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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.40 526.00 Td (\(Exact Name of Registrant as Specified in its Charter\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.45 500.90 Td (Maryland) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.00 500.90 Td (26-3999995) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.25 488.75 Td (\(State or Other Jurisdiction of Incorporation or Organization\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.35 488.75 Td (\(I.R.S. Employer Identification No.\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 106.85 472.90 Td (2800 Post Oak Boulevard Suite5000) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.20 472.90 Td (77056-6118) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 147.45 460.90 Td (Houston, Texas) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.10 460.75 Td (\(Zip code\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 98.60 448.11 Td (\(Address of principal executive offices\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.00 Tf ET q 0 0 0 rg BT 49.50 438.80 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 176.40 428.00 Td (Registrant) Tj ET Q q 0 0 0 rg BT 219.55 428.00 Td (s telephone number) Tj ET Q q 0 0 0 rg BT 294.23 428.00 Td (, including ar) Tj ET Q q 0 0 0 rg BT 345.33 428.00 Td (ea code: \(888\)220-6121) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 183.65 417.20 Td (Securities r) Tj ET Q q 0 0 0 rg BT 227.22 417.20 Td (egister) Tj ET Q q 0 0 0 rg BT 252.54 417.20 Td (ed pursuant to Section 12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 386.80 417.20 Td (Act: None.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 133.85 406.40 Td (Securities r) Tj ET Q q 0 0 0 rg BT 177.42 406.40 Td (egister) Tj ET Q q 0 0 0 rg BT 202.74 406.40 Td (ed pursuant to Section 12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 336.50 406.40 Td (Act: Common Stock, par) Tj ET Q q 0 0 0 rg BT 432.32 406.40 Td ( value $.001) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 49.50 399.20 Td ( ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 388.40 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 317.30 388.40 Td (, as defined in Rule405 of the Securities ) Tj ET Q q 0 0 0 rg BT 465.27 388.40 Td (Act.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 485.02 388.40 Td (Y) Tj ET Q q 0 0 0 rg BT 490.30 388.40 Td (es) Tj ET Q /GS0 gs q 7.57 0 0 9.18 499.51 386.46 cm /I3 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 507.08 388.40 Td (No) Tj ET Q /GS0 gs q 7.58 0 0 9.18 530.22 386.46 cm /I4 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 371.60 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 /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 360.80 Td (Act.) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 69.24 360.80 Td (Y) Tj ET Q q 0 0 0 rg BT 74.53 360.80 Td (es) Tj ET Q /GS0 gs q 7.57 0 0 9.18 83.74 358.86 cm /I5 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 91.31 360.80 Td (No) Tj ET Q /GS0 gs q 7.58 0 0 9.18 114.45 358.86 cm /I6 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 344.00 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 /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 333.20 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 86.73 333.20 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 /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 322.40 Td (\(2\)has been subject to such filing requirements for the past 90days.) 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See the definitions of lar) Tj ET Q q 0 0 0 rg BT 178.71 218.00 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 246.80 218.00 Td (, accelerated filer and smaller reporting company in Rule12b-2 of the Exchange ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 207.20 Td (Act. \(Check one\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.95 187.96 Td (Lar) Tj ET Q q 0 0 0 rg BT 67.28 187.96 Td (ge accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 137.97 186.02 cm /I12 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 161.75 187.96 Td (Accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 224.21 186.02 cm /I13 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 302.75 187.96 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.02 0 0 9.18 381.20 186.02 cm /I14 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.10 187.96 Td (Smaller reporting company) Tj ET Q /GS0 gs q 8.02 0 0 9.18 556.82 186.02 cm /I15 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.40 175.16 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 160.40 Td ( Indicate by check mark whether the registrant is a shell company \(as defined in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 450.87 160.40 Td (Act\).) Tj ET Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 473.61 160.40 Td (Y) Tj ET Q q 0 0 0 rg BT 478.90 160.40 Td (es) Tj ET Q /GS0 gs q 7.57 0 0 9.18 488.10 158.46 cm /I16 Do Q BT /F1 8.50 Tf ET q 0 0 0 rg BT 495.68 160.40 Td (No) Tj ET Q /GS0 gs q 7.58 0 0 9.18 518.81 158.46 cm /I17 Do Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 143.60 Td (Aggregate market value of the common stock held by non-af) Tj ET Q q 0 0 0 rg BT 277.51 143.60 Td (filiates of the registrant: No established market exists for the registrant) Tj ET Q q 0 0 0 rg BT 533.94 143.60 Td (s ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 132.85 Td (common stock.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 116.05 Td (The registrant had ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 126.22 116.05 Td (275.3 million) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 174.73 116.05 Td (shares of common stock outstanding as of ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.20 116.05 Td (March20, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.44 116.05 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 202.60 94.45 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 318.18 94.45 Td (TED BY) Tj ET Q q 0 0 0 rg BT 351.11 94.45 Td ( REFERENCE) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.87 94.45 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 58.50 77.65 Td (Portions of the Registrant) Tj ET Q q 0 0 0 rg BT 153.24 77.65 Td (s proxy statement in connection with its ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.97 77.65 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 316.97 77.65 Td ( annual meeting of stockholders are incorporated by reference in ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 49.50 66.85 Td (PartIII.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 716.07 Td (Business) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 702.23 Td (Item 1A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 702.07 Td (Risk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 688.23 Td (Item 1B.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 674.23 Td (Item 2.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 674.07 Td (Properties) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 660.23 Td (Item 3.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 660.07 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.23 Td (Item 4.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 646.07 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.85 632.23 Td (PARTII) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 632.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 618.23 Td (Item 5.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 608.07 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 594.23 Td (Item 6.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 594.07 Td (Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 580.23 Td (Item 7.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 566.23 Td (Item 7A.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 552.23 Td (Item 8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 552.07 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 538.23 Td (Item 9.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 524.23 Td (Item 9A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 524.07 Td (Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 510.23 Td (Item 9B.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 510.07 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.90 496.23 Td (PARTIII) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 496.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 482.23 Td (Item 10.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 468.23 Td (Item 11.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 468.07 Td (ExecutiveCompensation) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 453.18 Td (Item 12.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 439.23 Td (Item 13.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 425.23 Td (Item 14.) Tj ET Q BT /F1 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 /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.30 411.23 Td (PARTIV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 411.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 397.23 Td (Item 15.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 397.07 Td (Exhibits, Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET BT /F2 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 BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 355.23 Td (EX- 21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 355.07 Td (List of Subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 341.23 Td (EX- 23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 341.07 Td (Consent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 327.23 Td (EX- 31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 327.07 Td (Certification) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 313.23 Td (EX- 31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 313.07 Td (Certification) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 299.23 Td (EX- 32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 299.07 Td (Certification of CEO & CFO pursuant to Section 906) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 285.23 Td (EX- 99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 285.07 Td (Consent of Independent Valuer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 271.23 Td (EX- 99.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 271.07 Td (Consent of Independent Valuer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 257.23 Td (EX- 99.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 257.07 Td (Consent of Independent Valuer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 229.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 229.07 Td (Instance Document) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 215.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 215.07 Td (Schema Document) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 201.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 201.07 Td (Calculation Linkbase Document) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 187.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 187.07 Td (Labels Linkbase Document) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 173.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 173.07 Td (Presentation Linkbase Document) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 159.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 159.07 Td (Definition Linkbase Document) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 716.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.00 702.07 Td (4) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 688.07 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 674.07 Td (32) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 660.07 Td (37) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 646.07 Td (37) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 618.07 Td (38) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 594.07 Td (45) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 580.07 Td (46) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 566.07 Td (64) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 552.07 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 538.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 524.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 510.07 Td (102) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 482.07 Td (102) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 468.07 Td (102) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 453.17 Td (102) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 439.07 Td (103) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 425.07 Td (103) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 397.07 Td (104) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q BT /F2 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 /F2 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (significantly hindered.) Tj ET Q BT /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Item1.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 370.25 Td (Business) Tj ET Q BT /F2 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 /F1 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 /F1 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 /F1 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 the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (capital for its real estate investments through two public of) Tj ET Q q 0 0 0 rg BT 285.03 286.25 Td (ferings from ) Tj ET Q q 0 0 0 rg BT 336.69 286.25 Td (August 2009 through ) Tj ET Q q 0 0 0 rg BT 423.64 286.25 Td (April 2014. Hines Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (continues to of) Tj ET Q q 0 0 0 rg BT 109.25 274.25 Td (fer up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.63 274.25 Td ($500.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.52 274.25 Td ( of shares of its common stock under its distribution reinvestment plan, pursuant to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 262.25 Td (fering which commenced on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.22 262.25 Td (April24, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.83 262.25 Td ( \(the DRP) Tj ET Q q 0 0 0 rg BT 276.90 262.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 289.77 262.25 Td (fering\). Collectively) Tj ET Q q 0 0 0 rg BT 377.14 262.25 Td (, through its public of) Tj ET Q q 0 0 0 rg BT 463.34 262.25 Td (ferings, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 69.08 250.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 81.95 250.25 Td (fering, Hines Global raised approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.01 250.25 Td ($2.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.13 250.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.29 250.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.87 250.25 Td (. Hines Global engaged Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Securities, Inc. \(the Dealer Manager\), an af) Tj ET Q q 0 0 0 rg BT 231.67 238.25 Td (filiate of Hines, to serve as the dealer manager for its two public of) Tj ET Q q 0 0 0 rg BT 499.17 238.25 Td (ferings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (by) Tj ET Q q 0 0 0 rg BT 59.35 202.25 Td (, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 141.93 202.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 201.28 202.25 Td ( \(the Operating Partnership\), which was formed on January7, 2009. Hines Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (contributes the proceeds it receives from the issuance of common shares to the Operating Partnership and the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (Partnership in turn issues general partner interests to Hines Global. ) Tj ET Q q 0 0 0 rg BT 320.03 178.25 Td (The general partner interests entitle Hines Global to receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (its share of the Operating Partnership) Tj ET Q q 0 0 0 rg BT 201.90 166.25 Td (s earnings or losses and distributions of cash flow) Tj ET Q q 0 0 0 rg BT 400.12 166.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 142.25 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 485.61 142.25 Td (, and the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (we, our) Tj ET Q q 0 0 0 rg BT 92.91 130.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (which such pronoun is used.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 742.10 Td (e completed our investment phase during 2015 and have achieved one of our primary investment objectives of investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (in a real estate portfolio that is diversified by asset type, geographic area, lease expirations and tenant industries. ) Tj ET Q q 0 0 0 rg BT 503.74 730.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 718.10 Td (, we owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.01 718.10 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.01 718.10 Td ( real estate investments which contain, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.76 718.10 Td (16.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 718.10 Td ( square feet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of leasable space, and we believe each investment is suitable for its intended purpose. ) Tj ET Q q 0 0 0 rg BT 394.70 706.10 Td (These investments consisted of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 682.10 Td ( ) Tj ET Q BT /F1 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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.06 682.10 Td (1) Tj ET Q q 0 0 0 rg BT 201.69 682.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.69 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 209.19 682.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td (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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 670.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.48 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.98 670.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td ( ) Tj ET Q BT /F1 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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.83 658.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.83 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.33 658.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 646.10 Td (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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 646.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.24 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.74 646.10 Td (investments\)) Tj ET Q BT /F1 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 are evaluating various strategic alternatives to execute a liquidity event \(i.e., a sale of our assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 530.72 622.10 Td (ger) Tj ET Q q 0 0 0 rg BT 543.09 622.10 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (listing of our shares on a national securities exchange, or another similar transaction\). ) Tj ET Q q 0 0 0 rg BT 396.93 610.10 Td (There is no set timetable for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (execution of such an event.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 574.10 Td (e have no employees. Our business is managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 357.51 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.46 574.10 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 409.37 574.10 Td ( \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 498.87 574.10 Td (filiate of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (sponsor) Tj ET Q q 0 0 0 rg BT 80.71 562.10 Td (, Hines Interests Limited Partnership \(Hines\), under the terms and conditions of an advisory agreement between us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (the Operating Partnership and the ) Tj ET Q q 0 0 0 rg BT 186.35 550.10 Td (Advisor \(the Advisory ) Tj ET Q q 0 0 0 rg BT 282.73 550.10 Td (Agreement\). ) Tj ET Q q 0 0 0 rg BT 339.37 550.10 Td (As compensation for these services, we pay or have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (paid the ) Tj ET Q q 0 0 0 rg BT 83.88 538.10 Td (Advisor asset management, acquisition, debt financing and disposition fees and we reimburse certain of the ) Tj ET Q q 0 0 0 rg BT 515.71 538.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 548.30 538.10 Td () Tj ET Q q 0 0 0 rg BT 551.08 538.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (expenses incurred on our behalf in accordance with the advisory agreement. Hines or af) Tj ET Q q 0 0 0 rg BT 400.79 526.10 Td (filiates of Hines manage the leasing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (operations of most of the properties in which we invest and, accordingly) Tj ET Q q 0 0 0 rg BT 338.72 514.10 Td (, we pay property management and leasing fees in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (connection with these services. Hines is owned and controlled by or for the benefit of Gerald D. Hines and his son Jef) Tj ET Q q 0 0 0 rg BT 521.08 502.10 Td (frey C. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Hines, the Chairman of our board of directors. Hines and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.44 490.10 Td (3,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.94 490.10 Td (employees have over 50years of experience in the areas of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (investment selection, underwriting, due diligence, portfolio management, asset management, property management, leasing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (disposition, finance, accounting and investor relations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (Our of) Tj ET Q q 0 0 0 rg BT 94.20 442.10 Td (fice is located at 2800 Post Oak Boulevard, Suite5000, Houston, ) Tj ET Q q 0 0 0 rg BT 356.76 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 362.17 442.10 Td (exas 77056-61) Tj ET Q q 0 0 0 rg BT 420.40 442.10 Td (18. Our telephone number is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (1-888-220-6121. Our web site is www) Tj ET Q q 0 0 0 rg BT 203.77 430.10 Td (.HinesSecurities.com. ) Tj ET Q q 0 0 0 rg BT 293.57 430.10 Td (The information on our website is not incorporated by reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (into this report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Primary Investment Objectives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Our primary investment objectives are to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.10 Td (preserve invested capital;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 328.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 328.10 Td (invest in a diversified portfolio of quality commercial real estate properties and other real estate investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.10 Td (pay regular cash distributions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 292.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 292.10 Td (achieve attractive total returns upon the ultimate sale of our investments or occurrence of another liquidity event;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 274.10 Td (remain qualified as a real estate investment trust \(REIT\) for federal income tax purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Acquisition and Investment Policies) Tj ET Q BT /F1 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 had invested all of the proceeds raised through our public of) Tj ET Q q 0 0 0 rg BT 323.88 226.10 Td (ferings by the end of 2015. ) Tj ET Q q 0 0 0 rg BT 436.45 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 445.09 226.10 Td (e may make additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (investments in the future, from time to time. However) Tj ET Q q 0 0 0 rg BT 268.16 214.10 Td (, these investments will be funded with proceeds from the dispositions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (other real estate investments or debt financings. ) Tj ET Q q 0 0 0 rg BT 245.59 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 254.23 202.10 Td (e have invested in a diversified portfolio of quality commercial real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (properties and other real estate investments throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 417.30 190.10 Td (. Our principal tar) Tj ET Q q 0 0 0 rg BT 488.76 190.10 Td (geted assets have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (been investments in properties, and other real estate investments that relate to properties, that have quality construction and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (desirable locations which can attract quality tenants. ) Tj ET Q q 0 0 0 rg BT 261.41 166.10 Td (These types of investments are generally located in central business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (districts or suburban markets of major metropolitan cities worldwide. ) Tj ET Q q 0 0 0 rg BT 329.76 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 338.39 154.10 Td (e have invested in a geographically diverse portfolio in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (order to reduce the risk of reliance on a particular market, a particular property and/or a particular tenant. See Item 2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Properties, for additional information regarding our real estate portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Financing Strategy and Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 82.10 Td (e have and may continue to use debt financing from time to time for acquisitions, property improvements, lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (inducements, tenant improvements, redemptions and other working capital needs. ) Tj ET Q q 0 0 0 rg BT 381.30 70.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.75 70.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.33 70.10 Td (, our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 58.10 Td ( leveraged based on the values of our real estate investments.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Our existing indebtedness and any additional indebtedness we do incur will likely be subject to continuing covenants, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (we will likely be required to make continuing representations and warranties about the Company in connection with such debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 89.03 718.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (any loan document, our lender may accelerate the maturity of such debt, requiring us to immediately repay all outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (principal.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Distribution Objectives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (In order to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 183.34 634.10 Td ( for federal income tax purposes, we must distribute at least 90% of our taxable income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (\(excluding capital gains\) to our stockholders. ) Tj ET Q q 0 0 0 rg BT 232.83 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.46 622.10 Td (e intend, although we are not legally obligated, to continue to make regular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 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 480.01 610.10 Td ( status unless our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (results of operations, our general financial condition, general economic conditions or other factors inhibit us from doing so. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (cause us to comply with the REIT) Tj ET Q q 0 0 0 rg BT 185.90 574.10 Td ( requirements of the Internal Revenue Code of 1986, as amended \(the Code\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 550.10 Td (e have declared distributions for the months of January 2013 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.18 550.10 Td (March 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.78 550.10 Td ( at an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.87 550.10 Td ($0.0017808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.37 550.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (share. Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 363.61 538.10 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 543.41 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 552.05 538.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.27 526.10 Td (67%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.60 526.10 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.87 526.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.87 526.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.87 526.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.20 526.10 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.47 526.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.47 526.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.90 526.10 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.23 526.10 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 526.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.50 526.10 Td ( with cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (flows from financing activities, which include proceeds from our public of) Tj ET Q q 0 0 0 rg BT 348.34 514.10 Td (ferings and proceeds from our debt financings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 490.10 Td (years ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.02 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 490.