td (fective for fiscal periods beginning after December 15, 2012. ) Tj ET Q q 0 0 0 rg BT 448.66 334.10 Td (This guidance did not have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (a material impact on the Company) Tj ET Q q 0 0 0 rg BT 190.79 322.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 147.25 298.10 Td (ASB issued guidance to improve transparency of reporting reclassifications out of accumulated other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (comprehensive income. ) Tj ET Q q 0 0 0 rg BT 149.79 286.10 Td (The adoption of this guidance was ef) Tj ET Q q 0 0 0 rg BT 297.34 286.10 Td (fective for interim and annual periods beginning after December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (15, 2012. ) Tj ET Q q 0 0 0 rg BT 92.32 274.10 Td (The adoption of this guidance did not have a material ef) Tj ET Q q 0 0 0 rg BT 315.95 274.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 402.32 274.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td (In February 2013, F) Tj ET Q q 0 0 0 rg BT 147.25 250.10 Td (ASB issued amendments to provide guidance on the recognition, measurement and disclosure of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (obligations resulting from joint and several liability arrangements for which the total amount of obligation within the scope of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in GAAP) Tj ET Q q 0 0 0 rg BT 491.84 226.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.16 226.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (amendments are ef) Tj ET Q q 0 0 0 rg BT 125.34 214.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 15, 2013. ) Tj ET Q q 0 0 0 rg BT 526.69 214.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Company has not concluded on its analysis on this guidance, but it does not believe the adoption of this guidance will have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (material impact on the Company) Tj ET Q q 0 0 0 rg BT 183.85 190.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (In March 2013, F) Tj ET Q q 0 0 0 rg BT 137.25 166.10 Td (ASB issued guidance on releasing cumulative translation adjustments when a reporting entity ceases to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (have a controlling financial interest in a subsidiary or group of assets that is a business within a foreign entity) Tj ET Q q 0 0 0 rg BT 486.75 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 494.07 154.10 Td (The guidance is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 142.10 Td (fective on a prospective basis for fiscal years and interim reporting periods within those years beginning after December 15, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (2013. ) Tj ET Q q 0 0 0 rg BT 77.32 130.10 Td (The Company has not concluded its analysis on this guidance, but it does not believe the adoption of this guidance will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 212.17 118.10 Td (s financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (In July 2013, F) Tj ET Q q 0 0 0 rg BT 127.82 94.10 Td (ASB issued amendments to the Codification to provide guidance on the presentation of an unrecognized tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ) Tj ET Q q 0 0 0 rg BT 456.62 82.10 Td (These amendments are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 70.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 31, 2013. ) Tj ET Q q 0 0 0 rg BT 456.44 70.10 Td (The Company has not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (concluded its analysis on this guidance, but it does not believe the adoption of this guidance will have a material impact on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 46.10 Td (s financial statements.) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (77) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (3. INVESTMENT) Tj ET Q q 0 0 0 rg BT 127.06 730.10 Td ( PROPER) Tj ET Q q 0 0 0 rg BT 170.31 730.10 Td (TY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Investment property consisted of the following amounts as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.01 706.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.59 706.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.03 706.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.61 706.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 660.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 660.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 660.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 660.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 632.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 632.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 632.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 604.60 358.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 604.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 604.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 604.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 660.6 m 478.5 660.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 660.6 m 562.5 660.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 660.6 m 478.5 660.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 660.6 m 562.5 660.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 632.6 m 478.5 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 632.6 m 562.5 632.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 604.6 m 478.5 604.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 604.6 m 562.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 591.6 m 478.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 589.6 m 478.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 591.6 m 562.5 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 589.6 m 562.5 589.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 665.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 413.90 674.33 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.00 664.33 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.90 674.33 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.00 664.33 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 651.17 Td (Buildings and improvements ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 171.05 655.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 651.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 651.17 Td (2,371,242) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 651.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 651.17 Td (1,319,954) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 637.17 Td (Less: accumulated depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 637.22 Td (\(94,414) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 637.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 637.22 Td (\(47,197) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 637.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 623.17 Td (Buildings and improvements, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 623.17 Td (2,276,828) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 623.17 Td (1,272,757) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 609.17 Td (Land) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 609.17 Td (523,022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 609.17 Td (209,721) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 595.17 Td (Investment property, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 595.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 595.17 Td (2,799,850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 595.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 595.17 Td (1,482,478) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 567.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 567.10 Td (Included in buildings and improvements is approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.57 567.10 Td ($64.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.46 567.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.90 567.10 Td ($13.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.79 567.10 Td ( of construction-in-progress ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 555.10 Td (related to the Company) Tj ET Q q 0 0 0 rg BT 164.36 555.10 Td (s multi-family developments in Houston, ) Tj ET Q q 0 0 0 rg BT 330.83 555.10 Td (T) Tj ET Q q 0 0 0 rg BT 336.24 555.10 Td (exas and Miami, Florida as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.16 555.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.75 555.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 543.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.58 543.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 199.25 543.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 519.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 519.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 519.10 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 507.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.60 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 442.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 442.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 442.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 442.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 442.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 414.60 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 414.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 414.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 414.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 414.60 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 470.6 m 402.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 470.6 m 406.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 470.6 m 482.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 470.6 m 486.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 470.6 m 562.5 470.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 442.6 m 402.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 442.6 m 482.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 442.6 m 562.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 442.6 m 402.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 442.6 m 482.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 442.6 m 562.5 442.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 414.6 m 402.5 414.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 414.6 m 482.5 414.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 414.6 m 562.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 401.6 m 402.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 399.6 m 402.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 401.6 m 482.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 399.6 m 482.5 399.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 401.6 m 562.5 401.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 399.6 m 562.5 399.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 475.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 475.28 Td (Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 461.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.00 461.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.05 457.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.45 447.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 447.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.05 457.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.10 447.28 Td (Lease Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 447.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.80 447.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 433.17 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.00 433.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 433.17 Td (772,948) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 433.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 433.17 Td (116,818) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 433.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 433.22 Td (\(80,844) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 433.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 419.17 Td (Less: accumulated amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.80 419.22 Td (\(166,109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 419.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 419.22 Td (\(27,933) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 419.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 419.17 Td (12,489) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 405.17 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.00 405.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 405.17 Td (606,839) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 405.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 405.17 Td (88,885) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 405.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 405.22 Td (\(68,355) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 405.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 377.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 377.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 377.10 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 300.60 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 300.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 300.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 300.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 272.60 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 272.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 272.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 272.60 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 328.6 m 402.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 328.6 m 406.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 328.6 m 482.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 328.6 m 486.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 328.6 m 562.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 300.6 m 402.5 300.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 300.6 m 482.5 300.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 300.6 m 562.5 300.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 300.6 m 402.5 300.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 300.6 m 482.5 300.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 300.6 m 562.5 300.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 272.6 m 402.5 272.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 272.6 m 482.5 272.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 272.6 m 562.5 272.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 259.6 m 402.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 257.6 m 402.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 259.6 m 482.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 257.6 m 482.5 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 259.6 m 562.5 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 257.6 m 562.5 257.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 333.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 406.60 333.28 Td (Lease Intangibles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 319.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.00 319.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.05 315.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.45 305.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 305.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.05 315.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 489.10 305.28 Td (Lease Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 305.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 330.80 305.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 291.17 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.00 291.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 291.17 Td (407,249) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 291.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 291.17 Td (77,539) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 291.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 291.22 Td (\(32,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 291.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 277.17 Td (Less: accumulated amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.80 277.22 Td (\(84,361) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 277.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 277.22 Td (\(14,895) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 277.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 277.17 Td (5,400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 263.17 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.00 263.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.15 263.17 Td (322,888) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 263.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 263.17 Td (62,644) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 263.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 263.22 Td (\(27,183) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 263.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 235.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.49 235.10 Td ($92.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.38 235.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.38 235.10 Td ($57.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.27 235.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.71 235.10 Td ($37.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.60 235.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 223.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 223.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.58 223.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.02 223.10 Td (201) Tj ET Q q 0 0 0 rg BT 187.65 223.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.65 223.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.31 223.10 Td (. ) Tj ET Q q 0 0 0 rg BT 249.76 223.10 Td (Amortization of out-of-market leases was a decrease to rental revenue of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 211.10 Td ($6.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.15 211.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.15 211.10 Td ($4.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.04 211.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.48 211.10 Td ($2.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.37 211.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.72 211.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.31 211.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.31 211.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.31 211.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.75 211.10 Td (201) Tj ET Q q 0 0 0 rg BT 500.38 211.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.38 211.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 558.04 211.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 187.10 Td (Anticipated amortization of in-place leases and out-of-market leases, net, for each of the years ending December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.58 187.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.58 187.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (through December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.19 175.10 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.19 175.10 Td ( are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 128.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 128.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 128.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 128.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 98.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 98.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 98.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 98.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 68.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 68.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 68.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 68.60 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 128.60000000000002 m 482.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 128.60000000000002 m 562.5 128.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 426.20 143.28 Td (In-Place) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.80 133.28 Td (Leases) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.05 143.28 Td (Out-of-Market) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 499.80 133.28 Td (Leases, Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 118.27 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 118.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 118.27 Td (103,917) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.00 118.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 118.27 Td (6,476) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 103.27 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 103.27 Td (92,963) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 103.27 Td (7,644) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 88.27 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 88.27 Td (82,758) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 88.27 Td (7,281) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 73.27 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 73.27 Td (69,262) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 73.27 Td (5,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 58.27 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 58.27 Td (51,140) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 58.27 Td (1,838) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (78) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 730.10 Td ( Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space.) Tj ET Q q 0 0 0 rg BT 421.20 706.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.64 706.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.23 706.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (approximate fixed future minimum rentals for each of the years ending December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.87 694.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.87 694.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.98 694.10 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.98 694.10 Td ( and thereafter were as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 644.60 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 614.60 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 584.60 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 554.60 148.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 644.6 m 562.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 554.6 m 562.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 540.6 m 562.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 538.6 m 562.5 538.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 420.15 649.28 Td (Fixed Future Minimum Rentals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 634.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 634.27 Td (272,753) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 619.27 Td (252,323) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 604.27 Td (234,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 589.27 Td (214,185) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 574.27 Td (185,841) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 559.27 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 559.27 Td (971,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 544.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 544.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.65 544.27 Td (2,130,387) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 516.10 Td (Pursuant to the lease agreements with certain tenants in one of its buildings, a wholly-owned subsidiary of the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (receives fees for the provision of various telecommunication-related services and the use of certain related facilities. ) Tj ET Q q 0 0 0 rg BT 517.12 504.10 Td (The fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (future minimum rentals expected to be received for such services for the years ending December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.01 492.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.01 492.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.12 492.10 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.12 492.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (thereafter are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.51 480.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.40 480.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.40 480.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.29 480.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.29 480.10 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.18 480.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.18 480.10 Td ($2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.07 480.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.07 480.10 Td ($2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.97 480.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.40 480.10 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.30 480.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 490.96 480.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 456.10 Td (During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.55 456.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.13 456.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.63 456.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.21 456.10 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.32 456.10 Td (did not earn more than 10% of its total rental revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.14 456.10 Td ( from any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (individual tenant. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 420.10 Td (Of the Company) Tj ET Q q 0 0 0 rg BT 137.43 420.10 Td (s total rental revenue for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.47 420.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.05 420.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.31 420.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.64 420.10 Td ( was earned from a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (tenant in the accounting industry who has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.13 408.10 Td (leases that expire in 2016, 2019 and 2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.21 408.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 384.10 Td (Of the Company) Tj ET Q q 0 0 0 rg BT 137.43 384.10 Td (s total rental revenue for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.47 384.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 371.68 384.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.68 384.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.94 384.10 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.27 384.10 Td ( was earned from a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (tenant in the accounting industry who has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.13 372.10 Td (leases that expire in 2016, 2019 and 2024) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.21 372.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.46 372.10 Td (1) Tj ET Q q 0 0 0 rg BT 455.09 372.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.42 372.10 Td ( was earned from a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (tenant in the legal services industry whose ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.90 360.10 Td (lease expires in 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.04 360.10 Td (, and approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.24 360.10 Td (1) Tj ET Q q 0 0 0 rg BT 392.87 360.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.20 360.10 Td ( was earned from a tenant in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (education services industry whose ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.41 348.10 Td (lease expires in 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.55 348.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (4. RECENT) Tj ET Q q 0 0 0 rg BT 101.49 324.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.44 324.10 Td (ACQUISITIONS OF) Tj ET Q q 0 0 0 rg BT 193.37 324.10 Td ( REAL) Tj ET Q q 0 0 0 rg BT 223.10 324.10 Td ( EST) Tj ET Q q 0 0 0 rg BT 243.76 324.10 Td (A) Tj ET Q q 0 0 0 rg BT 250.24 324.10 Td (TE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 300.10 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 300.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 300.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.67 300.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.67 300.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.11 300.10 Td (201) Tj ET Q q 0 0 0 rg BT 286.74 300.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.74 300.10 Td (, the Company acquired the assets and assumed certain liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 288.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 288.10 Td (nine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.22 288.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.66 288.10 Td (seven) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.42 288.10 Td ( real estate operating properties located in the United States and internationally) Tj ET Q q 0 0 0 rg BT 439.50 288.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 492.16 288.10 Td (, for an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (aggregate net purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.43 276.10 Td ($1.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.54 276.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.54 276.10 Td ($626.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.44 276.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.88 276.10 Td ($702.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.77 276.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 418.43 276.10 Td (. ) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (79) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (price of each property acquired in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.71 718.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.71 718.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.71 718.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.71 718.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.15 718.10 Td (201) Tj ET Q q 0 0 0 rg BT 266.78 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.78 718.10 Td ( as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 656.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 656.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 656.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 656.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 656.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 656.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 656.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 656.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 656.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 656.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 656.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 656.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 628.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 628.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 628.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 628.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 628.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 628.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 628.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 628.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 600.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 600.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 600.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 600.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 600.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 600.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 600.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 572.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 572.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 572.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 572.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 572.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 572.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 572.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 572.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 572.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 572.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 572.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 572.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 544.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 544.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 544.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 544.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 544.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 544.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 544.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 544.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 516.60 148.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 516.60 4.00 -14.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 202.50 488.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 488.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 488.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 488.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 488.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 488.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 488.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 488.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 462.60 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 462.60 4.00 -15.00 re f /GS0 gs 0.8 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0 0 rg BT 529.35 633.06 Td (124,616) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 619.06 Td (465 Victoria) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 619.06 Td (2/28/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 619.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 619.06 Td (48,788) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 619.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 619.06 Td (26,566) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 619.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 619.06 Td (17,712) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 619.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.40 619.06 Td (\(2,233) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.65 619.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 619.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 619.06 Td (90,833) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 605.06 Td (Riverside Center) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 605.06 Td (3/27/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.40 605.06 Td (125,014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 605.06 Td (45,888) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 605.06 Td (30,360) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.40 605.06 Td (\(4,170) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.65 605.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 605.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 605.06 Td (197,092) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 591.06 Td (New City) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 591.06 Td (3/28/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 591.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.40 591.06 Td (115,208) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 591.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.65 591.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 591.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 591.06 Td (46,117) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 591.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.40 591.06 Td (2,137) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 591.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 591.06 Td (163,462) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 577.06 Td (825 Ann) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 577.06 Td (4/30/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 577.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 577.06 Td (83,802) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 577.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 577.06 Td (20,669) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 577.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 577.06 Td (23,725) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 577.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.65 577.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 577.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 577.06 Td (128,196) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 563.06 Td (The Campus at Playa Vista) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 563.06 Td (5/14/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 563.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.40 563.06 Td (125,567) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 563.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 563.06 Td (41,160) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 563.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 563.06 Td (37,320) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 563.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.90 563.06 Td (12,580) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 563.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 563.06 Td (216,627) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 549.06 Td (Perspective Dfense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 549.06 Td (6/21/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.40 549.06 Td (109,704) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 549.06 Td (29,039) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 549.06 Td (22,038) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.40 549.06 Td (5,060) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 549.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 549.06 Td (165,841) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 535.06 Td (The Markets at Town Center) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 535.06 Td (7/23/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 535.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 535.06 Td (76,067) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 535.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 535.06 Td (52,130) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 535.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 535.06 Td (19,020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 535.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.90 535.06 Td (\(12,210) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.65 535.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 535.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 535.06 Td (135,007) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 521.06 Td (The Avenue) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 521.06 Td (8/12/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 521.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 521.06 Td (71,990) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 521.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 521.06 Td (54,940) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 521.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 521.06 Td (47,350) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 521.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.90 521.06 Td (\(11,280) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.65 521.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 521.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 521.06 Td (163,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 507.06 Td (2300 Main) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 507.06 Td (8/29/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 507.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 507.06 Td (27,940) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 507.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.40 507.06 Td (3,570) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 507.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.40 507.06 Td (7,990) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 507.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.65 507.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 507.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 507.06 Td (39,500) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 493.06 Td (Fiege Mega Centre) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.95 493.06 Td (10/18/2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 493.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 493.06 Td (36,005) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 493.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 493.06 Td (10,107) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 493.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.40 493.06 Td (7,481) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 493.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.65 493.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 493.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 493.06 Td (53,593) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 479.06 Td (55 M Street) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 479.06 Td (12/9/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 479.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.15 479.17 Td (85,277) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 479.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.10 479.17 Td (24,810) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 479.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 479.17 Td (34,730) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 479.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.80 479.22 Td (\(3,940) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 479.17 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 479.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 479.06 Td (140,877) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 452.05 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.50 452.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 452.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 452.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 452.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 452.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 452.27 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 429.06 Td (Poland Logistics Portfolio ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 149.75 433.14 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 205.85 438.06 Td (03/29/12 and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.95 429.06 Td (10/10/12 ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 243.20 433.14 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 429.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 429.06 Td (97,627) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 429.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 429.06 Td (25,893) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 429.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 429.06 Td (33,062) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 429.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 493.15 429.06 Td (644) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 429.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 429.06 Td (157,226) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 415.06 Td (144 Montague) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 415.06 Td (4/16/2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 415.06 Td (49,424) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 415.06 Td (13,803) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 415.06 Td (28,083) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.65 415.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 415.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 415.06 Td (91,310) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 401.06 Td (100 Brookes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 401.06 Td (7/13/2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 401.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 401.06 Td (41,404) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 401.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.40 401.06 Td (8,600) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 401.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 401.06 Td (12,859) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 401.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.40 401.06 Td (4,737) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 401.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 401.06 Td (67,600) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 387.06 Td (Minneapolis Retail Center) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 147.98 391.14 Td ( \(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.45 387.06 Td (8/1/2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 387.06 Td (78,711) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 387.06 Td (30,792) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 387.06 Td (34,176) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.90 387.06 Td (\(13,078) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.65 387.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 387.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 387.06 Td (130,601) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 373.06 Td (550 Terry Francois) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 373.06 Td (8/31/2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 373.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.40 373.06 Td (109,760) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 373.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 373.06 Td (41,270) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 373.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 373.06 Td (20,860) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 373.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.40 373.06 Td (8,110) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 373.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 373.06 Td (180,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 344.05 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.50 344.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 344.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 344.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 344.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 344.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 344.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 344.27 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 321.06 Td (Stonecutter Court) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.55 321.06 Td (3/11/2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 321.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 321.06 Td (90,677) Tj ET Q BT /F2 5.85 Tf ET q 0 0 0 rg BT 333.00 325.70 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 321.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.65 321.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 321.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 321.06 Td (53,317) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 321.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.40 321.06 Td (1,598) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 321.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 321.06 Td (145,592) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 307.06 Td (FM Logistic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.40 307.06 Td (4/27/2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 307.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 307.06 Td (51,588) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 307.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 307.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.40 307.06 Td (5,320) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 307.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 307.06 Td (15,780) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 307.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.40 307.06 Td (\(1,840) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.65 307.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 307.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 307.06 Td (70,848) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 293.06 Td (Gogolevsky 11) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.40 293.06 Td (8/25/2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 293.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 293.06 Td (85,120) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 293.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 293.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.65 293.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 293.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 293.06 Td (11,150) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 293.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.15 293.06 Td (\(170) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.65 293.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 293.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 293.06 Td (96,100) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 279.06 Td (250 Royall) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 213.65 279.06 Td (9/9/2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 279.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 279.06 Td (22,860) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 279.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 279.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.40 279.06 Td (8,910) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 279.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 279.06 Td (11,500) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 279.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.90 279.06 Td (13,730) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 279.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 279.06 Td (57,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 265.06 Td (Campus at Marlborough) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.15 265.06 Td (10/28/2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 265.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 265.06 Td (54,710) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 265.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 265.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 265.06 Td (23,310) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 265.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 265.06 Td (23,770) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 265.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.40 265.06 Td (1,210) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 265.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 265.06 Td (103,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 251.06 Td (Komo Plaza) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.15 251.06 Td (12/15/2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 251.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.40 251.06 Td (111,390) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 251.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.85 251.06 Td (19,560) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 251.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 251.06 Td (29,680) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 251.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 490.15 251.06 Td (\(630) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.65 251.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 251.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 529.35 251.06 Td (160,000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 237.06 Td (9320 Excelsior) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 209.15 237.06 Td (12/27/2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 264.00 237.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.90 237.06 Td (51,110) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.00 237.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.00 237.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 363.40 237.06 Td (2,730) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.00 237.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.90 237.06 Td (14,460) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.00 237.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.40 237.06 Td (1,170) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 517.00 237.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.90 237.06 Td (69,470) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 209.10 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 271.74 209.10 Td (, amounts have been translated at a rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 519.23 209.10 Td (fect on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 197.10 Td (acquisition date. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 173.10 Td (The Poland Logistics Portfolio is comprised of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.70 173.10 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.25 173.10 Td ( industrial parks located in ) Tj ET Q q 0 0 0 rg BT 381.65 173.10 Td (W) Tj ET Q q 0 0 0 rg BT 390.29 173.10 Td (arsaw) Tj ET Q q 0 0 0 rg BT 412.96 173.10 Td (, ) Tj ET Q q 0 0 0 rg BT 417.78 173.10 Td (W) Tj ET Q q 0 0 0 rg BT 426.82 173.10 Td (roclaw and Upper Silesia, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 161.10 Td (Poland.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 137.10 Td (The first four industrial parks in the Poland Logistics Portfolio were acquired on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.10 137.10 Td (March29, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.70 137.10 Td ( and the remaining fifth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 125.10 Td (industrial park, Distribution Park Sosnowiec, was acquired on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.51 125.10 Td (October10, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.22 125.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 101.10 Td (The Minneapolis Retail Center includes the acquisition of a parking garage on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.46 101.10 Td (December26, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.05 101.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 77.10 Td (Amount includes approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.36 77.10 Td ($0.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.25 77.10 Td ( of deferred tax assets related to net operating loss carry-forwards as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 65.10 Td (date of acquisition.) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 742.10 Td (The weighted average amortization period for the intangible assets and liabilities acquired in connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.79 742.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.79 742.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.94 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 106.57 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.57 730.10 Td ( acquisitions, as of the date of the acquisition, was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 675.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 675.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 675.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 675.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 675.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 675.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 675.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 645.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 645.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 645.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 645.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 645.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 645.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 645.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 615.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 615.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 615.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 615.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 615.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 615.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 615.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 585.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 585.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 585.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 585.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 585.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 585.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 585.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 555.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 555.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 555.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 555.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 555.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 555.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 555.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 525.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 525.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 525.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 525.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 525.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 525.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 525.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 495.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 495.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 495.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 495.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 495.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 495.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 495.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 465.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 465.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 465.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 465.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 465.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 465.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 465.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 435.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 435.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 435.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 435.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 435.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 435.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 435.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 405.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 405.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 405.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 405.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 405.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 405.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 405.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 375.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 375.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 375.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 375.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 375.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 375.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 375.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 345.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 345.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 345.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 345.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 345.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 345.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 345.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 315.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 315.60 11.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 315.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 315.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 315.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 315.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 315.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 285.60 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 285.60 11.00 -15.00 re f /GS0 gs 0.8 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ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 590.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 590.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 575.27 Td (The Campus at Playa Vista) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 575.27 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 575.27 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 575.27 Td (7.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 560.27 Td (Perspective Dfense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 560.27 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 560.27 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 560.27 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 545.27 Td (The Markets at Town Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 545.27 Td (9.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 545.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 545.27 Td (7.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 530.27 Td (The Avenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 530.27 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 530.27 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.25 530.27 Td (17.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 515.27 Td (2300 Main) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 515.27 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 515.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 515.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 500.27 Td (Fiege Mega Centre) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.75 500.27 Td (10.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 500.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 500.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 485.27 Td (55 M Street) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 485.27 Td (7.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 485.27 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 485.27 Td (7.3) Tj ET Q BT 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rg BT 243.25 320.27 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 320.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 320.27 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 305.27 Td (Gogolevsky 11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 305.27 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 305.27 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 305.27 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 290.27 Td (250 Royall) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 290.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 290.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 290.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 275.27 Td (The Campus at Marlborough) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 275.27 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 275.27 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 275.27 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 260.27 Td (Komo Plaza) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.25 260.27 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.90 260.27 Td (11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 260.27 Td (9.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 245.27 Td (9320 Excelsior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.75 245.27 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.75 245.27 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.00 245.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 217.10 Td (Excludes the ef) Tj ET Q q 0 0 0 rg BT 129.46 217.10 Td (fect of ground leases which significantly increase the weighted average useful life for these intangibles.) 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0.9333333333333333 1 rg /GS0 gs 308.50 407.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 407.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 377.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 377.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 347.60 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 347.60 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 347.60 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.60 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 319.60 119.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 319.60 135.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 677.6 m 308.5 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 677.6 m 562.5 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 677.6 m 562.5 677.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.75 697.28 Td (For the Year Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 682.28 Td (2013 Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 682.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 454.15 682.28 Td (December 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 667.28 Td (Mercedes Benz Bank) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 667.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 667.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 667.27 Td (5,752) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 652.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 652.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 652.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 652.32 Td (\(4,781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 652.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 637.28 Td (One Westferry Circus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 637.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 637.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 637.27 Td (11,938) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 622.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 622.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 622.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 622.32 Td (\(6,717) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 622.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 607.28 Td (465 Victoria) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 607.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 607.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 607.27 Td (7,403) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 592.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 592.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 592.32 Td (\(5,576) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 592.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 577.28 Td (Riverside Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 577.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 577.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 577.27 Td (15,854) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 562.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 562.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 562.27 Td (2,468) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 547.28 Td (New City) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 547.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 547.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 547.27 Td (11,509) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 532.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 532.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 532.32 Td (\(4,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 532.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 517.28 Td (825 Ann) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 517.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 517.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 517.27 Td (7,724) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 502.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 502.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 502.32 Td (\(7,318) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 502.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 487.28 Td (The Campus at Playa Vista) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 487.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 487.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 487.27 Td (12,815) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 472.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 472.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 472.27 Td (1,244) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 457.28 Td (Perspective Dfense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 457.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 457.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 457.27 Td (8,325) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 442.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 442.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 442.32 Td (\(12,035) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 442.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 427.28 Td (The Markets at Town Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 427.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 427.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 427.27 Td (5,654) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 412.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 412.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 412.27 Td (2,482) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 397.28 Td (The Avenue at Murfreesboro) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 397.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 397.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 397.27 Td (5,423) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 382.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 382.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 382.32 Td (\(191) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 382.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 367.28 Td (2300 Main) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 367.27 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 367.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 367.27 Td (1,428) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 352.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 352.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 352.32 Td (\(146) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 352.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 338.28 Td (Fiege Mega Centre) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 338.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 338.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 338.17 Td (877) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 324.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 324.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 324.22 Td (\(3,353) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 324.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 310.28 Td (55 M Street) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 310.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 310.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 310.17 Td (799) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.00 296.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 296.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 296.22 Td (\(2,501) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 296.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 268.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 268.10 Td (fect to current year acquisitions through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 256.10 Td ( as if the acquisitions occurred on January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.09 256.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.09 256.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.91 256.10 Td (This information excludes activity that is non-recurring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (and not representative of our future activity) Tj ET Q q 0 0 0 rg BT 223.17 244.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.23 244.10 Td ($82.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.13 244.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.56 244.10 Td ($28.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.46 244.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.98 232.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.56 232.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.00 232.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.00 232.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 270.66 232.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.48 232.10 Td (The information below is not necessarily indicative of what the actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (results of operations would have been had we completed these transactions on January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.51 220.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.51 220.10 Td (, nor does it purport to represent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (our future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 143.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 143.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 143.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 143.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 113.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 113.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 113.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 143.60000000000002 m 488.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 143.60000000000002 m 562.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 143.60000000000002 m 488.5 143.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 143.60000000000002 m 562.5 143.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.25 187.28 Td (For the Years Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 172.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.90 172.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 148.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.60 158.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.00 148.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.60 158.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.00 148.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 133.27 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 133.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 133.27 Td (388,133) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 133.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 133.27 Td (348,012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 118.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 118.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 118.32 Td (\(21,472) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 118.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 118.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 118.32 Td (\(31,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 118.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 103.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 103.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 103.32 Td (\(0.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 103.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 103.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 103.32 Td (\(0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 103.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The table below includes the amounts of revenue and net income \(loss\) of the acquisitions completed during the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 730.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 730.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 305.20 730.10 Td (s consolidated results of operations for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 718.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 678.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 678.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 678.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 650.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 650.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 622.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 622.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 594.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 594.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 566.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 566.60 128.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 678.6 m 321.5 678.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 678.6 m 562.5 678.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.25 698.28 Td (For the Year Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 683.28 Td (2012 Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 683.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.65 683.28 Td (December 31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 669.28 Td (Poland Logistics Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 669.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 669.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 669.17 Td (11,595) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 655.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 655.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 655.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 655.22 Td (\(6,071) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 655.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 641.28 Td (144 Montague) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 641.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 641.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 641.17 Td (7,153) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 627.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 627.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 627.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 627.22 Td (\(4,903) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 627.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 613.28 Td (100 Brookes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 613.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 613.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 613.17 Td (3,291) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 599.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 599.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 599.22 Td (\(4,680) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 599.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 585.28 Td (Minneapolis Retail Center) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 585.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 585.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 585.17 Td (7,536) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 571.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 571.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 571.22 Td (\(1,317) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 571.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 557.28 Td (550 Terry Francois) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 557.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 557.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 557.17 Td (6,362) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 543.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 543.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 543.17 Td (1,989) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 515.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 515.10 Td (fect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.45 515.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.45 515.10 Td ( acquisitions through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.83 515.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 503.10 Td ( as if the acquisitions occurred on January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.50 503.10 Td (201) Tj ET Q q 0 0 0 rg BT 265.13 503.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.13 503.10 Td (. ) Tj ET Q q 0 0 0 rg BT 274.95 503.10 Td (This information excludes activity that is non-recurring and not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.10 Td (representative of our future activity) Tj ET Q q 0 0 0 rg BT 190.96 491.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.02 491.10 Td ($28.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.91 491.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.35 491.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.24 491.10 Td ( for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 479.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.96 479.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.40 479.10 Td (201) Tj ET Q q 0 0 0 rg BT 189.03 479.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.03 479.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 246.69 479.10 Td (. ) Tj ET Q q 0 0 0 rg BT 251.51 479.10 Td (The information below is not necessarily indicative of what the actual results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.10 Td (of operations would have been had we completed these transactions on January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.90 467.10 Td (201) Tj ET Q q 0 0 0 rg BT 394.53 467.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.53 467.10 Td (, nor does it purport to represent our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 390.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 390.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 390.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 390.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 360.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 360.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 360.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 390.6 m 488.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 390.6 m 562.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 390.6 m 488.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 390.6 m 562.5 390.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.25 434.28 Td (For the Years Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 419.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.90 419.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 395.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.60 405.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.00 395.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.60 405.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.25 395.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 380.27 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 380.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 380.27 Td (222,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 380.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 380.27 Td (167,137) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 365.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 365.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 365.32 Td (\(3,157) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 365.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 365.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 365.32 Td (\(47,170) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 365.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 350.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 350.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 350.32 Td (\(0.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 350.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 350.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 350.32 Td (\(0.39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 350.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (The table below includes the amounts of revenue and net income \(loss\) of the acquisitions completed during the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 310.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.59 310.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.59 310.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 304.83 310.10 Td (s consolidated results of operations for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 298.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.21 298.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 258.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 258.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 258.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 230.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 230.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 230.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 202.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 202.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 202.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 174.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 174.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 174.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 146.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 146.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 146.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 118.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 118.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 118.60 128.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 90.60 271.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 90.60 113.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 90.60 128.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 258.6 m 321.5 258.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 258.6 m 562.5 258.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 456.25 278.28 Td (For the Year Ended) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 263.28 Td (2011 Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 263.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 457.95 263.28 Td (December 31, 2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 249.28 Td (Stonecutter Court) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 249.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 249.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 249.17 Td (8,264) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 235.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 235.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 235.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 235.22 Td (\(11,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 235.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 221.28 Td (FM Logistic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 221.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 221.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 221.17 Td (5,937) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 207.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 207.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 207.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 207.17 Td (1,691) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 193.28 Td (Gogolevsky 11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 193.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 193.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 193.17 Td (3,994) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 179.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 179.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 179.22 Td (\(1,102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 179.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 165.28 Td (250 Royall) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 165.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 165.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 165.17 Td (1,885) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 151.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 151.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 151.17 Td (286) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 137.28 Td (Campus at Marlborough) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 137.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 137.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 137.17 Td (2,529) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 123.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 123.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 123.22 Td (\(440) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 123.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 109.28 Td (Komo Plaza) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 109.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 109.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 109.17 Td (975) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 95.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 95.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 95.22 Td (\(310) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 95.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 81.28 Td (9320 Excelsior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 81.17 Td (Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 81.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 81.17 Td (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.00 67.17 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.00 67.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.30 67.22 Td (\(134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 67.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 742.10 Td (fect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.45 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 402.08 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.08 742.10 Td ( acquisitions through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.46 742.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 730.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 730.10 Td ( as if the acquisitions occurred on January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.13 730.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.13 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 274.95 730.10 Td (This information excludes activity that is non-recurring and not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (representative of our future activity) Tj ET Q q 0 0 0 rg BT 190.96 718.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.02 718.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.91 718.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.35 718.10 Td ($25.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.24 718.10 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.38 706.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 149.59 706.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.59 706.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.03 706.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.03 706.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 246.69 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 251.51 706.10 Td (The information below is not necessarily indicative of what the actual results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of operations would have been had we completed these transactions on January 1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.90 694.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.90 694.10 Td (, nor does it purport to represent our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 617.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 617.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 617.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 587.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 587.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 617.6 m 488.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 617.6 m 562.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 617.6 m 488.5 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 617.6 m 562.5 617.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 446.25 661.28 Td (For the Years Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 460.90 646.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 622.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 429.60 632.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.25 622.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 503.60 632.28 Td (Pro Forma) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.00 622.28 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 607.27 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 607.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.15 607.27 Td (150,432) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 607.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 607.27 Td (102,979) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 592.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 592.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 592.32 Td (\(35,850) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 592.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 592.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 592.32 Td (\(2,816) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 592.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 577.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 577.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 577.32 Td (\(0.53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 577.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 577.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 577.32 Td (\(0.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 577.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 549.10 Td (See Note 16 Subsequent Events for details regarding our investments that were acquired subsequent to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.45 549.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 537.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (5. REAL) Tj ET Q q 0 0 0 rg BT 87.23 513.10 Td ( EST) Tj ET Q q 0 0 0 rg BT 107.89 513.10 Td (A) Tj ET Q q 0 0 0 rg BT 114.37 513.10 Td (TE LOANS RECEIV) Tj ET Q q 0 0 0 rg BT 204.77 513.10 Td (ABLE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 489.10 Td (Real estate loans receivable included the following at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.03 489.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.61 489.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.05 489.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.05 489.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 443.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 443.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 443.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 415.60 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 415.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 415.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 415.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 443.6 m 488.5 443.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 443.6 m 562.5 443.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 443.6 m 488.5 443.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 443.6 m 562.5 443.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 415.6 m 488.5 415.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 415.6 m 562.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 402.6 m 488.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 400.6 m 488.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 402.6 m 562.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 400.6 m 562.5 400.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 448.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.90 457.33 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.00 447.33 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.90 457.33 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.00 447.33 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.17 Td (Flagship Capital JV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 434.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 434.17 Td (39,564) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 434.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 434.17 Td (31,381) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 420.17 Td (@1377) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 420.17 Td (3,673) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 420.17 Td (3,320) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 406.17 Td (Real estate loans receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.00 406.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 406.17 Td (43,237) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 406.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 406.17 Td (34,701) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 378.10 Td (The table below provides additional detail on the Company) Tj ET Q q 0 0 0 rg BT 307.94 378.10 Td (s outstanding real estate loans receivable through the Flagship ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (Capital JV) Tj ET Q q 0 0 0 rg BT 92.31 366.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.67 366.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.25 366.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.69 366.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.69 366.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 311.60 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 311.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 311.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 311.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 311.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 311.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 311.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 311.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 282.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 282.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 282.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 282.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 282.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 282.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 282.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 282.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 254.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 254.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 254.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 254.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 254.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 254.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 254.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 254.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 226.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 226.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 226.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 226.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 226.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 226.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 226.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 226.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 198.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 198.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 198.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 198.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 198.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 198.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 198.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 198.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 170.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 170.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 170.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 170.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 170.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 170.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 170.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 170.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 142.60 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 142.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 142.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 243.50 142.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 142.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 142.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 142.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 142.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 142.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 142.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 439.50 142.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 142.60 62.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 311.6 m 182.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 311.6 m 243.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 311.6 m 304.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 311.6 m 365.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 311.6 m 435.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 311.6 m 500.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 311.6 m 243.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 311.6 m 304.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 311.6 m 365.5 311.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 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(4,289) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.00 301.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 301.27 Td (4,229) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 287.17 Td (Rutland Place) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.20 287.17 Td (3/28/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.20 287.17 Td (9/28/2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 287.17 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 287.17 Td (7,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 287.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 287.17 Td (6,528) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 273.17 Td (The Lakeside Apartments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.90 273.17 Td (12/22/2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.20 273.17 Td (3/21/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 273.17 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 273.17 Td (5,359) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 273.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 273.17 Td (5,041) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 259.17 Td (Bay Park Apartments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.20 259.17 Td (7/30/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.20 259.17 Td (7/30/2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.55 259.17 Td (7.80%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 259.17 Td (3,231) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 259.17 Td (3,212) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 259.17 Td (2,823) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 245.17 Td (Houston Retail Portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.70 245.17 Td (8/2/2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.70 245.17 Td (8/2/2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.55 245.17 Td (7.60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 245.17 Td (11,804) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 245.17 Td (11,363) Tj ET Q 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0.9333333333333333 1 rg /GS0 gs 491.50 522.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 488.75 117.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.50 488.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 488.75 51.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 488.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 488.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 488.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 488.75 90.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 488.75 6.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 488.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 488.75 15.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 488.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 488.75 4.00 -21.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 491.50 446.75 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 412.75 117.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.50 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 412.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 412.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 412.75 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 412.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 412.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 412.75 15.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 412.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 412.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 412.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.75 117.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.50 378.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 378.75 51.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 378.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 378.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 378.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 378.75 90.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 378.75 6.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 378.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 378.75 15.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 378.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 378.75 4.00 -21.00 re f /GS0 gs 0.8 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rg /GS0 gs 222.50 72.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 72.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 72.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 72.75 90.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 72.75 6.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 72.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 72.75 15.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 72.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 72.