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.11 490.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 490.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 490.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.04 490.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.04 490.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 361.71 490.10 Td (, we paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.58 490.10 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.47 490.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.47 490.10 Td ($44.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.37 490.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 490.10 Td ($83.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 478.10 Td ( in acquisition fees and expenses. Under accounting principles generally accepted in the United States \(GAAP\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (acquisition fees and acquisition-related expenses are expensed and therefore reduce cash flows from operating activities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 454.10 Td (, we fund these expenses with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 319.61 454.10 Td (ferings or other equity capital. See Item 7. Management) Tj ET Q q 0 0 0 rg BT 552.59 454.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Discussion and ) Tj ET Q q 0 0 0 rg BT 112.78 442.10 Td (Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Resources for additional information regarding our distributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 406.10 Td (ax Status) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 382.10 Td (e have elected to be treated as a REIT) Tj ET Q q 0 0 0 rg BT 227.49 382.10 Td ( under the Code. Our management believes that we operate in such a manner as to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (qualify for treatment as a REIT) Tj ET Q q 0 0 0 rg BT 175.05 370.10 Td ( and we intend to operate in the foreseeable future in such a manner so that we will remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (qualified as a REIT) Tj ET Q q 0 0 0 rg BT 127.85 358.10 Td ( for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 261.41 358.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 310.75 358.10 Td (, no provision has been made for U.S.federal income taxes for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 346.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 346.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.28 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 346.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.71 346.10 Td ( in the accompanying consolidated financial statements.In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.08 346.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.08 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.08 346.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.08 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 334.10 Td (, income tax expense recorded by the Company was primarily comprised of foreign income taxes related to the operation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (of its international properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Numerous real estate companies, real estate investment trusts and U.S.institutional and foreign investors compete with us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (in acquiring properties or making other real estate investments and obtaining creditworthy tenants to occupy such properties, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (including, but not limited to, Hines Global REIT) Tj ET Q q 0 0 0 rg BT 244.52 250.10 Td ( II, Inc. \(Hines Global II\), Hines Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 479.54 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 485.29 250.10 Td (rust, Inc. \(Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (REIT\) and other real estate investment vehicles sponsored by Hines. Many of these entities have significant financial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (other resources, allowing them to compete ef) Tj ET Q q 0 0 0 rg BT 230.03 226.10 Td (fectively with us. Principal factors of competition in our primary business of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (acquiring properties or making other real estate investments include access to capital, the quality of properties, leasing terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (\(including rent and other char) Tj ET Q q 0 0 0 rg BT 168.66 202.10 Td (ges and allowances for inducements and tenant improvements\), the quality and breadth of tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (services provided, and reputation as an owner and operator of commercial real estate investments in the relevant market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 178.10 Td (, our ability to compete depends upon, among other factors, trends of the global, national and local economies, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (investment alternatives, financial condition and operating results of current and prospective tenants, availability and cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (capital, taxes, governmental regulations, legislation and demographic trends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 130.10 Td (e believe Hines) Tj ET Q q 0 0 0 rg BT 140.87 130.10 Td ( extensive real estate experience and depth and breadth of its or) Tj ET Q q 0 0 0 rg BT 394.19 130.10 Td (ganization of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.17 130.10 Td (3,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.67 130.10 Td (employees located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.27 118.10 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.27 118.10 Td (cities across the United States and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.62 118.10 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.62 118.10 Td ( foreign countries allows it to better identify investment opportunities for us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 106.10 Td (, competition may increase our cost of acquisitions.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.25 Td (e are dependent upon the ability of current tenants to pay their contractual rent amounts as the rents become due. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 706.25 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.78 706.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.28 706.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 706.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 706.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.28 706.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.21 706.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.21 706.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 312.88 706.25 Td (, we did not earn more than 10% of total rental revenues from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (any individual tenant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.48 670.25 Td (vailable Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.25 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 526.32 646.25 Td (ge from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (the website maintained by the SEC at www) Tj ET Q q 0 0 0 rg BT 223.48 634.25 Td (.sec.gov or from our website at www) Tj ET Q q 0 0 0 rg BT 371.13 634.25 Td (.HinesSecurities.com. Further) Tj ET Q q 0 0 0 rg BT 490.15 634.25 Td (, a copy of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Annual Report on Form 10-K is located at the SEC) Tj ET Q q 0 0 0 rg BT 257.47 622.25 Td (s Public Reference Room at 100 F Street NE, ) Tj ET Q q 0 0 0 rg BT 441.14 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 449.78 622.25 Td (ashington, D.C. 20549. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 586.25 Td (, the information from our website is not incorporated by reference into this report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (Item1A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 91.71 562.25 Td (Risk Factors) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 538.25 Td (Y) Tj ET Q q 0 0 0 rg BT 72.14 538.25 Td (ou should car) Tj ET Q q 0 0 0 rg BT 126.77 538.25 Td (efully r) Tj ET Q q 0 0 0 rg BT 155.00 538.25 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 502.94 538.25 Td (eport. If ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (certain of the following risks actually occur) Tj ET Q q 0 0 0 rg BT 223.37 526.25 Td (, our r) Tj ET Q q 0 0 0 rg BT 248.28 526.25 Td (esults of operations and ability to pay distributions would likely suffer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (materially) Tj ET Q q 0 0 0 rg BT 90.05 514.25 Td (, or could be eliminated entir) Tj ET Q q 0 0 0 rg BT 206.33 514.25 Td (ely) Tj ET Q q 0 0 0 rg BT 217.43 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 222.25 514.25 Td (As a r) Tj ET Q q 0 0 0 rg BT 245.77 514.25 Td (esult, the value of our common shar) Tj ET Q q 0 0 0 rg BT 388.99 514.25 Td (es may decline, and our stockholders ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 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 326.87 502.25 Td (es.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (Risks Related to Our) Tj ET Q q 0 0 0 rg BT 139.04 478.25 Td ( Business in General) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 454.25 Td (If we do not successfully implement a liquidity event, investors may have to hold an investment for an indefinite period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 436.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 436.25 Td (e are evaluating various strategic alternatives to provide stockholders with liquidity of their investment. ) Tj ET Q q 0 0 0 rg BT 491.86 436.25 Td (A) Tj ET Q q 0 0 0 rg BT 498.53 436.25 Td ( determination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (to pursue a liquidity event does not create an obligation to conclude the process within a set time. For example, if we adopt a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (plan of liquidation or enter into a contract to sell or mer) Tj ET Q q 0 0 0 rg BT 271.75 412.25 Td (ge the Company) Tj ET Q q 0 0 0 rg BT 336.64 412.25 Td (, the timing of such transactions may depend on real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (estate and financial markets, general or local economic conditions and federal income tax ef) Tj ET Q q 0 0 0 rg BT 417.49 400.25 Td (fects on our stockholders. ) Tj ET Q q 0 0 0 rg BT 522.57 400.25 Td (W) Tj ET Q q 0 0 0 rg BT 531.20 400.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (cannot guarantee that we will be able to liquidate all of our assets, sell or mer) Tj ET Q q 0 0 0 rg BT 358.66 388.25 Td (ge the Company or otherwise complete a liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (event on favorable terms, if at all. If we were to adopt a plan of liquidation, we would likely remain in existence until all our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (investments are liquidated. Similarly) Tj ET Q q 0 0 0 rg BT 196.04 364.25 Td (, if we determined to list our common stock on a national securities exchange, the timing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (would depend in part on the general economic conditions and volatility of the financial markets. If there are delays in pursuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (a liquidity event due to market conditions or otherwise, our common stock may continue to be illiquid and investors may) Tj ET Q q 0 0 0 rg BT 532.64 340.25 Td (, for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (indefinite period of time, be unable to convert their shares to cash easily) Tj ET Q q 0 0 0 rg BT 337.37 328.25 Td (, if at all, and it could adversely af) Tj ET Q q 0 0 0 rg BT 473.80 328.25 Td (fect their overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (return. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 292.25 Td (A) Tj ET Q q 0 0 0 rg BT 64.62 292.25 Td ( prolonged national or world-wide economic downturn or volatile capital market conditions could adversely af) Tj ET Q q 0 0 0 rg BT 517.23 292.25 Td (fect our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 280.25 Td (results of operations and our ability to pay distributions to our stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 262.25 Td (If disruptions in the capital and credit markets were to occur again, as have been experienced during recent years, they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (could adversely af) Tj ET Q q 0 0 0 rg BT 122.62 250.25 Td (fect our ability to obtain loans, credit facilities, debt financing and other financing, or) Tj ET Q q 0 0 0 rg BT 463.22 250.25 Td (, when available, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (obtain such financing on reasonable terms, which could negatively impact our ability to implement our investment strategy) Tj ET Q q 0 0 0 rg BT 541.22 238.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 214.25 Td (If these disruptions in the capital and credit markets should occur again as a result of, among other factors, uncertainty) Tj ET Q q 0 0 0 rg BT 546.31 214.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (changing or increased regulation, reduced alternatives or additional failures of significant financial institutions, our access to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (liquidity could be significantly impacted. Prolonged disruptions could result in us taking measures to conserve cash until the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (markets stabilize or until alternative credit arrangements or other funding for our business needs could be arranged. Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (measures could include deferring investments, reducing or eliminating the number of shares redeemed under our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (redemption program and reducing or eliminating distributions we make to our stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 130.25 Td (e believe the risks associated with our business are more severe during periods of economic downturn if these periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (are accompanied by declining values in real estate. For example, a prolonged economic downturn could negatively impact our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (property investments as a result of increased customer delinquencies and/or defaults under our leases, generally lower demand ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (for rentable space, potential oversupply of rentable space leading to increased concessions, and/or customer improvement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (expenditures, or reduced rental rates to maintain occupancies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 58.25 Td (Our operations could be negatively af) Tj ET Q q 0 0 0 rg BT 224.10 58.25 Td (fected to a greater extent if an economic downturn occurs again, is prolonged or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (becomes more severe, which could significantly harm our revenues, results of operations, financial condition, liquidity) Tj ET Q q 0 0 0 rg BT 523.72 46.25 Td (, ) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (business prospects and our ability to make distributions to our stockholders and may result in a decrease in the value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 102.63 730.10 Td ( investment. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 706.10 Td (Y) Tj ET Q q 0 0 0 rg BT 64.06 706.10 Td (ields on and safety of deposits may be lower due to the extensive decline in the financial markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 682.10 Td (e may hold funds in investments, including money market funds, bank money market accounts and CDs or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (accounts at third-party depository institutions. Unusual declines in the financial markets similar to those experienced during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (Great Recession, could result in a loss of some or all of these funds. In particular) Tj ET Q q 0 0 0 rg BT 372.07 658.10 Td (, money market funds may experience intense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (redemption pressure in such years and have dif) Tj ET Q q 0 0 0 rg BT 237.31 646.10 Td (ficulty satisfying redemption requests. ) Tj ET Q q 0 0 0 rg BT 392.56 646.10 Td (As a result, we may not be able to access ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (the cash in our money market investments. In addition, current yields from these investments are minimal.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 598.10 Td (distributions and make additional investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 574.10 Td (The Federal Deposit Insurance Corporation only insures amounts up to $250,000 per depositor) Tj ET Q q 0 0 0 rg BT 446.04 574.10 Td (. It is likely that we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (have cash and cash equivalents and restricted cash deposited in certain financial institutions in excess of federally insured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (levels. If any of the banking institutions in which we deposit funds ultimately fails, we may lose any amount of our deposits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (over federally insured levels. ) Tj ET Q q 0 0 0 rg BT 167.88 538.10 Td (The loss of our deposits could reduce the amount of cash we have available to distribute or invest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (and could result in a decline in the value of our stockholders) Tj ET Q q 0 0 0 rg BT 293.41 526.10 Td ( investments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 502.10 Td (e may need to incur borrowings that would otherwise not be incurred to meet REIT minimum distribution requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (In order to maintain our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 257.81 478.10 Td (, we are required to distribute to our stockholders at least 90% of our annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (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 494.28 466.10 Td (, by which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (ordinary income for that year) Tj ET Q q 0 0 0 rg BT 166.27 442.10 Td (, \(ii\)95% of our capital gain net income for that year and \(iii\)100% of our undistributed taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (income from prior years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 406.10 Td (e expect our income, if any) Tj ET Q q 0 0 0 rg BT 184.33 406.10 Td (, to consist almost solely of our share of the Operating Partnership) Tj ET Q q 0 0 0 rg BT 452.06 406.10 Td (s income, and the cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 141.98 382.10 Td (As the general partner of the Operating Partnership, we will determine the amount of any distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (made by the Operating Partnership. However) Tj ET Q q 0 0 0 rg BT 230.15 370.10 Td (, we must consider a number of factors in making such distributions, including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 346.10 Td (the amount of the cash available for distribution;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 334.10 Td (the impact of such distribution on other partners of the Operating Partnership;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 322.10 Td (the Operating Partnership) Tj ET Q q 0 0 0 rg BT 182.03 322.10 Td (s financial condition;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.10 Td (the Operating Partnership) Tj ET Q q 0 0 0 rg BT 182.03 310.10 Td (s capital expenditure requirements and reserves therefor;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 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 558.67 298.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 80.65 274.10 Td (ferences in timing between the actual receipt of income and actual payment of deductible expenses and the inclusion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 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 451.69 262.10 Td (fect of nondeductible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (capital expenditures, the creation of reserves, the use of cash to purchase shares under our share redemption program or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (required debt amortization payments, could result in our having taxable income that exceeds cash available for distribution.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (In view of the foregoing, we may be unable to meet the REIT) Tj ET Q q 0 0 0 rg BT 313.63 214.10 Td ( minimum distribution requirements and/or avoid the 4% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 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 459.72 202.10 Td ( minimum distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (favorable for such borrowings or that such borrowings would not be advisable in the absence of such tax considerations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 154.10 Td (Lenders may require us to enter into restrictive covenants that relate to or otherwise limit our operations, which could ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 142.10 Td (limit our ability to make distributions to our stockholders, to replace the ) Tj ET Q q 0 0 0 rg BT 355.65 142.10 Td (Advisor or to otherwise achieve our investment ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 130.10 Td (objectives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 112.10 Td (When providing financing, a lender may impose restrictions on us that af) Tj ET Q q 0 0 0 rg BT 359.46 112.10 Td (fect our distribution and operating policies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (our ability to incur additional debt. Loan agreements we enter into may contain covenants that limit our ability to further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (mortgage property) Tj ET Q q 0 0 0 rg BT 122.99 88.10 Td (, discontinue insurance coverage, or make distributions under certain circumstances. In addition, provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (of our loan agreements may deter us from replacing the ) Tj ET Q q 0 0 0 rg BT 273.31 76.10 Td (Advisor because of the consequences under such agreements and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (limit our ability to replace the property manager or terminate certain operating or lease agreements related to the property) Tj ET Q q 0 0 0 rg BT 534.76 64.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 Td (These or other limitations may adversely af) Tj ET Q q 0 0 0 rg BT 223.15 52.10 Td (fect our flexibility and our ability to achieve our investment objectives. ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.10 Td (Actions of our joint venture partners, including other Hines investment vehicles and third parties, could negatively impact ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.10 Td (our performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 694.10 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 477.22 694.10 Td (filiates are parties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (Joint ownership of properties or other investments, under certain circumstances, may involve risks not otherwise present with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (other methods of owning real estate or other real estate investments. Examples of these risks include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.10 Td (the possibility that our partners or co-investors might become insolvent or bankrupt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 634.10 Td (the possibility that such partners or co-investors might have economic or other business interests or goals that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 622.10 Td (inconsistent with our business interests or goals, including inconsistent goals relating to the sale of properties or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.10 Td (investments held in the joint venture or the timing of the termination and liquidation of the venture;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 586.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 574.10 Td (contrary to our instructions or requests or contrary to our policies or objectives, including our policy with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 562.10 Td (qualifying and maintaining our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 295.42 562.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 538.10 Td (Actions by a co-venturer) Tj ET Q q 0 0 0 rg BT 166.23 538.10 Td (, co-tenant or partner may result in subjecting the assets of the joint venture to unexpected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (liabilities. Under joint venture arrangements, neither co-venturer may have the power to control the venture, and under certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (joint venture.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 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 403.37 478.10 Td (, we may be unable to finance such a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 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 391.47 454.10 Td (ficient cash, available borrowing capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (interest. Finally) Tj ET Q q 0 0 0 rg BT 111.62 418.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 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 368.99 406.10 Td (, our ability to sell such interest may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (adversely impacted by such right. Joint ownership arrangements with Hines af) Tj ET Q q 0 0 0 rg BT 362.85 394.10 Td (filiates may also entail conflicts of interest.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 370.10 Td (e ) Tj ET Q q 0 0 0 rg BT 73.75 370.10 Td (have ) Tj ET Q q 0 0 0 rg BT 95.86 370.10 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 137.13 370.10 Td (and ) Tj ET Q q 0 0 0 rg BT 155.36 370.10 Td (may ) Tj ET Q q 0 0 0 rg BT 175.24 370.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 214.02 370.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.46 370.10 Td (acquire, ) Tj ET Q q 0 0 0 rg BT 260.74 370.10 Td (various ) Tj ET Q q 0 0 0 rg BT 293.96 370.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.86 370.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 385.43 370.10 Td (for ) Tj ET Q q 0 0 0 rg BT 400.32 370.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 439.66 370.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.65 370.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 496.66 370.10 Td (or ) Tj ET Q q 0 0 0 rg BT 508.22 370.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 547.55 370.10 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 358.10 Td (risks, ) Tj ET Q q 0 0 0 rg BT 82.95 358.10 Td (which ) Tj ET Q q 0 0 0 rg BT 110.46 358.10 Td (may ) Tj ET Q q 0 0 0 rg BT 130.18 358.10 Td (be ) Tj ET Q q 0 0 0 rg BT 142.12 358.10 Td (costly ) Tj ET Q q 0 0 0 rg BT 167.94 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.00 358.10 Td (inef) Tj ET Q q 0 0 0 rg BT 201.93 358.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 231.07 358.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.13 358.10 Td (may ) Tj ET Q q 0 0 0 rg BT 268.85 358.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 299.12 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.07 358.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 337.46 358.10 Td (available ) Tj ET Q q 0 0 0 rg BT 377.18 358.10 Td (for ) Tj ET Q q 0 0 0 rg BT 391.90 358.10 Td (distribution ) Tj ET Q q 0 0 0 rg BT 442.20 358.10 Td (to ) Tj ET Q q 0 0 0 rg BT 452.47 358.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.43 358.10 Td (stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 334.10 Td (e ) Tj ET Q q 0 0 0 rg BT 83.54 334.10 Td (may ) Tj ET Q q 0 0 0 rg BT 103.72 334.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 126.67 334.10 Td (into ) Tj ET Q q 0 0 0 rg BT 145.19 334.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 183.13 334.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 201.08 334.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 228.49 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.89 334.10 Td (caps ) Tj ET Q q 0 0 0 rg BT 266.62 334.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.92 334.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 308.65 334.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 343.83 334.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.13 334.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 398.07 334.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 448.80 334.10 Td (or ) Tj ET Q q 0 0 0 rg BT 460.09 334.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 519.42 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.16 334.10 Td (order ) Tj ET Q q 0 0 0 rg BT 554.22 334.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 83.05 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 93.83 322.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 129.05 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 144.83 322.