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 72.75 53.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 621.75 m 167.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 171.5 621.75 m 222.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 621.75 m 270.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 621.75 m 364.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 621.75 m 370.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 621.75 m 417.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 621.75 m 487.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 621.75 m 544.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 158.75 m 487.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 158.75 m 544.5 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 132.75 m 487.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 132.75 m 544.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 119.75 m 487.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 119.75 m 544.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 72.75 m 487.5 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 72.75 m 544.5 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 59.75 m 487.5 59.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 47.75 m 487.5 47.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 45.75 m 487.5 45.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 59.75 m 544.5 59.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 47.75 m 544.5 47.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 45.75 m 544.5 45.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 176.45 649.98 Td (Origination) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 192.75 641.98 Td (or) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 176.00 633.98 Td (Assumption) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 188.50 625.98 Td (Date) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 232.40 633.98 Td (Maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.00 625.98 Td (Date) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 296.70 633.98 Td (Interest Rate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.20 625.98 Td (Description) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.20 654.98 Td (Interest) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.60 646.98 Td (Rate as of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.70 662.98 Td (Principal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.15 654.98 Td (Outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.15 646.98 Td (at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.70 662.98 Td (Principal) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.15 654.98 Td (Outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.15 646.98 Td (at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 625.98 Td (Description) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.25 633.98 Td (December) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 379.50 625.98 Td (31, 2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.00 625.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.25 633.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.50 625.98 Td (2013) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 633.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.50 625.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 612.98 Td (Secured Mortgage Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.00 613.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.00 613.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 613.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.00 613.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 613.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 613.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 592.00 Td (Brindleyplace Project) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 592.00 Td (7/1/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.55 592.00 Td (7/7/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.20 600.00 Td (75% fixed via swap /) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.75 592.00 Td (25% variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 592.00 Td (3.46) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 592.00 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 420.00 596.11 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 592.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.25 592.00 Td (199,608) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 592.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.25 592.00 Td (195,552) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 579.00 Td (Hock Plaza) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 579.00 Td (9/8/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 579.00 Td (12/6/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.85 579.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 579.00 Td (5.58) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 579.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.00 579.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 579.00 Td (76,839) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 579.00 Td (77,957) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 566.00 Td (Southpark) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.55 566.00 Td (10/19/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 566.00 Td (12/6/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.85 566.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 566.00 Td (5.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 566.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.00 566.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 566.00 Td (18,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 566.00 Td (18,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 553.00 Td (Fifty South Sixth) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.85 553.00 Td (11/4/2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.85 553.00 Td (11/4/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.75 553.00 Td (Fixed via swap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 553.00 Td (3.62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 553.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 553.00 Td (95,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 553.00 Td (95,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 540.00 Td (Stonecutter Court) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 187.10 540.00 Td (3/11/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.85 540.00 Td (3/11/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.75 540.00 Td (Fixed via swap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 540.00 Td (4.79) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 540.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 540.00 Td (88,296) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 540.00 Td (88,527) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 527.00 Td (Gogolevsky 11) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.85 527.00 Td (8/25/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.55 527.00 Td (4/7/2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 527.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 527.00 Td (6.49) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 527.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 527.00 Td (36,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 527.00 Td (37,900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 514.00 Td (Campus at Marlborough) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.85 514.00 Td (10/28/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 514.00 Td (12/1/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.85 514.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 514.00 Td (5.21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 514.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 514.00 Td (54,596) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 514.00 Td (55,897) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 493.00 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 116.41 493.00 Td ( ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 118.41 496.63 Td ( \(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 493.00 Td (3/8/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.55 493.00 Td (3/8/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 279.45 501.00 Td (Variable, subject to floor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.30 493.00 Td (of 4.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 493.00 Td (4.50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 493.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 493.00 Td (11,047) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.30 493.00 Td (7,469) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 472.00 Td (144 Montague) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 472.00 Td (4/16/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 472.00 Td (4/16/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 480.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 472.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 472.00 Td (5.22) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 472.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 472.00 Td (49,937) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 472.00 Td (58,368) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 451.00 Td (100 Brookes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 451.00 Td (7/13/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 451.00 Td (7/31/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 459.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 451.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 451.00 Td (5.30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 451.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 451.00 Td (38,354) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 451.00 Td (44,829) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 430.00 Td (Poland Logistics Portfolio ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 139.00 433.63 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 430.00 Td (8/2/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 430.00 Td (6/30/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 438.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 430.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 430.00 Td (3.02) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 430.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 430.00 Td (88,812) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 430.00 Td (85,937) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 417.00 Td (Minneapolis Retail Center) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 417.00 Td (8/2/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 417.00 Td (8/10/2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.85 417.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 417.00 Td (3.50) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 417.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 417.00 Td (65,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 417.00 Td (65,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 404.00 Td (825 Ann) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.85 404.00 Td (11/16/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 404.00 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 404.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 404.00 Td (4.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 404.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 404.00 Td (71,901) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 404.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 383.00 Td (Mercedes Benz Bank) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 383.00 Td (2/7/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.55 383.00 Td (12/31/2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 391.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 383.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 383.00 Td (1.72) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 383.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 383.00 Td (47,304) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 383.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 362.00 Td (465 Victoria) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 362.00 Td (2/28/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 362.00 Td (2/28/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 370.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 362.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 362.00 Td (4.71) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 362.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 362.00 Td (47,211) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 362.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 341.00 Td (New City) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 341.00 Td (3/28/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 341.00 Td (3/28/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 349.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 341.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 341.00 Td (3.02) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 341.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.25 341.00 Td (111,532) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 341.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 328.00 Td (One Westferry Circus) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 190.55 328.00 Td (5/9/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.55 328.00 Td (5/5/2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.85 328.00 Td (Fixed) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 328.00 Td (3.30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 328.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 328.00 Td (79,142) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 328.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 315.00 Td (The Campus at Playa Vista) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 315.00 Td (5/14/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.55 315.00 Td (6/1/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 315.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 315.00 Td (1.67) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 315.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.25 315.00 Td (115,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 315.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 294.00 Td (Perspective Defense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 294.00 Td (6/21/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 294.00 Td (7/25/2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 302.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 294.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 294.00 Td (2.72) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 294.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 294.00 Td (96,362) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 294.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 273.00 Td (Fiege Mega Centre) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.55 273.00 Td (10/18/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.55 273.00 Td (10/18/2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 281.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 273.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 273.00 Td (1.90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 273.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 273.00 Td (32,542) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 273.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 260.00 Td (55 M Street) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 260.00 Td (12/9/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 260.00 Td (12/9/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 260.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 260.00 Td (1.62) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 260.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 260.00 Td (72,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 260.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 246.98 Td (Other Notes Payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.00 247.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.00 247.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.00 247.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 247.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 247.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 234.00 Td (JPMor) Tj ET Q q 0 0 0 rg BT 74.20 234.00 Td (gan Chase Revolving ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 226.00 Td (Credit Facility ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 101.44 229.63 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 226.00 Td (4/13/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 226.00 Td (5/22/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 226.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 226.00 Td (2.17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 226.00 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 420.00 230.11 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.25 226.00 Td (204,467) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 226.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 213.00 Td (JPMor) Tj ET Q q 0 0 0 rg BT 74.20 213.00 Td (gan Chase Revolving ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 205.00 Td (Credit Facility - ) Tj ET Q q 0 0 0 rg BT 105.96 205.00 Td (T) Tj ET Q q 0 0 0 rg BT 110.29 205.00 Td (erm Loan ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 143.16 208.63 Td (\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 205.00 Td (5/22/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 205.00 Td (5/22/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 205.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 205.00 Td (2.07) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 205.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.25 205.00 Td (200,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 205.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 192.00 Td (WaterWall Place Construction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 184.00 Td (Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 184.00 Td (6/29/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 184.00 Td (6/29/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.20 192.00 Td (Variable, subject to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.65 184.00 Td (interest rate cap) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 184.00 Td (2.42) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 184.00 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 420.00 188.11 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 184.00 Td (30,107) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 184.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 171.00 Td (Ponce & Bird JV Construction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 163.00 Td (Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 163.00 Td (5/10/2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 163.00 Td (5/10/2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 163.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 163.00 Td (2.42) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 163.00 Td (%) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 420.00 167.11 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.30 163.00 Td (6,557) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 533.30 163.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 149.98 Td (Total Principal Outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.00 150.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 150.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 150.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.25 150.00 Td (1,936,614) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 150.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.25 150.00 Td (830,936) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 137.00 Td (Unamortized Discount ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 127.65 140.63 Td (\(5\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 219.00 137.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.00 137.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 137.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 137.00 Td (\(713) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 137.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.60 137.00 Td (\(1,141) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.30 137.00 Td (\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 123.98 Td (Notes Payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 229.00 124.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.00 124.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 124.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.25 124.00 Td (1,935,901) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 124.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.25 124.00 Td (829,795) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 110.98 Td (Affiliates Notes Payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 98.00 Td (WaterWall Place Construction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 90.00 Td (Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.85 90.00 Td (12/15/2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.55 90.00 Td (12/14/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 90.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 90.00 Td (2.17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 90.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 90.00 Td (20,341) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 90.00 Td (18,180) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 77.00 Td (Ponce & Bird Construction Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 186.55 77.00 Td (7/13/2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 234.55 77.00 Td (7/13/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.65 77.00 Td (Variable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.25 77.00 Td (2.17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.30 77.00 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 77.00 Td (17,220) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 77.00 Td (10,355) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 63.98 Td (Notes Payable to Affiliates) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 64.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.30 64.00 Td (37,561) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 64.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.25 64.00 Td (28,535) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.00 51.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.25 51.00 Td (1,973,462) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.00 51.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.25 51.00 Td (858,330) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 175 0 obj <> endobj 176 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Represents the weighted average interest rate for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.21 730.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.80 730.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (In March 2013, the Flagship JV) Tj ET Q q 0 0 0 rg BT 195.03 706.10 Td ( amended its revolving line of credit agreement to increase the maximum commitment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (amount to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.77 694.10 Td ($18.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.67 694.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (See the discussion below under the heading Financial Covenants for additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 541.77 670.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (noncompliance with a debt covenant on its loan secured by the Poland Logistics Portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (See the discussion following the heading JPMor) Tj ET Q q 0 0 0 rg BT 265.02 634.10 Td (gan Chase Revolving Credit ) Tj ET Q q 0 0 0 rg BT 380.00 634.10 Td (Agreement and Bridge Loans for additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (information regarding the Company) Tj ET Q q 0 0 0 rg BT 214.91 622.10 Td (s Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 322.86 622.10 Td (, which was amended and restated in May 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (The Company assumed notes payable in connection with various acquisitions, which were recorded at their estimated fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (value as of the date of acquisition. ) Tj ET Q q 0 0 0 rg BT 207.22 586.10 Td (The dif) Tj ET Q q 0 0 0 rg BT 236.19 586.10 Td (ference between the fair value at acquisition and the principal outstanding is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (amortized over the term of the related note.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 550.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 550.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.47 550.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.47 550.10 Td (, the fixed rate debt includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.26 550.10 Td ($333.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 550.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.59 550.10 Td ($330.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.48 550.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 516.14 550.10 Td (, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (variable rate debt economically fixed through the use of interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 357.49 538.10 Td (The variable rate debt has variable interest rates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (ranging from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.99 526.10 Td (LIBOR, EURIBOR or the BBSY) Tj ET Q q 0 0 0 rg BT 237.68 526.10 Td ( screen rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.20 526.10 Td ( plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.87 526.10 Td (1.60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.70 526.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.48 526.10 Td (6.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.31 526.10 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 421.24 526.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 471.14 526.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.14 526.10 Td ($498.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.03 526.10 Td ( of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (variable rate debt was capped at strike rates ranging from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.57 514.10 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.40 514.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.18 514.10 Td (5.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.01 514.10 Td (. See Note 7 Derivative Instruments for more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (information regarding our interest rate contracts.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (JP) Tj ET Q q 0 0 0 rg BT 78.37 478.10 Td ( Mor) Tj ET Q q 0 0 0 rg BT 97.72 478.10 Td (gan Chase Revolving Cr) Tj ET Q q 0 0 0 rg BT 195.39 478.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 212.70 478.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 227.33 478.10 Td (eement and Bridge Loans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 454.10 Td (April 2012, the Operating Partnership entered into a credit agreement \(the Credit ) Tj ET Q q 0 0 0 rg BT 407.89 454.10 Td (Agreement\) with JPMor) Tj ET Q q 0 0 0 rg BT 509.35 454.10 Td (gan Chase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Bank, N.A., as administrative agent for itself and various lenders named in the Credit ) Tj ET Q q 0 0 0 rg BT 393.25 442.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 442.49 442.10 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 487.48 442.10 Td (Agreement, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (amended and restated in May 2013, provides for borrowings up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.16 430.10 Td ($425.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.05 430.10 Td ( under a revolving credit facility \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Revolving Loan Commitment\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.64 418.10 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.53 418.10 Td ( under a term loan \(the T) Tj ET Q q 0 0 0 rg BT 363.67 418.10 Td (erm Loan Commitment\). ) Tj ET Q q 0 0 0 rg BT 470.13 418.10 Td (The Company refers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (to the Revolving Loan Commitment and ) Tj ET Q q 0 0 0 rg BT 214.24 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 219.65 406.10 Td (erm Loan Commitment collectively as the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 496.72 406.10 Td (. ) Tj ET Q q 0 0 0 rg BT 508.48 406.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (borrowings under the Revolving Loan Commitment may be denominated in U.S. dollars, British pound sterling, Euros, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Australian dollars or Canadian dollars with aggregate foreign currency commitments constituting up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.61 382.10 Td ($212.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.51 382.10 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (maximum amount available under the Revolving Loan Commitment. Pending future commitments, the maximum aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (borrowings under the Revolving Loan Commitment could be increased to up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.49 358.10 Td ($750.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.38 358.10 Td ( and the maximum aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (borrowings under the ) Tj ET Q q 0 0 0 rg BT 137.86 346.10 Td (T) Tj ET Q q 0 0 0 rg BT 143.27 346.10 Td (erm Loan Commitment could be increased to up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.60 346.10 Td ($250.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.50 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 415.82 346.10 Td (The Revolving Loan Commitment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (has a maturity date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.14 334.10 Td (May22, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.97 334.10 Td (, subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.07 334.10 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.07 334.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.57 334.10 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.01 334.10 Td (-year extensions at the Company) Tj ET Q q 0 0 0 rg BT 406.86 334.10 Td (s option and subject to the satisfaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (of certain conditions. ) Tj ET Q q 0 0 0 rg BT 137.02 322.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.88 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 160.29 322.10 Td (erm Loan Commitment has a maturity date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.80 322.10 Td (May22, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.63 322.10 Td (, subject to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.67 322.10 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.11 322.10 Td (-year extension at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 310.10 Td (s option and subject to the satisfaction of certain conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (For the period from January 2013 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.80 286.10 Td (December 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.38 286.10 Td (, the Company made draws of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.11 286.10 Td ($1.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.23 286.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.66 274.10 Td ($943.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.55 274.10 Td ( under its bridge loan and the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 381.25 274.10 Td (, and incurred a loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.83 274.10 Td ($1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.72 274.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 262.10 Td ( related to its borrowings on its loans denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 416.19 262.10 Td (. From ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.86 262.10 Td (January 1,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.96 262.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.46 262.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.46 262.10 Td ( through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (March27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.60 250.10 Td (, the Company made draws of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.07 250.10 Td ($294.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.96 250.10 Td ( and payments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.05 250.10 Td ($184.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.95 250.10 Td ( under the Revolving Credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Facility resulting in an outstanding principal balance of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.83 238.10 Td ($515.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.72 238.10 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 400.30 238.10 Td (fect of changes in exchange rates as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (March27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.60 226.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Notes Payable to ) Tj ET Q q 0 0 0 rg BT 138.64 202.10 Td (Affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 137.04 178.10 Td (1, the ) Tj ET Q q 0 0 0 rg BT 161.58 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 170.22 178.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 193.84 178.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 241.42 178.10 Td ( \(as described in Note 1 Or) Tj ET Q q 0 0 0 rg BT 361.49 178.10 Td (ganization\) entered into a construction loan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (agreement with an af) Tj ET Q q 0 0 0 rg BT 133.95 166.10 Td (filiate of Hines with a maximum principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.06 166.10 Td ($22.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.95 166.10 Td ( related to the development of a multi-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (family project in Houston, ) Tj ET Q q 0 0 0 rg BT 157.86 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 163.27 154.10 Td (exas. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.04 154.10 Td ( Interest on the loan is char) Tj ET Q q 0 0 0 rg BT 294.15 154.10 Td (ged monthly at a variable rate, based on Hines) Tj ET Q q 0 0 0 rg BT 481.95 154.10 Td ( then-current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (borrowing rate under its revolving credit facility) Tj ET Q q 0 0 0 rg BT 242.62 142.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.12 142.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.62 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.94 142.10 Td (The loan requires monthly payments of principal and interest to the extent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (that net cash flow of the ) Tj ET Q q 0 0 0 rg BT 148.68 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 157.31 130.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 180.94 130.10 Td (all JV) Tj ET Q q 0 0 0 rg BT 204.37 130.10 Td ( exceeds amounts then due and payable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.58 130.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.40 130.10 Td (The line of credit facility has a maturity date ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (that is the earlier of \(i\) the date on which 94% of the residential units in the project have been leased or \(ii\) December14, 2014. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 565.10 118.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (The Company currently expects to repay this loan upon its maturity in December 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (In July 2012, the Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 206.14 82.10 Td ( \(as described in Note 1 Or) Tj ET Q q 0 0 0 rg BT 323.71 82.10 Td (ganization\) entered into a construction loan agreement with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (a maximum principal amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.36 70.10 Td ($20.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.25 70.10 Td ( with an af) Tj ET Q q 0 0 0 rg BT 277.55 70.10 Td (filiate of Hines related to the development of a multi-family project in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Miami, Florida. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.55 58.10 Td ( Interest on the loan is char) Tj ET Q q 0 0 0 rg BT 223.67 58.10 Td (ged monthly at a variable rate, based on Hines) Tj ET Q q 0 0 0 rg BT 411.47 58.10 Td ( then-current borrowing rate under its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (revolving credit facility) Tj ET Q q 0 0 0 rg BT 143.76 46.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.26 46.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.08 46.10 Td (The loan requires monthly payments of principal and interest to the extent that net cash flow of the ) Tj ET Q endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (86) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 118.43 742.10 Td ( exceeds amounts then due and payable. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.15 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.47 742.10 Td (This line of credit has a maturity date that is the earlier of \(i\) the date ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (on which 95% of the residential units in the project have been leased or \(ii\) July13, 2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.13 730.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (Financial Covenants) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (These mortgage agreements contain customary events of default, with corresponding grace periods, including payment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (defaults, cross-defaults to other agreements and bankruptcy-related defaults, and customary covenants, including limitations on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (liens and indebtedness and maintenance of certain financial ratios. In addition, the Company has executed customary recourse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (carve-out guarantees of certain obligations under its mortgage agreements and the other loan documents.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.74 646.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (The loan agreement for the loan secured by the Poland Logistics Portfolio requires that an occupancy level of at least ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.95 622.10 Td (80%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.28 622.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (be maintained across the portfolio. In the fourth quarter of 2013, the Poland Logistics Portfolio did not meet this required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (occupancy level. Due to this fact, the Company is required to set up a reserve in connection with the Poland Logistics Portfolio ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (consisting of any excess NOI \(defined by the loan agreement as the amount equal to the total income of the portfolio less value-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (add taxes and payments on account service char) Tj ET Q q 0 0 0 rg BT 241.68 574.10 Td (ges\), which may be used towards repayment of the loan if the required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (occupancy has not been met for more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.16 562.10 Td (six) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.83 562.10 Td ( months. ) Tj ET Q q 0 0 0 rg BT 273.10 562.10 Td (The reserve will be dischar) Tj ET Q q 0 0 0 rg BT 381.20 562.10 Td (ged when the covenant has been met for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.47 562.10 Td (two) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.47 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (consecutive quarters. Subsequent to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.30 550.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.88 550.10 Td (, the Company was able to re-lease a significant portion of the vacant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (space in the Poland Logistics Portfolio and the required occupancy level of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.69 538.10 Td (80%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.02 538.10 Td ( has been met. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.22 538.10 Td (Other than described above, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Company is not aware of any instances of noncompliance with financial covenants on any of its loans as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 514.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Principal Payments on Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (The Companyis requiredto make the following principal payments on its outstanding notes payable for each of the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (ending December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.30 454.10 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.30 454.10 Td ( through December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.49 454.10 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.49 454.10 Td ( and for the period thereafter) Tj ET Q q 0 0 0 rg BT 389.60 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 394.05 454.10 Td (Amounts are in thousands:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.60 173.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 403.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 403.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 403.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 403.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 403.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 403.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 403.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 403.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 403.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 403.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 403.60 53.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 417.6 m 277.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 417.6 m 281.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 417.6 m 334.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 417.6 m 338.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 417.6 m 391.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 417.6 m 395.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 417.6 m 448.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 417.6 m 452.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 417.6 m 505.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 417.6 m 509.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 417.6 m 562.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 417.6 m 277.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 403.6 m 277.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 417.6 m 334.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 403.6 m 334.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 417.6 m 391.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 403.6 m 391.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 417.6 m 448.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 403.6 m 448.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 417.6 m 505.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 403.6 m 505.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 417.6 m 562.5 417.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 403.6 m 562.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 403.6 m 277.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 403.6 m 334.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 403.6 m 391.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 403.6 m 448.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 403.6 m 505.5 403.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 403.6 m 562.5 403.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 422.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 345.10 422.28 Td (Payments due by Year) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 408.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 240.00 408.28 Td (2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.50 408.28 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.50 408.28 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.50 408.28 Td (2017) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 468.50 408.28 Td (2018) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.60 408.28 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 394.17 Td (Principal payments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.00 394.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 394.17 Td (84,278) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 394.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.10 394.17 Td (395,834) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 394.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.10 394.17 Td (577,340) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 394.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.10 394.17 Td (468,830) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.00 394.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.10 394.17 Td (133,354) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.00 394.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.10 394.17 Td (314,539) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (7. DERIV) Tj ET Q q 0 0 0 rg BT 90.94 366.10 Td (A) Tj ET Q q 0 0 0 rg BT 97.42 366.10 Td (TIVE INSTRUMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 342.10 Td (The Company has entered into several interest rate swap contracts and interest rate cap agreements as economic hedges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (against the variability of future interest rates on its variable interest rate borrowings.) Tj ET Q q 0 0 0 rg BT 391.10 330.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 450.81 330.10 Td (s interest rate swaps ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (economically fixed the interest rates on each of the loans to which they relate and the interest rate cap contracts have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (economically limited the interest rate on the loans to which they relate.) Tj ET Q q 0 0 0 rg BT 338.61 306.10 Td (The Company has not designated any of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (derivatives as fair value or cash flow hedges for accounting purposes. See Note 1) Tj ET Q q 0 0 0 rg BT 379.52 294.10 Td (1 Fair ) Tj ET Q q 0 0 0 rg BT 417.95 294.10 Td (V) Tj ET Q q 0 0 0 rg BT 424.06 294.10 Td (alue Measurements for additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (information regarding the fair value of our interest rate contracts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 258.10 Td (The Company also entered into foreign currency forward contracts as economic hedges against the variability of foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (exchange rates on future international investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.10 246.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.10 246.10 Td (. ) Tj ET Q q 0 0 0 rg BT 288.92 246.10 Td (These forward contracts economically fixed the currency exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (rates on each of the investments to which they related and all but one forward were settled prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.70 234.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.28 234.10 Td ( for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (total gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.82 222.10 Td ($4.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.71 222.10 Td (. ) Tj ET Q q 0 0 0 rg BT 154.53 222.10 Td (The Company did not designate any of these contracts as fair value or cash flow hedges for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (accounting purposes. See Note 1) Tj ET Q q 0 0 0 rg BT 182.93 210.10 Td (1 Fair ) Tj ET Q q 0 0 0 rg BT 221.36 210.10 Td (V) Tj ET Q q 0 0 0 rg BT 227.47 210.10 Td (alue Measurements for additional information regarding the fair value of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (foreign currency forwards.) Tj ET Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (87) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 361.26 742.10 Td (s interest rate contracts \(in thousands, except ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (percentages\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 670.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 670.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 670.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 670.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 670.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 670.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 541.50 670.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 640.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 640.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 640.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 640.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 640.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 640.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 541.50 640.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 610.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 610.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 610.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 610.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 610.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 610.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 541.50 610.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 580.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 580.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 580.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 580.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 580.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 580.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 580.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 541.50 580.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 550.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 550.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 550.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 550.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 550.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 550.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 550.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 550.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 550.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 550.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 550.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 541.50 550.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 520.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 520.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 520.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 520.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 520.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 520.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 520.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 520.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 520.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 520.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 520.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 541.50 520.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 135.50 480.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 480.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 480.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 480.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 480.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 480.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 541.50 480.60 15.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 704.6 m 131.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 131.5 704.6 m 135.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 704.6 m 238.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.6 m 131.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 670.6 m 238.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 670.6 m 345.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 670.6 m 407.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 670.6 m 479.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 670.6 m 541.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 670.6 m 131.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 135.5 670.6 m 238.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 670.6 m 345.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 670.6 m 407.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 670.6 m 479.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 670.6 m 541.5 670.