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 162.29 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.07 322.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 211.62 322.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.85 322.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.52 322.10 Td (ef) Tj ET Q q 0 0 0 rg BT 244.11 322.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 265.44 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.22 322.10 Td (currency ) Tj ET Q q 0 0 0 rg BT 313.65 322.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 348.31 322.10 Td (as ) Tj ET Q q 0 0 0 rg BT 359.09 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 365.98 322.10 Td (result ) Tj ET Q q 0 0 0 rg BT 390.65 322.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.43 322.10 Td (our ) Tj ET Q q 0 0 0 rg BT 417.22 322.10 Td (international ) Tj ET Q q 0 0 0 rg BT 470.21 322.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 522.93 322.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 559.50 322.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.03 310.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 86.28 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.59 310.10 Td (may ) Tj ET Q q 0 0 0 rg BT 121.67 310.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 157.98 310.10 Td (to ) Tj ET Q q 0 0 0 rg BT 167.63 310.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 189.48 310.10 Td (into ) Tj ET Q q 0 0 0 rg BT 206.91 310.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.21 310.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 255.07 310.10 Td (swaps ) Tj ET Q q 0 0 0 rg BT 281.38 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.69 310.10 Td (caps, ) Tj ET Q q 0 0 0 rg BT 319.83 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 330.03 310.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 359.67 310.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 393.76 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.96 310.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 445.81 310.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 495.44 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.64 310.10 Td (arrangements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.64 298.10 Td (order ) Tj ET Q q 0 0 0 rg BT 83.11 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.25 298.10 Td (manage ) Tj ET Q q 0 0 0 rg BT 126.71 298.10 Td (or ) Tj ET Q q 0 0 0 rg BT 137.41 298.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 172.54 298.10 Td (our ) Tj ET Q q 0 0 0 rg BT 188.24 298.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 205.60 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.30 298.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 254.76 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 264.91 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.49 298.10 Td (ef) Tj ET Q q 0 0 0 rg BT 287.08 298.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 308.32 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.02 298.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 350.82 298.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 368.17 298.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 402.74 298.10 Td (due ) Tj ET Q q 0 0 0 rg BT 419.54 298.10 Td (to ) Tj ET Q q 0 0 0 rg BT 429.69 298.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 464.26 298.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 496.06 298.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 513.41 298.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 532.99 298.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.35 298.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 286.10 Td (have.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 262.10 Td (e are dif) Tj ET Q q 0 0 0 rg BT 100.35 262.10 Td (ferent in some respects from other investment vehicles sponsored by Hines, and therefore the past performance ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 250.10 Td (of such investment vehicles may not be indicative of our future results. In addition, Hines has limited experience in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 238.10 Td (acquiring and operating certain types of real estate investments that we may acquire.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 214.10 Td (e are one of three publicly-of) Tj ET Q q 0 0 0 rg BT 192.29 214.10 Td (fered real estate investment vehicles that have been sponsored by Hines. ) Tj ET Q q 0 0 0 rg BT 483.67 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 492.31 214.10 Td (e collectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (refer to real estate joint ventures, funds and programs as investment vehicles. ) Tj ET Q q 0 0 0 rg BT 359.96 202.10 Td (All but two of the other real estate investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (vehicles of Hines and its af) Tj ET Q q 0 0 0 rg BT 157.90 190.10 Td (filiates were conducted through privately-held entities not subject to either the up-front ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (commissions, fees and expenses associated with our public of) Tj ET Q q 0 0 0 rg BT 296.21 178.10 Td (ferings or all the laws and regulations that govern us, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (reporting requirements under the federal securities laws and tax and other regulations applicable to REIT) Tj ET Q q 0 0 0 rg BT 468.65 166.10 Td (s. Hines) Tj ET Q q 0 0 0 rg BT 503.46 166.10 Td ( first public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (fund is concentrating primarily on of) Tj ET Q q 0 0 0 rg BT 196.78 154.10 Td (fice buildings in the United States, whereas we and Hines) Tj ET Q q 0 0 0 rg BT 429.87 154.10 Td ( third public fund have invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (internationally and in a broader array of property types as well as in debt and other instruments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.10 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 427.20 118.10 Td (filiates may not be indicative of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 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 521.23 106.10 Td (, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (may be dif) Tj ET Q q 0 0 0 rg BT 92.08 94.10 Td (ferent in a number of respects from the operations previously conducted by Hines. In addition, Hines has limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (experience in acquiring and operating certain types of real estate investments that we may acquire. For example, a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (amount of real estate investments that have been made by Hines) Tj ET Q q 0 0 0 rg BT 308.67 70.10 Td ( other investment vehicles have consisted of acquisitions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (development of of) Tj ET Q q 0 0 0 rg BT 122.63 58.10 Td (fice or industrial properties or land. ) Tj ET Q q 0 0 0 rg BT 266.57 58.10 Td (Therefore, we may need to use third parties to source or manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (investments in which Hines has limited experience, such as retail and multifamily properties. In addition, a significant portion ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (of Hines) Tj ET Q q 0 0 0 rg BT 86.25 742.10 Td ( other programs and investments involve development projects. ) Tj ET Q q 0 0 0 rg BT 342.02 742.10 Td (Although we have invested in development projects, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (we do not anticipate that a significant portion of the proceeds from our public of) Tj ET Q q 0 0 0 rg BT 370.33 730.10 Td (ferings will be invested in development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (projects. ) Tj ET Q q 0 0 0 rg BT 85.60 718.10 Td (As a result of all of these factors, our stockholders should not rely on the past performance of other investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (vehicles sponsored by Hines and its af) Tj ET Q q 0 0 0 rg BT 202.62 706.10 Td (filiates to predict, or as an indication of, our future performance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 682.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 670.10 Td (vehicles sponsored by Hines have experienced adverse developments in recent years and there is a risk that we may ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 658.10 Td (experience similar adverse developments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td (Our ability to achieve our investment objectives and to pay distributions is dependent upon the performance of Hines and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (its af) Tj ET Q q 0 0 0 rg BT 69.04 622.10 Td (filiates as well as key employees of Hines in the identification and acquisition of investments, the selection of tenants, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (determination of any financing arrangements, the management of our assets and operation of our day-to-day activities. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (board of directors and the ) Tj ET Q q 0 0 0 rg BT 154.19 598.10 Td (Advisor have broad discretion when identifying, evaluating, making and managing our investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (Our stockholders will have no opportunity to evaluate the terms of transactions or other economic or financial data concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (our investments. ) Tj ET Q q 0 0 0 rg BT 117.92 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 126.56 574.10 Td (e will rely on the management ability of Hines and the oversight of our board of directors as well as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (management of any entities or ventures in which we invest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 538.10 Td (e may not be able to retain our key employees. ) Tj ET Q q 0 0 0 rg BT 267.56 538.10 Td (T) Tj ET Q q 0 0 0 rg BT 272.97 538.10 Td (o the extent we are unable to retain and/or find qualified successors for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (key employees that depart from the Company) Tj ET Q q 0 0 0 rg BT 231.58 526.10 Td (, our results of operations may be adversely impacted. Our of) Tj ET Q q 0 0 0 rg BT 476.32 526.10 Td (ficers and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (management of the ) Tj ET Q q 0 0 0 rg BT 128.08 514.10 Td (Advisor also serve in similar capacities for numerous other entities. If Hines or any of its key employees are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (distracted by these other activities or suf) Tj ET Q q 0 0 0 rg BT 210.94 502.10 Td (fer from adverse financial or operational problems in connection with operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (unrelated to us, the ability of Hines and its af) Tj ET Q q 0 0 0 rg BT 229.28 490.10 Td (filiates to allocate time and/or resources to our operations may be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 478.10 Td (fected. If Hines is unable to allocate suf) Tj ET Q q 0 0 0 rg BT 215.74 478.10 Td (ficient resources to oversee and perform our operations for any reason, our results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (operations would be adversely impacted. ) Tj ET Q q 0 0 0 rg BT 215.38 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 224.02 466.10 Td (e will not provide key-man life insurance policies for any of Hines) Tj ET Q q 0 0 0 rg BT 492.91 466.10 Td ( key employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (Please see Risks Related to Potential Conflicts of Interest Employees of the ) Tj ET Q q 0 0 0 rg BT 382.77 454.10 Td (Advisor and Hines will face conflicts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (relating to time management and allocation of resources and investment opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 418.10 Td (Certain other investment vehicles sponsored by Hines have experienced adverse developments in recent years. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (example, in December 2009, Hines REIT) Tj ET Q q 0 0 0 rg BT 215.10 406.10 Td ( suspended its share redemption program, except with respect to redemptions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (connection with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 269.45 394.10 Td (. Hines REIT) Tj ET Q q 0 0 0 rg BT 322.31 394.10 Td ( re-opened its share redemption program with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (ordinary redemption requests in ) Tj ET Q q 0 0 0 rg BT 178.91 382.10 Td (April 2013. ) Tj ET Q q 0 0 0 rg BT 226.97 382.10 Td (As of December 31, 2015, shares redeemed pursuant to the share redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (program were redeemed at $5.45 per share, with respect to ordinary redemption requests. ) Tj ET Q q 0 0 0 rg BT 408.63 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.67 370.10 Td (ith respect to requests in connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (with the death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 223.23 358.10 Td (, commencing with redemptions made on January 1, 2016, shares were redeemed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td ($6.65 per share. In May 201) Tj ET Q q 0 0 0 rg BT 164.66 346.10 Td (1, November 2012, ) Tj ET Q q 0 0 0 rg BT 243.81 346.10 Td (April 2013, November 2013, December 2014, and September 2015, Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 74.50 334.10 Td (s board of directors determined an estimated per share net asset value, or NA) Tj ET Q q 0 0 0 rg BT 380.87 334.10 Td (V) Tj ET Q q 0 0 0 rg BT 386.80 334.10 Td (, of $7.78, $7.61, $6.75, $6.40, $6.50, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td ($6.65, respectively) Tj ET Q q 0 0 0 rg BT 124.66 322.10 Td (, each of which was lower than the most recent primary of) Tj ET Q q 0 0 0 rg BT 357.18 322.10 Td (fering price of $10.08 \(the of) Tj ET Q q 0 0 0 rg BT 473.06 322.10 Td (fering closed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (2009\). ) Tj ET Q q 0 0 0 rg BT 77.65 310.10 Td (The reduction in the estimated NA) Tj ET Q q 0 0 0 rg BT 214.93 310.10 Td (V) Tj ET Q q 0 0 0 rg BT 221.97 310.10 Td ( between November 2012 and ) Tj ET Q q 0 0 0 rg BT 343.88 310.10 Td (April 2013 was due to Hines REIT) Tj ET Q q 0 0 0 rg BT 486.08 310.10 Td (s payment to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (stockholders of special distributions in excess of $0.80 per share \(all of which represented a return of capital\). In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 97.37 286.10 Td ( decreased its distribution rate in July 2010 and further decreased the rate in ) Tj ET Q q 0 0 0 rg BT 402.26 286.10 Td (April 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 262.10 Td (In addition to Hines REIT) Tj ET Q q 0 0 0 rg BT 177.19 262.10 Td (, Hines Global II and HMS Income Fund, Inc. \(HMS\), Hines has sponsored more than 20 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (privately-of) Tj ET Q q 0 0 0 rg BT 96.52 250.10 Td (fered programs in the past ten years. Several of Hines) Tj ET Q q 0 0 0 rg BT 313.48 250.10 Td ( privately-of) Tj ET Q q 0 0 0 rg BT 363.00 250.10 Td (fered programs have experienced adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (economic developments in recent years due to the global financial crisis and deteriorating economic conditions in several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (European and South ) Tj ET Q q 0 0 0 rg BT 132.54 226.10 Td (American countries, Mexico and several U.S. markets. ) Tj ET Q q 0 0 0 rg BT 353.68 226.10 Td (The adverse market conditions may cause these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (programs to alter their investment strategy) Tj ET Q q 0 0 0 rg BT 218.52 214.10 Td (, generate returns lower than originally expected, or ultimately incur losses. ) Tj ET Q q 0 0 0 rg BT 522.69 214.10 Td (There is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (a risk that we may experience similar adverse developments, as an investment vehicle sponsored by Hines. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 63.69 742.25 Td (errorist attacks and other acts of violence, civilian unrest or war may af) Tj ET Q q 0 0 0 rg BT 357.67 742.25 Td (fect the markets in which we operate our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (operations and our profitability) Tj ET Q q 0 0 0 rg BT 187.31 730.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.91 706.25 Td (errorist attacks and other acts of violence, civilian unrest or war may negatively af) Tj ET Q q 0 0 0 rg BT 401.49 706.25 Td (fect our operations and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 102.63 694.25 Td ( investments in our shares. Certain of our real estate investments are located in areas that may be susceptible to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (attack. In addition, any kind of terrorist activity or violent criminal acts, including terrorist acts against public institutions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 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 463.66 670.25 Td (fect on our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 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 525.01 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 533.65 658.25 Td (e may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (that are economically feasible. Further) Tj ET Q q 0 0 0 rg BT 203.20 634.25 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 504.88 634.25 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (coverage to fund any losses we may incur) Tj ET Q q 0 0 0 rg BT 216.39 622.25 Td (. Risks associated with potential acts of terrorism in the areas in which we acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (properties or other real estate investments could sharply increase the premiums we pay for coverage against property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (casualty claims. ) Tj ET Q q 0 0 0 rg BT 115.32 598.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 165.22 598.25 Td (, mortgage lenders in some cases have begun to insist that specific coverage against terrorism be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (purchased by commercial owners as a condition for providing loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 562.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.13 550.25 Td (fect on our business or our stockholders) Tj ET Q q 0 0 0 rg BT 252.13 550.25 Td ( investments in our shares. More generally) Tj ET Q q 0 0 0 rg BT 421.71 550.25 Td (, any terrorist attack, other act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (violence or war) Tj ET Q q 0 0 0 rg BT 111.29 538.25 Td (, including armed conflicts, could result in increased volatility in or damage to, the United States and worldwide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (financial markets and economy) Tj ET Q q 0 0 0 rg BT 174.08 526.25 Td (. ) Tj ET Q q 0 0 0 rg BT 178.90 526.25 Td (They also could result in a continuation of the current economic uncertainty in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (be particularly vulnerable to uncertainty in the local economy) Tj ET Q q 0 0 0 rg BT 295.42 502.25 Td (. Increased economic volatility could adversely af) Tj ET Q q 0 0 0 rg BT 494.33 502.25 Td (fect our tenants) Tj ET Q q 0 0 0 rg BT 558.56 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (prices and have a material adverse ef) Tj ET Q q 0 0 0 rg BT 197.01 478.25 Td (fect on our business, results of operations, cash flows and financial condition and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (ability to make distributions to our stockholders and the value of their investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 442.25 Td (e may be subject to litigation which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 347.00 442.25 Td (fect on our business and financial condition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 424.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 424.25 Td (e may be subject to litigation, including claims relating to our operations, of) Tj ET Q q 0 0 0 rg BT 379.78 424.25 Td (ferings, unrecognized pre-acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (contingencies and otherwise in the ordinary course of business. Some of these claims may result in potentially significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (judgments against us, some of which are not, or cannot be, insured against. ) Tj ET Q q 0 0 0 rg BT 351.75 400.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.39 400.25 Td (e generally intend to vigorously defend ourselves; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (however) Tj ET Q q 0 0 0 rg BT 83.53 388.25 Td (, we cannot be certain of the ultimate outcomes of claims that may arise in the future. Resolution of these types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (matters against us may result in our payment of significant fines or settlements, which, if not insured against, or if these fines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (and settlements exceed insured levels, would adversely impact our earnings and cash flows. Certain litigation or the resolution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (of certain litigation may af) Tj ET Q q 0 0 0 rg BT 155.95 352.25 Td (fect the availability or cost of some of our insurance coverage which could adversely impact our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (results of operations and cash flows, expose us to increased risks that would be uninsured and/or adversely impact our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (attract of) Tj ET Q q 0 0 0 rg BT 85.13 328.25 Td (ficers and directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 304.25 Td (Our business could suf) Tj ET Q q 0 0 0 rg BT 153.07 304.25 Td (fer in the event the ) Tj ET Q q 0 0 0 rg BT 232.41 304.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 263.53 304.25 Td (, our transfer agent or any other party that provides us with services ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 292.25 Td (essential to our operations experiences system failures or cyberincidents or a deficiency in cybersecurity) Tj ET Q q 0 0 0 rg BT 485.58 292.25 Td (.) 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BT 554.23 274.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (damages ) Tj ET Q q 0 0 0 rg BT 88.28 262.25 Td (from ) Tj ET Q q 0 0 0 rg BT 111.51 262.25 Td (any ) Tj ET Q q 0 0 0 rg BT 129.74 262.25 Td (number ) Tj ET Q q 0 0 0 rg BT 164.08 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.21 262.25 Td (sources, ) Tj ET Q q 0 0 0 rg BT 212.49 262.25 Td (including ) Tj ET Q q 0 0 0 rg BT 254.06 262.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 295.61 262.25 Td (viruses, ) Tj ET Q q 0 0 0 rg BT 330.24 262.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 386.23 262.25 Td (access, ) Tj ET Q q 0 0 0 rg BT 418.06 262.25 Td (ener) Tj ET Q q 0 0 0 rg BT 435.09 262.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 448.88 262.25 Td (blackouts, ) Tj ET Q q 0 0 0 rg BT 493.50 262.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 525.06 262.25 Td (disasters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (terrorism, ) Tj ET Q q 0 0 0 rg BT 91.50 250.25 Td (war ) Tj ET Q q 0 0 0 rg BT 109.33 250.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.62 250.25 Td (telecommunication ) Tj ET Q q 0 0 0 rg BT 206.10 250.25 Td (failures. ) Tj ET Q q 0 0 0 rg BT 240.80 250.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 260.87 250.25 Td (system ) Tj ET Q q 0 0 0 rg BT 291.49 250.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 320.43 250.25 Td (or ) Tj ET Q q 0 0 0 rg BT 331.60 250.25 Td (accident ) Tj ET Q q 0 0 0 rg BT 367.76 250.25 Td (that ) Tj ET Q q 0 0 0 rg BT 385.60 250.25 Td (causes ) Tj ET Q q 0 0 0 rg BT 414.54 250.25 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 468.49 250.25 Td (in ) Tj ET Q q 0 0 0 rg BT 479.11 250.25 Td (our ) Tj ET Q q 0 0 0 rg BT 495.29 250.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 539.79 250.25 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (result ) Tj ET Q q 0 0 0 rg BT 72.99 238.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.03 238.25 Td (a ) Tj ET Q q 0 0 0 rg BT 87.74 238.25 Td (material ) Tj ET Q q 0 0 0 rg BT 121.77 238.25 Td (disruption ) Tj ET Q q 0 0 0 rg BT 163.59 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.64 238.25 Td (our ) Tj ET Q q 0 0 0 rg BT 187.24 238.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 227.12 238.25 Td (A) Tj ET Q q 0 0 0 rg BT 233.79 238.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.06 238.25 Td (cyber ) Tj ET Q q 0 0 0 rg BT 258.53 238.25 Td (incident ) Tj ET Q q 0 0 0 rg BT 292.01 238.25 Td (is ) Tj ET Q q 0 0 0 rg BT 299.95 238.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 344.53 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.58 238.25 Td (be ) Tj ET Q q 0 0 0 rg BT 364.29 238.25 Td (any ) Tj ET Q q 0 0 0 rg BT 380.00 238.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 411.80 238.25 Td (event ) Tj ET Q q 0 0 0 rg BT 434.72 238.25 Td (that ) Tj ET Q q 0 0 0 rg BT 450.99 238.25 Td (threatens ) Tj ET Q q 0 0 0 rg BT 488.35 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.84 238.25 Td (confidentiality) Tj ET Q q 0 0 0 rg BT 559.50 238.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (integrity ) Tj ET Q q 0 0 0 rg BT 86.19 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 97.33 226.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 145.13 226.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.27 226.25 Td (information ) Tj ET Q q 0 0 0 rg BT 206.29 226.25 Td (resources. ) Tj ET Q q 0 0 0 rg BT 249.36 226.25 Td (More ) Tj ET Q q 0 0 0 rg BT 273.83 226.25 Td (specifically) Tj ET Q q 0 0 0 rg BT 319.27 226.25 Td (, ) Tj ET Q q 0 0 0 rg BT 324.58 226.25 Td (a ) Tj ET Q q 0 0 0 rg BT 331.83 226.25 Td (cyber ) Tj ET Q q 0 0 0 rg BT 356.84 226.25 Td (incident ) Tj ET Q q 0 0 0 rg BT 391.87 226.25 Td (is ) Tj ET Q q 0 0 0 rg BT 401.35 226.25 Td (an ) Tj ET Q q 0 0 0 rg BT 413.59 226.25 Td (intentional ) Tj ET Q q 0 0 0 rg BT 459.17 226.25 Td (attack ) Tj ET Q q 0 0 0 rg BT 485.85 226.25 Td (or ) Tj ET Q q 0 0 0 rg BT 497.00 226.25 Td (an ) Tj ET Q q 0 0 0 rg BT 509.24 226.25 Td (unintentional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (event ) Tj ET Q q 0 0 0 rg BT 73.12 214.25 Td (that ) Tj ET Q q 0 0 0 rg BT 90.08 214.25 Td (may ) Tj ET Q q 0 0 0 rg BT 109.26 214.25 Td (include, ) Tj ET Q q 0 0 0 rg BT 143.16 214.25 Td (but ) Tj ET Q q 0 0 0 rg BT 157.90 214.25 Td (is ) Tj ET Q q 0 0 0 rg BT 166.54 214.25 Td (not ) Tj ET Q q 0 0 0 rg BT 181.28 214.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 211.57 214.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 223.81 214.25 Td (gaining ) Tj ET Q q 0 0 0 rg BT 255.77 214.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 309.94 214.25 Td (access ) Tj ET Q q 0 0 0 rg BT 337.44 214.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.19 214.25 Td (systems ) Tj ET Q q 0 0 0 rg BT 380.82 214.25 Td (to ) Tj ET Q q 0 0 0 rg BT 390.56 214.25 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 420.30 214.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 466.42 214.25 Td (corrupt ) Tj ET Q q 0 0 0 rg BT 497.27 214.25 Td (data, ) Tj ET Q q 0 0 0 rg BT 518.39 214.25 Td (steal ) Tj ET Q q 0 0 0 rg BT 538.67 214.25 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.72 202.25 Td (misappropriate ) Tj ET Q q 0 0 0 rg BT 123.58 202.25 Td (confidential ) Tj ET Q q 0 0 0 rg BT 174.23 202.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 226.82 202.25 Td (such ) Tj ET Q q 0 0 0 rg BT 248.04 202.25 Td (as ) Tj ET Q q 0 0 0 rg BT 259.26 202.25 Td (confidential ) Tj ET Q q 0 0 0 rg BT 309.90 202.25 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 359.44 202.25 Td (records. ) Tj ET Q q 0 0 0 rg BT 393.62 202.25 Td (As ) Tj ET Q q 0 0 0 rg BT 407.62 202.25 Td (reliance ) Tj ET Q q 0 0 0 rg BT 442.14 202.25 Td (on ) Tj ET Q q 0 0 0 rg BT 455.03 202.25 Td (technology ) Tj ET Q q 0 0 0 rg BT 502.35 202.25 Td (in ) Tj ET Q q 0 0 0 rg BT 513.01 202.25 Td (our ) Tj ET Q q 0 0 0 rg BT 529.23 202.25 Td (industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (has ) Tj ET Q q 0 0 0 rg BT 65.22 190.25 Td (increased, ) Tj ET Q q 0 0 0 rg BT 107.85 190.25 Td (so ) Tj ET Q q 0 0 0 rg BT 119.13 190.25 Td (have ) Tj ET Q q 0 0 0 rg BT 140.39 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 155.00 190.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 176.27 190.25 Td (posed ) Tj ET Q q 0 0 0 rg BT 201.99 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.15 190.25 Td (our ) Tj ET Q q 0 0 0 rg BT 227.87 190.25 Td (systems, ) Tj ET Q q 0 0 0 rg BT 264.42 190.25 Td (both ) Tj ET Q q 0 0 0 rg BT 284.59 190.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 317.51 190.25 Td (and ) Tj ET Q q 0 0 0 rg BT 334.34 190.25 Td (those ) Tj ET Q q 0 0 0 rg BT 357.83 190.25 Td (we ) Tj ET Q q 0 0 0 rg BT 371.88 190.25 Td (have ) Tj ET Q q 0 0 0 rg BT 393.14 190.25 Td (outsourced. ) Tj ET Q q 0 0 0 rg BT 441.90 190.25 Td (In ) Tj ET Q q 0 0 0 rg BT 452.62 190.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 490.27 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 504.88 190.