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 709.28 Td (Interest Rate Contracts) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.00 709.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 709.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 675.28 Td (Type) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 156.35 675.28 Td (Effective Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.15 675.28 Td (Expiration Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 359.65 685.28 Td (Notional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.45 675.28 Td (Amount ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 392.95 679.81 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.90 695.28 Td (Interest) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 440.50 685.28 Td (Rate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 431.30 675.28 Td (Received) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.05 685.28 Td (Pay Rate /) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 487.70 675.28 Td (Strike Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 660.27 Td (Interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.90 660.27 Td (July 7, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.90 660.27 Td (July 7, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 660.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 660.27 Td (149,706) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 410.00 665.43 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 660.27 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 660.27 Td (2.29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 660.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 645.27 Td (Interest rate swap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.10 645.27 Td (November 4, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.10 645.27 Td (November 4, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 645.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 645.27 Td (95,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 645.27 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 645.27 Td (1.37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 645.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 630.27 Td (Interest rate swap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.05 630.27 Td (March 11, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.85 630.27 Td (March 11, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 630.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 630.27 Td (88,296) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 630.27 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 630.27 Td (2.71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 630.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 615.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.15 615.27 Td (April 16, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.15 615.27 Td (April 16, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 615.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 615.27 Td (37,453) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.40 615.27 Td (BBSW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 615.27 Td (5.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 615.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 600.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.80 600.27 Td (August 2, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.55 600.27 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 600.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 600.27 Td (66,082) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.55 600.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 600.27 Td (2.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 600.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 585.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.30 585.27 Td (August 13, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.30 585.27 Td (August 13, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 585.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 585.27 Td (19,177) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.60 585.27 Td (BBSY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 585.27 Td (4.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 585.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 570.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.10 570.27 Td (October 9, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.55 570.27 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 570.27 Td (13,737) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.55 570.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 570.27 Td (2.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 570.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 555.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.70 555.27 Td (January 7, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.55 555.27 Td (June 29, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 555.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 555.27 Td (29,122) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 555.27 Td (LIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 555.27 Td (1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 555.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 540.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.85 540.27 Td (March 11, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.70 540.27 Td (March 31, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 540.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 540.27 Td (47,304) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.55 540.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 540.27 Td (1.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 540.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 525.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.70 525.27 Td (March 20, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.70 525.27 Td (February 29, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 525.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 525.27 Td (24,489) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.40 525.27 Td (BBSW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 525.27 Td (4.33) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 525.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 510.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.40 510.27 Td (July 30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.15 510.27 Td (April 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 510.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 510.27 Td (53,926) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.40 510.27 Td (BBSW) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 510.27 Td (4.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 510.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 485.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.35 495.72 Td (April 1) Tj ET Q q 0 0 0 rg BT 185.59 495.72 Td (1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.05 485.72 Td (May 6, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.70 485.27 Td (March 16, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 485.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 485.27 Td (78,072) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 410.00 490.43 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.55 485.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 485.27 Td (2.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 485.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 470.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.40 470.27 Td (July 25, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.40 470.27 Td (July 25, 2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 470.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 470.27 Td (96,362) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.55 470.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 470.27 Td (1.70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 470.27 Td (%) Tj ET Q BT /F2 6.50 Tf ET q 0 0 0 rg BT 544.00 475.43 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 455.27 Td (Interest rate cap) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.60 455.27 Td (October 18, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.60 455.27 Td (October 18, 2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 455.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 455.27 Td (32,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.55 455.27 Td (EURIBOR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 455.27 Td (2.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.65 455.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 427.10 Td (For notional amounts denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 293.12 427.10 Td (, amounts have been translated at a rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 540.61 427.10 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 415.10 Td (on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.50 415.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.08 415.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 391.10 Td (On July 7, 2010, the Company executed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.03 391.10 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.57 391.10 Td ( swap agreements with identical terms with an aggregate notional amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 379.10 Td ($149.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.89 379.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.05 379.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.64 379.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 355.10 Td (On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.17 355.10 Td (April1) Tj ET Q q 0 0 0 rg BT 110.41 355.10 Td (1, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.41 355.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.85 355.10 Td (May6, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.68 355.10 Td (, the Company executed two interest cap agreements containing identical terms with an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 343.10 Td (aggregate notional amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.96 343.10 Td ($78.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.85 343.10 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.01 343.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.60 343.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 319.10 Td (Beginning in July 2016, the strike rate of this interest rate cap will increase to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.70 319.10 Td (2.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.53 319.10 Td ( for the remaining term of the interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 307.10 Td (rate cap.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 283.10 Td (The table below provides additional information regarding the Company) Tj ET Q q 0 0 0 rg BT 361.26 283.10 Td (s foreign currency forward contracts that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.83 271.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.41 271.10 Td ( \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 221.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 221.60 17.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 221.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 221.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 221.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 221.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 221.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 221.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 221.60 89.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 191.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 191.60 17.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 191.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 191.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 191.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 191.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 191.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 191.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 191.60 89.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 245.60000000000002 m 181.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 245.60000000000002 m 198.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 245.60000000000002 m 329.5 245.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 221.60000000000002 m 181.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 221.60000000000002 m 198.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 221.60000000000002 m 329.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 221.60000000000002 m 333.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 221.60000000000002 m 413.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 221.60000000000002 m 417.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 221.60000000000002 m 469.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 221.60000000000002 m 473.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 221.60000000000002 m 562.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 221.60000000000002 m 181.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 221.60000000000002 m 198.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 221.60000000000002 m 329.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 221.60000000000002 m 333.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 221.60000000000002 m 413.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 221.60000000000002 m 417.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 221.60000000000002 m 469.5 221.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 221.60000000000002 m 473.5 221.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 250.28 Td (Foreign Currency Forward Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 250.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.00 250.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 250.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 226.28 Td (Effective Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 229.15 226.28 Td (Expiration Date) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.15 226.28 Td (Notional Amount) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.20 226.28 Td (Buy/Sell) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 480.30 236.28 Td (Traded Currency) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 507.50 226.28 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 211.27 Td (February 5, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.20 211.27 Td (February 5, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 211.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 211.27 Td (23,492) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.20 211.27 Td (USD/EUR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 211.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 211.27 Td (1.35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 196.27 Td (February 22, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.20 196.27 Td (February 5, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 196.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 196.27 Td (4,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.20 196.27 Td (EUR/USD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 196.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 196.27 Td (1.32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 181.27 Td (May 22, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.20 181.27 Td (February 5, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 181.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 181.27 Td (7,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.20 181.27 Td (EUR/USD) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 181.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 181.27 Td (1.29) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The Company has not entered into any master netting arrangements with its third-party counterparties and does not of) Tj ET Q q 0 0 0 rg BT 539.08 742.10 Td (fset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (on its consolidated balance sheets the fair value amounts recorded for derivative instruments. ) Tj ET Q q 0 0 0 rg BT 427.20 730.10 Td (The table below presents the fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (value of the Company) Tj ET Q q 0 0 0 rg BT 141.37 718.10 Td (s derivative instruments included in AssetsDerivative Instruments and LiabilitiesDerivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Instruments on the Company) Tj ET Q q 0 0 0 rg BT 173.04 706.10 Td (s consolidated balance sheets, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.60 706.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.19 706.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.62 706.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.21 706.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 620.60 209.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 620.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 620.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 620.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 620.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 620.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 620.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 620.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 620.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 590.60 209.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 590.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 590.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 590.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 590.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 590.60 13.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 590.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 590.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 590.60 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 264.5 669.6 m 334.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 669.6 m 338.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 669.6 m 406.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 669.6 m 487.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 669.6 m 493.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 669.6 m 561.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 669.6 m 334.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 645.6 m 334.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 669.6 m 338.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 669.6 m 406.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 645.6 m 406.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 645.6 m 487.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 669.6 m 561.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 645.6 m 561.5 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 575.6 m 334.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 561.6 m 334.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 559.6 m 334.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 575.6 m 406.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 561.6 m 406.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 559.6 m 406.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 575.6 m 487.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 561.6 m 487.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 559.6 m 487.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 575.6 m 561.5 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 561.6 m 561.5 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 559.6 m 561.5 559.6 l s BT /F3 1.00 Tf ET q 0 0 0 rg BT 52.00 672.32 Td () Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 261.00 672.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.45 674.28 Td (Derivative Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.50 674.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.10 674.28 Td (Derivative Liabilities) Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 52.00 648.32 Td () Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 261.00 648.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.90 660.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.00 650.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 342.90 660.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 362.00 650.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 412.50 650.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 423.90 660.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 443.00 650.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.00 650.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 497.90 660.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 517.00 650.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 635.27 Td (Derivatives not designated as hedging) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 625.27 Td (instruments:) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 261.00 623.36 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 409.00 623.36 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 490.00 623.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 610.27 Td ( Interest rate swaps) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 261.00 608.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 610.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 610.27 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 409.00 608.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.80 610.32 Td (\(9,329) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 610.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 610.32 Td (\(15,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 610.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 595.27 Td ( Interest rate caps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 595.27 Td (4,428) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 595.27 Td (790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.65 595.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 595.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 580.27 Td ( Foreign currency forward contracts) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 261.00 578.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.65 580.27 Td (866) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.65 580.27 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 409.00 578.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.30 580.32 Td (\(488) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 580.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.30 580.32 Td (\(198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 580.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 565.27 Td (Total derivatives) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 261.00 563.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.00 565.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.15 565.27 Td (5,294) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 565.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.65 565.27 Td (790) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 409.00 563.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 565.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.80 565.32 Td (\(9,817) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 565.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 565.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.80 565.32 Td (\(15,453) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 565.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 537.10 Td (The table below presents the ef) Tj ET Q q 0 0 0 rg BT 192.49 537.10 Td (fects of the changes in fair value of our derivative instruments in our consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.20 525.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.78 525.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.28 525.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.87 525.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.87 525.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.87 525.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.31 525.10 Td (201) Tj ET Q q 0 0 0 rg BT 498.94 525.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.94 525.10 Td ( \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 434.60 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 434.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 434.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 434.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 434.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 434.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 434.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 404.60 285.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 404.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 404.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 404.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 404.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 404.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 404.60 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 340.5 487.6 m 419.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 487.6 m 425.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 487.6 m 490.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 487.6 m 497.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 487.6 m 562.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 473.6 m 419.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 473.6 m 425.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 473.6 m 490.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 473.6 m 497.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 473.6 m 562.5 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 449.6 m 419.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 449.6 m 490.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 449.6 m 562.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 389.6 m 419.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 375.6 m 419.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 373.6 m 419.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 389.6 m 490.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 375.6 m 490.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 373.6 m 490.5 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 389.6 m 562.5 389.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 375.6 m 562.5 375.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 373.6 m 562.5 373.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 368.75 492.28 Td (Gain \(Loss\) on Derivative Instruments) Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 53.00 476.32 Td () Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 338.00 476.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 425.90 478.28 Td (Year Ended) Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 53.00 452.32 Td () Tj ET Q BT /F3 1.00 Tf ET q 0 0 0 rg BT 338.00 452.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 350.40 464.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 369.50 454.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.00 454.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.40 464.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.50 454.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.40 464.28 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.75 454.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 439.27 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 338.00 437.36 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 422.00 437.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 424.27 Td ( Interest rate swaps) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 338.00 422.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 424.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 424.27 Td (5,910) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 424.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.80 424.32 Td (\(1,479) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 424.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 424.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 424.32 Td (\(16,523) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 424.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 409.27 Td ( Interest rate caps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.30 409.32 Td (\(828) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 409.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.80 409.32 Td (\(1,184) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.65 409.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 409.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 394.27 Td ( Foreign currency forward contracts) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 338.00 392.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 394.27 Td (4,827) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 394.27 Td (4,061) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 394.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 379.27 Td (Total gain \(loss\) on derivatives) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 338.00 377.36 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 379.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 379.27 Td (9,909) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 379.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.15 379.27 Td (1,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 379.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 379.32 Td (\(16,523) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 379.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (8.DISTRIBUTIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 327.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 327.10 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 521.86 327.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (period from October 20, 2009 through December 31, 201) Tj ET Q q 0 0 0 rg BT 279.01 315.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 288.83 315.10 Td (These distributions were calculated based on stockholders of record ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (for each day in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.06 303.10 Td (0.00191781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.56 303.10 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 311.48 303.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 279.10 Td (As a result of market conditions and the Company) Tj ET Q q 0 0 0 rg BT 271.85 279.10 Td (s goal of increasing its distribution coverage with operating cash flows, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 267.10 Td (the Company has declared distributions for the months of January 2012 through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.16 267.10 Td (March 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.76 267.10 Td ( at an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.85 267.10 Td ($0.0017808) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.35 267.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 255.10 Td (per share, per day) Tj ET Q q 0 0 0 rg BT 120.42 255.10 Td (. ) Tj ET Q q 0 0 0 rg BT 125.24 255.10 Td (This amount per share, per day was a decrease from the amount per share, per day that was declared for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 243.10 Td (period from October 20, 2009 through December 31, 201) Tj ET Q q 0 0 0 rg BT 279.01 243.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 219.10 Td (The Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 155.57 219.10 Td ( declared distributions in the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.26 219.10 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 219.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 219.10 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.04 219.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.48 219.10 Td ($3.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.37 219.10 Td ( to Moorfield for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 207.10 Td (the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.69 207.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.28 207.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.28 207.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.28 207.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.71 207.10 Td (201) Tj ET Q q 0 0 0 rg BT 252.34 207.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.34 207.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 310.00 207.10 Td (, related to the operations of the Brindleyplace Project.) Tj ET Q q 0 0 0 rg BT 533.64 207.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (table below outlines the Company) Tj ET Q q 0 0 0 rg BT 189.42 195.10 Td (s total distributions declared to stockholders and noncontrolling interests \(HALP) Tj ET Q q 0 0 0 rg BT 510.76 195.10 Td (, Moorfield ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (and Flagship Capital GP\) for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.73 183.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.32 183.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.32 183.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.32 183.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.76 183.10 Td (201) Tj ET Q q 0 0 0 rg BT 370.39 183.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.39 183.10 Td (, including the breakout between the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (distributions declared in cash and those reinvested pursuant to the Company) Tj ET Q q 0 0 0 rg BT 357.15 171.10 Td (s distribution reinvestment plan \(in thousands\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (The Company declares distributions to the Company) Tj ET Q q 0 0 0 rg BT 263.85 159.10 Td (s stockholders as of daily record dates and aggregates and pays such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (distributions monthly) Tj ET Q q 0 0 0 rg BT 135.19 147.10 Td (.) 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0.9333333333333333 1 rg /GS0 gs 318.50 666.50 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 666.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 666.50 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 666.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 666.50 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 666.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 666.50 69.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 725.5 m 377.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 725.5 m 381.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 725.5 m 440.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 725.5 m 444.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 725.5 m 489.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 725.5 m 562.5 725.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 694.5 m 314.5 694.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 694.5 m 377.5 694.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 694.5 m 440.5 694.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 694.5 m 489.5 694.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 694.5 m 562.5 694.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 694.5 m 314.5 694.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 729.96 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 729.95 Td (Stockholders) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.55 738.95 Td (Noncontrolling) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.80 729.95 Td (Interests) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.00 698.95 Td (Distributions for the Years Ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.70 707.95 Td (Cash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.20 698.95 Td (Distributions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.20 707.95 Td (Distributions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.50 698.95 Td (Reinvested) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.65 707.95 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.30 698.95 Td (Declared) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.35 698.95 Td (Total Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 684.96 Td (December 31, 2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.00 684.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.25 684.96 Td (56,702) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.00 684.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.25 684.96 Td (63,062) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 684.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.75 684.96 Td (119,764) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 684.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 684.96 Td (3,331) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 670.96 Td (December 31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.00 670.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.25 670.96 Td (35,581) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.00 670.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.25 670.96 Td (38,394) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 670.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 670.96 Td (73,975) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 670.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 670.96 Td (3,159) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 656.96 Td (December 31, 2011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 321.00 656.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.25 656.96 Td (22,287) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.00 656.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.25 656.96 Td (24,911) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.00 656.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.25 656.96 Td (47,198) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 656.96 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.75 656.96 Td (3,808) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 629.00 Td (9.RELA) Tj ET Q q 0 0 0 rg BT 89.54 629.00 Td (TED P) Tj ET Q q 0 0 0 rg BT 117.97 629.00 Td (AR) Tj ET Q q 0 0 0 rg BT 132.06 629.00 Td (TY) Tj ET Q q 0 0 0 rg BT 145.58 629.00 Td ( ) Tj ET Q q 0 0 0 rg BT 147.90 629.00 Td (TRANSACTIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 605.00 Td (The table below outlines feesand expense reimbursements incurred that are payable by the Company to Hines and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 593.00 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 593.00 Td (filiates for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.15 593.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.74 593.00 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.74 593.00 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.74 593.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.17 593.00 Td (201) Tj ET Q q 0 0 0 rg BT 303.80 593.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.80 593.00 Td ( and amounts unpaid as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.01 593.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.59 593.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.03 593.00 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.03 593.00 Td ( \(in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 581.00 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.50 161.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 529.50 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 529.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 529.50 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 529.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 529.50 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 529.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 529.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 529.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 529.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 489.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 489.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 489.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 489.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 489.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 489.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 489.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 489.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 489.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 489.50 65.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 420.50 399.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 399.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 399.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 399.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 369.50 161.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 369.50 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 369.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 369.50 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 369.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 369.50 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 369.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 369.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 369.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 369.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 309.50 161.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 309.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 309.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 309.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 309.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 309.50 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 309.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 309.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 309.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 309.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 543.5 m 278.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 543.5 m 282.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 543.5 m 349.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 543.5 m 353.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 543.5 m 420.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 543.5 m 489.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 543.5 m 493.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 543.5 m 558.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 529.5 m 278.5 529.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 529.5 m 349.5 529.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 529.5 m 420.5 529.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 529.5 m 489.5 529.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 529.5 m 558.5 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 309.5 m 489.5 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 309.5 m 558.5 309.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 295.5 m 489.5 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 293.5 m 489.5 293.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 295.5 m 558.5 295.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 293.5 m 558.5 293.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 548.17 Td () Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 218.60 548.07 Td (Incurred During the Years Ended December 31,) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 436.55 548.07 Td (Unpaid as of December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 534.18 Td (Type and Recipient) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 235.00 534.07 Td (2013) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 306.00 534.07 Td (2012) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 377.25 534.07 Td (2011) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 447.00 534.07 Td (2013) Tj ET Q BT /F3 9.50 Tf ET q 0 0 0 rg BT 516.00 534.07 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 519.17 Td (Selling Commissions- Dealer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 509.17 Td (Manager) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 509.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.15 509.17 Td (56,259) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 509.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 509.17 Td (40,560) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 509.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 509.17 Td (34,467) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.00 509.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.65 509.17 Td (658) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 509.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.15 509.17 Td (1,598) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 494.17 Td (Dealer Manager Fee- Dealer Manager) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 494.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.15 494.17 Td (19,321) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 494.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 494.17 Td (13,992) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 494.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 494.17 Td (11,720) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 494.22 Td (\(5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 494.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 494.17 Td (494) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 479.17 Td (Issuer Costs- the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 479.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.15 479.17 Td (7,137) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 479.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 479.17 Td (5,710) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 479.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 479.17 Td (4,086) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.65 479.17 Td (482) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.15 479.17 Td (1,314) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 464.17 Td (Acquisition Fee- the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 464.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.15 464.17 Td (40,136) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 464.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.15 464.17 Td (16,064) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 464.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 464.17 Td (14,160) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 464.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 464.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 449.17 Td (Asset Management Fee- the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 449.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.15 449.17 Td (20,354) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 449.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 449.17 Td (5,942) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 449.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 449.17 Td (6,294) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 449.17 Td (7,241) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.15 449.17 Td (2,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.17 Td (Debt Financing Fee- the Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 434.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.65 434.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 434.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 434.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 434.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 434.17 Td (1,894) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 434.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 434.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 419.17 Td (Other ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 78.27 423.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.85 419.17 Td ( - the ) Tj ET Q q 0 0 0 rg BT 108.34 419.17 Td (Advisor) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 419.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.15 419.17 Td (5,216) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 419.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 419.17 Td (2,894) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 419.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 419.17 Td (1,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 419.17 Td (1,166) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.15 419.17 Td (1,040) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 404.17 Td (Property Management Fee- Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 404.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.15 404.17 Td (5,599) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 404.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 404.17 Td (3,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 404.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 404.17 Td (1,268) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 404.22 Td (\(144) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 404.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.30 404.22 Td (\(113) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.65 404.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 389.17 Td (Construction Management Fee- Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 389.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.15 389.17 Td (4,010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 389.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.65 389.17 Td (119) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 389.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 389.17 Td (263) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 389.17 Td (83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 389.17 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 374.17 Td (Leasing Fee - Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 374.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.15 374.17 Td (3,371) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 374.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.65 374.17 Td (228) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 374.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 374.17 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 374.17 Td (1,735) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.65 374.17 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 359.17 Td (Redevelopment Construction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 349.17 Td (Management- Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 349.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.65 349.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 349.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.65 349.17 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 349.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.65 349.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 349.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 349.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 334.17 Td (Expense Reimbursement- Hines \(with) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 324.17 Td (respect to management and operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 314.17 Td (of the Companys properties\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 314.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.15 314.17 Td (7,074) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.00 314.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.15 314.17 Td (4,562) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.00 314.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 314.17 Td (2,227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 314.17 Td (5,203) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.15 314.17 Td (3,849) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 299.18 Td (Due to Affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 299.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.00 299.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.00 299.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.00 299.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 299.17 Td (16,419) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.00 299.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 299.17 Td (10,198) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.00 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 271.00 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 154.93 271.00 Td (Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 259.00 Td (related expenses.) Tj ET Q q 0 0 0 rg BT 141.12 259.00 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 330.22 259.00 Td (Advisor during the month following the period in which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 247.00 Td (they are incurred.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 223.00 Td (Notes Payable to ) Tj ET Q q 0 0 0 rg BT 139.00 223.00 Td (Af) Tj ET Q q 0 0 0 rg BT 148.82 223.00 Td (filiates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 199.00 Td (The ) Tj ET Q q 0 0 0 rg BT 85.87 199.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.50 199.00 Td (aterW) Tj ET Q q 0 0 0 rg BT 118.13 199.00 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 165.71 199.00 Td ( and Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 253.58 199.00 Td ( \(as described in Note 1 Or) Tj ET Q q 0 0 0 rg BT 373.64 199.00 Td (ganization\) entered into separate construction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.00 Td (loans with an af) Tj ET Q q 0 0 0 rg BT 113.41 187.00 Td (filiate of Hines related to the development of multi-family projects in Houston, ) Tj ET Q q 0 0 0 rg BT 431.76 187.00 Td (T) Tj ET Q q 0 0 0 rg BT 437.17 187.00 Td (exas and Miami, Florida, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.00 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 175.00 Td (. See Note 6 Debt Financing for additional information regarding these construction loans. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 151.00 Td (@1377 Development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 127.00 Td (In June 2012, the Company entered into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.68 127.00 Td ($3.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.57 127.00 Td ( mezzanine loan commitment plus accrued interest to provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 115.00 Td (construction financing to the @1377 development, which is being developed by an af) Tj ET Q q 0 0 0 rg BT 392.00 115.00 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 458.93 115.00 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.37 115.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.95 115.00 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.00 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 103.00 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.52 103.00 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.52 103.00 Td ($3.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.41 103.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.85 103.00 Td ($3.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.74 103.00 Td ( were outstanding under the mezzanine loan, respectively) Tj ET Q q 0 0 0 rg BT 496.45 103.00 Td (. See Note 1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.00 Td (Or) Tj ET Q q 0 0 0 rg BT 60.37 91.00 Td (ganization for additional information concerning the @1377 development.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 67.00 Td (Dealer Manager ) Tj ET Q q 0 0 0 rg BT 138.18 67.00 Td (Agreement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 55.00 Td () Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The Dealer Manager receives a selling commission of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.03 742.10 Td (7.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.86 742.10 Td ( of gross of) Tj ET Q q 0 0 0 rg BT 374.95 742.10 Td (fering proceeds and a dealer manager fee of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.78 730.10 Td (2.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.61 730.10 Td ( of gross of) Tj ET Q q 0 0 0 rg BT 138.70 730.10 Td (fering proceeds, both of which are recorded as an of) Tj ET Q q 0 0 0 rg BT 346.76 730.10 Td (fset to additional paid-in-capital in the Company) Tj ET Q q 0 0 0 rg BT 543.94 730.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (financial statements. Pursuant to separately negotiated agreements, the Dealer Manager may reallow up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.07 718.10 Td (7.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.90 718.10 Td ( of gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (proceeds as a selling commission and up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.52 706.10 Td (1.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.35 706.10 Td ( of gross proceeds from its dealer manager fee as a marketing fee to broker) Tj ET Q q 0 0 0 rg BT 545.47 706.10 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (dealers participating in the Company) Tj ET Q q 0 0 0 rg BT 200.51 694.10 Td (s public of) Tj ET Q q 0 0 0 rg BT 242.55 694.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 275.14 694.10 Td (The Dealer Manager may also pay to broker) Tj ET Q q 0 0 0 rg BT 451.81 694.10 Td (-dealers up to an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.83 682.10 Td ( of the gross of) Tj ET Q q 0 0 0 rg BT 130.64 682.10 Td (fering proceeds as reimbursements for distribution and marketing-related costs and expenses. No selling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (commissions or dealer manager fees will be paid for sales under the Company) Tj ET Q q 0 0 0 rg BT 365.46 670.10 Td (s distribution reinvestment plan.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 106.24 646.10 Td (Agreement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 129.94 622.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 169.11 622.10 Td (Agreement, the Company is required to pay the following fees and expense reimbursements:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Acquisition Fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.04 598.10 Td ( Prior to ) Tj ET Q q 0 0 0 rg BT 173.26 598.10 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 236.04 598.10 Td (Advisor received an acquisition fee equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.58 598.10 Td (2.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.41 598.10 Td ( of \(i\) the purchase price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (each real estate investment the Company acquired or originated, including any debt attributable to such investments or the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (principal amounts of any loans originated directly by the Company and \(ii\) with respect to indirect investments through another ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (entity) Tj ET Q q 0 0 0 rg BT 72.12 562.10 Td (, such entity) Tj ET Q q 0 0 0 rg BT 123.51 562.10 Td (s pro rata share of the gross asset value of all real estate investments held by such entity) Tj ET Q q 0 0 0 rg BT 473.58 562.10 Td (. In March 2012, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 89.17 550.10 Td (Agreement was amended to increase the acquisition fee to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.36 550.10 Td (2.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.19 550.10 Td ( of these amounts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (Financing Fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.59 526.10 Td ( Prior to ) Tj ET Q q 0 0 0 rg BT 168.82 526.10 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 231.59 526.10 Td (Advisor also received a debt financing fee equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.34 526.10 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.17 526.10 Td ( of \(i\) the amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (obtained, assumed or made available to the Company under any loan or line of credit and \(ii\) the Company) Tj ET Q q 0 0 0 rg BT 480.71 514.10 Td (s pro rata share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (any amount obtained, assumed or made available under any loan or line of credit to any of its joint ventures. ) Tj ET Q q 0 0 0 rg BT 485.25 502.10 Td (These fees will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (deferred and amortized into interest expense using the straight-line method, which approximates the ef) Tj ET Q q 0 0 0 rg BT 460.24 490.10 Td (fective interest method, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (over the life of the related debt. In March 2012, the ) Tj ET Q q 0 0 0 rg BT 259.37 478.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 298.54 478.10 Td (Agreement was amended to eliminate the debt financing fee.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (Asset Management Fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.30 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.12 454.10 Td (The ) Tj ET Q q 0 0 0 rg BT 188.62 454.10 Td (Advisor receives an asset management fee equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.20 454.10 Td (0.125%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.03 454.10 Td ( per month of the net equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (capital invested by the Company in real estate investments as of the end of each month. In ) Tj ET Q q 0 0 0 rg BT 415.18 442.10 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 477.95 442.10 Td (Advisor agreed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (waive the asset management fee otherwise payable to it pursuant to the ) Tj ET Q q 0 0 0 rg BT 336.02 430.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 375.19 430.10 Td (Agreement for each quarter in 2012 and 2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (to the extent that the Company) Tj ET Q q 0 0 0 rg BT 175.81 418.10 Td (s modified funds from operations \(MFFO\) for a particular quarter) Tj ET Q q 0 0 0 rg BT 446.71 418.10 Td (, as disclosed in each of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (quarterly reports, amounts to less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.24 406.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.57 406.10 Td ( of the aggregate distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 449.60 406.10 Td (. In December 2013, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Advisor agreed to waive asset management fees otherwise payable to it for the year ended December 31, 2014 to the extent that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 382.10 Td (s MFFO for the year ended December 31, 2014, as disclosed in its ) Tj ET Q q 0 0 0 rg BT 373.28 382.10 Td (Annual Report on Form 10-K for such year) Tj ET Q q 0 0 0 rg BT 546.45 382.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (amounts to less than 100% of the aggregate distributions declared to its stockholders for the year ended December 31, 2014. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 255.63 358.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 391.71 358.10 Td (Advisor in cash at any time in the future. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.50 346.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.59 346.10 Td ($3.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.49 346.10 Td ( of asset management fees payable to it for the three months ended March 31, 2013. However) Tj ET Q q 0 0 0 rg BT 558.91 346.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (because MFFO exceeded distributions declared to the Company) Tj ET Q q 0 0 0 rg BT 309.10 334.10 Td (s stockholders for each of the last three quarters of 2013, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.47 334.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.47 334.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (asset management fees were waived for those periods. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.77 322.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.35 322.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 461.52 322.10 Td (Advisor waived ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.62 322.10 Td ($8.6 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 310.10 Td ( in asset management fees. During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.32 310.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.90 310.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.90 310.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.90 310.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.34 310.10 Td (201) Tj ET Q q 0 0 0 rg BT 423.97 310.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.97 310.10 Td (, the Company incurred asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (management fees of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.02 298.10 Td ($20.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.91 298.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.91 298.10 Td ($5.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.80 298.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.24 298.10 Td ($6.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.13 298.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 361.79 298.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Disposition Fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.60 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.42 274.10 Td (The ) Tj ET Q q 0 0 0 rg BT 158.92 274.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 224.01 274.10 Td (filiates also will be paid a disposition fee of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.91 274.10 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.74 274.10 Td ( of the sales price of any real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (estate investments sold or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.54 262.10 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.37 262.10 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 246.08 262.10 Td (s pro rata share of the sales price with respect to the Company) Tj ET Q q 0 0 0 rg BT 497.11 262.10 Td (s indirect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (investments. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (Special OP) Tj ET Q q 0 0 0 rg BT 113.08 226.10 Td ( Units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.75 226.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.75 226.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.25 226.10 Td (The ) Tj ET Q q 0 0 0 rg BT 164.75 226.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 229.84 226.10 Td (filiates may receive special units of the Operating Partnership \(Special OP) Tj ET Q q 0 0 0 rg BT 531.03 226.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Units\), which, if issued, will entitle them to receive distributions in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.82 214.10 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 214.10 Td ( of distributions, including from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (sales of real estate investments, refinancings and other sources, but only after the Company) Tj ET Q q 0 0 0 rg BT 417.94 202.10 Td (s stockholders have received, or are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (deemed to have received, in the aggregate, cumulative distributions equal to their invested capital plus an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.75 190.10 Td (8.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.58 190.10 Td ( cumulative, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (non-compounded annual pre-tax return on such invested capital.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (At the sole discretion of the ) Tj ET Q q 0 0 0 rg BT 180.75 154.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 212.58 154.10 Td (, the acquisition fees, asset management fees, debt financing fees and disposition fees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (are payable, in whole or in part, in cash or units of the Operating Partnership \(OP) Tj ET Q q 0 0 0 rg BT 379.26 142.10 Td ( Units\). For the purposes of the payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (these fees, each OP) Tj ET Q q 0 0 0 rg BT 127.37 130.10 Td ( Unit will be valued at the per) Tj ET Q q 0 0 0 rg BT 246.30 130.10 Td (-share of) Tj ET Q q 0 0 0 rg BT 281.38 130.10 Td (fering price of the Company) Tj ET Q q 0 0 0 rg BT 397.46 130.10 Td (s common stock in its most recent public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 118.10 Td (fering less selling commissions and dealer manager fees. Upon the ) Tj ET Q q 0 0 0 rg BT 326.69 118.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 359.28 118.10 Td () Tj ET Q q 0 0 0 rg BT 362.06 118.10 Td (s request, each OP) Tj ET Q q 0 0 0 rg BT 435.56 118.10 Td ( unit can be repurchased for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (cash or can be converted into one share of the Company) Tj ET Q q 0 0 0 rg BT 277.14 106.10 Td (s common stock. ) Tj ET Q q 0 0 0 rg BT 346.96 106.10 Td (The decision to redeem each OP) Tj ET Q q 0 0 0 rg BT 476.26 106.10 Td ( unit for cash or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (shares is at the Company) Tj ET Q q 0 0 0 rg BT 152.76 94.10 Td (s option except in certain circumstances such as the Company) Tj ET Q q 0 0 0 rg BT 402.96 94.10 Td (s decision to list its shares on a national ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (securities exchange, a liquidation event or upon termination or nonrenewal of the ) Tj ET Q q 0 0 0 rg BT 376.84 82.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 416.01 82.10 Td (Agreement for any reason other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (than bythe ) Tj ET Q q 0 0 0 rg BT 96.38 70.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 128.05 70.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.87 70.10 Td (The Company will recognize the expense related to these OP) Tj ET Q q 0 0 0 rg BT 376.59 70.10 Td ( Units as the related service is performed, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (each OP) Tj ET Q q 0 0 0 rg BT 83.23 58.10 Td ( Unit will be fully vested upon issuance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td () Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.98 742.10 Td (Advisor for all expenses paid or incurred by the ) Tj ET Q q 0 0 0 rg BT 380.98 742.10 Td (Advisor in connection with the services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (provided to the Company) Tj ET Q q 0 0 0 rg BT 151.28 730.10 Td (, subject to the limitation that the Company will not reimburse the ) Tj ET Q q 0 0 0 rg BT 417.07 730.10 Td (Advisor for any amount by which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (its operating expenses \(including the asset management fee\) at the end of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.61 718.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.27 718.10 Td ( preceding fiscal quarters exceeds the greater ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of: \(A\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.99 706.10 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.32 706.10 Td ( of its average invested assets, or \(B\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.00 706.10 Td (25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.33 706.10 Td ( of its net income determined without reduction for any additions to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (reserves for depreciation, bad debts or other similar non-cash reserves and excluding any gain from the sale of the Company) Tj ET Q q 0 0 0 rg BT 549.83 694.10 Td (s ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (assets for that period. Notwithstanding the above, the Company may reimburse the ) Tj ET Q q 0 0 0 rg BT 383.26 682.10 Td (Advisor for expenses in excess of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (limitation if a majority of the independent directors determines that such excess expenses are justified.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (In addition, as described in Note2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 313.51 646.10 Td (Accounting Policies Issuer Costs, the Company reimburses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 634.10 Td (Advisor for any issuer costs paid on its behalf. However) Tj ET Q q 0 0 0 rg BT 288.72 634.10 Td (, the total compensation related to issuer costs, selling commissions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (and dealer manager fees may not exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.63 622.10 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.96 622.10 Td ( of gross proceeds from the Of) Tj ET Q q 0 0 0 rg BT 354.97 622.10 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Property Management and Leasing ) Tj ET Q q 0 0 0 rg BT 215.96 598.10 Td (Agreements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (The Company pays Hines fees for the management and leasing of some of its properties. Property management fees are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (equal to a market-based percentage of the gross revenues of the properties managed by Hines or the amount of property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (management fees recoverable from tenants of the properties managed by Hines under their leases.In addition, if Hines provides ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (leasing services with respect to a property) Tj ET Q q 0 0 0 rg BT 217.07 538.10 Td (, the Company will pay Hines leasing fees which are usual and customary for that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (type of property in that geographic area. ) Tj ET Q q 0 0 0 rg BT 213.09 526.10 Td (The Company generally will be required to reimburse Hines for certain operating costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (incurred in providing property management and leasing services pursuant to the property management and leasing agreements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Included in this reimbursement of operating costs will be the cost of personnel and overhead expenses related to such personnel ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (located at the property as well as of) Tj ET Q q 0 0 0 rg BT 191.71 490.10 Td (f-site personnel located in Hines) Tj ET Q q 0 0 0 rg BT 323.70 490.10 Td ( headquarters and regional of) Tj ET Q q 0 0 0 rg BT 440.14 490.10 Td (fices, to the extent the same ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (relate to or support the performance of Hines) Tj ET Q q 0 0 0 rg BT 232.80 478.10 Td ( duties under the agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (Hines may perform construction management services for the Company for both re-development activities and tenant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 104.25 442.10 Td (These fees are considered incremental to the construction ef) Tj ET Q q 0 0 0 rg BT 343.96 442.10 Td (fort and will be capitalized to the associated real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (estate project as incurred. Costs related to tenant construction will be depreciated over the estimated useful life. Costs related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (generally be performed by Hines on the Company) Tj ET Q q 0 0 0 rg BT 253.00 406.10 Td (s behalf. Leasing fees will be capitalized and amortized over the life of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (related lease.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 94.02 370.10 Td (Af) Tj ET Q q 0 0 0 rg BT 103.84 370.10 Td (filiate T) Tj ET Q q 0 0 0 rg BT 135.96 370.10 Td (ransactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (In 201) Tj ET Q q 0 0 0 rg BT 93.46 346.10 Td (1, the Company received rent under a lease of parking space with an af) Tj ET Q q 0 0 0 rg BT 377.05 346.10 Td (filiate of Hines at the Brindleyplace Project, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (which expired in January 2012.Under this agreement, during the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 434.50 334.10 Td (1, the Company recorded rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (revenues of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.13 322.10 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.02 322.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (10.NONCONTROLLING INTERESTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (In December 2012, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 231.65 274.10 Td ( issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.65 274.10 Td (2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.54 274.10 Td ( Series B3 Convertible Preferred Equity Certificates \(CPEC\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (to Moorfield as a result of their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.47 262.10 Td (2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.36 262.10 Td ( contribution \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.57 262.10 Td ($4.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.46 262.10 Td ( based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 463.05 262.10 Td (fect on the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (contribution\). Each CPEC is convertible into one capital share of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 399.17 250.10 Td ( at anytime. ) Tj ET Q q 0 0 0 rg BT 448.42 250.10 Td (The CPECs may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (redeemed at the option of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 238.92 238.10 Td ( any time prior to the earlier of the liquidation of the Brindleyplace Project or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (their expiration on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.37 226.10 Td (July7, 2059) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.54 226.10 Td (. If redeemed, they will be redeemed at a price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.60 226.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.60 226.10 Td ( per CPEC, plus any accrued and unpaid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (distributions thereon. However) Tj ET Q q 0 0 0 rg BT 173.74 214.10 Td (, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 262.98 214.10 Td ( may elect to satisfy any redemption request through the issuance of one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (capital share per CPEC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (In December 2013, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 231.65 178.10 Td ( issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.65 178.10 Td (1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.54 178.10 Td ( Series B3 CPEC to Moorfield as a result of their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.13 178.10 Td (1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.02 178.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (contribution \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.71 166.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.60 166.10 Td ( based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 284.19 166.10 Td (fect on the date of contribution\). ) Tj ET Q q 0 0 0 rg BT 418.41 166.10 Td (The series B3 CPEC have the same ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (terms as the Series B CPEC described above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (Distributions are declared and paid quarterly to Moorfield based on the distributable income of the Brindleyplace Project ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (and payment of the distributions will be subject to the approval of the board of directors of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 498.32 118.10 Td (. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.98 106.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.56 106.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.56 106.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.56 106.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.00 106.10 Td (201) Tj ET Q q 0 0 0 rg BT 237.63 106.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.63 106.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 295.29 106.10 Td (, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 384.53 106.10 Td ( declared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.39 106.10 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.28 106.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.28 106.10 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.17 106.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td ($3.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 94.10 Td ( of preferred dividends to Moorfield related to the CPECs. ) Tj ET Q q 0 0 0 rg BT 334.49 94.10 Td (These amounts were included in the net \(income\) loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (attributable to noncontrolling interests in the accompanying consolidated statements of operations and comprehensive income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (\(loss\) and of) Tj ET Q q 0 0 0 rg BT 99.81 70.10 Td (fsets net income of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.12 70.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.01 70.10 Td ( and net losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.39 70.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.28 70.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.72 70.10 Td ($5.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.61 70.10 Td ( that was attributable to Moorfield ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.30 58.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.88 58.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.32 58.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.32 58.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.76 58.10 Td (201) Tj ET Q q 0 0 0 rg BT 295.39 58.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.39 58.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 353.05 58.10 Td (, related to the results of operations of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 118.41 46.10 Td (.) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (92) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (As described in Note 1 Or) Tj ET Q q 0 0 0 rg BT 185.02 730.10 Td (ganization, the Company has a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.54 730.10 Td (97%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.87 730.10 Td ( interest in the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 467.56 730.10 Td ( with Flagship Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (GP) Tj ET Q q 0 0 0 rg BT 61.67 718.10 Td (, which is the entity that owns the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.14 718.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.47 718.10 Td ( interest in the joint venture. During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.74 718.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.33 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 706.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.94 706.10 Td (, the Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 186.66 706.10 Td (, the noncontrolling interest in the Flagship JV) Tj ET Q q 0 0 0 rg BT 371.46 706.10 Td (, contributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.50 706.10 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.39 706.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.83 706.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.72 706.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (respectively to the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 205.07 694.10 Td ( which is also recorded in contributions from noncontrolling interests in our consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (statement of cash flows. In accordance with the partnership agreement that governs the joint venture, distributions are declared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and paid when the joint venture has available cash \(all cash held by the joint venture less what is reasonably needed to reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (or satisfy cash needs\) with respect to an investment made by the joint venture. ) Tj ET Q q 0 0 0 rg BT 367.51 658.10 Td (The Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 464.82 658.10 Td ( declared distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (to the Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 155.74 646.10 Td ( for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.09 646.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.67 646.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.11 646.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.11 646.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.44 646.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.33 646.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.77 646.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.66 646.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 538.33 646.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Also, as described in Note 1 Or) Tj ET Q q 0 0 0 rg BT 206.13 622.10 Td (ganization, the Company has an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 622.10 Td (83%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.98 622.10 Td ( interest in the Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 482.83 622.10 Td ( with Ponce & Bird ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Holdings LLC and Ponce MF GP) Tj ET Q q 0 0 0 rg BT 183.06 610.10 Td (, LLC, which are the entities that own the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.67 610.10 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 610.10 Td ( interest in the joint venture that was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (formed in July 2012. ) Tj ET Q q 0 0 0 rg BT 138.14 598.10 Td (There have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.71 598.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.71 598.10 Td ( contributions from the noncontrolling interests during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.67 598.10 Td (year ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.26 598.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.76 598.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 586.10 Td (. During 2012, Ponce & Bird Holdings LLC and Ponce MF GP) Tj ET Q q 0 0 0 rg BT 323.89 586.10 Td (, LLC contributed, in total, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.87 586.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.76 586.10 Td ( in land as their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (initial capital contribution to the Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 248.68 574.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.18 574.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.40 574.10 Td ( distributions have been declared to the noncontrolling interests in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 118.43 562.10 Td ( since inception of the Ponce & Bird JV) Tj ET Q q 0 0 0 rg BT 276.55 562.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 538.10 Td (1.F) Tj ET Q q 0 0 0 rg BT 72.31 538.10 Td (AIR ) Tj ET Q q 0 0 0 rg BT 92.97 538.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.90 538.10 Td (ALUE MEASUREMENTS) Tj ET Q BT /F2 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 /F2 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 /F2 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 /F2 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 /F2 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 /F2 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 /F2 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 /F2 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 /F2 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 296.04 418.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 355.76 418.10 Td (s assessment of the significance of a particular ) Tj ET Q BT /F2 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (Financial Instruments Measured on a Recurring Basis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (As described in Note 7 Derivative Instruments, the Company entered into several interest rate contracts as economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (hedges against the variability of future interest rates on its variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 418.87 346.10 Td (The valuation of these derivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (instruments is determined based on assumptions that management believes market participants would use in pricing, using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (derivative.) Tj ET Q q 0 0 0 rg BT 94.80 310.10 Td (This analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 469.04 310.10 Td (, and uses observable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (market-based inputs, including interest rate curves and implied volatilities.) Tj ET Q q 0 0 0 rg BT 351.13 298.10 Td (The fair values of interest rate contracts have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (determined using the market standard methodology of netting the discounted future fixed cash receipts \(or payments\) and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (discounted expected variable cash payments \(or receipts\).) Tj ET Q q 0 0 0 rg BT 283.06 274.10 Td (The variable cash payments \(or receipts\) are based on an expectation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (of future interest rates \(forward curves\) derived from observable market interest rate curves. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (Although the Company has determined the majority of the inputs used to value its interest rate contracts fall within Level 2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 153.18 226.10 Td (, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties, Eurohypo, PB ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Capital Corporation, Landesbank Baden-Wrttember) Tj ET Q q 0 0 0 rg BT 262.53 202.10 Td (g, Commonwealth Bank of ) Tj ET Q q 0 0 0 rg BT 372.80 202.10 Td (Australia, Bank of ) Tj ET Q q 0 0 0 rg BT 448.71 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.35 202.10 Td (estern ) Tj ET Q q 0 0 0 rg BT 483.17 202.10 Td (Australia, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Deutsche Pfandbriefbank ) Tj ET Q q 0 0 0 rg BT 153.30 190.10 Td (AG, Crdit ) Tj ET Q q 0 0 0 rg BT 199.69 190.10 Td (Agricole, and SMBC Capital Markets, Inc. In adjusting the fair values of its derivative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (contracts for the ef) Tj ET Q q 0 0 0 rg BT 125.06 178.10 Td (fect of nonperformance risk, the Company has considered the impact of netting and any applicable credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (enhancements, such as collateral postings, thresholds and guarantees. However) Tj ET Q q 0 0 0 rg BT 365.89 166.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.55 166.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.13 166.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.57 166.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.57 166.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuations of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (derivatives. ) Tj ET Q q 0 0 0 rg BT 98.32 130.10 Td (As a result, the Company has determined its derivative valuations are classified in Level 2 of the fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (hierarchy) Tj ET Q q 0 0 0 rg BT 87.10 118.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 94.10 Td (, as described in Note 7 Derivative Instruments, the Company has entered into several foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (forward contracts as economic hedges against the variability of foreign exchange rates on future international investments. ) Tj ET Q q 0 0 0 rg BT 542.70 82.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (valuation of these forward contracts is determined based on assumptions that management believes market participants would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (of each derivative.) Tj ET Q q 0 0 0 rg BT 126.45 46.10 Td (This analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 500.68 46.10 Td (, and uses ) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (observable market-based inputs, including currency exchange rate curves and implied volatilities. ) Tj ET Q q 0 0 0 rg BT 442.74 742.10 Td (The Company has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (determined its foreign currency forward contracts valuations are classified in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 495.83 730.10 Td (, as they are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (based on observable inputs but are not traded in active markets.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (The following table sets forth the Company) Tj ET Q q 0 0 0 rg BT 245.19 694.10 Td (s derivatives which are measured at fair value on a recurring basis, by level ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (within the fair value hierarchy as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.22 682.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.80 682.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.24 682.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.83 682.10 Td ( \(all amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 576.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 576.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 576.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 576.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 576.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 546.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 546.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 546.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 546.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 516.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 516.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 516.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 516.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 516.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 516.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 486.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 486.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 486.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 486.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 486.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 486.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 486.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 486.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 486.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 644.6 m 404.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 644.6 m 408.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 644.6 m 483.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 644.6 m 487.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 644.6 m 562.5 644.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 590.6 m 246.5 590.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 590.6 m 325.5 590.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 590.6 m 404.5 590.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 590.6 m 483.5 590.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 590.6 m 562.5 590.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 590.6 m 246.5 590.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 649.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 372.90 649.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 595.28 Td (Period) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.80 615.28 Td (Fair Value of) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 274.15 605.28 Td (Assets) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 262.75 595.28 Td (\(Liabilities\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.35 635.28 Td (Quoted Prices) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.15 625.28 Td (In Active) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 340.90 615.28 Td (Markets for) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 334.40 605.28 Td (Identical Items) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 347.75 595.28 Td (\(Level 1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 422.40 625.28 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 432.80 615.28 Td (Other) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.05 605.28 Td (Observable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.60 595.28 Td (Inputs \(Level 2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.40 615.28 Td (Significant) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 495.05 605.28 Td (Unobservable) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 490.60 595.28 Td (Inputs \(Level 3\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 581.28 Td (December 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.50 581.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 366.50 581.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 445.50 581.28 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 524.50 581.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 566.27 Td (Interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 566.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.80 566.32 Td (\(9,329) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.65 566.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 566.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 566.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 566.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.80 566.32 Td (\(9,329) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 566.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 566.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 566.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 551.27 Td (Interest rate caps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 551.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.15 551.27 Td (4,428) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 551.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 551.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 551.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 551.27 Td (4,428) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 551.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 551.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 536.27 Td (Foreign currency forwards - Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 536.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.65 536.27 Td (866) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 536.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 536.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 536.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 536.27 Td (866) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 536.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 536.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 521.27 Td (Foreign currency forwards - Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 521.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.30 521.32 Td (\(488) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.65 521.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 521.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 521.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 521.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.30 521.32 Td (\(488) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 521.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 521.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 521.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 506.28 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 506.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 506.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 506.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 506.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 491.27 Td (Interest rate swaps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 491.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.80 491.32 Td (\(15,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.65 491.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 491.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 491.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 491.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.80 491.32 Td (\(15,255) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 491.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 491.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 491.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 476.27 Td (Interest rate caps) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 476.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.65 476.27 Td (790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 476.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 476.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 476.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 476.27 Td (790) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 476.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 476.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 461.27 Td (Foreign currency forwards - Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.00 461.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.30 461.32 Td (\(198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.65 461.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.00 461.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 461.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 461.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.30 461.32 Td (\(198) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 461.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 461.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 461.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 433.10 Td (Financial Instruments Fair V) Tj ET Q q 0 0 0 rg BT 184.38 433.10 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 242.62 433.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 409.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 409.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 409.10 Td (, the Company estimated that the fair value of its notes payable, which had a book value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (\(including any unamortized discount or premium\) of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.00 397.10 Td ($2.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.12 397.10 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.17 397.10 Td ($2.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.28 397.10 Td (. ) Tj ET Q q 0 0 0 rg BT 382.73 397.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.17 397.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.76 397.10 Td (, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (estimated that the fair value of its notes payable, which had a book value \(including any unamortized discount or premium\) of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td ($858.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 373.10 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.94 373.10 Td ($858.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.83 373.10 Td (. Management has utilized available market information or present value techniques to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (estimate the amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 236.62 361.10 Td (Although the Company has determined the majority of the inputs used to value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (its notes payable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 298.98 349.10 Td (, the credit quality adjustments associated with its fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (notes payable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 235.65 337.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.31 337.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.90 337.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.34 337.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.34 337.10 Td (, the Company has assessed the significance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (of the impact of the credit quality adjustments on the overall valuations of its fair market value of notes payable and has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (determined that they are not significant.) Tj ET Q q 0 0 0 rg BT 211.34 313.10 Td (As a result, the Company has determined these financial instruments utilize Level 2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (inputs. Since such amounts are estimates that are based on limited available market information for similar transactions, there ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (can be no assurance that the disclosed values could be realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 265.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.44 265.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.03 265.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.47 265.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.47 265.10 Td (, the Company estimated that the book values of its real estate loans receivable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (approximated their fair values. ) Tj ET Q q 0 0 0 rg BT 177.18 253.10 Td (Although the Company has determined the majority of the inputs used to value its real estate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (notes receivable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 297.02 241.10 Td (, the credit quality adjustments associated with its fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (real estate notes receivable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 285.89 229.10 Td (, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.55 229.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.13 229.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.57 229.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.57 229.10 Td (, the Company has assessed the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (significance of the impact of the credit quality adjustments on the overall valuations of its fair market value of real estate notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (receivable and has determined that they are not significant.) Tj ET Q q 0 0 0 rg BT 287.69 205.10 Td (As a result, the Company has determined these financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (instruments utilize Level 2 inputs. Since such amounts are estimates that are based on limited available market information for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (similar transactions, there can be no assurance that the disclosed values could be realized.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 157.10 Td (Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (cash, tenant and other receivables, accounts payable and accrued expenses, other liabilities, due to af) Tj ET Q q 0 0 0 rg BT 452.43 145.10 Td (filiates and distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 88.41 133.10 Td (The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (short-term maturities. Due to the short-term nature of these instruments, Level 1 and Level 2 inputs are utilized to estimate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (fair value of these financial instruments.