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.26 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 532.98 190.25 Td (a ) Tj ET Q q 0 0 0 rg BT 539.80 190.25 Td (cyber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (incident, ) Tj ET Q q 0 0 0 rg BT 85.97 178.25 Td (including ) Tj ET Q q 0 0 0 rg BT 125.49 178.25 Td (by ) Tj ET Q q 0 0 0 rg BT 137.25 178.25 Td (computer ) Tj ET Q q 0 0 0 rg BT 176.77 178.25 Td (hackers, ) Tj ET Q q 0 0 0 rg BT 211.56 178.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 242.19 178.25 Td (governments ) Tj ET Q q 0 0 0 rg BT 295.60 178.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.79 178.25 Td (cyber ) Tj ET Q q 0 0 0 rg BT 335.75 178.25 Td (terrorists, ) Tj ET Q q 0 0 0 rg BT 375.55 178.25 Td (has ) Tj ET Q q 0 0 0 rg BT 390.64 178.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 429.60 178.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 469.10 178.25 Td (as ) Tj ET Q q 0 0 0 rg BT 479.19 178.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.16 178.25 Td (number) Tj ET Q q 0 0 0 rg BT 523.31 178.25 Td (, ) Tj ET Q q 0 0 0 rg BT 527.56 178.25 Td (intensity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.85 166.25 Td (sophistication ) Tj ET Q q 0 0 0 rg BT 125.32 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.56 166.25 Td (attempted ) Tj ET Q q 0 0 0 rg BT 178.90 166.25 Td (attacks ) Tj ET Q q 0 0 0 rg BT 209.58 166.25 Td (and ) Tj ET Q q 0 0 0 rg BT 226.93 166.25 Td (instructions ) Tj ET Q q 0 0 0 rg BT 276.50 166.25 Td (from ) Tj ET Q q 0 0 0 rg BT 298.86 166.25 Td (around ) Tj ET Q q 0 0 0 rg BT 329.54 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.67 166.25 Td (world ) Tj ET Q q 0 0 0 rg BT 370.91 166.25 Td (have ) Tj ET Q q 0 0 0 rg BT 392.70 166.25 Td (increased. ) Tj ET Q q 0 0 0 rg BT 438.15 166.25 Td (The ) Tj ET Q q 0 0 0 rg BT 456.61 166.25 Td (remediation ) Tj ET Q q 0 0 0 rg BT 507.29 166.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 530.20 166.25 Td (and ) Tj ET Q q 0 0 0 rg BT 547.55 166.25 Td (lost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.01 154.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 137.28 154.25 Td (by ) Tj ET Q q 0 0 0 rg BT 149.25 154.25 Td (a ) Tj ET Q q 0 0 0 rg BT 155.65 154.25 Td (victim ) Tj ET Q q 0 0 0 rg BT 183.17 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.47 154.25 Td (a ) Tj ET Q q 0 0 0 rg BT 199.88 154.25 Td (cyber ) Tj ET Q q 0 0 0 rg BT 224.06 154.25 Td (incident ) Tj ET Q q 0 0 0 rg BT 258.24 154.25 Td (may ) Tj ET Q q 0 0 0 rg BT 277.42 154.25 Td (be ) Tj ET Q q 0 0 0 rg BT 288.83 154.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 333.01 154.25 Td (and ) Tj ET Q q 0 0 0 rg BT 349.42 154.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 393.60 154.25 Td (resources ) Tj ET Q q 0 0 0 rg BT 433.33 154.25 Td (may ) Tj ET Q q 0 0 0 rg BT 452.52 154.25 Td (be ) Tj ET Q q 0 0 0 rg BT 463.92 154.25 Td (required ) Tj ET Q q 0 0 0 rg BT 499.21 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 508.96 154.25 Td (repair ) Tj ET Q q 0 0 0 rg BT 534.24 154.25 Td (system ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (damage, ) Tj ET Q q 0 0 0 rg BT 84.83 142.25 Td (protect ) Tj ET Q q 0 0 0 rg BT 114.34 142.25 Td (against ) Tj ET Q q 0 0 0 rg BT 144.40 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.36 142.25 Td (threat ) Tj ET Q q 0 0 0 rg BT 182.86 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.93 142.25 Td (future ) Tj ET Q q 0 0 0 rg BT 218.55 142.25 Td (security ) Tj ET Q q 0 0 0 rg BT 251.94 142.25 Td (breaches ) Tj ET Q q 0 0 0 rg BT 288.66 142.25 Td (or ) Tj ET Q q 0 0 0 rg BT 298.73 142.25 Td (to ) Tj ET Q q 0 0 0 rg BT 308.25 142.25 Td (alleviate ) Tj ET Q q 0 0 0 rg BT 343.85 142.25 Td (problems, ) Tj ET Q q 0 0 0 rg BT 385.31 142.25 Td (including ) Tj ET Q q 0 0 0 rg BT 424.82 142.25 Td (reputational ) Tj ET Q q 0 0 0 rg BT 474.32 142.25 Td (harm, ) Tj ET Q q 0 0 0 rg BT 499.11 142.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 516.41 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 526.48 142.25 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.56 130.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 105.79 130.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 134.62 130.25 Td (by ) Tj ET Q q 0 0 0 rg BT 146.24 130.25 Td (any ) Tj ET Q q 0 0 0 rg BT 162.30 130.25 Td (breaches. ) Tj ET Q q 0 0 0 rg BT 201.28 130.25 Td (There ) Tj ET Q q 0 0 0 rg BT 226.21 130.25 Td (also ) Tj ET Q q 0 0 0 rg BT 243.94 130.25 Td (may ) Tj ET Q q 0 0 0 rg BT 262.78 130.25 Td (be ) Tj ET Q q 0 0 0 rg BT 273.84 130.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 306.57 130.25 Td (for ) Tj ET Q q 0 0 0 rg BT 319.85 130.25 Td (any ) Tj ET Q q 0 0 0 rg BT 335.91 130.25 Td (stolen ) Tj ET Q q 0 0 0 rg BT 361.42 130.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 386.37 130.25 Td (or ) Tj ET Q q 0 0 0 rg BT 396.32 130.25 Td (misappropriated ) Tj ET Q q 0 0 0 rg BT 462.92 130.25 Td (confidential ) Tj ET Q q 0 0 0 rg BT 512.30 130.25 Td (information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 68.77 118.25 Td (material ) Tj ET Q q 0 0 0 rg BT 103.59 118.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 136.18 118.25 Td (ef) Tj ET Q q 0 0 0 rg BT 143.77 118.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 160.80 118.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 211.16 118.25 Td (by ) Tj ET Q q 0 0 0 rg BT 223.21 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.03 118.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 268.85 118.25 Td (, ) Tj ET Q q 0 0 0 rg BT 273.40 118.25 Td (our ) Tj ET Q q 0 0 0 rg BT 288.79 118.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 321.38 118.25 Td (agent ) Tj ET Q q 0 0 0 rg BT 345.08 118.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.58 118.25 Td (other ) Tj ET Q q 0 0 0 rg BT 384.18 118.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 412.88 118.25 Td (that ) Tj ET Q q 0 0 0 rg BT 429.93 118.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 462.53 118.25 Td (us ) Tj ET Q q 0 0 0 rg BT 473.48 118.25 Td (with ) Tj ET Q q 0 0 0 rg BT 493.31 118.25 Td (services ) Tj ET Q q 0 0 0 rg BT 527.57 118.25 Td (essential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 106.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 106.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 119.76 106.25 Td (could, ) Tj ET Q q 0 0 0 rg BT 146.98 106.25 Td (in ) Tj ET Q q 0 0 0 rg BT 157.26 106.25 Td (turn, ) Tj ET Q q 0 0 0 rg BT 178.37 106.25 Td (have ) Tj ET Q q 0 0 0 rg BT 199.74 106.25 Td (an ) Tj ET Q q 0 0 0 rg BT 211.68 106.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 244.72 106.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 274.43 106.25 Td (on ) Tj ET Q q 0 0 0 rg BT 286.93 106.25 Td (us.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Risks Related to Investments in Real Estate) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (Geographic concentration of our portfolio may make us particularly susceptible to adverse economic developments in the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 706.25 Td (real estate markets of those areas.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 682.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (particular geographic area, our operating results and ability to make distributions are likely to be impacted by economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (changes af) Tj ET Q q 0 0 0 rg BT 91.79 658.25 Td (fecting the real estate markets in that area.) Tj ET Q q 0 0 0 rg BT 262.92 658.25 Td (Therefore, stockholders) Tj ET Q q 0 0 0 rg BT 360.47 658.25 Td ( investment in our common stock will be subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (to greater risk to the extent that we lack a geographically diversified portfolio.For example, based on our pro-rata share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (estimated market value of the real estate investments in which we owned interests as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.33 634.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.92 634.25 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.13 622.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.46 622.25 Td ( of our portfolio consists of properties located in London, England and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.12 622.25 Td (1) Tj ET Q q 0 0 0 rg BT 356.75 622.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.08 622.25 Td ( of our portfolio consists of two properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (located in Seattle, ) Tj ET Q q 0 0 0 rg BT 123.18 610.25 Td (W) Tj ET Q q 0 0 0 rg BT 131.82 610.25 Td (ashington, respectively) Tj ET Q q 0 0 0 rg BT 223.37 610.25 Td (. Consequently) Tj ET Q q 0 0 0 rg BT 285.21 610.25 Td (, our financial condition and ability to make distributions could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (materially and adversely af) Tj ET Q q 0 0 0 rg BT 157.88 598.25 Td (fected by any significant adverse developments in those markets. Please see Item2. Properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (Market Concentration.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 562.25 Td (Industry concentration of our tenants may make us particularly susceptible to adverse economic developments in these ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 550.25 Td (industries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 526.25 Td (In the event we have a concentration of tenants in a particular industry) Tj ET Q q 0 0 0 rg BT 348.41 526.25 Td (, our operating results and ability to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (distributions may be adversely af) Tj ET Q q 0 0 0 rg BT 182.06 514.25 Td (fected by adverse developments in these industries and we will be subject to a greater risk to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (the extent that our tenants are not diversified by industry) Tj ET Q q 0 0 0 rg BT 275.18 502.25 Td (.For example, based on our pro-rata share of space leased to tenants as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 490.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.91 490.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.91 490.25 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.24 490.25 Td ( of our space is leased to tenants in the transportation and warehousing industry) Tj ET Q q 0 0 0 rg BT 479.57 490.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.57 490.25 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.90 490.25 Td ( is leased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (tenants in the retail industry and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.58 478.25 Td (1) Tj ET Q q 0 0 0 rg BT 185.21 478.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.54 478.25 Td ( is leased to tenants in the finance and insurance industry) Tj ET Q q 0 0 0 rg BT 425.60 478.25 Td (.Please see Item2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (Properties Industry Concentration.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 442.25 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 430.25 Td (our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 418.25 Td (space.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 394.25 Td (Rental income from real property constitutes a significant portion of our income. Delays in collecting accounts receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (from tenants could adversely af) Tj ET Q q 0 0 0 rg BT 175.38 382.25 Td (fect our cash flows and financial condition. In addition, the inability of a single major tenant or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (a number of smaller tenants to meet their rental obligations would adversely af) Tj ET Q q 0 0 0 rg BT 364.22 370.25 Td (fect our income. ) Tj ET Q q 0 0 0 rg BT 431.79 370.25 Td (Therefore, our financial success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (loans we may own. ) Tj ET Q q 0 0 0 rg BT 129.03 346.25 Td (T) Tj ET Q q 0 0 0 rg BT 134.44 346.25 Td (enants may have the right to terminate their leases upon the occurrence of certain customary events of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (default and, in other circumstances, may not renew their leases or) Tj ET Q q 0 0 0 rg BT 311.22 334.25 Td (, because of market conditions, may be able to renew their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 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 371.43 322.25 Td (The weakening of the financial condition or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (bankruptcy or insolvency of a significant tenant or a number of smaller tenants and vacancies caused by defaults of tenants or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (the expiration of leases, may adversely af) Tj ET Q q 0 0 0 rg BT 215.09 298.25 Td (fect our operations and our ability to pay distributions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 106.27 274.25 Td (, under U.S. bankruptcy law) Tj ET Q q 0 0 0 rg BT 218.10 274.25 Td (, a debtor tenant has 120days to exercise the option of assuming or rejecting the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (obligations under any unexpired lease for nonresidential real property) Tj ET Q q 0 0 0 rg BT 327.64 262.25 Td (, which period may be extended once by the bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 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 535.12 238.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (bankruptcy estate. ) Tj ET Q q 0 0 0 rg BT 124.20 226.25 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 530.27 226.25 Td (forded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (administrative expense priority and paid in full, pre-bankruptcy arrears and amounts owing under the remaining term of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (lease will be af) Tj ET Q q 0 0 0 rg BT 109.57 202.25 Td (forded general unsecured claim status \(absent collateral securing the claim\). Moreover) Tj ET Q q 0 0 0 rg BT 454.86 202.25 Td (, amounts owing under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (of the bankruptcy laws of international jurisdictions may dif) Tj ET Q q 0 0 0 rg BT 289.82 166.25 Td (fer from the U.S. bankruptcy laws described herein, the bankruptcy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (similarly adversely impact our operations and our ability to pay distributions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.25 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 413.13 118.25 Td (, may be suited to the particular or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (unique needs of such tenant. ) Tj ET Q q 0 0 0 rg BT 165.40 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 174.04 106.25 Td (e may have dif) Tj ET Q q 0 0 0 rg BT 233.00 106.25 Td (ficulty replacing such a tenant if the floor plan of the vacant space limits the types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 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 521.17 82.25 Td (.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 730.25 Td (e may suf) Tj ET Q q 0 0 0 rg BT 105.91 730.25 Td (fer adverse consequences if our revenues decline since our operating costs do not necessarily decline in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (proportion to our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 694.25 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 475.34 694.25 Td (, do not necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (fluctuate in proportion to changes in our rental revenue. ) Tj ET Q q 0 0 0 rg BT 274.43 682.25 Td (As a result, our costs will not necessarily decline even if our revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (do. Similarly) Tj ET Q q 0 0 0 rg BT 101.07 670.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (distributions to our stockholders.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 622.25 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.25 Td (investment in Hines Global is not guaranteed, and our stockholders may lose some or all of their investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.25 Td (By owning our shares, stockholders will be subjected to significant risks associated with owning and operating real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 102.09 574.25 Td (The performance of their investment in Hines Global will be subject to such risks, including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 550.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 550.25 Td (changes in the general economic climate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 538.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.25 Td (changes in local conditions such as an oversupply of space or reduction in demand for real estate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.25 Td (changes in interest rates and the availability of financing;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.25 Td (changes in property level operating expenses due to inflation or otherwise;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.25 Td (changes in laws and governmental regulations, including those governing real estate usage, zoning and taxes; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.25 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 536.81 490.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 478.25 Td (natural disasters and acts of God, over) Tj ET Q q 0 0 0 rg BT 229.31 478.25 Td (-building, adverse national, state or local changes in applicable tax, environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 466.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 454.25 Td (domain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 430.25 Td (In addition, we expect to acquire additional properties in the future, which may subject us to additional risks associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (with real estate property acquisitions, including the risks that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.25 Td (the investments will fail to perform in accordance with our expectations because of conditions or liabilities we did not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.25 Td (know about at the time of acquisition;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 370.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.25 Td (our projections or estimates with respect to the performance of the investments, the costs of operating or improving the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 358.25 Td (properties or the ef) Tj ET Q q 0 0 0 rg BT 152.12 358.25 Td (fect of the economy or capital markets on the investments will prove inaccurate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 334.25 Td (Any of these factors could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 279.72 334.25 Td (fect on our business, results of operations, cash flows and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (condition and our ability to make distributions to our stockholders and the value of their investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 298.25 Td (e may be adversely af) Tj ET Q q 0 0 0 rg BT 154.21 298.25 Td (fected by trends in the of) Tj ET Q q 0 0 0 rg BT 255.40 298.25 Td (fice real estate industry) Tj ET Q q 0 0 0 rg BT 350.85 298.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.25 Td (Some businesses are rapidly evolving to make employee telecommuting, flexible work schedules, open workplaces and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (teleconferencing increasingly common. ) Tj ET Q q 0 0 0 rg BT 209.81 262.25 Td (These practices enable businesses to reduce their space requirements. ) Tj ET Q q 0 0 0 rg BT 489.14 262.25 Td (A) Tj ET Q q 0 0 0 rg BT 495.81 262.25 Td ( continuation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (the movement towards these practices could over time erode the overall demand for of) Tj ET Q q 0 0 0 rg BT 395.58 250.25 Td (fice space and, in turn, place downward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (pressure on occupancy) Tj ET Q q 0 0 0 rg BT 139.92 238.25 Td (, rental rates and property valuations, each of which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 448.23 238.25 Td (fect on our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (position, results of operations, cash flows and ability to make distributions to our stockholders.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (An economic slowdown or rise in interest rates or other unfavorable changes in economic conditions in the markets in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (which we operate could adversely impact our business, results of operations, cash flows and financial condition and our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (ability to make distributions to our stockholders and the value of their investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 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 494.68 694.25 Td (fect occupancy) Tj ET Q q 0 0 0 rg BT 554.27 694.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (impact on our cash flows, operating results and carrying value of investment property) Tj ET Q q 0 0 0 rg BT 391.25 670.25 Td (. For example, an economic recession or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (rise in interest rates could make it more dif) Tj ET Q q 0 0 0 rg BT 220.93 658.25 Td (ficult for us to lease real properties, may require us to lease the real properties we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (decline in the value of our properties and make it more dif) Tj ET Q q 0 0 0 rg BT 282.29 634.25 Td (ficult for us to dispose of these properties at an attractive price. Other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (risks that may af) Tj ET Q q 0 0 0 rg BT 115.69 622.25 Td (fect conditions in the markets in which we operate include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 598.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 586.25 Td (properties in the area;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 574.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 574.25 Td (increased operating costs, if these costs cannot be passed through to tenants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.25 Td (International, national, regional and local economic climates have been adversely af) Tj ET Q q 0 0 0 rg BT 403.29 550.25 Td (fected by the slow job growth of recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 75.42 538.25 Td (T) Tj ET Q q 0 0 0 rg BT 80.83 538.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 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 394.21 526.25 Td (fected and the value of our properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (may decline. ) Tj ET Q q 0 0 0 rg BT 102.91 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 111.55 514.25 Td (e could also face challenges related to adequately managing and maintaining our properties, should we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 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 437.11 502.25 Td (Any of these factors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 490.25 Td (fect our business, results of operations, cash flows and financial condition, our ability to make distributions to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (stockholders and the value of their investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 454.25 Td (Our use of borrowings to partially fund acquisitions and improvements on properties could result in foreclosures and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.25 Td (unexpected debt service expenses upon refinancing, both of which could have an adverse impact on our operations and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 430.25 Td (cash flow) Tj ET Q q 0 0 0 rg BT 97.30 430.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 406.25 Td (e are relying and intend to continue to rely in part on borrowings under our credit facilities and other external sources of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (financing to fund the costs of any new investments, capital expenditures and other items. ) Tj ET Q q 0 0 0 rg BT 406.63 394.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 455.97 394.25 Td (, we are subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (risks that our cash flow will not be suf) Tj ET Q q 0 0 0 rg BT 202.63 382.25 Td (ficient to cover required debt service payments and that we will be unable to meet other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (covenants or requirements in the credit agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 346.25 Td (If we cannot meet our required debt obligations, the property or properties securing such indebtedness could be foreclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (upon by) Tj ET Q q 0 0 0 rg BT 81.35 334.25 Td (, or otherwise transferred to, our lender) Tj ET Q q 0 0 0 rg BT 237.56 334.25 Td (, with a consequent loss of income and asset value to us. For tax purposes, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (basis in the property) Tj ET Q q 0 0 0 rg BT 130.22 298.25 Td (, we would recognize taxable income on foreclosure, but we may not receive any cash proceeds. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 286.25 Td (, we may be required to refinance our debt subject to lump sum or balloon payment maturities on terms less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 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 442.42 274.25 Td (A) Tj ET Q q 0 0 0 rg BT 449.08 274.25 Td ( refinancing on such terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (time when we would not otherwise do so.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 214.25 Td (Uninsured losses relating to real property may adversely impact the value of our portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 190.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 190.25 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 481.43 190.25 Td (, there are types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (losses, generally catastrophic in nature, which are uninsurable, are not economically insurable or are only insurable subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (limitations. Examples of such catastrophic events include acts of war or terrorism, earthquakes, floods, hurricanes and pollution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (or environmental matters. ) Tj ET Q q 0 0 0 rg BT 154.84 154.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.48 154.25 Td (e may not have adequate coverage in the event we or our buildings suf) Tj ET Q q 0 0 0 rg BT 445.14 154.25 Td (fer casualty losses. If we do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (uninsured losses. ) Tj ET Q q 0 0 0 rg BT 119.78 130.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 169.68 130.25 Td (, we may not have access to capital resources to repair or reconstruct any uninsured damage to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 118.25 Td (.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 742.25 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (comply with insurance requirements contained in mortgage or other agreements due to high insurance costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 706.25 Td (e may not be able either to obtain certain desirable types of insurance coverage, such as terrorism, earthquake, flood, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (hurricane and pollution or environmental matter insurance, or to obtain such coverage at a reasonable cost in the future, and this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (risk may limit our ability to finance or refinance debt secured by our properties. ) Tj ET Q q 0 0 0 rg BT 370.23 682.