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 68.00 85.10 Td (Financial Instruments Measured on a Nonrecurring Basis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 61.10 Td (Certain long-lived assets are measured at fair value on a non-recurring basis. ) Tj ET Q q 0 0 0 rg BT 376.87 61.10 Td (These assets are not measured at fair value on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (an ongoing basis, but are subject to fair value adjustments \(i.e., impairments\) in certain circumstances.) Tj ET Q q 0 0 0 rg BT 464.42 49.10 Td (The fair value ) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (methodologies used to measure long-lived assets are described in Note 2 - Summary of Significant ) Tj ET Q q 0 0 0 rg BT 450.53 742.10 Td (Accounting Policies - ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Investment Property and Lease Intangibles.) Tj ET Q q 0 0 0 rg BT 228.38 730.10 Td (The inputs associated with the valuation of long-lived assets are generally included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (in Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 196.23 718.10 Td (.) Tj ET Q q 0 0 0 rg BT 203.54 718.10 Td (There were no events during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.14 718.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.72 718.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.22 718.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.22 718.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.66 718.10 Td (201) Tj ET Q q 0 0 0 rg BT 525.29 718.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.29 718.10 Td ( which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (indicated that fair value adjustments of our long-lived assets were necessary) Tj ET Q q 0 0 0 rg BT 353.69 706.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (12. REPOR) Tj ET Q q 0 0 0 rg BT 99.65 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 105.58 682.10 Td (ABLE SEGMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 658.10 Td (s real estate investments are geographically diversified and management evaluates the operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (performance of each at an individual investment level and considers each investment to be an operating segment. ) Tj ET Q q 0 0 0 rg BT 504.66 646.10 Td (The Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (has aggregated all of its operating segments into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.50 634.10 Td (four) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.16 634.10 Td ( reportable segments based on the location of the segment and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (underlying asset class. Management has aggregated the Company) Tj ET Q q 0 0 0 rg BT 317.98 622.10 Td (s investments that are not of) Tj ET Q q 0 0 0 rg BT 430.27 622.10 Td (fice properties in other based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (on the geographic location of the investment due to the Company) Tj ET Q q 0 0 0 rg BT 314.38 610.10 Td (s ownership of interests in various dif) Tj ET Q q 0 0 0 rg BT 464.73 610.10 Td (ferent types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (investments that do not stand alone as their own reportable segment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 574.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 574.10 Td (of) Tj ET Q q 0 0 0 rg BT 125.97 574.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 143.46 574.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.73 574.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.06 574.10 Td (1) Tj ET Q q 0 0 0 rg BT 201.69 574.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.69 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.19 574.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 562.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 562.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 562.10 Td (other ) Tj ET Q q 0 0 0 rg BT 140.87 562.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.15 562.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.48 562.10 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.48 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.98 562.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 550.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 550.10 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 550.10 Td (of) Tj ET Q q 0 0 0 rg BT 138.74 550.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.22 550.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 206.50 550.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.83 550.10 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.83 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.33 550.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 538.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 538.10 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 538.10 Td (other ) Tj ET Q q 0 0 0 rg BT 153.64 538.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.91 538.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.24 538.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.24 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.74 538.10 Td (investments\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 514.10 Td (s segments, geographic location and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 174.14 502.10 Td (s net loss, as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 347.69 502.10 Td (Accounts includes amounts incurred by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (corporate-level entities which are not allocated to any of the reportable segments. Further) Tj ET Q q 0 0 0 rg BT 409.46 490.10 Td (, amounts related to prior years have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (been reclassified into the appropriate segment to be consistent with the presentation for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.08 478.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.66 478.10 Td ( \(all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (amounts are in thousands, except for percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 410.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 410.60 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 410.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 410.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 410.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 410.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 410.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 380.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 380.60 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 380.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 380.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 380.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 380.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 380.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 350.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 350.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 350.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 440.6 m 424.5 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 440.6 m 428.5 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 440.6 m 497.5 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 562.5 440.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 425.6 m 424.5 425.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 425.6 m 493.5 425.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 425.6 m 562.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 350.6 m 424.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 336.6 m 424.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 334.6 m 424.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 350.6 m 493.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 336.6 m 493.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 334.6 m 493.5 334.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 350.6 m 562.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 336.6 m 562.5 336.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 334.6 m 562.5 334.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 445.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 445.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.10 445.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 430.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 430.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 430.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.50 430.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.75 430.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 415.28 Td (Total Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 415.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 415.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 415.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 400.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 400.27 Td (Domestic office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 400.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 400.27 Td (114,480) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 400.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 400.27 Td (70,943) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 400.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 400.27 Td (41,462) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 385.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 385.27 Td (Domestic other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 385.27 Td (62,407) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 385.27 Td (36,712) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 385.27 Td (4,341) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 370.27 Td (International office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 370.27 Td (68,274) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 370.27 Td (32,123) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 370.27 Td (12,258) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 355.27 Td (International other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 355.27 Td (77,701) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 355.27 Td (47,462) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 355.27 Td (37,465) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 340.28 Td (Total Revenue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 340.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 340.27 Td (322,862) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 340.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 340.27 Td (187,240) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 340.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 340.27 Td (95,526) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 312.10 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 312.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 312.10 Td (, 2012 and 201) Tj ET Q q 0 0 0 rg BT 286.74 312.10 Td (1 the Company) Tj ET Q q 0 0 0 rg BT 350.62 312.10 Td (s total revenue was attributable to the following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 259.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 259.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 259.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 259.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 259.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 259.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 229.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 229.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 229.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 229.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 229.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 229.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 199.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 199.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 199.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 199.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 199.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 199.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 169.60 310.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 169.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 169.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 169.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 169.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 169.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 274.6 m 423.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 274.6 m 427.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 274.6 m 491.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 274.6 m 496.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 274.6 m 556.5 274.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 259.6 m 423.5 259.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 259.6 m 491.5 259.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 259.6 m 556.5 259.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 259.6 m 491.5 259.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 259.6 m 556.5 259.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.60 279.28 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 383.50 264.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.00 264.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 516.25 264.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 249.27 Td (United States) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 249.27 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 249.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 249.27 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 249.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 249.27 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 249.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 234.27 Td (United Kingdom) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 234.27 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 234.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 234.27 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 234.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 234.27 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 234.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 219.27 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.65 219.27 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 219.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 219.27 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 219.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 219.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 204.27 Td (Poland) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 204.27 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 204.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 204.27 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 204.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 204.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 189.27 Td (Russia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 189.27 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 189.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 189.27 Td (11) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 189.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 189.27 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 189.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 174.27 Td (France) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 174.27 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 174.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 174.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 174.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 159.27 Td (Germany) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.65 159.27 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.65 159.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 159.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.65 159.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 131.10 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 131.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 131.10 Td (, 2012 and 201) Tj ET Q q 0 0 0 rg BT 286.74 131.10 Td (1, the Company) Tj ET Q q 0 0 0 rg BT 353.12 131.10 Td (s property revenues in excess of expenses by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (segment was as follows:) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (95) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 703.50 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 703.50 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 703.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 703.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 673.50 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 673.50 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 673.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 673.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 673.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 643.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 643.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 643.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 643.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 643.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 643.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 733.5 m 423.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 733.5 m 427.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 733.5 m 492.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 733.5 m 496.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 733.5 m 561.5 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 718.5 m 423.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 718.5 m 492.5 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 718.5 m 561.5 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 643.5 m 423.5 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 629.5 m 423.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 627.5 m 423.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 643.5 m 492.5 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 629.5 m 492.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 627.5 m 492.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 643.5 m 561.5 643.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 629.5 m 561.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 627.5 m 561.5 627.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 738.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 738.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 402.10 738.18 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 723.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 723.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 380.50 723.18 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.50 723.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.75 723.18 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 708.18 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.37 708.18 Td (operty r) Tj ET Q q 0 0 0 rg BT 96.89 708.18 Td (evenues in excess of expenses) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 220.21 712.71 Td ( \(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 708.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 708.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 693.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 693.17 Td (Domestic office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 693.17 Td (72,547) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 693.17 Td (44,088) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 693.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 693.17 Td (25,273) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 678.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 678.17 Td (Domestic other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 678.17 Td (39,413) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 678.17 Td (22,492) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 678.17 Td (2,726) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 663.17 Td (International office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 663.17 Td (73,226) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 663.17 Td (27,803) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 663.17 Td (10,712) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 648.17 Td (International other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 648.17 Td (35,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 648.17 Td (31,818) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 648.17 Td (27,504) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 633.18 Td (Total property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 633.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 633.17 Td (220,769) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 633.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 633.17 Td (126,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 633.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 633.17 Td (66,215) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 605.00 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 605.00 Td (Revenues less property operating expenses, real property taxes and property management fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 581.00 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 581.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 581.00 Td ( and 2012, the Company) Tj ET Q q 0 0 0 rg BT 328.49 581.00 Td (s total assets by segment was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 513.50 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 513.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 513.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 513.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 513.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 483.50 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 483.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 483.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 483.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 483.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 453.50 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 453.50 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 453.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 453.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 453.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 543.5 m 492.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 543.5 m 496.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 543.5 m 561.5 543.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 528.5 m 492.5 528.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 528.5 m 561.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 438.5 m 492.5 438.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 424.5 m 492.5 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 422.5 m 492.5 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 438.5 m 561.5 438.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 424.5 m 561.5 424.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 422.5 m 561.5 422.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 548.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 548.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 436.60 548.18 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 533.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 533.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 449.50 533.18 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 518.50 533.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 518.18 Td (Total Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 518.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 518.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 503.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 503.17 Td (Domestic office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 503.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 503.17 Td (1,273,779) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 503.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 503.17 Td (680,272) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 488.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 488.17 Td (Domestic other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 488.17 Td (789,204) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 488.17 Td (412,506) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 473.17 Td (International office investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 473.17 Td (1,176,394) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 473.17 Td (396,237) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 458.17 Td (International other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 458.17 Td (515,788) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 458.17 Td (532,972) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 443.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 443.17 Td (Corporate-level accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.15 443.17 Td (48,054) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.15 443.17 Td (56,585) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 428.18 Td (Total Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 428.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 428.17 Td (3,803,219) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.00 428.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 428.17 Td (2,078,572) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 400.00 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 400.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 400.00 Td ( and 2012, the Company) Tj ET Q q 0 0 0 rg BT 328.49 400.00 Td (s total assets were attributable to the following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 359.50 372.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 359.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 359.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 359.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 329.50 372.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 329.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 329.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 329.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 299.50 372.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 299.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 299.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 299.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 269.50 372.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 269.50 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 269.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 269.50 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 374.5 m 493.5 374.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 374.5 m 497.5 374.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 374.5 m 561.5 374.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 359.5 m 493.5 359.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 359.5 m 561.5 359.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 359.5 m 561.5 359.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 433.60 379.18 Td (Years Ended December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.00 364.18 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.00 364.18 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 349.17 Td (United States) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 349.17 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 349.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 349.17 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 349.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 334.17 Td (United Kingdom) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 334.17 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 334.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 334.17 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 334.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 319.17 Td (Australia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 319.17 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 319.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 319.17 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 319.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 304.17 Td (Poland) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 304.17 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 304.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 304.17 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 304.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 289.17 Td (Russia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 289.17 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 289.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 289.17 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.65 289.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 274.17 Td (France) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 274.17 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 274.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 274.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 259.17 Td (Germany) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 259.17 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 259.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.65 259.17 Td () Tj ET Q BT /F2 10.00 Tf ET endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.08 742.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.67 742.10 Td (, 2012 and 201) Tj ET Q q 0 0 0 rg BT 286.74 742.10 Td (1 the Company) Tj ET Q q 0 0 0 rg BT 350.62 742.10 Td (s reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 481.14 742.10 Td (s net loss is as ) Tj ET Q BT /F2 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 50.50 677.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 677.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 677.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 677.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 677.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 677.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 649.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 649.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 649.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 649.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 621.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 621.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 621.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 621.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 621.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 621.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 593.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 593.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 593.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 593.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 593.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.60 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 565.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 565.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 565.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 536.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 536.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 536.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 536.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 705.6 m 424.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 705.6 m 428.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 705.6 m 493.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 705.6 m 497.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 705.6 m 562.5 705.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 691.6 m 424.5 691.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 691.6 m 493.5 691.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 691.6 m 562.5 691.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 536.6 m 424.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 536.6 m 493.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 536.6 m 562.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 522.6 m 424.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 520.6 m 424.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 522.6 m 493.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 520.6 m 493.5 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 522.6 m 562.5 522.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 520.6 m 562.5 520.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 710.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 403.10 710.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 696.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 696.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.50 696.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.75 696.28 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 682.28 Td (Reconciliation to net loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 682.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 682.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 682.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 668.17 Td (Total property revenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 668.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 668.17 Td (220,769) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 668.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 668.17 Td (126,201) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 668.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 668.17 Td (66,215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 654.17 Td (Depreciation and amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.80 654.22 Td (\(140,187) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 654.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 654.22 Td (\(84,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 654.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 654.22 Td (\(53,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 654.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 640.17 Td (Acquisition related expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 640.22 Td (\(42,747) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 640.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 640.22 Td (\(12,633) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 640.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 640.22 Td (\(5,863) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 640.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 626.17 Td (Asset management and acquisition fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 626.22 Td (\(60,490) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 626.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 626.22 Td (\(22,006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 626.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 626.22 Td (\(20,453) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 626.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 612.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 612.22 Td (\(5,344) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 612.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 612.22 Td (\(3,590) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 612.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 612.22 Td (\(3,129) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 612.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 598.17 Td (Gain \(loss\) on derivatives) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 598.17 Td (9,909) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 598.17 Td (1,398) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 598.22 Td (\(16,523) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 598.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 584.17 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 584.22 Td (\(6,458) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 584.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 584.17 Td (672) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 584.17 Td (174) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 570.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 570.22 Td (\(60,968) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 570.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 570.22 Td (\(37,915) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 570.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 570.22 Td (\(23,167) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 570.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 556.17 Td (Interest income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 556.17 Td (454) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 556.17 Td (227) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 556.17 Td (189) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 541.27 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.30 541.32 Td (\(701) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 541.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.80 541.32 Td (\(1,147) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 541.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 541.32 Td (\(2,885) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 541.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 526.27 Td (Net income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 526.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.80 526.32 Td (\(85,763) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 526.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 526.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.80 526.32 Td (\(33,540) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 526.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 526.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 526.32 Td (\(58,609) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 526.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (13. SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 132.60 498.10 Td (AL) Tj ET Q q 0 0 0 rg BT 145.94 498.10 Td ( CASH FLOW) Tj ET Q q 0 0 0 rg BT 209.10 498.10 Td ( DISCLOSURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 474.10 Td (Supplemental cash flow disclosures for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.38 474.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.96 474.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.96 474.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.96 474.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.90 474.10 Td (201) Tj ET Q q 0 0 0 rg BT 432.53 474.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.53 474.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 433.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 433.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 433.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 403.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 403.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 403.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 373.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 373.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 373.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 343.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 343.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 343.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 313.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 313.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 313.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 283.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 283.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 283.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 283.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 448.6 m 424.5 448.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 448.6 m 493.5 448.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 448.6 m 562.5 448.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 453.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 381.50 453.28 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 450.50 453.28 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 519.75 453.28 Td (2011) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 53.00 438.28 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 438.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 438.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 438.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 423.27 Td (Cash paid for interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 423.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 423.27 Td (53,942) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 423.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 423.27 Td (32,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 423.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 423.27 Td (21,326) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 408.27 Td (Cash paid for income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 408.27 Td (4,742) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 408.27 Td (4,461) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 408.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 408.27 Td (909) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 53.00 393.28 Td (Supplemental Schedule of Non-Cash Activities) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 362.00 393.28 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 431.00 393.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 378.27 Td (Distributions declared and unpaid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 378.27 Td (14,143) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 378.27 Td (8,777) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 378.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 378.27 Td (7,996) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 363.27 Td (Other receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 363.27 Td (5,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 363.27 Td (4,889) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 363.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 363.27 Td (1,784) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 348.27 Td (Distributions reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 348.27 Td (60,585) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 348.27 Td (36,981) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 348.27 Td (23,445) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 333.27 Td (Shares tendered for redemption) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 333.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 333.27 Td (2,287) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 333.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 333.27 Td (927) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 333.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 333.27 Td (702) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 318.27 Td (Non-cash net liabilities acquired) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 318.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 318.27 Td (12,867) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 318.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 318.27 Td (4,745) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 318.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 318.27 Td (519) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 303.27 Td (Assumption of mortgage upon acquisition of property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 303.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 303.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 303.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 303.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 303.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 303.27 Td (97,416) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 288.27 Td (In-kind contribution from noncontrolling interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 288.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 288.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 288.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 288.27 Td (3,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 288.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 288.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 273.27 Td (Accrued additions to investment property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.00 273.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.15 273.27 Td (8,538) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.00 273.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 273.27 Td (5,524) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.00 273.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.65 273.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (14. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 146.95 245.10 Td (AND CONTINGENCIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 221.10 Td (In November 2013, Dorsey & ) Tj ET Q q 0 0 0 rg BT 190.02 221.10 Td (Whitney LLP) Tj ET Q q 0 0 0 rg BT 244.36 221.10 Td ( signed a lease renewal for its space in 50 South Sixth located in Minneapolis, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (Minnesota. In connection with this renewal, the Company committed to fund ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.27 209.10 Td ($20.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.16 209.10 Td ( of tenant improvements and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (leasing commissions related to its space, to be paid in future periods. ) Tj ET Q q 0 0 0 rg BT 329.66 197.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.11 197.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.69 197.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.69 197.10 Td ($15.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.58 197.10 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 185.10 Td (s commitment remained unfunded and is recorded in accounts payable and accrued expenses in the accompanying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (consolidated balance sheet. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 149.10 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 528.81 149.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 226.12 137.10 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 511.48 137.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 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 412.46 125.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 125.10 Td (s consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (financial statements.) Tj ET Q endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (97) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (15. QUAR) Tj ET Q q 0 0 0 rg BT 94.09 742.25 Td (TERL) Tj ET Q q 0 0 0 rg BT 120.41 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 127.26 742.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 185.87 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 202.08 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 208.00 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 214.67 742.25 Td ( \(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The following table presents selected unaudited quarterly financial data for each quarter during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 706.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 706.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.02 706.25 Td ( \(in thousands except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.75 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 653.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 653.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 653.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 653.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 653.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 653.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 653.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.75 168.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 613.75 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 613.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 613.75 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 613.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 613.75 91.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 613.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 613.75 91.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 528.75 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 528.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 528.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 528.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 528.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 488.75 168.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 488.75 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 488.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 488.75 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 488.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 488.75 91.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 488.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 488.75 91.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 668.75 m 293.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 668.75 m 297.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 668.75 m 372.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 668.75 m 376.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 668.75 m 467.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 668.75 m 471.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 668.75 m 562.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 653.75 m 293.5 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 653.75 m 372.5 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 653.75 m 467.5 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 653.75 m 562.5 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 653.75 m 293.5 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 543.75 m 293.5 543.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 543.75 m 297.5 543.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 543.75 m 372.5 543.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 543.75 m 376.5 543.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 543.75 m 467.5 543.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 543.75 m 471.5 543.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 543.75 m 562.5 543.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 528.75 m 293.5 528.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 528.75 m 372.5 528.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 528.75 m 467.5 528.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 528.75 m 562.5 528.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 673.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.40 673.43 Td (Quarters Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 658.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.40 658.43 Td (March 31, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.45 658.43 Td (June 30, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.75 658.43 Td (September 30, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.15 658.43 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 644.32 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 643.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.15 643.42 Td (60,032) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 643.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 643.42 Td (75,824) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 643.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 643.42 Td (90,081) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 643.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 643.42 Td (96,925) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 628.42 Td (Net \(income\) loss attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 618.42 Td (noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 618.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.30 618.42 Td (\(521) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.65 618.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 618.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 618.47 Td (\(437) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 618.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 618.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.30 618.47 Td (\(616) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 618.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 618.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 618.47 Td (\(1,599) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 618.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 604.32 Td (Net income \(loss\) attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 594.32 Td (common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 593.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.80 593.42 Td (\(32,492) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.65 593.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 593.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.80 593.47 Td (\(32,556) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 593.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 593.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 593.47 Td (\(13,442) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 593.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 593.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.80 593.47 Td (\(10,446) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 593.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 578.42 Td (Income \(loss\) per common share, basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 568.42 Td (and diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 568.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.80 568.42 Td (\(0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.65 568.