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 420.13 682.25 Td (, we could default under debt or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (other agreements if the cost and/or availability of certain types of insurance make it impractical or impossible to comply with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (covenants relating to the insurance we are required to maintain under such agreements. In such instances, we may be required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (to self-insure against certain losses or seek other forms of financial assurance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 622.25 Td (The real estate industry is subject to extensive regulation, which may result in higher expenses or other negative ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.25 Td (consequences that could adversely af) Tj ET Q q 0 0 0 rg BT 210.52 610.25 Td (fect us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.25 Td (Our activities are subject to federal, state and municipal laws, and to regulations, authorizations and license requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (with respect to, among other things, zoning, environmental protection and historical heritage, all of which may af) Tj ET Q q 0 0 0 rg BT 502.52 574.25 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.21 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 96.85 562.25 Td (e may be required to obtain licenses and permits with dif) Tj ET Q q 0 0 0 rg BT 323.83 562.25 Td (ferent governmental authorities in order to acquire and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (manage our assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 526.25 Td (In addition, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 182.02 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 190.66 526.25 Td (all Street Reform and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 365.63 526.25 Td (Act \(the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 455.88 526.25 Td (Act\), which generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (took ef) Tj ET Q q 0 0 0 rg BT 77.37 514.25 Td (fect in 201) Tj ET Q q 0 0 0 rg BT 119.76 514.25 Td (1, contains a sweeping overhaul of the regulation of U.S. financial institutions and financial markets. Key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (provisions of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 170.05 502.25 Td (Act require extensive rulemaking by the SEC and the U.S. Commodity Futures ) Tj ET Q q 0 0 0 rg BT 488.70 502.25 Td (T) Tj ET Q q 0 0 0 rg BT 494.46 502.25 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (Commission, some of which remains ongoing. ) Tj ET Q q 0 0 0 rg BT 238.20 490.25 Td (Thus, the full impact of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 400.39 490.25 Td (Act on our business cannot be fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (assessed until all final implementing rules and regulations are promulgated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 454.25 Td (V) Tj ET Q q 0 0 0 rg BT 73.61 454.25 Td (arious rules currently in ef) Tj ET Q q 0 0 0 rg BT 178.95 454.25 Td (fect under the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 287.25 454.25 Td (Act may have a significant impact on our business, including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (without limitation, provisions of the legislation that increase regulation of and disclosure requirements related to investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (advisors, swap transactions and hedging policies, corporate governance and executive compensation, investor protection and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (enforcement provisions, and asset-backed securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 394.25 Td (For example, but not by way of limitation, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 305.24 394.25 Td (Act and the rules and regulations promulgated thereunder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (provides for significantly increased regulation of the derivatives markets and transactions that af) Tj ET Q q 0 0 0 rg BT 434.74 382.25 Td (fect our interest rate hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (activities, including: \(i\)regulatory reporting, \(ii\)subject to limited exemptions, mandated clearing through central ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (counterparties and execution on regulated exchanges or execution facilities, and \(iii\)mar) Tj ET Q q 0 0 0 rg BT 404.73 358.25 Td (gin and collateral requirements.) Tj ET Q q 0 0 0 rg BT 533.67 358.25 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (the full impact of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 186.69 346.25 Td (Act on our interest rate hedging activities cannot be fully assessed until all final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (implementing rules and regulations are promulgated, the foregoing requirements may af) Tj ET Q q 0 0 0 rg BT 401.71 334.25 Td (fect our ability to enter into hedging or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (other risk management transactions, may increase our costs in entering into such transactions, and/or may result in us entering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (into such transactions on less favorable terms than prior to the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 351.10 310.25 Td (Act.For example, subject to an exception for end-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (users of swaps upon which we may seek to rely) Tj ET Q q 0 0 0 rg BT 243.52 298.25 Td (, we may be required to clear certain interest rate hedging transactions by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (submitting them to a derivatives clearing or) Tj ET Q q 0 0 0 rg BT 223.72 286.25 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 270.19 286.25 Td (T) Tj ET Q q 0 0 0 rg BT 275.60 286.25 Td (o the extent we are required to clear any such transactions, we will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (required to, among other things, post mar) Tj ET Q q 0 0 0 rg BT 214.84 274.25 Td (gin in connection with such transactions. ) Tj ET Q q 0 0 0 rg BT 380.46 274.25 Td (The occurrence of any of the foregoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (events may have an adverse ef) Tj ET Q q 0 0 0 rg BT 171.20 262.25 Td (fect on our business and our stockholders) Tj ET Q q 0 0 0 rg BT 339.31 262.25 Td ( return.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 238.25 Td (In addition, public authorities may enact new and more stringent standards, or interpret existing laws and regulations in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (more restrictive manner) Tj ET Q q 0 0 0 rg BT 144.61 226.25 Td (, which may force companies in the real estate industry) Tj ET Q q 0 0 0 rg BT 364.44 226.25 Td (, including us, to spend funds to comply with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (these new rules. ) Tj ET Q q 0 0 0 rg BT 115.59 214.25 Td (Any such action on the part of public authorities may adversely af) Tj ET Q q 0 0 0 rg BT 379.50 214.25 Td (fect our results from operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 190.25 Td (In the event of noncompliance with such laws, regulations, licenses and authorizations, we may face the payment of fines, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (project shutdowns, cancellation of licenses, and revocation of authorizations, in addition to other civil and criminal penalties. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 154.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 154.25 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 544.33 154.25 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 142.25 Td (allowing them to compete ef) Tj ET Q q 0 0 0 rg BT 173.86 142.25 Td (fectively with us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (real estate investments and obtaining creditworthy tenants to occupy such properties or the properties owned by such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 102.09 94.25 Td (T) Tj ET Q q 0 0 0 rg BT 107.50 94.25 Td (wo such companies with whom we may compete for tenants are Hines REIT) Tj ET Q q 0 0 0 rg BT 413.90 94.25 Td ( and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 510.93 94.25 Td ( II. Such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (competition could adversely af) Tj ET Q q 0 0 0 rg BT 172.89 82.25 Td (fect our business. ) Tj ET Q q 0 0 0 rg BT 244.92 82.25 Td (There are numerous real estate companies, real estate investment trusts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (these entities have significant financial and other resources, including operating experience, allowing them to compete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 46.25 Td (fectively with us. In addition, our ability to char) Tj ET Q q 0 0 0 rg BT 248.53 46.25 Td (ge premium rental rates to tenants may be negatively impacted. ) Tj ET Q q 0 0 0 rg BT 504.09 46.25 Td (This ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 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 /F1 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 (ge tenants. In addition, the arrival of new competitors in the immediate areas where we have assets could require unplanned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (investments in our assets, which may adversely af) Tj ET Q q 0 0 0 rg BT 249.27 718.10 Td (fect us. ) Tj ET Q q 0 0 0 rg BT 280.47 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 289.10 718.10 Td (e may also have dif) Tj ET Q q 0 0 0 rg BT 366.67 718.10 Td (ficulty in renewing leases or in leasing to new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (tenants, which may lead to a reduction in our cash flow and operating income, since the proximity of new competitors could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (divert existing or new tenants to such competitors, resulting in vacancies.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 670.10 Td (e may have dif) Tj ET Q q 0 0 0 rg BT 126.17 670.10 Td (ficulty selling real estate investments, and our ability to distribute all or a portion of the net proceeds from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 658.10 Td (such sales to our stockholders may be limited.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td (Real estate investments are relatively illiquid. ) Tj ET Q q 0 0 0 rg BT 252.54 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 261.18 634.10 Td (e will have a limited ability to vary our portfolio in response to changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (economic or other conditions. ) Tj ET Q q 0 0 0 rg BT 171.23 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.87 622.10 Td (e will also have a limited ability to sell assets in order to fund working capital and similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (capital needs such as share redemptions. ) Tj ET Q q 0 0 0 rg BT 213.43 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 222.07 610.10 Td (e expect to generally hold a real estate investment for the long term. ) Tj ET Q q 0 0 0 rg BT 496.23 610.10 Td (When we sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (cash proceeds we receive from such sale. ) Tj ET Q q 0 0 0 rg BT 216.46 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 225.10 586.10 Td (e may not distribute any proceeds from the sale of real estate investments to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (stockholders. Rather) Tj ET Q q 0 0 0 rg BT 131.30 574.10 Td (, we may use such proceeds to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 550.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 550.10 Td (purchase additional real estate investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 Td (repay debt;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.10 Td (purchase shares under our share redemption program;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.10 Td (create working capital reserves;or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.10 Td (make repairs, maintenance, tenant improvements or other capital improvements or expenditures to our other properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 466.10 Td (The real estate market is af) Tj ET Q q 0 0 0 rg BT 175.32 466.10 Td (fected by many factors, such as general economic conditions, availability of financing, interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (rates and other factors, including supply and demand, that are beyond our control. ) Tj ET Q q 0 0 0 rg BT 379.22 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.86 454.10 Td (e cannot predict whether we will be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (sell any property for the price or on the terms set by us, or whether any price or other terms of) Tj ET Q q 0 0 0 rg BT 425.03 442.10 Td (fered by a prospective purchaser ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (would be acceptable to us. ) Tj ET Q q 0 0 0 rg BT 157.62 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.25 430.10 Td (e cannot predict the length of time needed to find a willing purchaser and to close the sale of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 418.10 Td (. Real estate generally cannot be sold quickly) Tj ET Q q 0 0 0 rg BT 263.13 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.95 418.10 Td (Therefore, we may not be able to dispose of properties promptly) Tj ET Q q 0 0 0 rg BT 524.72 418.10 Td (, or on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (favorable terms, in response to economic or other market conditions, and this may adversely impact our ability to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (distributions to stockholders. In addition, we may be required to expend funds to correct defects or to make improvements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (before a property can be sold. ) Tj ET Q q 0 0 0 rg BT 170.66 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.29 382.10 Td (e cannot assure stockholders that we will have funds available to correct such defects or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (make such improvements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 346.10 Td (Our ability to sell our properties may also be limited by our desire to avoid a 100% penalty tax that is imposed on gain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (recognized by a REIT) Tj ET Q q 0 0 0 rg BT 137.34 334.10 Td ( from the sale of property characterized as dealer property) Tj ET Q q 0 0 0 rg BT 368.51 334.10 Td (. In order to avoid such characterization and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (generally two years.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 286.10 Td (The sale of properties may cause us to incur penalty taxes, fail to maintain our REIT status, or own and sell properties ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 274.10 Td (through T) Tj ET Q q 0 0 0 rg BT 99.54 274.10 Td (axable REIT Subsidiaries \(TRS\), each of which would diminish the return to our stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 Td (The sale of one or more of our properties may be considered a prohibited transaction under the Code. ) Tj ET Q q 0 0 0 rg BT 474.31 250.10 Td (Any inventory-like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (sales could be considered such a prohibited transaction. If we are deemed to have engaged in a prohibited transaction \(i.e., we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (sell a property held by us primarily for sale in the ordinary course of our trade or business\), all net gain that we derive from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (such sale would be subject to a 100% penalty tax. ) Tj ET Q q 0 0 0 rg BT 250.66 214.10 Td (The Code sets forth a safe harbor for REIT) Tj ET Q q 0 0 0 rg BT 421.57 214.10 Td (s that wish to sell property without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (risking the imposition of the 100% penalty tax. ) Tj ET Q q 0 0 0 rg BT 240.13 202.10 Td (The principal requirements of the safe harbor are that: \(i\) the REIT) Tj ET Q q 0 0 0 rg BT 507.33 202.10 Td ( must hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (the applicable property for not less than two years for the production of rental income prior to its sale; \(ii\) the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (expenditures made by the REIT) Tj ET Q q 0 0 0 rg BT 175.94 178.10 Td (, or any partner of the REIT) Tj ET Q q 0 0 0 rg BT 286.55 178.10 Td (, during the two-year period preceding the date of sale which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (includible in the basis of the property do not exceed 30% of the net selling price of the property; and \(iii\) property sales by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.54 154.10 Td ( do not exceed at least one of the following thresholds: \(a\) seven sales in the current year; \(b\) sales in the current year that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (do not exceed 10% of the REIT) Tj ET Q q 0 0 0 rg BT 178.90 142.10 Td (s assets as of the beginning of the year \(as measured by either fair market value or tax basis\); or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (\(c\) sales in the current year that do not exceed 20% of the REIT) Tj ET Q q 0 0 0 rg BT 307.45 130.10 Td (s assets as of the beginning of the year) Tj ET Q q 0 0 0 rg BT 460.90 130.10 Td (, and sales over a three-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (year period do not exceed, on average, 10% per annum of the REIT) Tj ET Q q 0 0 0 rg BT 322.73 118.10 Td (s assets, in each case as measured by either fair market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (value or tax basis. Given our investment and operating strategy) Tj ET Q q 0 0 0 rg BT 301.56 106.10 Td (, the sale of one or more of our properties may not satisfy the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (above prohibited transaction safe harbor) Tj ET Q q 0 0 0 rg BT 210.00 94.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 70.10 Td (If we desire to sell a property pursuant to a transaction that does not satisfy the safe harbor) Tj ET Q q 0 0 0 rg BT 428.93 70.10 Td (, we may be able to avoid the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (prohibited transaction tax if we hold and sell the property through a ) Tj ET Q q 0 0 0 rg BT 322.02 58.10 Td (TRS. In that case, any gain would be taxable to the ) Tj ET Q q 0 0 0 rg BT 528.18 58.10 Td (TRS at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (regular corporate income tax rates. ) Tj ET Q q 0 0 0 rg BT 190.92 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.55 46.10 Td (e may decide to forego the use of a ) Tj ET Q q 0 0 0 rg BT 341.81 46.10 Td (TRS in a transaction that does not meet the safe harbor ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (based our own internal analysis, the opinion of counsel or the opinion of other tax advisors that the disposition will not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (subject to the prohibited transaction tax. In cases where a property disposition is not ef) Tj ET Q q 0 0 0 rg BT 395.62 730.10 Td (fected through a ) Tj ET Q q 0 0 0 rg BT 462.91 730.10 Td (TRS, the Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (Revenue Service could assert that the disposition constitutes a prohibited transaction. If such an assertion were successful, all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (the net gain from the sale of the property will be payable as a tax which will have a negative impact on cash flow and the ability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (to make cash distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 670.10 Td (As a REIT) Tj ET Q q 0 0 0 rg BT 109.53 670.10 Td (, the value of our ownership interests held in our ) Tj ET Q q 0 0 0 rg BT 305.69 670.10 Td (TRSs may not exceed 25% of the value of all of our assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (the end of any calendar quarter \(20% commencing in 2018\). If the IRS were to determine that the value of our interests in all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.15 646.10 Td (TRSs exceeded 25% of the value of our total assets at the end of any calendar quarter \(or 20% after 2017\), then we could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 145.67 634.10 Td (. If we determine it to be in our best interest to own a substantial number of our properties through one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (or more ) Tj ET Q q 0 0 0 rg BT 83.20 622.10 Td (TRSs, then it is possible that the IRS may conclude that the value of our interests in our ) Tj ET Q q 0 0 0 rg BT 436.01 622.10 Td (TRSs exceeds 25% \(or 20%\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (of the value of our total assets at the end of any calendar quarter and therefore cause us to fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 506.36 610.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 598.10 Td (, as a REIT) Tj ET Q q 0 0 0 rg BT 143.65 598.10 Td (, generally no more than 25% of our gross income with respect to any year may be from sources other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (than real estate. Distributions paid to us from a ) Tj ET Q q 0 0 0 rg BT 239.28 586.10 Td (TRS are considered to be non-real estate income. ) Tj ET Q q 0 0 0 rg BT 438.19 586.10 Td (Therefore, we may fail to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (qualify as a REIT) Tj ET Q q 0 0 0 rg BT 120.13 574.10 Td ( if distributions from all of the Company) Tj ET Q q 0 0 0 rg BT 285.39 574.10 Td (s ) Tj ET Q q 0 0 0 rg BT 291.60 574.10 Td (TRSs, when aggregated with all other non-real estate income with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (respect to any one year) Tj ET Q q 0 0 0 rg BT 141.28 562.10 Td (, are more than 25% of the Company) Tj ET Q q 0 0 0 rg BT 291.79 562.10 Td (s gross income with respect to such year) Tj ET Q q 0 0 0 rg BT 452.59 562.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 538.10 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 502.75 538.10 Td (fect our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 526.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 502.10 Td (Under various federal, state and local environmental laws, ordinances and regulations, a current or previous owner or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 478.10 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 494.45 478.10 Td (, the presence of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (such hazardous or toxic substances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 442.10 Td (e have invested in properties historically used for industrial, manufacturing and commercial purposes. ) Tj ET Q q 0 0 0 rg BT 486.11 442.10 Td (These properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (are more likely to contain, or may have contained, under) Tj ET Q q 0 0 0 rg BT 275.62 430.10 Td (ground storage tanks for the storage of petroleum products and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (hazardous or toxic substances. ) Tj ET Q q 0 0 0 rg BT 173.08 418.10 Td (All of these operations create a potential for the release of petroleum products or other hazardous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (or toxic substances. Leasing properties to tenants that engage in industrial, manufacturing, and commercial activities will cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (us to be subject to increased risk of liabilities under environmental laws and regulations. ) Tj ET Q q 0 0 0 rg BT 405.06 394.10 Td (The presence of hazardous or toxic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (substances, or the failure to properly remediate these substances, may adversely af) Tj ET Q q 0 0 0 rg BT 378.92 382.10 Td (fect our ability to sell, rent or pledge such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (property as collateral for future borrowings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 346.10 Td (Environmental laws also may impose restrictions on the manner in which properties may be used or businesses may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (operated, and these restrictions may require expenditures. Such laws may be amended so as to require compliance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (stringent standards which could require us to make unexpected, substantial expenditures. Environmental laws provide for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (sanctions in the event of noncompliance and may be enforced by governmental agencies or) Tj ET Q q 0 0 0 rg BT 413.69 310.10 Td (, in certain circumstances, by private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 80.97 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.61 298.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (United States. In addition, we may invest in properties located in countries that have adopted laws or observe environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (that releases of hazardous or toxic substances have occurred to the environment. ) Tj ET Q q 0 0 0 rg BT 372.81 262.10 Td (The cost of defending against claims of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (liability) Tj ET Q q 0 0 0 rg BT 79.96 250.10 Td (, compliance with environmental regulatory requirements or remediating any contaminated property could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (substantial and require a material portion of our cash flow) Tj ET Q q 0 0 0 rg BT 280.72 238.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 226.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 214.10 Td (e ) Tj ET Q q 0 0 0 rg BT 73.59 214.10 Td (face ) Tj ET Q q 0 0 0 rg BT 93.29 214.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 128.57 214.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 150.53 214.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 195.24 214.10 Td (with ) Tj ET Q q 0 0 0 rg BT 215.53 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.81 214.10 Td (physical ) Tj ET Q q 0 0 0 rg BT 267.20 214.10 Td (ef) Tj ET Q q 0 0 0 rg BT 274.78 214.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 296.16 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.99 214.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 339.48 214.10 Td (change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 190.10 Td (e ) Tj ET Q q 0 0 0 rg BT 83.21 190.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 112.49 190.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 142.89 190.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.30 190.10 Td (certainty ) Tj ET Q q 0 0 0 rg BT 200.91 190.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 235.75 190.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 267.81 190.10 Td (change ) Tj ET Q q 0 0 0 rg BT 298.75 190.10 Td (is ) Tj ET Q q 0 0 0 rg BT 308.05 190.10 Td (occurring ) Tj ET Q q 0 0 0 rg BT 349.00 190.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 368.57 190.10 Td (if ) Tj ET Q q 0 0 0 rg BT 377.31 190.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 391.33 190.10 Td (at ) Tj ET Q q 0 0 0 rg BT 401.18 190.10 Td (what ) Tj ET Q q 0 0 0 rg BT 423.25 190.10 Td (rate. ) Tj ET Q q 0 0 0 rg BT 443.36 190.10 Td (However) Tj ET Q q 0 0 0 rg BT 479.61 190.10 Td (, ) Tj ET Q q 0 0 0 rg BT 484.74 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.59 190.10 Td (physical ) Tj ET Q q 0 0 0 rg BT 535.55 190.10 Td (ef) Tj ET Q q 0 0 0 rg BT 543.14 190.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.57 178.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 92.75 178.10 Td (change ) Tj ET Q q 0 0 0 rg BT 123.80 178.10 Td (could ) Tj ET Q q 0 0 0 rg BT 148.76 178.10 Td (have ) Tj ET Q q 0 0 0 rg BT 170.38 178.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.57 178.10 Td (material ) Tj ET Q q 0 0 0 rg BT 213.07 178.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 246.35 178.10 Td (ef) Tj ET Q q 0 0 0 rg BT 253.94 178.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 271.66 178.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.41 178.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.48 178.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 345.71 178.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 390.11 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.29 178.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 446.23 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 451.64 178.10 Td (o ) Tj ET Q q 0 0 0 rg BT 459.38 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.34 178.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 501.52 178.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 533.69 178.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (causes ) Tj ET Q q 0 0 0 rg BT 77.79 166.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 112.19 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.16 166.10 Td (weather ) Tj ET Q q 0 0 0 rg BT 156.00 166.10 Td (patterns, ) Tj ET Q q 0 0 0 rg BT 192.34 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.86 166.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 241.71 166.10 Td (could ) Tj ET Q q 0 0 0 rg BT 266.12 166.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 311.61 166.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 350.45 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.42 166.10 Td (storm ) Tj ET Q q 0 0 0 rg BT 385.39 166.10 Td (intensity) Tj ET Q q 0 0 0 rg BT 419.18 166.10 Td (, ) Tj ET Q q 0 0 0 rg BT 423.87 166.10 Td (such ) Tj ET Q q 0 0 0 rg BT 444.39 166.10 Td (as ) Tj ET Q q 0 0 0 rg BT 454.92 166.10 Td (those ) Tj ET Q q 0 0 0 rg BT 478.21 166.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 528.71 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.68 166.10 Td (Super ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (Storm ) Tj ET Q q 0 0 0 rg BT 76.10 154.10 Td (Sandy ) Tj ET Q q 0 0 0 rg BT 103.25 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.18 154.10 Td (October ) Tj ET Q q 0 0 0 rg BT 147.54 154.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 172.19 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.78 154.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 213.71 154.10 Td (sea-levels. ) Tj ET Q q 0 0 0 rg BT 257.78 154.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 279.92 154.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 302.35 154.10 Td (these ) Tj ET Q q 0 0 0 rg BT 325.04 154.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 368.86 154.10 Td (could ) Tj ET Q q 0 0 0 rg BT 393.23 154.10 Td (result ) Tj ET Q q 0 0 0 rg BT 417.60 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.52 154.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 466.89 154.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 500.69 154.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.50 154.10 Td (of) Tj ET Q q 0 0 0 rg BT 522.65 154.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 539.79 154.10 Td (space ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.47 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 74.98 142.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 114.40 142.10 Td (or ) Tj ET Q q 0 0 0 rg BT 124.92 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.32 142.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 174.84 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.35 142.10 Td (us ) Tj ET Q q 0 0 0 rg BT 196.43 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.40 142.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 238.01 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.42 142.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 291.83 142.10 Td (at ) Tj ET Q q 0 0 0 rg BT 301.23 142.10 Td (all. ) Tj ET Q q 0 0 0 rg BT 315.92 142.10 Td (Climate ) Tj ET Q q 0 0 0 rg BT 349.76 142.10 Td (change ) Tj ET Q q 0 0 0 rg BT 380.27 142.10 Td (may ) Tj ET Q q 0 0 0 rg BT 399.67 142.10 Td (also ) Tj ET Q q 0 0 0 rg BT 417.97 142.10 Td (have ) Tj ET Q q 0 0 0 rg BT 439.03 142.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 471.76 142.10 Td (ef) Tj ET Q q 0 0 0 rg BT 479.35 142.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 500.41 142.10 Td (on ) Tj ET Q q 0 0 0 rg BT 512.60 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.12 142.10 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.24 130.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 106.07 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.03 130.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 139.88 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.95 130.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 165.34 130.10 Td (making ) Tj ET Q q 0 0 0 rg BT 198.08 130.10 Td (unavailable\) ) Tj ET Q q 0 0 0 rg BT 250.24 130.10 Td (property ) Tj ET Q q 0 0 0 rg BT 286.85 130.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 327.91 130.10 Td (on ) Tj ET Q q 0 0 0 rg BT 340.65 130.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 365.60 130.10 Td (we ) Tj ET Q q 0 0 0 rg BT 380.00 130.10 Td (find ) Tj ET Q q 0 0 0 rg BT 398.85 130.10 Td (acceptable, ) Tj ET Q q 0 0 0 rg BT 446.28 130.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 490.11 130.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.07 130.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 523.91 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.98 130.10 Td (ener) Tj ET Q q 0 0 0 rg BT 552.01 130.10 Td (gy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.25 118.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 109.66 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.19 118.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 142.62 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.26 118.10 Td (snow ) Tj ET Q q 0 0 0 rg BT 176.69 118.10 Td (removal ) Tj ET Q q 0 0 0 rg BT 211.77 118.10 Td (at ) Tj ET Q q 0 0 0 rg BT 221.30 118.10 Td (our ) Tj ET Q q 0 0 0 rg BT 236.94 118.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 281.57 118.10 Td (There ) Tj ET Q q 0 0 0 rg BT 307.20 118.10 Td (can ) Tj ET Q q 0 0 0 rg BT 323.40 118.10 Td (be ) Tj ET Q q 0 0 0 rg BT 335.15 118.10 Td (no ) Tj ET Q q 0 0 0 rg BT 347.46 118.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 388.64 118.10 Td (that ) Tj ET Q q 0 0 0 rg BT 405.95 118.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 437.70 118.10 Td (change ) Tj ET Q q 0 0 0 rg BT 468.33 118.10 Td (will ) Tj ET Q q 0 0 0 rg BT 486.20 118.10 Td (not ) Tj ET Q q 0 0 0 rg BT 501.29 118.10 Td (have ) Tj ET Q q 0 0 0 rg BT 522.48 118.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.23 118.10 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 82.54 106.10 Td (ef) Tj ET Q q 0 0 0 rg BT 90.13 106.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 107.61 106.10 Td (on ) Tj ET Q q 0 0 0 rg BT 120.11 106.10 Td (our ) Tj ET Q q 0 0 0 rg BT 135.94 106.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 180.93 106.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 225.08 106.10 Td (or ) Tj ET Q q 0 0 0 rg BT 235.91 106.10 Td (business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 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 473.03 82.10 Td (fect our cash flow) Tj ET Q q 0 0 0 rg BT 546.27 82.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (properties are assessed or reassessed by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 285.08 46.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.72 46.10 Td (e anticipate that most of our leases will generally provide that the ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (property taxes or increases therein, are char) Tj ET Q q 0 0 0 rg BT 223.40 742.10 Td (ged to the lessees as an expense related to the properties that they occupy) Tj ET Q q 0 0 0 rg BT 515.70 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.14 742.10 Td (As the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (owner of the properties, however) Tj ET Q q 0 0 0 rg BT 181.55 730.10 Td (, we are ultimately responsible for payment of the taxes to the government. If property taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 103.85 682.10 Td (, any tax increases may adversely af) Tj ET Q q 0 0 0 rg BT 247.77 682.10 Td (fect our results of operations at such properties.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 652.10 Td (Our costs associated with complying with the ) Tj ET Q q 0 0 0 rg BT 245.65 652.10 Td (Americans with Disabilities ) Tj ET Q q 0 0 0 rg BT 361.13 652.10 Td (Act of 1990, or the ) Tj ET Q q 0 0 0 rg BT 439.64 652.10 Td (ADA, may af) Tj ET Q q 0 0 0 rg BT 493.07 652.10 Td (fect cash ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 640.10 Td (available for distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td (Any domestic properties we acquire will generally be subject to the ) Tj ET Q q 0 0 0 rg BT 339.36 622.10 Td (ADA. Under the ) Tj ET Q q 0 0 0 rg BT 407.68 622.10 Td (ADA, all places of public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (accommodation are required to comply with federal requirements related to access and use by disabled persons. ) Tj ET Q q 0 0 0 rg BT 498.88 610.10 Td (The ) Tj ET Q q 0 0 0 rg BT 516.38 610.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 537.49 610.10 Td ( has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (separate compliance requirements for public accommodations and commercial facilities that generally require that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (buildings and services be made accessible and available to people with disabilities. ) Tj ET Q q 0 0 0 rg BT 383.39 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.88 586.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 421.44 586.10 Td () Tj ET Q q 0 0 0 rg BT 424.22 586.10 Td (s requirements could require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (removal of access barriers and could result in the imposition of injunctive relief, monetary penalties or) Tj ET Q q 0 0 0 rg BT 458.97 574.10 Td (, in some cases, an award ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (of damages. ) Tj ET Q q 0 0 0 rg BT 100.13 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.77 562.10 Td (e may not acquire properties that comply with the ) Tj ET Q q 0 0 0 rg BT 309.55 562.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 330.66 562.10 Td ( or we may not be able to allocate the burden on the seller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (or other third-party) Tj ET Q q 0 0 0 rg BT 125.49 550.10 Td (, such as a tenant, to ensure compliance with the ) Tj ET Q q 0 0 0 rg BT 320.43 550.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 341.55 550.10 Td ( in all cases. Foreign jurisdictions may have similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (requirements and any funds we use for ) Tj ET Q q 0 0 0 rg BT 206.40 538.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 227.51 538.10 Td ( or similar compliance may af) Tj ET Q q 0 0 0 rg BT 347.01 538.10 Td (fect cash available for distributions and the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (of distributions to you. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 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 482.48 502.10 Td (fects and costs of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 490.10 Td (remediating the problem.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 466.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (remove the mold. Mold growth may occur when moisture accumulates in buildings or on building materials. Some molds may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (produce airborne toxins or irritants. Concern about indoor exposure to mold has been increasing because exposure to mold may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (cause a variety of adverse health ef) Tj ET Q q 0 0 0 rg BT 189.80 430.10 Td (fects and symptoms, including aller) Tj ET Q q 0 0 0 rg BT 332.09 430.10 Td (gic or other reactions. ) Tj ET Q q 0 0 0 rg BT 421.59 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.23 430.10 Td (e may become liable to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 406.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (stockholders and the value of their investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 370.10 Td (If we set aside insuf) Tj ET Q q 0 0 0 rg BT 139.99 370.10 Td (ficient working capital reserves, we may be required to defer necessary or desirable property ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 358.10 Td (improvements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 Td (If we do not establish suf) Tj ET Q q 0 0 0 rg BT 168.13 334.10 Td (ficient reserves for working capital to supply necessary funds for capital improvements or similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (expenses, we may be required to defer necessary or desirable improvements to our properties. If we defer such improvements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (the applicable properties may decline in value, it may be more dif) Tj ET Q q 0 0 0 rg BT 312.00 310.10 Td (ficult for us to attract or retain tenants to such properties or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (the amount of rent we can char) Tj ET Q q 0 0 0 rg BT 173.15 298.10 Td (ge at such properties may decrease.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 268.10 Td (Changes in supply of or demand for similar properties in a particular area may increase the price of real estate assets we ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 256.10 Td (may seek to purchase or adversely af) Tj ET Q q 0 0 0 rg BT 209.40 256.10 Td (fect the value of the properties we own. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 238.10 Td (The real estate industry is subject to market forces and we are unable to predict certain market changes including changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (in supply of or demand for similar properties in a particular area. For example, if demand for the types of real estate assets in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (which we seek to invest were to sharply increase or supply of those assets were to sharply decrease, the prices of those assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (could rise significantly) Tj ET Q q 0 0 0 rg BT 140.50 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 144.94 202.10 Td (Any potential purchase of an overpriced asset could decrease our rate of return on these investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (and result in lower operating results and overall returns to you. Likewise, a sharp increase in supply could adversely af) Tj ET Q q 0 0 0 rg BT 523.90 190.10 Td (fect lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (rates and occupancy) Tj ET Q q 0 0 0 rg BT 129.92 178.10 Td (, which could result in lower operating results and overall returns to you. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 154.10 Td (Retail properties depend on anchor tenants to attract shoppers and could be adversely af) Tj ET Q q 0 0 0 rg BT 421.38 154.10 Td (fected by the loss of a key anchor ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 142.10 Td (tenant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 118.10 Td (e have acquired properties that include retail space. Retail properties, like other properties, are subject to the risk that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 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 469.92 106.10 Td (A) Tj ET Q q 0 0 0 rg BT 476.59 106.10 Td ( lease termination by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (a tenant that occupies a lar) Tj ET Q q 0 0 0 rg BT 155.66 94.10 Td (ge area of a retail center \(commonly referred to as an anchor tenant\) could impact leases of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (to pay rent. ) Tj ET Q q 0 0 0 rg BT 96.71 58.10 Td (Any such modifications or conditions could be unfavorable to us as the property owner and could decrease rents or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (expense recoveries. ) Tj ET Q q 0 0 0 rg BT 129.74 46.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 179.64 46.10 Td (, major tenant closures may result in decreased customer traf) Tj ET Q q 0 0 0 rg BT 422.15 46.10 Td (fic, which could lead to decreased ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (rights as landlord to recover amounts due to us under the terms of our agreements with those parties.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 706.10 Td (Leases with retail properties) Tj ET Q q 0 0 0 rg BT 176.92 706.10 Td ( tenants may restrict us from re-leasing space.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 682.10 Td (Most leases with retail tenants contain provisions giving the particular tenant the exclusive right to sell particular types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (merchandise or provide specific types of services within the particular retail center) Tj ET Q q 0 0 0 rg BT 379.65 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 384.47 670.10 Td (These provisions may limit the number and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (types of prospective tenants interested in leasing space in a particular retail property) Tj ET Q q 0 0 0 rg BT 384.84 658.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 634.10 Td (Short-term multifamily community leases associated with any multifamily residential properties we own may expose us to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 622.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 81.37 622.10 Td (fects of declining market rent and could adversely impact our ability to make cash distributions to our stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 598.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 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 402.89 586.10 Td (, our rental revenues may be impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (by declines in market rents more quickly than if our leases were for longer terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 550.10 Td (High levels of unemployment could adversely af) Tj ET Q q 0 0 0 rg BT 256.07 550.10 Td (fect the occupancy and rental rates of any multifamily residential ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 538.10 Td (properties we own, with high-quality multifamily communities suf) Tj ET Q q 0 0 0 rg BT 329.47 538.10 Td (fering even more severely) Tj ET Q q 0 0 0 rg BT 434.33 538.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 514.10 Td (Increased levels of unemployment in multifamily markets could significantly decrease occupancy and rental rates. In times ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (of increasing unemployment, multifamily occupancy and rental rates have historically been adversely af) Tj ET Q q 0 0 0 rg BT 466.11 502.10 Td (fected by:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 478.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 101.76 478.10 Td (residents ) Tj ET Q q 0 0 0 rg BT 139.81 478.10 Td (deciding ) Tj ET Q q 0 0 0 rg BT 176.74 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 187.02 478.10 Td (share ) Tj ET Q q 0 0 0 rg BT 210.62 478.10 Td (rental ) Tj ET Q q 0 0 0 rg BT 235.88 478.10 Td (units ) Tj ET Q q 0 0 0 rg BT 257.83 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.77 478.10 Td (therefore ) Tj ET Q q 0 0 0 rg BT 313.36 478.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 331.40 478.10 Td (fewer ) Tj ET Q q 0 0 0 rg BT 356.66 478.10 Td (units;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 466.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 113.99 466.10 Td (residents ) Tj ET Q q 0 0 0 rg BT 152.04 466.10 Td (moving ) Tj ET Q q 0 0 0 rg BT 185.09 466.10 Td (back ) Tj ET Q q 0 0 0 rg BT 206.47 466.10 Td (into ) Tj ET Q q 0 0 0 rg BT 224.53 466.10 Td (family ) Tj ET Q q 0 0 0 rg BT 253.13 466.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 281.74 466.10 Td (or ) Tj ET Q q 0 0 0 rg BT 292.57 466.10 Td (delaying ) Tj ET Q q 0 0 0 rg BT 329.50 466.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 361.44 466.10 Td (family ) Tj ET Q q 0 0 0 rg BT 390.04 466.10 Td (homes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 454.10 Td (a ) Tj ET Q q 0 0 0 rg BT 83.44 454.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 117.58 454.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 151.74 454.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.90 454.10 Td (higher) Tj ET Q q 0 0 0 rg BT 191.25 454.10 Td (-rent ) Tj ET Q q 0 0 0 rg BT 212.62 454.10 Td (units, ) Tj ET Q q 0 0 0 rg BT 237.07 454.10 Td (such ) Tj ET Q q 0 0 0 rg BT 257.90 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 268.73 454.10 Td (those ) Tj ET Q q 0 0 0 rg BT 292.34 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.17 454.10 Td (high ) Tj ET Q q 0 0 0 rg BT 323.45 454.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 353.72 454.10 Td (multifamily ) Tj ET Q q 0 0 0 rg BT 403.44 454.10 Td (communities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 83.44 442.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 114.81 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 125.09 442.10 Td (household ) Tj ET Q q 0 0 0 rg BT 168.70 442.10 Td (formation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 109.63 430.10 Td (enrolled ) Tj ET Q q 0 0 0 rg BT 144.97 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.33 430.10 Td (college ) Tj ET Q q 0 0 0 rg BT 186.78 430.10 Td (delaying ) Tj ET Q q 0 0 0 rg BT 223.80 430.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 255.81 430.10 Td (college ) Tj ET Q q 0 0 0 rg BT 287.26 430.10 Td (or ) Tj ET Q q 0 0 0 rg BT 298.17 430.10 Td (choosing ) Tj ET Q q 0 0 0 rg BT 336.86 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.22 430.10 Td (proceed ) Tj ET Q q 0 0 0 rg BT 381.44 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.80 430.10 Td (or ) Tj ET Q q 0 0 0 rg BT 402.71 430.10 Td (return ) Tj ET Q q 0 0 0 rg BT 429.17 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.52 430.10 Td (graduate ) Tj ET Q q 0 0 0 rg BT 476.53 430.10 Td (school ) Tj ET Q q 0 0 0 rg BT 505.22 430.10 Td (in ) Tj ET Q q 0 0 0 rg BT 515.57 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.37 430.10 Td (absence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.33 418.10 Td (available ) Tj ET Q q 0 0 0 rg BT 125.92 418.10 Td (employment;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.22 406.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 127.05 406.10 Td (or ) Tj ET Q q 0 0 0 rg BT 137.88 406.10 Td (unwillingness ) Tj ET Q q 0 0 0 rg BT 195.93 406.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.76 406.10 Td (residents ) Tj ET Q q 0 0 0 rg BT 244.81 406.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.09 406.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 272.03 406.10 Td (rent ) Tj ET Q q 0 0 0 rg BT 290.07 406.10 Td (increases; ) Tj ET Q q 0 0 0 rg BT 332.00 406.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 116.75 394.10 Td (collection ) Tj ET Q q 0 0 0 rg BT 158.68 394.10 Td (losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 370.10 Td (These factors generally have contributed to lower rental rates. If these factors worsen, our results of operations, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (condition and ability to make distributions to our stockholders may be adversely af) Tj ET Q q 0 0 0 rg BT 380.92 358.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 334.10 Td (e purchased assets at a time when the commercial real estate market was experiencing substantial influxes of capital ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 322.10 Td (investment and competition for properties, and the real estate we purchased may not appreciate or may decrease in value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 298.10 Td (Real estate investment transaction volume has increased since 2010, and estimated going-in capitalization rates, or cap ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (fallen relative to their post-recession peaks in late 2009. ) Tj ET Q q 0 0 0 rg BT 277.85 274.10 Td (There continues to be a significant amount of investment capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (pursuing high-quality) Tj ET Q q 0 0 0 rg BT 135.23 262.10 Td (, well-located assets that generate stable cash flows, causing aggressive competition and pricing for assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (which match our investment strategy) Tj ET Q q 0 0 0 rg BT 196.59 250.10 Td (.) Tj ET Q q 0 0 0 rg BT 203.91 250.10 Td (This may continue to drive prices higher) Tj ET Q q 0 0 0 rg BT 365.69 250.10 Td (, resulting in lower cap rates and returns. ) Tj ET Q q 0 0 0 rg BT 531.01 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 539.65 250.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 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 521.64 202.10 Td (fected, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (the value of our stockholders) Tj ET Q q 0 0 0 rg BT 168.17 190.10 Td ( investment may be lower) Tj ET Q q 0 0 0 rg BT 270.92 190.10 Td (.) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Risks Related to International Investments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 718.25 Td (e are subject to additional risks from our international investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (Many of the properties in our portfolio are located outside the United States. ) Tj ET Q q 0 0 0 rg BT 375.57 694.25 Td (W) Tj ET Q q 0 0 0 rg BT 384.21 694.25 Td (e may purchase others and may make or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (purchase loans or participations in loans secured by property located outside the United States. ) Tj ET Q q 0 0 0 rg BT 430.60 682.25 Td (These investments may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 670.25 Td (fected by factors particular to the laws and business practices of the jurisdictions in which the properties are located. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 646.25 Td (These laws and business practices may expose us to risks that are dif) Tj ET Q q 0 0 0 rg BT 342.25 646.25 Td (ferent from and in addition to those commonly found ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (in the United States. Foreign investments pose the following risks:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.25 Td (the burden of complying with a wide variety of foreign laws;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 598.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.25 Td (changing governmental rules and policies, including changes in land use and zoning laws, more stringent environmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 586.25 Td (laws or changes in such environmental laws;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 574.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 574.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 562.25 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 456.95 562.25 Td (s or company) Tj ET Q q 0 0 0 rg BT 513.61 562.25 Td (s country of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 550.25 Td (origin;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 538.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.25 Td (the potential for expropriation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.25 Td (possible currency transfer restrictions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.25 Td (imposition of adverse or confiscatory taxes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.25 Td (changes in real estate and other tax rates and changes in other operating expenses in particular countries;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.25 Td (possible challenges to the anticipated tax treatment of the structures that allow us to acquire and hold investments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 478.25 Td (adverse market conditions caused by terrorism, civil unrest and changes in national or local governmental or economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 466.25 Td (conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 454.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 454.25 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 520.45 454.25 Td (, cost and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 442.25 Td (terms of loan funds resulting from varying national economic policies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.25 Td (general political and economic instability in certain regions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.25 Td (the potential dif) Tj ET Q q 0 0 0 rg BT 139.63 418.25 Td (ficulty of enforcing obligations in other countries;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.25 Td (Hines) Tj ET Q q 0 0 0 rg BT 102.42 406.25 Td ( limited experience and expertise in foreign countries relative to its experience and expertise in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 382.25 Td (For example, recent events in Russia and Ukraine could adversely af) Tj ET Q q 0 0 0 rg BT 341.95 382.25 Td (fect our real estate investments in Russia. ) Tj ET Q q 0 0 0 rg BT 510.05 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 518.69 382.25 Td (e currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (have two real estate investments in Moscow) Tj ET Q q 0 0 0 rg BT 225.47 370.25 Td (, representing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.40 370.25 Td ($166.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.29 370.25 Td ( of equity or approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.20 370.25 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.53 370.25 Td ( of our total invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (equity) Tj ET Q q 0 0 0 rg BT 73.85 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 78.67 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 87.30 358.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 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 452.36 346.25 Td (, as well as the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (potential long-term sanctions imposed on Russia by the United States and Europe. ) Tj ET Q q 0 0 0 rg BT 383.15 334.25 Td (These risks could adversely impact ongoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 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 490.39 322.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 298.25 Td (Investments in properties or other real estate investments outside the United States subject us to foreign currency risks, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 286.25 Td (which may adversely af) Tj ET Q q 0 0 0 rg BT 154.69 286.25 Td (fect distributions and our REIT status.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 262.25 Td (Revenues generated from any properties or other real estate investments or ventures we enter into relating to transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (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 484.85 250.25 Td (. ) Tj ET Q q 0 0 0 rg BT 489.67 250.25 Td (Therefore, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (investments we make outside the United States may subject us to foreign currency risk due to potential fluctuations in exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (rates between foreign currencies and the U.S.dollar) Tj ET Q q 0 0 0 rg BT 256.37 226.25 Td (. ) Tj ET Q q 0 0 0 rg BT 260.81 226.25 Td (As a result, changes in exchange rates of any such foreign currency to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (U.S.dollar may af) Tj ET Q q 0 0 0 rg BT 122.91 214.25 Td (fect our revenues, operating mar) Tj ET Q q 0 0 0 rg BT 252.40 214.25 Td (gins and distributions and may also af) Tj ET Q q 0 0 0 rg BT 403.86 214.25 Td (fect the book value of our assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (the amount of stockholders) Tj ET Q q 0 0 0 rg BT 160.68 202.25 Td ( equity) Tj ET Q q 0 0 0 rg BT 187.52 202.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 178.25 Td (Changes in foreign currency exchange rates used to value a REIT) Tj ET Q q 0 0 0 rg BT 332.40 178.25 Td (s foreign assets may be considered changes in the value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (of the REIT) Tj ET Q q 0 0 0 rg BT 100.04 166.25 Td (s assets. ) Tj ET Q q 0 0 0 rg BT 134.58 166.25 Td (These changes may adversely af) Tj ET Q q 0 0 0 rg BT 263.79 166.25 Td (fect our status as a REIT) Tj ET Q q 0 0 0 rg BT 361.62 166.25 Td (. Further) Tj ET Q q 0 0 0 rg BT 395.66 166.25 Td (, bank accounts in foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (which are not considered cash or cash equivalents may adversely af) Tj ET Q q 0 0 0 rg BT 319.77 154.25 Td (fect our status as a REIT) Tj ET Q q 0 0 0 rg BT 417.61 154.25 Td (.