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 568.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.80 568.47 Td (\(0.19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 568.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 568.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.80 568.47 Td (\(0.07) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 568.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 568.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 568.47 Td (\(0.05) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 568.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 548.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 355.40 548.43 Td (Quarters Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 533.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.40 533.43 Td (March 31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.45 533.43 Td (June 30, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.75 533.43 Td (September 30, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 476.15 533.43 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 519.32 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 518.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.15 518.42 Td (36,781) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 518.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.15 518.42 Td (42,628) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 518.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 518.42 Td (50,346) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 518.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.15 518.42 Td (57,485) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 503.42 Td (Net \(income\) loss attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 493.42 Td (noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 493.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.65 493.42 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 493.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.65 493.42 Td (382) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 493.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 493.42 Td (109) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 493.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 493.47 Td (\(1,447) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 493.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 479.32 Td (Net income \(loss\) attributable to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 469.32 Td (common stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 468.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.80 468.42 Td (\(8,754) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.65 468.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 468.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.80 468.47 Td (\(9,006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 468.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 468.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 468.47 Td (\(14,134) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 468.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 468.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.80 468.47 Td (\(2,585) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 468.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 453.42 Td (Income \(loss\) per common share, basic) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 443.42 Td (and diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.00 443.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.80 443.42 Td (\(0.09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.65 443.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 443.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.80 443.47 Td (\(0.09) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.65 443.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 443.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.80 443.47 Td (\(0.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 443.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 443.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 443.47 Td (\(0.02) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 443.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 415.25 Td (16. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 131.57 415.25 Td ( EVENTS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 391.25 Td (The Rim ) Tj ET Q q 0 0 0 rg BT 85.43 391.25 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 367.25 Td (In February 2014, the Company acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.96 367.25 Td (658,964) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.46 367.25 Td ( square feet of retail space that is that is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.95 367.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.28 367.25 Td ( leased in an outdoor retail ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 355.25 Td (center located in San ) Tj ET Q q 0 0 0 rg BT 135.02 355.25 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 172.62 355.25 Td (T) Tj ET Q q 0 0 0 rg BT 178.03 355.25 Td (exas known as ) Tj ET Q q 0 0 0 rg BT 238.67 355.25 Td (The Rim. ) Tj ET Q q 0 0 0 rg BT 281.26 355.25 Td (The contract purchase price was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.59 355.25 Td ($176.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.48 355.25 Td (, exclusive of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 343.25 Td (transaction costs and working capital reserves. ) Tj ET Q q 0 0 0 rg BT 240.37 343.25 Td (The Rim consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.14 343.25 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.03 343.25 Td ( square feet and the Company has acquired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 331.25 Td (rights to purchase additional space that is expected to be developed over the next two years, as described below) Tj ET Q q 0 0 0 rg BT 494.53 331.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 307.25 Td (The Company has not concluded its accounting for this recent acquisition, but it expects that the purchase price will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (primarily be allocated to building, land and intangible assets and liabilities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 271.25 Td (In February 2014, the Company entered into a purchase and sale agreement with Phase ) Tj ET Q q 0 0 0 rg BT 418.04 271.25 Td (V) Tj ET Q q 0 0 0 rg BT 425.08 271.25 Td ( Rim, LLC \(Phase ) Tj ET Q q 0 0 0 rg BT 504.61 271.25 Td (V\) to acquire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (271,873) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 259.25 Td ( square feet of additional retail space at ) Tj ET Q q 0 0 0 rg BT 241.19 259.25 Td (The Rim that is currently under construction and expected to be completed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 247.25 Td (December 31, 2014 \(with an option to extend to ) Tj ET Q q 0 0 0 rg BT 243.35 247.25 Td (April 30, 2015\). ) Tj ET Q q 0 0 0 rg BT 312.23 247.25 Td (Also, in February 2014, the Company also entered into an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (option and right of first of) Tj ET Q q 0 0 0 rg BT 153.47 235.25 Td (fer agreement with Phase ) Tj ET Q q 0 0 0 rg BT 257.14 235.25 Td (V) Tj ET Q q 0 0 0 rg BT 264.18 235.25 Td ( pursuant to which the Company has the option, but not the obligation, to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 223.25 Td (purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.54 223.25 Td (97,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.04 223.25 Td ( square feet of additional retail center space. Construction of this space has not begun but is expected to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 211.25 Td (completed by December 31, 2015. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 187.25 Td (The purchase price for each of the additional phases described above will be calculated based on respective financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 175.25 Td (models that have been agreed upon by the Company and Phase ) Tj ET Q q 0 0 0 rg BT 303.97 175.25 Td (V) Tj ET Q q 0 0 0 rg BT 309.91 175.25 Td (, and therefore the price of a component cannot be determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 163.25 Td (until construction of that component is completed. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 139.25 Td (25 Cabot Squar) Tj ET Q q 0 0 0 rg BT 112.47 139.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 115.25 Td (In March 2014, the Company entered into a contract to acquire 25 Cabot Square, a single-tenant Class ) Tj ET Q q 0 0 0 rg BT 478.22 115.25 Td (A) Tj ET Q q 0 0 0 rg BT 484.89 115.25 Td ( of) Tj ET Q q 0 0 0 rg BT 495.54 115.25 Td (fice building ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 103.25 Td (located in London, England. 25 Cabot Square consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.24 103.25 Td (455,687) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.74 103.25 Td ( square feet and is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.43 103.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.76 103.25 Td ( leased to Mor) Tj ET Q q 0 0 0 rg BT 470.07 103.25 Td (gan Stanley UK. ) Tj ET Q q 0 0 0 rg BT 541.26 103.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 91.25 Td (contract purchase price for 25 Cabot Square is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.21 91.25 Td (225.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.10 91.25 Td ( \(approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.19 91.25 Td ($371.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.08 91.25 Td ( assuming an exchange rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 79.25 Td ($1.65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 79.25 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 108.85 79.25 Td ( as of the date the contract was signed\). ) Tj ET Q q 0 0 0 rg BT 271.11 79.25 Td (There can be no assurances that this acquisition will be consummated, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 67.25 Td (and if the Company elects not to close on this acquisition, it could potentially forfeit its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.82 67.25 Td ($37.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.71 67.25 Td ( earnest money deposit.) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (98) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Item9.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 79.99 730.10 Td (Changes in and Disagreements ) Tj ET Q q 0 0 0 rg BT 215.94 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 224.46 730.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 237.71 730.10 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 304.58 730.10 Td (Accounting and Financial Disclosure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (None.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Item9A.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 87.21 682.10 Td (Controls and Procedures) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 658.10 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 658.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 658.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 658.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 187.94 634.10 Td (Act Rules13a-15 and 15d-15, we carried out an evaluation, under the supervision and with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.34 622.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.90 622.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 448.81 622.10 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 486.95 622.10 Td (fectiveness of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 598.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 598.10 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 483.73 598.10 Td (fective as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 586.10 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (under the Exchange ) Tj ET Q q 0 0 0 rg BT 131.36 574.10 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (and Exchange Commission) Tj ET Q q 0 0 0 rg BT 162.21 562.10 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including our Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 550.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 550.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 550.10 Td (, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Management) Tj ET Q q 0 0 0 rg BT 109.06 526.10 Td (s Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 223.87 526.10 Td (ol Over) Tj ET Q q 0 0 0 rg BT 255.63 526.10 Td ( Financial Reporting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (\(i\)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (dispositions of our assets;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (\(ii\)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (only in accordance with authorizations of our management and directors;and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (\(iii\)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (disposition of our assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 262.26 346.10 Td (fect on the financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 536.20 322.10 Td (Also, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 187.27 310.10 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Our management) Tj ET Q q 0 0 0 rg BT 139.92 274.10 Td (s assessment of the ef) Tj ET Q q 0 0 0 rg BT 226.38 274.10 Td (fectiveness of our internal control system as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.77 274.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.36 274.10 Td ( was based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (the framework for ef) Tj ET Q q 0 0 0 rg BT 132.83 262.10 Td (fective internal control over financial reporting described in Internal Control Integrated Framework ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (\(1992\) issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 250.08 250.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 323.49 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 329.24 250.10 Td (readway Commission \(COSO\). Based on our assessment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.66 238.10 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.24 238.10 Td (, our system of internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 398.59 238.10 Td (fective at the reasonable assurance level.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (This annual report does not include an attestation report of the Company) Tj ET Q q 0 0 0 rg BT 360.98 214.10 Td (s independent registered public accounting firm ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (regarding control over financial reporting. Management) Tj ET Q q 0 0 0 rg BT 276.03 202.10 Td (s report was not subject to attestation by the company) Tj ET Q q 0 0 0 rg BT 493.48 202.10 Td (s independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (registered public accounting firm pursuant to Section 989G of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 366.69 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 375.33 190.10 Td (all Street and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 517.25 190.10 Td (Act, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (exempts non-accelerated filers from the auditor attestation requirement of section 404 \(b\) of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 501.23 178.10 Td (Act.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (March27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.60 154.10 Td ( ) Tj ET Q endstream endobj 203 0 obj <> endobj 204 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (99) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 158.99 742.25 Td (ols) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (No changes have occurred in our internal controls over financial reporting \(asdefined in Rule13a-15\(f\) of the Exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Act\) during the quarter ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.79 706.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.37 706.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 335.82 706.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 517.24 706.25 Td (fect, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (internal controls over financial reporting.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Item9B.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 86.66 670.25 Td (Other Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 Td (None.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.90 634.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 634.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 634.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 634.25 Td ( III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (Item10.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.99 610.25 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 186.73 610.25 Td (ficers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 574.25 Td (April 30, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.38 574.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 574.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 76.94 550.25 Td (1.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.44 550.25 Td (Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 514.25 Td (April 30, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.38 514.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 514.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (Item12.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.99 490.25 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 454.25 Td (April 30, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.38 454.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 454.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Item13.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 84.99 430.25 Td (Certain Relationships and Related T) Tj ET Q q 0 0 0 rg BT 239.64 430.25 Td (ransactions, and Director Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (The information required by this Item is incorporated by reference to our Definitive Proxy Statement to be filed with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 394.25 Td (April 30, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.38 394.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 394.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Item14.) 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0.9333333333333333 1 rg /GS0 gs 448.50 257.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 257.75 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 257.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 257.75 36.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 257.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 546.50 257.75 48.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 594.50 257.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 598.50 257.75 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 257.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 257.75 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 257.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 257.75 54.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 219.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 87.50 219.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 219.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 219.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 219.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 219.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 219.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 219.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 219.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 219.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 219.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 546.50 219.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 594.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 598.50 219.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 219.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 219.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 219.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 181.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 87.50 181.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 181.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 181.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 181.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 181.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 181.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 181.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 181.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 181.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 181.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 546.50 181.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 594.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 598.50 181.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 181.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 181.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 181.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 143.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 87.50 143.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 143.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 143.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 143.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 143.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 143.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 143.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 143.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 143.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 143.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 546.50 143.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 594.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 598.50 143.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 143.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 143.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 143.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 112.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 87.50 112.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 112.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 112.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 112.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 112.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 112.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 112.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 112.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 112.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 112.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 546.50 112.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 594.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 598.50 112.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 112.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 112.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 112.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 81.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 87.50 81.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 81.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 81.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 81.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 81.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 81.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 81.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 81.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 81.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 81.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 546.50 81.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 594.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 598.50 81.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 81.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 81.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 81.75 54.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 506.75 m 263.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 506.75 m 267.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 506.75 m 317.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 506.75 m 321.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 506.75 m 357.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 506.75 m 448.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 506.75 m 452.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 506.75 m 502.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 506.75 m 506.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 506.75 m 542.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 473.75 m 87.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 93.5 473.75 m 171.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 473.75 m 226.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 473.75 m 263.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 473.75 m 317.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 473.75 m 357.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 473.75 m 411.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 473.75 m 448.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 473.75 m 502.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 473.75 m 542.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 473.75 m 594.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 598.5 473.75 m 644.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 648.5 473.75 m 698.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 702.5 473.75 m 756.5 473.75 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 178.00 510.80 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 273.00 510.81 Td (Initial Cost ) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 308.39 513.98 Td (\(b\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.00 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.00 510.80 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 425.80 517.81 Td (Gross Amount at Which Carried at) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 462.55 510.81 Td (12/31/2013) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 549.00 510.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 621.00 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 651.00 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 729.00 510.80 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 40.65 477.81 Td (Description ) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 77.01 480.98 Td (\(a\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 118.75 477.81 Td (Location) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 178.10 477.81 Td (Encumbrances) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 238.50 477.81 Td (Land) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 271.25 484.81 Td (Buildings and) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 270.25 477.81 Td (Improvements) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 331.30 477.81 Td (Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 377.80 498.81 Td (Costs ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 368.85 491.81 Td (Capitalized ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 364.85 484.81 Td (Subsequent to ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 365.45 477.81 Td (Acquisition ) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 401.43 480.98 Td (\(c\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 414.00 477.81 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 423.50 477.81 Td (Land) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 456.25 484.81 Td (Buildings and) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 455.25 477.81 Td (Improvements) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 512.65 477.81 Td (T) Tj ET Q q 0 0 0 rg BT 516.68 477.81 Td (otal ) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 529.70 480.98 Td (\(d\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 550.15 484.81 Td (Accumulated) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 550.80 477.81 Td (Depreciation) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 610.20 484.81 Td (Date of) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 601.35 477.81 Td (Construction) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 651.35 477.81 Td (Date Acquired) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 707.65 491.81 Td (Life on ) Tj ET Q q 0 0 0 rg BT 730.47 491.81 Td (Which ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 706.60 484.81 Td (Depr) Tj ET Q q 0 0 0 rg BT 721.64 484.81 Td (eciation is ) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 709.80 477.81 Td (Computed ) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 743.05 480.98 Td (\(e\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 374.30 464.81 Td (\(In thousands\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 452.80 Td (17600 Gillette) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 452.80 Td (Irvine, California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 178.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 452.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 233.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 452.80 Td (2,800) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 270.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.90 452.80 Td (7,250) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 452.80 Td (10,050) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 452.80 Td (51) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.00 452.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 452.80 Td (2,800) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 483.90 452.80 Td (7,301) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 509.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 452.80 Td (10,101) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 549.00 452.80 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 578.80 452.80 Td (\(647) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 452.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 452.80 Td (1977) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 660.15 452.80 Td (June - 10) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 452.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 440.80 Td (Brindleyplace) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 433.80 Td (Project) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 440.80 Td (Birmingham, United) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 433.80 Td (Kingdom) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 200.90 433.80 Td (199,608) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 433.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.90 433.80 Td (207,592) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 433.80 Td (207,592) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.40 433.80 Td (37,346) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 438.65 433.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.90 433.80 Td (244,938) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 433.80 Td (244,938) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 570.05 433.80 Td (\(20,173) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 433.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.05 433.80 Td (1997 - 2000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 660.75 433.80 Td (July - 10) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 433.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 421.80 Td (Hock Plaza) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 421.80 Td (Durham, North Carolina) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 421.80 Td (75,782) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 421.80 Td (1,220) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 421.80 Td (69,704) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 421.80 Td (70,924) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 421.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 421.80 Td (1,220) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 421.80 Td (69,704) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 421.80 Td (70,924) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 421.80 Td (\(5,777) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 421.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 421.80 Td (2004) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 651.60 421.80 Td (September - 10) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 421.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 409.80 Td (Southpark) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 409.80 Td (Austin, Texas) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 409.80 Td (18,344) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 409.80 Td (3,920) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 409.80 Td (20,507) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 409.80 Td (24,427) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 409.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 409.80 Td (3,920) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 409.80 Td (20,507) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 409.80 Td (24,427) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 409.80 Td (\(1,642) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 409.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 409.80 Td (2001) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 655.30 409.80 Td (October - 10) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 409.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 397.80 Td (Fifty South) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 390.80 Td (Sixth) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 390.80 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 390.80 Td (95,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 390.80 Td (1,390) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.90 390.80 Td (134,262) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 390.80 Td (135,652) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.15 390.80 Td (275) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 390.80 Td (1,390) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.90 390.80 Td (134,537) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 390.80 Td (135,927) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 570.05 390.80 Td (\(10,630) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 390.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 390.80 Td (2001) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 651.80 390.80 Td (November - 10) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 390.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 378.80 Td (Stonecutter) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 371.80 Td (Court) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 371.80 Td (London, England) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 371.80 Td (88,296) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 371.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 371.80 Td (89,979) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 371.80 Td (89,979) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 371.80 Td (2,134) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 438.65 371.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 371.80 Td (92,113) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 371.80 Td (92,113) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 371.80 Td (\(6,473) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 371.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 371.80 Td (1995) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 657.55 371.80 Td (March - 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 371.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 359.80 Td (FM Logistic) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 359.80 Td (Moscow, Russia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 359.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 359.80 Td (5,320) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 359.80 Td (51,588) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 359.80 Td (56,908) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.55 359.85 Td (\(8,474) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.65 359.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 359.80 Td (4,528) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 359.80 Td (43,906) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 359.80 Td (48,434) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 359.80 Td (\(2,944) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 359.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.05 359.80 Td (1998 - 2004) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 659.30 359.80 Td (April - 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 359.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 347.80 Td (Gogolevsky 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 347.80 Td (Moscow, Russia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 347.80 Td (36,500) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 347.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 347.80 Td (85,126) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 347.80 Td (85,126) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.55 347.85 Td (\(9,764) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.65 347.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 438.65 347.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 347.80 Td (75,362) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 347.80 Td (75,362) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 347.80 Td (\(5,018) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 347.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 347.80 Td (1996) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 656.60 347.80 Td (August - 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 347.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 335.80 Td (250 Royall) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 335.80 Td (Canton, Massachusetts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 335.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 335.80 Td (8,910) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 335.80 Td (22,860) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 335.80 Td (31,770) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 335.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 335.80 Td (8,910) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 335.80 Td (22,860) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 335.80 Td (31,770) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 335.80 Td (\(1,321) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 335.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 335.80 Td (2005) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 651.70 335.80 Td (September - 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 335.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 323.80 Td (Campus at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 316.80 Td (Marlborough) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 323.80 Td (Marlborough,) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 316.80 Td (Massachusetts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 316.80 Td (54,596) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 316.80 Td (23,790) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 316.80 Td (54,230) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 316.80 Td (78,020) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 316.80 Td (1,037) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 316.80 Td (23,310) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 316.80 Td (55,747) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 316.80 Td (79,057) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 316.80 Td (\(2,976) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 316.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 316.80 Td (1999) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 655.40 316.80 Td (October - 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 316.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 304.80 Td (Komo Plaza) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 304.80 Td (Seattle, Washington) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 304.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 304.80 Td (19,560) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.90 304.80 Td (111,182) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 304.80 Td (130,742) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 304.80 Td (4,507) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 304.80 Td (19,560) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.90 304.80 Td (115,689) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 304.80 Td (135,249) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 304.80 Td (\(5,769) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 304.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.05 304.80 Td (2000 - 2003) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 652.30 304.80 Td (December - 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 304.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 292.80 Td (9320 Excelsior) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 292.80 Td (Hopkins, Minnesota) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 292.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 292.80 Td (2,730) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 292.80 Td (51,110) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 292.80 Td (53,840) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 292.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 292.80 Td (2,730) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 292.80 Td (51,110) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 292.80 Td (53,840) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 292.80 Td (\(2,573) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 292.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 292.80 Td (2010) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 652.30 292.80 Td (December - 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 292.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 280.80 Td (WaterWall) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 273.80 Td (Place) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 273.80 Td (Houston, Texas) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 273.80 Td (50,448) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 273.80 Td (8,229) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.65 273.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 338.90 273.80 Td (8,229) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.40 273.80 Td (46,032) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 273.80 Td (8,231) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 273.80 Td (46,030) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 273.80 Td (54,261) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 584.65 273.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 273.80 Td (2012) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 652.30 273.80 Td (December - 11) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 273.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 261.80 Td (Ponce & Bird) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 261.80 Td (Miami, Florida) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 261.80 Td (23,777) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 261.80 Td (12,053) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 307.65 261.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 261.80 Td (12,053) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.40 261.80 Td (18,340) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 261.80 Td (12,112) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 261.80 Td (18,281) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 261.80 Td (30,393) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 584.65 261.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 261.80 Td (2012) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 660.75 261.80 Td (July - 12) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 261.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 249.80 Td (Poland) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 242.80 Td (Logistics) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 235.80 Td (Portfolio) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 242.80 Td (Upper Silesia, Warsaw) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 235.80 Td (and Wroclaw, Poland) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 235.80 Td (88,812) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 235.80 Td (25,893) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 235.80 Td (97,627) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 235.80 Td (123,520) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 235.80 Td (4,864) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 235.80 Td (26,837) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.90 235.80 Td (101,547) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 235.80 Td (128,384) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 235.80 Td (\(4,218) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 235.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 604.05 235.80 Td (1995 - 2009) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 653.85 242.80 Td (March - 12 &) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 655.30 235.80 Td (October - 12) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 235.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 223.80 Td (144 Montague) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 223.80 Td (Brisbane, Australia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 223.80 Td (49,937) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 223.80 Td (13,803) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 223.80 Td (49,424) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 223.80 Td (63,227) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.55 223.85 Td (\(9,130) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.65 223.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 223.80 Td (11,808) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 223.80 Td (42,289) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 223.80 Td (54,097) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 223.80 Td (\(1,806) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 223.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 223.80 Td (2009) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 659.15 223.80 Td (April - 12) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 223.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 211.80 Td (100 Brookes) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 204.80 Td (Street) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 204.80 Td (Brisbane, Australia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 204.80 Td (38,354) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 204.80 Td (8,600) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 204.80 Td (41,404) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 204.80 Td (50,004) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.55 204.85 Td (\(6,357) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.65 204.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 204.80 Td (7,507) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 204.80 Td (36,140) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 204.80 Td (43,647) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 204.80 Td (\(1,326) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 204.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 204.80 Td (2008) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 660.75 204.80 Td (July - 12) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 204.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 192.80 Td (Minneapolis) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 185.80 Td (Retail Center) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 185.80 Td (Minneapolis, Minnesota) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 185.80 Td (65,500) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 185.80 Td (30,792) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 185.80 Td (78,711) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 185.80 Td (109,503) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.15 185.80 Td (752) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 185.80 Td (30,792) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 185.80 Td (79,463) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 185.80 Td (110,255) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 185.80 Td (\(2,759) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 185.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 185.80 Td (1974) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 652.85 192.80 Td (August - 12 &) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 652.20 185.80 Td (December - 12) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 185.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 173.80 Td (550 Terry) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 166.80 Td (Francois) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 166.80 Td (San Francisco, California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 166.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 166.80 Td (41,270) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.90 166.80 Td (109,760) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 166.80 Td (151,030) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 166.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 166.80 Td (41,270) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.90 166.80 Td (109,760) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 166.80 Td (151,030) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 166.80 Td (\(3,673) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 166.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 166.80 Td (2002) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 656.45 166.80 Td (August - 12) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 166.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 154.80 Td (Mercedes Benz) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 147.80 Td (Bank) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 147.80 Td (Stuttgart, Germany) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 147.80 Td (47,304) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 147.80 Td (11,953) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 147.80 Td (47,643) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 147.80 Td (59,596) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 147.80 Td (1,045) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 147.80 Td (12,155) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 147.80 Td (48,486) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 147.80 Td (60,641) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 147.80 Td (\(1,090) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 147.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 147.80 Td (2003) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 653.90 147.80 Td (February - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 147.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 135.80 Td (One Westferry) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 128.80 Td (Circus) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 128.80 Td (London, England) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 128.80 Td (79,142) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 128.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 128.80 Td (48,874) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 128.80 Td (48,874) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 128.80 Td (4,890) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 438.65 128.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 128.80 Td (53,764) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 128.80 Td (53,764) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 128.80 Td (\(1,110) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 128.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 128.80 Td (1992) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 653.90 128.80 Td (February - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 128.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 116.80 Td (465 Victoria) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 116.80 Td (Sydney, Australia) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 116.80 Td (47,211) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 116.80 Td (26,566) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 116.80 Td (48,788) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 116.80 Td (75,354) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 387.05 116.85 Td (\(10,049) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 408.65 116.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 116.80 Td (23,015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 116.80 Td (42,290) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 116.80 Td (65,305) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 578.80 116.80 Td (\(889) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 116.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 116.80 Td (1995) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 653.90 116.80 Td (February - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 116.