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 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 491.41 742.25 Td (fect on our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.25 Td (Certain countries have in the past experienced extremely high rates of inflation. Inflation, along with governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (measures to curb inflation, coupled with public speculation about possible future governmental measures to be adopted, has had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (significant negative ef) Tj ET Q q 0 0 0 rg BT 138.17 682.25 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 498.16 682.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (introduction of governmental policies to curb inflation can have an adverse ef) Tj ET Q q 0 0 0 rg BT 360.04 670.25 Td (fect on our business. High inflation in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (pass these increased costs on to our tenants.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 622.25 Td (Lack of compliance with the United States Foreign Corrupt Practices ) Tj ET Q q 0 0 0 rg BT 345.91 622.25 Td (Act \(FCP) Tj ET Q q 0 0 0 rg BT 389.33 622.25 Td (A\) could subject us to penalties and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.25 Td (other adverse consequences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 586.25 Td (e are subject to the FCP) Tj ET Q q 0 0 0 rg BT 170.48 586.25 Td (A, which generally prohibits United States companies from engaging in bribery or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (prohibited payments to foreign of) Tj ET Q q 0 0 0 rg BT 183.73 574.25 Td (ficials for the purpose of obtaining or retaining business. Foreign companies, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (potential competitors, are not subject to these prohibitions. Fraudulent practices, including corruption, extortion, bribery) Tj ET Q q 0 0 0 rg BT 529.29 562.25 Td (, pay-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 550.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 173.42 526.25 Td (fect on our business, results of operations, cash flows and financial condition and our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (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 49.50 490.25 Td (Risks Related to Organizational Structur) Tj ET Q q 0 0 0 rg BT 224.87 490.25 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 466.25 Td (Any interest in Hines Global will be diluted by the Special OP) Tj ET Q q 0 0 0 rg BT 311.74 466.25 Td ( Units and any other OP) Tj ET Q q 0 0 0 rg BT 411.66 466.25 Td ( Units in the Operating Partnership, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 454.25 Td (and any interest in Hines Global may be diluted if we issue additional shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 430.25 Td (Hines Global owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 430.25 Td (99.99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.98 430.25 Td ( general partner interest in the Operating Partnership as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.34 430.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.92 430.25 Td (. ) Tj ET Q q 0 0 0 rg BT 507.37 430.25 Td (Af) Tj ET Q q 0 0 0 rg BT 517.74 430.25 Td (filiates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (Hines owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.25 418.25 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.08 418.25 Td ( interest in the Operating Partnership. Hines Global REIT) Tj ET Q q 0 0 0 rg BT 418.12 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 420.07 418.25 Td (Associates Limited Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (owns the special units of the Operating Partnership \(the Special OP) Tj ET Q q 0 0 0 rg BT 322.95 406.25 Td ( Units\), which were issued as consideration for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (obligation by Hines and its af) Tj ET Q q 0 0 0 rg BT 167.36 394.25 Td (filiates to perform services in connection with our real estate operations. Payments with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (these interests will reduce the amount of distributions that would otherwise be payable to our stockholders in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 358.25 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 435.84 358.25 Td (Therefore, investors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (experience dilution of their equity investment ifwe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 322.25 Td (sell additional shares in the future, including those issued pursuant to our distribution reinvestment plan;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 310.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.25 Td (sell securities that are convertible into shares, such as units of the Operating Partnership \(OP) Tj ET Q q 0 0 0 rg BT 450.75 310.25 Td ( Units\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 298.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.25 Td (at the option of the ) Tj ET Q q 0 0 0 rg BT 153.99 298.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 185.81 298.25 Td (, issue OP) Tj ET Q q 0 0 0 rg BT 225.72 298.25 Td (Units to pay for certain fees; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 286.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 286.25 Td (issue OP) Tj ET Q q 0 0 0 rg BT 111.41 286.25 Td (Units or common shares to the ) Tj ET Q q 0 0 0 rg BT 238.34 286.25 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 291.48 286.25 Td (filiates in exchange for advances or deferrals of fees;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 274.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 274.25 Td (issue shares in a private of) Tj ET Q q 0 0 0 rg BT 182.12 274.25 Td (fering; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 262.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 262.25 Td (issue shares to sellers of properties acquired by us in connection with an exchange of partnership units from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 250.25 Td (Operating Partnership.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 226.25 Td (The repurchase of interests in the Operating Partnership held by Hines and its af) Tj ET Q q 0 0 0 rg BT 392.51 226.25 Td (filiates \(including the Special OP) Tj ET Q q 0 0 0 rg BT 528.81 226.25 Td ( Units ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 214.25 Td (and other OP) Tj ET Q q 0 0 0 rg BT 113.69 214.25 Td ( Units\) as required in our ) Tj ET Q q 0 0 0 rg BT 220.57 214.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 258.80 214.25 Td (Agreement may discourage a takeover attempt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 190.25 Td (Under certain circumstances, including a mer) Tj ET Q q 0 0 0 rg BT 248.91 190.25 Td (ger) Tj ET Q q 0 0 0 rg BT 261.28 190.25 Td (, consolidation or sale of substantially all of our assets or any similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 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 407.55 178.25 Td (fice are replaced or removed, or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (termination or non-renewal of our ) Tj ET Q q 0 0 0 rg BT 187.51 166.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 226.68 166.25 Td (Agreement under various circumstances, the Operating Partnership is, at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (election of Hines or its af) Tj ET Q q 0 0 0 rg BT 150.68 154.25 Td (filiates, required to purchase the Special OP) Tj ET Q q 0 0 0 rg BT 326.08 154.25 Td (Units and any OP) Tj ET Q q 0 0 0 rg BT 399.04 154.25 Td (Units that Hines or its af) Tj ET Q q 0 0 0 rg BT 499.40 154.25 Td (filiates own for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (cash \(or) Tj ET Q q 0 0 0 rg BT 81.03 142.25 Td (, in certain cases, a promissory note\) or our shares, at the election of the holder) Tj ET Q q 0 0 0 rg BT 395.37 142.25 Td (. ) Tj ET Q q 0 0 0 rg BT 400.19 142.25 Td (These rights may deter these types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (transactions which may limit the opportunity for stockholders to receive a premium for their common shares that might ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (otherwise exist if an investor attempted to acquireus.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (Hines) Tj ET Q q 0 0 0 rg BT 85.54 742.25 Td ( ability to cause the Operating Partnership to purchase the Special OP) Tj ET Q q 0 0 0 rg BT 374.34 742.25 Td ( Units and any other OP) Tj ET Q q 0 0 0 rg BT 474.26 742.25 Td ( Units that it or its ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (af) Tj ET Q q 0 0 0 rg BT 66.65 730.25 Td (filiates hold in connection with the termination of our ) Tj ET Q q 0 0 0 rg BT 290.48 730.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 328.72 730.25 Td (Agreement may deter us from terminating our ) Tj ET Q q 0 0 0 rg BT 520.86 730.25 Td (Advisory ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (Under certain circumstances, if we are not advised by an entity af) Tj ET Q q 0 0 0 rg BT 329.43 694.25 Td (filiated with Hines, Hines or its af) Tj ET Q q 0 0 0 rg BT 465.06 694.25 Td (filiates may cause the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (Operating Partnership to purchase some or all of the Special OP) Tj ET Q q 0 0 0 rg BT 305.17 682.25 Td (Units or any other OP) Tj ET Q q 0 0 0 rg BT 395.07 682.25 Td (Units then held by such entities. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (these circumstances if the amount necessary to purchase Hines) Tj ET Q q 0 0 0 rg BT 303.11 670.25 Td ( and its af) Tj ET Q q 0 0 0 rg BT 342.08 670.25 Td (filiates) Tj ET Q q 0 0 0 rg BT 371.88 670.25 Td ( interests in the Operating Partnership is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (substantial, these rights could discourage or deter us from terminating our ) Tj ET Q q 0 0 0 rg BT 346.65 658.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 385.82 658.25 Td (Agreement under circumstances in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (we would otherwise doso.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 622.25 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 523.12 622.25 Td (fect the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.25 Td (holders of our common shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 586.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 574.25 Td (fect the holders of our common shares. Upon the af) Tj ET Q q 0 0 0 rg BT 303.22 574.25 Td (firmative vote of a majority of our directors \(including, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (case of preferred shares, a majority of our independent directors\), our articles authorize our board of directors \(without any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (further action by our stockholders\) to issue preferred shares or common shares in one or more classes or series, and to fix the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (voting rights \(subject to certain limitations\), liquidation preferences, distribution rates, conversion rights, redemption rights and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (terms, including sinking fund provisions, and certain other rights and preferences with respect to such classes or series of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (shares. If we ever create and issue preferred shares with a distribution preference over common shares, payment of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (distribution preferences of outstanding preferred shares would reduce the amount of funds available for the payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (distributions on the common shares. Further) Tj ET Q q 0 0 0 rg BT 225.75 490.25 Td (, holders of preferred shares are normally entitled to receive a preference payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (amount common stockholders would otherwise receive upon such an occurrence. ) Tj ET Q q 0 0 0 rg BT 376.72 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.35 466.25 Td (e could also designate and issue shares in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (class or series of common shares with similar rights. In addition, under certain circumstances, the issuance of preferred shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (or a separate class or series of common shares may render more dif) Tj ET Q q 0 0 0 rg BT 318.10 442.25 Td (ficult or tend to discourage:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.25 Td (a mer) Tj ET Q q 0 0 0 rg BT 98.80 418.25 Td (ger) Tj ET Q q 0 0 0 rg BT 111.17 418.25 Td (, tender of) Tj ET Q q 0 0 0 rg BT 151.81 418.25 Td (fer or proxy contest;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.25 Td (the assumption of control by a holder of a lar) Tj ET Q q 0 0 0 rg BT 256.55 406.25 Td (ge block of our securities; and/or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.25 Td (the removal of incumbent management.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 370.25 Td (Our board of directors determines our major policies and operations which increases the uncertainties faced by our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 358.25 Td (stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 334.25 Td (Our board of directors determines our major policies, including our policies regarding acquisitions, dispositions, financing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (growth, debt capitalization, REIT) Tj ET Q q 0 0 0 rg BT 183.45 322.25 Td ( qualification, redemptions and distributions. Our board of directors may amend or revise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (stockholders have a right to vote only on limited matters. Our board of directors) Tj ET Q q 0 0 0 rg BT 372.01 298.25 Td ( broad discretion in setting policies and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 250.25 Td (The ownership limit in our articles may discourage a takeover attempt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 226.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (class or series of our outstanding securities. ) Tj ET Q q 0 0 0 rg BT 225.95 190.25 Td (This ownership limit may deter tender of) Tj ET Q q 0 0 0 rg BT 389.61 190.25 Td (fers for our common shares, which of) Tj ET Q q 0 0 0 rg BT 539.67 190.25 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (whichever is more restrictive, of the outstanding common shares or otherwise to ef) Tj ET Q q 0 0 0 rg BT 380.61 142.25 Td (fect a change of control in us.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 118.25 Td (e will not be af) Tj ET Q q 0 0 0 rg BT 127.02 118.25 Td (forded the protection of the Maryland General Corporation Law relating to business combinations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 94.25 Td (Provisions of the Maryland General Corporation Law prohibit business combinations, unless prior approval of the board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (directors is obtained before the person seeking the combination became an interested stockholder) Tj ET Q q 0 0 0 rg BT 437.85 82.25 Td (, with:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 58.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 58.25 Td (any person who beneficially owns 10% or more of the voting power of our outstanding voting shares \(an interested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 46.25 Td (stockholder\);) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (any of our af) Tj ET Q q 0 0 0 rg BT 127.69 742.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (beneficial owner of 10% or more of the voting power of our then outstanding shares \(also an interested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 718.10 Td (stockholder\);or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 706.10 Td (an af) Tj ET Q q 0 0 0 rg BT 96.03 706.10 Td (filiate of an interested stockholder) Tj ET Q q 0 0 0 rg BT 232.09 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 682.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 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 454.24 658.10 Td (Therefore, we will not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 646.10 Td (forded the protections of this statute and, accordingly) Tj ET Q q 0 0 0 rg BT 269.71 646.10 Td (, there is no guarantee that the ownership limitations in our articles will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (interested stockholder) Tj ET Q q 0 0 0 rg BT 136.98 622.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 596.60 Td (W) Tj ET Q q 0 0 0 rg BT 69.65 596.60 Td (e are not registered as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 394.28 596.60 Td (Act of 1940, as amended \(the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 584.60 Td (Investment Company ) Tj ET Q q 0 0 0 rg BT 156.13 584.60 Td (Act\), and therefore we will not be subject to the requirements imposed on an investment company ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 572.60 Td (by the Investment Company ) Tj ET Q q 0 0 0 rg BT 178.35 572.60 Td (Act which may limit or otherwise af) Tj ET Q q 0 0 0 rg BT 324.84 572.60 Td (fect our investment choices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 548.60 Td (Hines Global, our Operating Partnership, and our subsidiaries will conduct our businesses so that none of such entities are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.60 Td (required to register as investment companies under the Investment Company ) Tj ET Q q 0 0 0 rg BT 367.19 536.60 Td (Act. ) Tj ET Q q 0 0 0 rg BT 386.07 536.60 Td (Although we could modify our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.60 Td (be considered to be in the real estate business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 479.60 Td (Companies subject to the Investment Company ) Tj ET Q q 0 0 0 rg BT 258.58 479.60 Td (Act are required to comply with a variety of substantive requirements such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.60 Td (as requirements relating to: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 446.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 446.60 Td (limitations on the capital structure of the entity; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 434.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 434.60 Td (restrictions on certain investments; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 422.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 422.60 Td (prohibitions on transactions with af) Tj ET Q q 0 0 0 rg BT 217.96 422.60 Td (filiated entities; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 410.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 410.60 Td (public reporting disclosures, record keeping, voting procedures, proxy disclosure and similar corporate governance rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 398.60 Td (and regulations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 377.60 Td (These and other requirements are intended to provide benefits and/or protections to security holders of investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.60 Td (investment company) Tj ET Q q 0 0 0 rg BT 131.89 341.60 Td (, and we do not expect or intend to register as an investment company under the Investment Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.60 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 308.60 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 510.82 308.60 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.60 Td (interpretations. Hines Global and the Operating Partnership intend to continue to conduct operations so as not to become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.60 Td (subject to regulation as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 369.71 284.60 Td (Act. So long as Hines Global conducts its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.60 Td (businesses directly and through its Operating Partnership and its wholly-owned or majority-owned subsidiaries that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.60 Td (investment companies and none of Hines Global, the Operating Partnership and the wholly-owned or majority-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.60 Td (subsidiaries hold themselves out as being engaged primarily in the business of investing in securities, Hines Global will not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.60 Td (have to register) Tj ET Q q 0 0 0 rg BT 110.59 236.60 Td (. ) Tj ET Q q 0 0 0 rg BT 115.41 236.60 Td (The securities issued by any subsidiary that is excepted from the definition of investment company under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.60 Td (Section 3\(c\)\(1\) or Section 3\(c\)\(7\) of the Investment Company ) Tj ET Q q 0 0 0 rg BT 299.15 224.60 Td (Act, together with any other investment securities \(as used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.60 Td (the Investment Company ) Tj ET Q q 0 0 0 rg BT 151.99 212.60 Td (Act\) its parent may own, may not meet the standards of the 40% test. In other words, even if some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.60 Td (than 40% of an entity) Tj ET Q q 0 0 0 rg BT 138.37 188.60 Td (s assets, the entity will not be required to register as an investment company) Tj ET Q q 0 0 0 rg BT 442.09 188.60 Td (. If an entity held investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.60 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 440.68 164.60 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 143.60 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 143.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.60 Td (calculated under the Investment Company ) Tj ET Q q 0 0 0 rg BT 220.28 119.60 Td (Act. In order to operate in compliance with that standard, each entity may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.60 Td (required to conduct its business in a manner that takes account of these provisions. ) Tj ET Q q 0 0 0 rg BT 382.29 107.60 Td (W) Tj ET Q q 0 0 0 rg BT 390.93 107.60 Td (e, our Operating Partnership, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.60 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 523.63 83.60 Td (go ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.60 Td (opportunities to acquire certain investments or interests in companies or entities that we would otherwise want to acquire, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.60 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 47.60 Td (For example, these restrictions will limit the ability of our subsidiaries to invest directly in mortgage-backed securities that ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (represent less than the entire ownership in a pool of mortgage loans, debt and equity tranches of securitizations and certain asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (backed securities and real estate companies or in assets not related to real estate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td (If Hines Global, the Operating Partnership or any subsidiary owns assets that qualify as investment securities as such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (term is defined under the Investment Company ) Tj ET Q q 0 0 0 rg BT 239.73 694.10 Td (Act and the value of such assets exceeds 40% of the value of its total assets, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (entity could be deemed to be an investment company) Tj ET Q q 0 0 0 rg BT 261.57 682.10 Td (. In that case the entity would have to qualify for an exemption from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 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 465.40 670.10 Td (. Certain of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (under the Investment Company ) Tj ET Q q 0 0 0 rg BT 177.25 646.10 Td (Act pursuant to Section 3\(c\)\(5\)\(C\) of that ) Tj ET Q q 0 0 0 rg BT 345.27 646.10 Td (Act, which is available for) Tj ET Q q 0 0 0 rg BT 450.66 646.10 Td (, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (entities primarily engaged in the business of purchasing or otherwise acquiring mortgages and other liens on and interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (real estate. ) Tj ET Q q 0 0 0 rg BT 99.01 622.10 Td (This exemption generally requires that at least 55% of an entity) Tj ET Q q 0 0 0 rg BT 355.59 622.10 Td (s portfolio must be comprised of qualifying assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (and at least another 25% of such entity) Tj ET Q q 0 0 0 rg BT 207.51 610.10 Td (s portfolio must be comprised of real estate-related assets \(as such terms are used under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (the Investment Company ) Tj ET Q q 0 0 0 rg BT 151.99 598.10 Td (Act\) and no more than 20% of such entity) Tj ET Q q 0 0 0 rg BT 322.50 598.10 Td (s portfolio may be comprised of miscellaneous assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (Qualifying assets for this purpose include certain mortgage loans and other assets, such as whole pool agency residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (mortgage backed securities \(RMBS\) that the SEC staf) Tj ET Q q 0 0 0 rg BT 273.98 574.10 Td (f, in various no-action letters, has determined are the functional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (equivalent of mortgage loans for the purposes of the Investment Company ) Tj ET Q q 0 0 0 rg BT 348.60 562.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 367.85 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.49 562.10 Td (e intend to treat as real estate-related assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (non-agency RMBS, commercial mortgage backed securities, debt and equity securities of companies primarily engaged in real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (estate businesses, agency partial pool certificates and securities issued by pass-through entities of which substantially all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (assets consist of qualifying assets and/or real estate-related assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 502.10 Td (e may in the future or) Tj ET Q q 0 0 0 rg BT 162.31 502.10 Td (ganize one or more subsidiaries that seek to rely on the Investment Company ) Tj ET Q q 0 0 0 rg BT 472.51 502.10 Td (Act exemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (provided to certain structured financing vehicles by Rule 3a-7. ) Tj ET Q q 0 0 0 rg BT 302.01 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 307.42 490.10 Td (o the extent that we or) Tj ET Q q 0 0 0 rg BT 396.38 490.10 Td (ganize subsidiaries that rely on Rule 3a-7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (under the Investment Company ) Tj ET Q q 0 0 0 rg BT 177.25 478.10 Td (Act for an exemption from the Investment Company ) Tj ET Q q 0 0 0 rg BT 389.43 478.10 Td (Act, these subsidiaries will need to comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (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 471.07 466.10 Td (Act issuers that limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (their activities as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.10 Td (the issuer issues securities the payment of which depends primarily on the cash flow from eligible assets; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.10 Td (the securities sold are fixed income securities rated investment grade by at least one rating agency \(fixed income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.10 Td (securities which are unrated or rated below investment grade may be sold to institutional accredited investors and any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.10 Td (securities may be sold to qualified institutional buyers and to persons involved in the or) Tj ET Q q 0 0 0 rg BT 435.13 394.10 Td (ganization or operation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td (issuer\); ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.10 Td (the issuer acquires and disposes of eligible assets \(1\) only in accordance with the agreements pursuant to which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 358.10 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 505.40 358.10 Td () Tj ET Q q 0 0 0 rg BT 508.18 358.10 Td (s fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 346.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 334.10 Td (or decreasing losses resulting from market value changes; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 322.10 Td (unless the issuer is issuing only commercial paper) Tj ET Q q 0 0 0 rg BT 276.34 322.10 Td (, the issuer appoints an independent trustee, takes reasonable steps to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.10 Td (transfer to the trustee an ownership or perfected security interest in the eligible assets, and meets rating agency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 Td (requirements for commingling of cash flows. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 277.10 Td (In addition, in certain circumstances, compliance with Rule 3a-7 may also require, among other things, that the indenture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 265.