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 104.80 Td (Riverside) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 97.80 Td (Center) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 97.80 Td (Boston, Massachusetts) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 97.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 97.80 Td (45,888) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.90 97.80 Td (125,014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 97.80 Td (170,902) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 97.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 97.80 Td (45,888) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.90 97.80 Td (125,014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 97.80 Td (170,902) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 97.80 Td (\(2,355) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 97.80 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 97.80 Td (2000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 657.40 97.80 Td (March - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 97.80 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 85.80 Td (New City) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 85.80 Td (Warsaw, Poland) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 200.90 85.80 Td (111,532) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 253.65 85.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.90 85.80 Td (115,208) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 85.80 Td (115,208) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 85.80 Td (8,894) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 438.65 85.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.90 85.80 Td (124,102) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 85.80 Td (124,102) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 85.80 Td (\(2,372) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 85.80 Td 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rg /GS0 gs 263.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 438.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 438.50 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 438.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 438.50 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 438.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 438.50 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 546.50 438.50 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 594.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 598.50 438.50 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 438.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 438.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 438.50 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 407.50 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 87.50 407.50 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 407.50 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 171.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 175.50 407.50 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 407.50 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 407.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 407.50 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 407.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 407.50 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 407.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 407.50 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 542.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 546.50 407.50 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 594.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 598.50 407.50 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 644.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 407.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 407.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 407.50 54.00 -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 175.5 407.5 m 226.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 396.5 m 226.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 394.5 m 226.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 407.5 m 263.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 396.5 m 263.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 394.5 m 263.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 407.5 m 317.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 396.5 m 317.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 394.5 m 317.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 407.5 m 357.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 396.5 m 357.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 394.5 m 357.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 407.5 m 411.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 396.5 m 411.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 394.5 m 411.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 407.5 m 448.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 396.5 m 448.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 394.5 m 448.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 407.5 m 502.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 396.5 m 502.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 394.5 m 502.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 407.5 m 542.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 396.5 m 542.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 394.5 m 542.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 407.5 m 594.5 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 396.5 m 594.5 396.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 546.5 394.5 m 594.5 394.5 l s BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 505.55 Td (Perspective) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 498.55 Td (Defense) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 498.55 Td (Paris, France) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 498.55 Td (96,362) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 498.55 Td (29,039) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 291.90 498.55 Td (109,704) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 498.55 Td (138,743) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.90 498.55 Td (6,943) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 498.55 Td (30,492) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 476.90 498.55 Td (115,194) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 498.55 Td (145,686) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 573.55 498.55 Td (\(1,563) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 498.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 498.55 Td (2007) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 660.15 498.55 Td (June - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 498.55 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 486.55 Td (The Markets at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 479.55 Td (Town Center) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 479.55 Td (Jacksonville, Florida) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 479.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 479.55 Td (52,130) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 479.55 Td (76,067) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 479.55 Td (128,197) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 479.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 479.55 Td (52,130) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 479.55 Td (76,067) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 479.55 Td (128,197) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 578.80 479.55 Td (\(838) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 479.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 479.55 Td (2009) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 660.75 479.55 Td (July - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 479.55 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 467.55 Td (The Avenue) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 467.55 Td (Nashville, Tennessee) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 467.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 467.55 Td (54,940) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 467.55 Td (71,990) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 467.55 Td (126,930) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 467.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 467.55 Td (54,940) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 467.55 Td (71,990) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 467.55 Td (126,930) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 578.80 467.55 Td (\(697) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 467.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 467.55 Td (2007) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 656.45 467.55 Td (August - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 467.55 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 442.55 Td (2300 Main) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 442.55 Td (Irvine, California) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 216.65 442.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.85 442.55 Td (3,570) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 442.55 Td (27,940) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 442.55 Td (31,510) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 442.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.85 442.55 Td (3,570) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 442.55 Td (27,940) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 442.55 Td (31,510) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 578.80 442.55 Td (\(239) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 442.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 442.55 Td (2002) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 656.45 442.55 Td (August - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 442.55 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 430.55 Td (Fiege Mega) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 423.55 Td (Centre) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 423.55 Td (Erfurt, Germany) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 423.55 Td (32,542) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 423.55 Td (10,107) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 423.55 Td (36,005) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 335.35 423.55 Td (46,112) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 398.15 423.55 Td (303) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 423.55 Td (10,173) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 423.55 Td (36,242) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 520.35 423.55 Td (46,415) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 578.80 423.55 Td (\(186) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 423.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 423.55 Td (1995) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 655.30 423.55 Td (October - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 423.55 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 411.55 Td (55 M Street) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 411.55 Td (Washington, D.C.) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 204.40 411.55 Td (72,000) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 241.35 411.55 Td (24,810) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.40 411.55 Td (85,277) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 331.85 411.55 Td (110,087) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 401.65 411.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 426.35 411.55 Td (24,810) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.40 411.55 Td (85,277) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 516.85 411.55 Td (110,087) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 578.80 411.55 Td (\(132) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 411.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 614.00 411.55 Td (2009) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 652.20 411.55 Td (December - 13) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 709.25 411.55 Td (10 to 40 years) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 39.00 399.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 96.00 399.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 178.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 195.65 399.55 Td (1,557,948) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 233.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 237.85 399.55 Td (531,112) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 270.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 286.65 399.55 Td (2,284,195) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 324.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 326.60 399.55 Td (2,815,307) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 364.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 389.40 399.55 Td (78,957) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.00 399.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 422.85 399.55 Td (523,022) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 455.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 471.65 399.55 Td (2,371,242) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 509.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 511.60 399.55 Td (2,894,264) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 549.00 399.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 570.05 399.55 Td (\(94,414) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 591.65 399.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 621.00 399.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 651.00 399.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 729.00 399.55 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 372.00 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 372.00 Td (Assets consist of institutional-quality of) Tj ET Q q 0 0 0 rg BT 213.25 372.00 Td (fice, mixed-use and retail properties, industrial/distribution facilities and multi-family development.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 354.00 Td (\(b\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 354.00 Td (Components of initial cost for properties acquired using a foreign currency were converted using the currency exchange rate as of the date of acquisition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 336.00 Td (\(c\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 336.00 Td (Includes the ef) Tj ET Q q 0 0 0 rg BT 112.68 336.00 Td (fect of changes in the exchange rate between the date of acquisition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.28 336.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.86 336.00 Td ( for properties that are denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 709.28 336.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 318.00 Td (\(d\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 318.00 Td (The aggregate cost for federal income tax purposes is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.30 318.00 Td ($3.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.42 318.00 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.58 318.00 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.16 318.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 300.00 Td (\(e\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 300.00 Td (Real estate assets are depreciated or amortized using the straight-line method over the useful lives of the assets by class. ) Tj ET Q q 0 0 0 rg BT 536.16 300.00 Td (The estimated useful lives for computing depreciation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 288.00 Td (are generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.41 288.00 Td (10 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.01 288.00 Td ( for furniture and fixtures, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.64 288.00 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.64 288.00 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.97 288.00 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.97 288.00 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.10 288.00 Td (40 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.70 288.00 Td ( for buildings. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 36.00 264.00 Td (The changes in total r) Tj ET Q q 0 0 0 rg BT 128.60 264.00 Td (eal estate assets for) Tj ET Q q 0 0 0 rg BT 209.77 264.00 Td ( the years ended December) Tj ET Q q 0 0 0 rg BT 324.56 264.00 Td ( 31, \(in thousands\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 252.00 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 221.50 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 221.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 221.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 221.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 221.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 221.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 191.50 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 191.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 191.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 191.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 191.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 191.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 161.50 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 161.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 161.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 161.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 161.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 161.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 131.50 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 131.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 131.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 131.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 131.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 131.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 101.50 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 101.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 101.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 101.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 101.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 101.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 71.50 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 71.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 71.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 71.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 71.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 71.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 236.5 m 618.5 236.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 236.5 m 687.5 236.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 236.5 m 756.5 236.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 146.5 m 618.5 146.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 146.5 m 687.5 146.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 146.5 m 756.5 146.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 132.5 m 618.5 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 130.5 m 618.5 130.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 132.5 m 687.5 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 130.5 m 687.5 130.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 132.5 m 756.5 132.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 130.5 m 756.5 130.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 71.5 m 618.5 71.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 71.5 m 687.5 71.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 71.5 m 756.5 71.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 57.5 m 618.5 57.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 55.5 m 618.5 55.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 57.5 m 687.5 57.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 55.5 m 687.5 55.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 57.5 m 756.5 57.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 55.5 m 756.5 55.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 241.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 575.50 241.18 Td (2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 644.50 241.18 Td (2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 713.75 241.18 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 226.18 Td (Gross real estate assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.00 226.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 625.00 226.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 694.00 226.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 211.17 Td (Balance, beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.00 211.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 574.65 211.17 Td (1,529,675) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 625.00 211.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 651.15 211.17 Td (969,421) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 694.00 211.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 720.15 211.17 Td (452,922) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 196.17 Td (Additions during the period:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 615.00 196.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 684.00 196.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 753.00 196.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 181.17 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 574.65 181.17 Td (1,322,485) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 651.15 181.17 Td (509,335) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 720.15 181.17 Td (534,614) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 166.17 Td (Other additions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 587.15 166.17 Td (61,259) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 656.15 166.17 Td (28,149) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 730.15 166.17 Td (2,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 151.17 Td (Effect of changes in foreign currency exchange rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 583.80 151.17 Td (\(19,155) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 614.65 151.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 656.15 151.17 Td (22,770) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 721.80 151.17 Td (\(20,305) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 752.65 151.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 136.17 Td (Balance, end of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.00 136.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 574.65 136.17 Td (2,894,264) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 625.00 136.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 643.65 136.17 Td (1,529,675) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 694.00 136.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 720.15 136.17 Td (969,421) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 39.00 121.18 Td (Accumulated Depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 615.00 121.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 684.00 121.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 753.00 121.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 106.17 Td (Balance, beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.00 106.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 583.80 106.17 Td (\(47,197) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 614.65 106.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 625.00 106.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 652.80 106.17 Td (\(18,991) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 683.65 106.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 694.00 106.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 726.80 106.17 Td (\(3,893) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 752.65 106.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 91.17 Td (Depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 583.80 91.17 Td (\(46,973) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 614.65 91.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 652.80 91.17 Td (\(27,361) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 683.65 91.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 721.80 91.17 Td (\(15,470) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 752.65 91.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.00 76.17 Td (Effect of changes in foreign currency exchange rates) Tj ET Q BT /F2 10.00 Tf ET 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endobj 214 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (104) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 204.10 740.25 Td (Schedule IV) Tj ET Q q 0 0 0 rg BT 255.87 740.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.37 740.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 270.87 740.25 Td ( Mortgage Loans on Real Estate) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 265.65 728.25 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.25 Td (31, 2013) Tj ET Q BT /F3 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 255.95 716.25 Td (\(amounts in thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 629.75 95.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 629.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 629.75 53.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 629.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 629.75 42.00 -37.00 re f /GS0 gs 0.8 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 437.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 437.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 407.75 95.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 407.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 407.75 53.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 407.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 407.75 42.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 407.75 5.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 407.75 52.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 407.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 407.75 115.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 407.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 407.75 36.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 407.75 6.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 407.75 54.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 407.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 407.75 62.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 355.75 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 355.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 355.75 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 355.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 355.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 355.75 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 355.75 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 355.75 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 355.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 355.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 355.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 303.75 95.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 130.50 303.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 134.50 303.75 53.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 303.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 303.75 42.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 303.75 5.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 303.75 52.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 303.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 303.75 115.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 303.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 303.75 36.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 303.75 6.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 303.75 54.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 303.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 303.75 62.00 -37.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 659.75 m 130.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134.5 659.75 m 187.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 659.75 m 233.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 659.75 m 290.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 659.75 m 409.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 659.75 m 449.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 659.75 m 509.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 659.75 m 575.5 659.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 266.75 m 449.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 252.75 m 449.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 250.75 m 449.5 250.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 266.75 m 509.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 252.75 m 509.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 250.75 m 509.5 250.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 266.75 m 575.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 252.75 m 575.5 252.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 250.75 m 575.5 250.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 60.25 664.20 Td (Description) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.45 664.20 Td (Location) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.05 673.20 Td (Interest) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.00 664.20 Td (Rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.95 682.20 Td (Final) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.50 673.20 Td (Maturity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.00 664.20 Td (Date) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.25 664.20 Td (Periodic Payment Terms) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.80 673.20 Td (Prior) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.45 664.20 Td (Liens) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.00 682.20 Td (Face) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.35 673.20 Td (Amount of) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.50 664.20 Td (Mortgages) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.25 682.20 Td (Carrying ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.35 673.20 Td (Amount of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.95 664.20 Td (Mortgages ) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 562.18 668.28 Td (\(a\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 649.20 Td (Construction Loans:) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 38.00 634.20 Td (Multi-family) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 597.21 Td (Bay Park Apartments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.05 597.21 Td (Houston, TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.90 597.21 Td (7.80) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 597.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.45 597.21 Td (7/30/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.15 621.00 Td (Monthly interest- only payments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.95 613.00 Td (for first year; then amortizes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.15 605.00 Td (based on a 25-year amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.50 597.00 Td (schedule.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 597.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 597.21 Td (3,231) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 597.21 Td (3,212) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 582.21 Td (@1377) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 138.75 582.21 Td (Atlanta, GA) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.35 582.21 Td (10.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 582.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.95 582.21 Td (7/1/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.50 582.00 Td (No payment until completion) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 582.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 582.21 Td (3,673) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 582.21 Td (3,673) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 545.21 Td (Deer Creek) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.05 545.21 Td (Houston, TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.90 545.21 Td (8.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 545.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.95 545.21 Td (2/7/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.15 569.00 Td (Monthly interest- only payments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.95 561.00 Td (for first year; then amortizes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.15 553.00 Td (based on a 25-year amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.50 545.00 Td (schedule.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 545.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 545.21 Td (5,450) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 545.21 Td (5,287) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 508.21 Td (Casa Blanca) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.80 508.21 Td (Dallas, TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.90 508.21 Td (8.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 508.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.95 508.21 Td (2/7/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.15 532.00 Td (Monthly interest- only payments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.95 524.00 Td (for first year; then amortizes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.15 516.00 Td (based on a 25-year amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.50 508.00 Td (schedule.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 508.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 508.21 Td (5,742) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 508.21 Td (5,350) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 479.21 Td (Falls of Kirkwood) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.05 479.21 Td (Houston, TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.90 479.21 Td (8.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 479.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.95 479.21 Td (10/12/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.80 495.00 Td (Monthly payments of principal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.85 487.00 Td (and interest based on a 30-year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.25 479.00 Td (amortization schedule) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 479.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 479.21 Td (3,800) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 479.21 Td (3,641) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 451.21 Td (Falls of Town Park) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 442.21 Td (Apartments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.05 442.21 Td (Houston, TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.90 442.21 Td (7.75) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 442.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.95 442.21 Td (12/30/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.15 466.00 Td (Monthly interest- only payments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.95 458.00 Td (for first year; then amortizes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.15 450.00 Td (based on a 25-year amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.50 442.00 Td (schedule.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 442.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 442.21 Td (5,327) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 442.21 Td (4,364) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 38.00 412.20 Td (Industrial) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 375.21 Td (Motor Circle) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.80 375.21 Td (Dallas, TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.90 375.21 Td (8.00) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 375.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.95 375.21 Td (12/28/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.15 399.00 Td (Monthly interest- only payments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.95 391.00 Td (for first year; then amortizes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.15 383.00 Td (based on a 25-year amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.50 375.00 Td (schedule.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 375.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 375.21 Td (3,175) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 375.21 Td (2,412) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 38.00 345.20 Td (Shopping Centers) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 308.21 Td (Norchester Village) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.05 308.21 Td (Houston, TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.90 308.21 Td (7.75) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 308.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.95 308.21 Td (3/1/2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.15 332.00 Td (Monthly interest- only payments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.95 324.00 Td (for first year; then amortizes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.15 316.00 Td (based on a 25-year amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.50 308.00 Td (schedule.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 308.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 485.75 308.21 Td (4,961) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 308.21 Td (4,289) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 38.00 271.21 Td (Houston Retail Portfolio) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 137.05 271.21 Td (Houston, TX) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 208.90 271.21 Td (7.60) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.50 271.21 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.95 271.21 Td (8/2/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.15 295.00 Td (Monthly interest- only payments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 305.95 287.00 Td (for first year; then amortizes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.15 279.00 Td (based on a 25-year amortization) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.50 271.00 Td (schedule.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 271.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.25 271.21 Td (11,804) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.25 271.21 Td (11,363) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.00 256.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 256.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.00 256.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.25 256.21 Td (47,163) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 516.00 256.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.25 256.21 Td (43,591) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 228.25 Td (\(a\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 228.25 Td (The aggregate cost for federal income tax purposes is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.30 228.25 Td ($43.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.20 228.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.36 228.25 Td (December31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.94 228.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 198.25 Td (Changes in mortgage loans on real estate are summarized below \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 173.75 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 173.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 173.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 173.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 173.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 173.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 173.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 145.75 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 145.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 145.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 145.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 145.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 145.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 145.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 117.75 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 117.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 117.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 117.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 117.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 117.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 117.75 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 89.75 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 89.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 89.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 89.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 89.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 89.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 89.75 56.00 -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 402.5 173.75 m 456.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 173.75 m 515.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 173.75 m 575.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 75.75 m 456.5 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 62.75 m 456.5 62.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 60.75 m 456.5 60.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 75.75 m 515.5 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 62.75 m 515.5 62.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 60.75 m 515.5 60.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 75.75 m 575.5 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 62.75 m 575.5 62.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 60.75 m 575.5 60.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.00 178.20 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.50 178.20 Td (2012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.20 178.20 Td (2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 164.20 Td (Balance at beginning of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 164.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.25 164.21 Td (35,124) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.00 164.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.75 164.21 Td (4,919) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 164.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 164.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 44.00 150.21 Td (Additions during period:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 136.21 Td (New loans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.25 136.21 Td (18,633) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.25 136.21 Td (30,003) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 136.21 Td (4,882) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 122.21 Td (Additional advances on existing loans) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.75 122.21 Td (1,389) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.75 122.21 Td (2,554) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 122.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 108.21 Td (Interest income added to principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.50 108.21 Td (842) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.50 108.21 Td (755) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 108.21 Td (37) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 44.00 94.21 Td (Deductions during period:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 50.00 80.21 Td (Collection of principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.25 80.21 Td (\(12,397) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 453.00 80.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.75 80.21 Td (\(3,107) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 512.00 80.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 80.21 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 38.00 66.20 Td (Balance at close of period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 66.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.25 66.21 Td (43,591) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.00 66.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.25 66.21 Td (35,124) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.00 66.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 551.75 66.21 Td (4,919) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 215 0 obj <> endobj 216 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (105) Tj ET Q BT /F3 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 /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Pursuant to the requirements of Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 384.87 718.25 Td (Act of 1934, the Registrant has duly caused ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (this Report to be signed on its behalf by the undersigned, thereunto duly authorized representative.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 175.5 628.75 m 402.5 628.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 668.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 668.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 673.87 Td (HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 250.12 673.87 Td ( REIT) Tj ET Q q 0 0 0 rg BT 274.10 673.87 Td (, INC.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 663.87 Td (\(registrant\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 648.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 648.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 648.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 633.42 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 633.42 Td (By:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 633.42 Td (/s/ Sherri W. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 618.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 618.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 618.87 Td (Sherri W. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 603.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 603.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.00 603.87 Td (President and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 587.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 575.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 294.05 575.25 Td (Act of 1934, this Report has been signed below by the following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 563.25 Td (persons on behalf of the Registrant and in the capacities indicated on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.69 563.25 Td (March27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.29 563.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 527.75 m 186.5 527.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 527.75 m 427.5 527.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 527.75 m 562.5 527.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 499.75 m 186.5 499.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 457.75 m 186.5 457.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 415.75 m 186.5 415.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 373.75 m 186.5 373.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 331.75 m 186.5 331.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 289.75 m 186.5 289.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 247.75 m 186.5 247.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 205.75 m 186.5 205.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 163.75 m 186.5 163.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 121.75 m 186.5 121.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 531.48 Td (Signature) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 296.55 531.48 Td (Title) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 484.50 531.48 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 518.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 518.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 518.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 504.32 Td (/s/ Jeffrey C. Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.25 504.32 Td (Chairman of the Board of Directors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 504.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 490.32 Td (Jeffrey C. Hines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 490.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 490.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 476.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 476.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 476.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 462.32 Td (/s/ Sherri W. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.20 462.32 Td (President and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 462.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 448.32 Td (Sherri W. Schugart) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.25 448.32 Td (\(Principal Executive Officer\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 448.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 434.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 434.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 420.32 Td (/s/ Ryan T. Sims) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.30 420.32 Td (Chief Financial Officer and Secretary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 420.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 406.32 Td (Ryan T. Sims) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.65 406.32 Td (\(Principal Financial Officer\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 406.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 392.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 392.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 392.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 378.32 Td (/s/ J. Shea Morgenroth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.85 378.32 Td (Chief Accounting Officer and Treasurer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 378.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 364.32 Td (J. Shea Morgenroth) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.20 364.32 Td (\(Principal Accounting Officer\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 364.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 350.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 350.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 350.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 336.32 Td (/s/ Charles M. Baughn) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 336.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 336.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 322.32 Td (Charles M. Baughn) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 322.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 322.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 308.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 308.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 308.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 294.32 Td (/s/ Jack L. Farley) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 294.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 294.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 280.32 Td (Jack L. Farley) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 280.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 280.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 266.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 266.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 266.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 252.32 Td (/s/ Colin P. Shepherd) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 252.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 252.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 238.32 Td (Colin P. Shepherd) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 238.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 238.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 224.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 224.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 224.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 210.32 Td (/s/ Thomas L. Mitchell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 210.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 210.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 196.32 Td (Thomas L. Mitchell) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 196.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 196.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 182.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 182.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 182.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 168.32 Td (/s/ John S. Moody) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 168.32 Td (Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.70 168.32 Td (March 27, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 154.32 Td (John S. 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