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.10 Td (occur) Tj ET Q q 0 0 0 rg BT 71.31 241.10 Td (, and on the level of transactions that may occur) Tj ET Q q 0 0 0 rg BT 262.36 241.10 Td (. In light of the requirements of Rule 3a-7, our ability to manage assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.10 Td (assets owned by that subsidiary when we would otherwise desire to do so, which could lead to losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 196.10 Td (In addition to the exceptions and exemptions discussed above, we, the Operating Partnership and/or our subsidiaries may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (rely upon other exceptions and exemptions, including the exemptions provided by Section 3\(c\)\(6\) of the Investment Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (Act \(which exempts, among other things, parent entities whose primary business is conducted through majority-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (subsidiaries relying upon the exemption provided by Section 3\(c\)\(5\)\(C\) discussed above\) from the definition of an investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (company and the registration requirements under the Investment Company ) Tj ET Q q 0 0 0 rg BT 350.81 148.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 127.10 Td (There can be no assurance that the laws and regulations governing the Investment Company ) Tj ET Q q 0 0 0 rg BT 437.94 127.10 Td (Act status of REIT) Tj ET Q q 0 0 0 rg BT 512.51 127.10 Td (s, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.10 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 423.13 115.10 Td (ferent guidance regarding these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (exemptions, will not change in a manner that adversely af) Tj ET Q q 0 0 0 rg BT 280.35 103.10 Td (fects our operations. ) Tj ET Q q 0 0 0 rg BT 364.04 103.10 Td (T) Tj ET Q q 0 0 0 rg BT 369.45 103.10 Td (o the extent that the SEC staf) Tj ET Q q 0 0 0 rg BT 485.91 103.10 Td (f provides more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.10 Td (specific guidance regarding any of the matters bearing upon the exceptions discussed above or other exemptions from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.10 Td (definition of an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 326.94 79.10 Td (Act upon which we may rely) Tj ET Q q 0 0 0 rg BT 442.09 79.10 Td (, we may be required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (adjust our strategy accordingly) Tj ET Q q 0 0 0 rg BT 172.42 67.10 Td (.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (If Hines Global or the Operating Partnership is required to register as an investment company under the Investment ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 100.08 730.25 Td (Act, the additional expenses and operational limitations associated with such registration may reduce our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 112.76 718.25 Td ( investment return or impair our ability to conduct our business as planned.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (If we were required to register as an investment company) Tj ET Q q 0 0 0 rg BT 296.48 694.25 Td (, but failed to do so, we would be prohibited from engaging in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (were to direct enforcement, and a court could appoint a receiver to take control of us and liquidate our business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 646.25 Td (If we internalize our management functions, we could incur adverse ef) Tj ET Q q 0 0 0 rg BT 349.72 646.25 Td (fects on our business and financial condition, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 634.25 Td (including significant costs associated with becoming and being self-managed and the percentage of our outstanding ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 622.25 Td (common stock owned by our stockholders could be reduced.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 598.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (internalizing the functions performed for us by the ) Tj ET Q q 0 0 0 rg BT 253.33 586.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 285.00 586.25 Td (. ) Tj ET Q q 0 0 0 rg BT 289.45 586.25 Td (An internalization could take many forms, for example, we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (hire our own group of executives and other employees or we may acquire the ) Tj ET Q q 0 0 0 rg BT 360.51 574.25 Td (Advisor or its respective assets including its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (existing workforce. ) Tj ET Q q 0 0 0 rg BT 129.20 562.25 Td (Any internalization could result in significant payments, including in the form of our stock, to the owners of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.67 550.25 Td (Advisor as compensation, which could reduce the percentage ownership of our then existing stockholders and concentrate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (ownership in Hines. In addition, there is no assurance that internalizing our management functions will be beneficial to us and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (our stockholders. For example, we may not realize the perceived benefits because of: \(i\)the costs of being self-managed; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (\(ii\)our inability to ef) Tj ET Q q 0 0 0 rg BT 133.74 514.25 Td (fectively integrate a new staf) Tj ET Q q 0 0 0 rg BT 249.06 514.25 Td (f of managers and employees; or \(iii\)our inability to properly replicate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (services provided previously by the ) Tj ET Q q 0 0 0 rg BT 193.64 502.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 258.72 502.25 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 290.38 502.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 340.29 502.25 Td (, internalization transactions have also, in some cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (been the subject of litigation and even if these claims are without merit, we could be forced to spend significant amounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (money defending claims which would reduce the amount of funds available for us to invest in real estate investments or to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (distributions. In connection with any such internalization transaction, a special committee consisting of our independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (directors will be appointed to evaluate the transaction and to determine whether a fairness opinion should be obtained.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (Risks Related to Potential Conflicts of Inter) Tj ET Q q 0 0 0 rg BT 235.41 430.25 Td (est) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 406.25 Td (e compete with af) Tj ET Q q 0 0 0 rg BT 138.40 406.25 Td (filiates of Hines for real estate investment opportunities and some of these af) Tj ET Q q 0 0 0 rg BT 453.76 406.25 Td (filiates have preferential ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 394.25 Td (rights to accept or reject certain investment opportunities in advance of our right to accept or reject such opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 370.25 Td (Hines has existing real estate joint ventures, funds and programs, which we collectively refer to as investment vehicles, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (with investment objectives and strategies similar to ours including Hines REIT) Tj ET Q q 0 0 0 rg BT 364.82 358.25 Td ( and Hines Global II. Because we compete with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (these investment vehicles for investment opportunities, Hines faces conflicts of interest in allocating investment opportunities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (between us and these other investment vehicles. ) Tj ET Q q 0 0 0 rg BT 243.70 334.25 Td (W) Tj ET Q q 0 0 0 rg BT 252.34 334.25 Td (e have limited rights to specific investment opportunities located by Hines. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (Some of these entities have a priority right over other Hines investment vehicles, including us, to accept investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (opportunities that meet certain defined investment criteria. Because we and other Hines investment vehicles rely on Hines to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (present us with investment opportunities, these rights will reduce our investment opportunities. ) Tj ET Q q 0 0 0 rg BT 432.03 298.25 Td (Therefore, we may not be able ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (to invest in, or we may only invest indirectly with or through another Hines-af) Tj ET Q q 0 0 0 rg BT 362.59 286.25 Td (filiated investment vehicles in, certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (investments we otherwise would make directly) Tj ET Q q 0 0 0 rg BT 236.86 274.25 Td (. ) Tj ET Q q 0 0 0 rg BT 241.68 274.25 Td (T) Tj ET Q q 0 0 0 rg BT 247.09 274.25 Td (o the extent we invest in opportunities with another investment vehicles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 262.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (otherwise controlled such assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 226.25 Td (e do not have priority rights to specific investment opportunities identified by Hines. Our right to participate in Hines) Tj ET Q q 0 0 0 rg BT 547.79 226.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (investment allocation process terminated when we fully invested the proceeds of our public of) Tj ET Q q 0 0 0 rg BT 426.15 214.25 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 458.37 214.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 507.70 214.25 Td (, Hines will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (decide, in its 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 515.58 202.25 Td (filiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (investment vehicles, how to allocate such opportunities among us, Hines and other Hines real estate investment vehicles. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (Because we do not have a right to accept or reject any investment opportunities before Hines or one or more Hines real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (investment vehicles have the right to accept such opportunities, and are otherwise subject to Hines) Tj ET Q q 0 0 0 rg BT 445.58 166.25 Td ( discretion as to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (investment opportunities we will receive, we may not be able to review and/or invest in opportunities which we would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (otherwise pursue if we were the only real estate investment vehicle sponsored by Hines or had a priority right in regard to such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 102.09 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 110.73 130.25 Td (e are subject to the risk that, as a result of the conflicts of interest between Hines, us and other investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (vehicles sponsored or managed by or af) Tj ET Q q 0 0 0 rg BT 208.16 118.25 Td (filiated with Hines, and the priority rights Hines has granted or may in the future grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (to any such other real estate investment vehicles, we may not be of) Tj ET Q q 0 0 0 rg BT 316.73 106.25 Td (fered favorable investment opportunities identified by Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (when it would otherwise be in our best interest to accept such investment opportunities, and our business, results of operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (cash flows and financial condition and our ability to make distributions to our stockholders and the value of their investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (may be adversely impacted thereby) Tj ET Q q 0 0 0 rg BT 190.46 70.25 Td (.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 742.25 Td (e may compete with other investment vehicles af) Tj ET Q q 0 0 0 rg BT 264.49 742.25 Td (filiated with Hines for tenants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.25 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 129.80 718.25 Td (filiates are not prohibited from engaging, directly or indirectly) Tj ET Q q 0 0 0 rg BT 378.24 718.25 Td (, in any other business or from possessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (interests in any other business venture or ventures, including businesses and ventures involved in the acquisition, development, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (ownership, management, leasing or sale of real estate projects. Hines or its af) Tj ET Q q 0 0 0 rg BT 358.38 694.25 Td (filiates own and/or manage properties in most, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 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 396.13 682.25 Td (Therefore, our properties compete for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (tenants with other properties owned and/or managed by Hines and its af) Tj ET Q q 0 0 0 rg BT 336.74 670.25 Td (filiates. Hines may face conflicts of interest when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 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 501.41 658.25 Td (filiates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (these conflicts of interest may have a negative impact on our ability to attract and retain tenants.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 622.25 Td (Employees of the ) Tj ET Q q 0 0 0 rg BT 131.17 622.25 Td (Advisor and Hines will face conflicts of interest relating to time management and allocation of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.25 Td (resources and investment opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 586.25 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 481.13 586.25 Td (filiates to manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (business in an appropriate manner) Tj ET Q q 0 0 0 rg BT 185.57 562.25 Td (. Our of) Tj ET Q q 0 0 0 rg BT 216.78 562.25 Td (ficers and the of) Tj ET Q q 0 0 0 rg BT 281.29 562.25 Td (ficers and employees of the ) Tj ET Q q 0 0 0 rg BT 393.19 562.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 425.01 562.25 Td (, Hines and its af) Tj ET Q q 0 0 0 rg BT 492.32 562.25 Td (filiates hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (entities than they allocate to servicing our needs. Hines is not restricted from acquiring, developing, operating, managing, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (operations and activities other than our operations and activities. Hines currently controls and/or operates other entities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (properties and other assets unrelated to our business. ) Tj ET Q q 0 0 0 rg BT 262.32 490.25 Td (W) Tj ET Q q 0 0 0 rg BT 270.96 490.25 Td (e lack the ability to manage it without the time and attention of Hines) Tj ET Q q 0 0 0 rg BT 550.97 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 454.25 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 129.80 454.25 Td (filiates are general partners and sponsors of other investment vehicles having investment objectives and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (legal and financial obligations similar to ours. Because Hines and its af) Tj ET Q q 0 0 0 rg BT 333.69 442.25 Td (filiates have interests in other investment vehicles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (business and these other activities. Our of) Tj ET Q q 0 0 0 rg BT 216.22 418.25 Td (ficers and directors, as well as those of the ) Tj ET Q q 0 0 0 rg BT 387.83 418.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 419.66 418.25 Td (, own equity interests in entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 406.25 Td (filiated with Hines from which we may buy properties. ) Tj ET Q q 0 0 0 rg BT 279.08 406.25 Td (These individuals may make substantial profits in connection with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (such transactions, which could result in conflicts of interest. Likewise, such individuals could make substantial profits as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (result of investment opportunities allocated to entities af) Tj ET Q q 0 0 0 rg BT 274.54 382.25 Td (filiated with Hines other than us. ) Tj ET Q q 0 0 0 rg BT 407.57 382.25 Td (As a result of these interests, they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (could pursue transactions that may not be in our best interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 358.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 346.25 Td (Hines may face conflicts of interest if we sell properties to Hines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.14 322.25 Td (e may in the future sell properties to Hines and af) Tj ET Q q 0 0 0 rg BT 264.67 322.25 Td (filiates of Hines. Hines, its af) Tj ET Q q 0 0 0 rg BT 383.91 322.25 Td (filiates and its employees \(including our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 310.25 Td (ficers and directors\) may make substantial profits in connection with such transactions. ) Tj ET Q q 0 0 0 rg BT 410.71 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 419.34 310.25 Td (e must follow certain procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (when selling assets to Hines and its af) Tj ET Q q 0 0 0 rg BT 201.24 298.25 Td (filiates. Hines may owe fiduciary and/or other duties to the purchaser in these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (transactions and conflicts of interest between us and the purchaser could exist in such transactions. Because we are relying on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (Hines, these conflicts could result in transactions based on terms that are less favorable to us than we would receive from a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (third party) Tj ET Q q 0 0 0 rg BT 90.78 262.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 238.25 Td (Hines ) Tj ET Q q 0 0 0 rg BT 85.64 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.89 238.25 Td (its ) Tj ET Q q 0 0 0 rg BT 116.02 238.25 Td (af) Tj ET Q q 0 0 0 rg BT 124.17 238.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 154.63 238.25 Td (may ) Tj ET Q q 0 0 0 rg BT 174.54 238.25 Td (face ) Tj ET Q q 0 0 0 rg BT 194.43 238.25 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 232.12 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.13 238.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 276.38 238.25 Td (caused ) Tj ET Q q 0 0 0 rg BT 307.40 238.25 Td (by ) Tj ET Q q 0 0 0 rg BT 319.52 238.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 379.44 238.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 439.36 238.25 Td (with ) Tj ET Q q 0 0 0 rg BT 459.83 238.25 Td (us, ) Tj ET Q q 0 0 0 rg BT 474.47 238.25 Td (which ) Tj ET Q q 0 0 0 rg BT 502.17 238.25 Td (could ) Tj ET Q q 0 0 0 rg BT 527.64 238.25 Td (result ) Tj ET Q q 0 0 0 rg BT 553.67 238.25 Td (in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 226.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 90.45 226.25 Td (that ) Tj ET Q q 0 0 0 rg BT 109.07 226.25 Td (are ) Tj ET Q q 0 0 0 rg BT 124.90 226.25 Td (not ) Tj ET Q q 0 0 0 rg BT 140.74 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.58 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 168.53 226.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 222.79 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.29 226.25 Td (best ) Tj ET Q q 0 0 0 rg BT 243.90 226.25 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 208.25 Td (Hines, ) Tj ET Q q 0 0 0 rg BT 95.16 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.81 208.25 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 142.86 208.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.14 208.25 Td (their ) Tj ET Q q 0 0 0 rg BT 179.29 208.25 Td (af) Tj ET Q q 0 0 0 rg BT 186.88 208.25 Td (filiates ) Tj ET Q q 0 0 0 rg BT 215.93 208.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 246.62 208.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 291.23 208.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 309.16 208.25 Td (from ) Tj ET Q q 0 0 0 rg BT 330.44 208.25 Td (us ) Tj ET Q q 0 0 0 rg BT 341.16 208.25 Td (in ) Tj ET Q q 0 0 0 rg BT 350.77 208.25 Td (return ) Tj ET Q q 0 0 0 rg BT 376.48 208.25 Td (for ) Tj ET Q q 0 0 0 rg BT 389.98 208.25 Td (their ) Tj ET Q q 0 0 0 rg BT 410.13 208.25 Td (services ) Tj ET Q q 0 0 0 rg BT 444.18 208.25 Td (and ) Tj ET Q q 0 0 0 rg BT 460.45 208.25 Td (these ) Tj ET Q q 0 0 0 rg BT 482.83 208.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 500.76 208.25 Td (could ) Tj ET Q q 0 0 0 rg BT 524.81 208.25 Td (influence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.67 196.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 96.26 196.25 Td () Tj ET Q q 0 0 0 rg BT 99.04 196.25 Td (s ) Tj ET Q q 0 0 0 rg BT 105.43 196.25 Td (advice ) Tj ET Q q 0 0 0 rg BT 134.02 196.25 Td (to ) Tj ET Q q 0 0 0 rg BT 144.30 196.25 Td (us. ) Tj ET Q q 0 0 0 rg BT 157.64 196.25 Td (Among ) Tj ET Q q 0 0 0 rg BT 190.14 196.25 Td (other ) Tj ET Q q 0 0 0 rg BT 213.19 196.25 Td (matters, ) Tj ET Q q 0 0 0 rg BT 247.62 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.34 196.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 320.38 196.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 376.74 196.25 Td (could ) Tj ET Q q 0 0 0 rg BT 401.46 196.25 Td (af) Tj ET Q q 0 0 0 rg BT 409.05 196.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 426.53 196.25 Td (their ) Tj ET Q q 0 0 0 rg BT 447.36 196.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 487.63 196.25 Td (with ) Tj ET Q q 0 0 0 rg BT 507.91 196.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 538.72 196.25 Td (to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 166.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 166.25 Td (Property dispositions in circumstances where Hines or an af) Tj ET Q q 0 0 0 rg BT 325.26 166.25 Td (filiate of Hines manages the property and earns significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 154.25 Td (fees for managing the property;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 142.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 142.25 Td (Property acquisitions, which may allow the ) Tj ET Q q 0 0 0 rg BT 260.75 142.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 325.84 142.25 Td (filiates to earn additional acquisition, asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 130.25 Td (and other fees; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 118.25 Td (V) Tj ET Q q 0 0 0 rg BT 91.61 118.25 Td (arious liquidity events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 94.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 97.70 94.25 Td (Advisor may recommend that we invest in a particular asset or pay a higher purchase price for the asset than it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (would otherwise recommend if it did not receive an acquisition fee. Similarly) Tj ET Q q 0 0 0 rg BT 358.76 82.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 377.93 82.25 Td (Advisor has incentives to recommend that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (purchase properties using debt financing since the acquisition fees that we pay to the ) Tj ET Q q 0 0 0 rg BT 389.95 70.25 Td (Advisor could increase if we raise the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (level of debt financing in connection with the acquisition of certain properties. Certain potential acquisition fees and asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (management fees paid to the ) Tj ET Q q 0 0 0 rg BT 165.85 46.25 Td (Advisor and property management and leasing fees paid to Hines and its af) Tj ET Q q 0 0 0 rg BT 466.14 46.25 Td (filiates would be paid ) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (irrespective of the quality of the underlying real estate or property management services during the term of the related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 95.96 730.10 Td (The ) Tj ET Q q 0 0 0 rg BT 113.46 730.10 Td (Advisor is also entitled to a fee equal to a percentage of the total consideration paid in connection with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (disposition. ) Tj ET Q q 0 0 0 rg BT 98.22 718.10 Td (This fee may incentivize the ) Tj ET Q q 0 0 0 rg BT 213.45 718.10 Td (Advisor to recommend the disposition of a property or properties through a sale, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (mer) Tj ET Q q 0 0 0 rg BT 64.87 706.10 Td (ger) Tj ET Q q 0 0 0 rg BT 77.23 706.10 Td (, or other transaction that may not be in our best interests at the time. In addition, the premature disposition of an asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (may add concentration risk to the portfolio or may be at a price lower than if we held the property) Tj ET Q q 0 0 0 rg BT 440.11 694.10 Td (. Moreover) Tj ET Q q 0 0 0 rg BT 484.13 694.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 503.30 694.10 Td (Advisor has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (considerable discretion with respect to the terms and timing of acquisition, disposition and leasing transactions. In evaluating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (investments and other management strategies, the opportunity to earn these fees may lead the ) Tj ET Q q 0 0 0 rg BT 424.66 670.10 Td (Advisor to place undue emphasis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (on criteria relating to its and its af) Tj ET Q q 0 0 0 rg BT 184.55 658.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 214.35 658.10 Td ( compensation at the expense of other criteria, such as preservation of capital, in order ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (to achieve higher short-term compensation. Considerations relating to compensation from us to the ) Tj ET Q q 0 0 0 rg BT 447.19 646.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 518.38 646.10 Td (filiates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (could result in decisions that are not in the best interests of our stockholders, which could hurt our ability to pay our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (stockholders distributions or result in a decline in the value of our stockholders) Tj ET Q q 0 0 0 rg BT 368.13 622.10 Td ( investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 598.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 586.10 Td (enforcement of agreements between Hines and its af) Tj ET Q q 0 0 0 rg BT 274.13 586.10 Td (filiates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 562.10 Td (Hines and the ) Tj ET Q q 0 0 0 rg BT 124.43 562.10 Td (Advisor manage our day-to-day operations and properties pursuant to an advisory agreement. ) Tj ET Q q 0 0 0 rg BT 500.53 562.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (agreement was not negotiated at arm) Tj ET Q q 0 0 0 rg BT 199.16 550.10 Td (s-length and certain fees payable by us under such agreement are paid regardless of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 514.10 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 129.80 514.10 Td (filiates may encounter conflicts of interest with respect to position as to matters relating to this agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (Areas of potential conflict include the computation of fees and reimbursements under such agreements, the enforcement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 478.10 Td (filiates of Hines. ) Tj ET Q q 0 0 0 rg BT 125.78 478.10 Td (These fees may be higher than fees char) Tj ET Q q 0 0 0 rg BT 285.80 478.10 Td (ged by third parties in an arm) Tj ET Q q 0 0 0 rg BT 406.32 478.10 Td (s-length transaction as a result of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (conflicts.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.10 Td (Certain of our of) Tj ET Q q 0 0 0 rg BT 128.05 442.10 Td (ficers and directors face conflicts of interest relating to the positions they hold with other entities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 418.10 Td (All of our of) Tj ET Q q 0 0 0 rg BT 117.59 418.10 Td (ficers and non-independent directors are also of) Tj ET Q q 0 0 0 rg BT 307.89 418.10 Td (ficers and directors of the ) Tj ET Q q 0 0 0 rg BT 412.01 418.10 Td (Advisor and/or other entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (controlled by Hines, such as the advisor to Hines REIT) Tj ET Q q 0 0 0 rg BT 269.27 406.10 Td (, the advisor to Hines Global II and the advisor to HMS Income Fund, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (Inc. Some of these entities may compete with us for investment and leasing opportunities. ) Tj ET Q q 0 0 0 rg BT 411.46 394.10 Td (These personnel owe fiduciary duties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (to these other entities and their security holders and these duties may from time to time conflict with the fiduciary duties such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (individuals owe to us and our stockholders. For example, conflicts of interest adversely af) Tj ET Q q 0 0 0 rg BT 408.95 370.10 Td (fecting our investment decisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (could arise in decisions or activities related to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 334.10 Td (the allocation of new investments among us and other entities operated by Hines;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 322.10 Td (the allocation of time and resources among us and other entities operated by Hines;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.10 Td (the timing and terms of the investment in or sale of an asset;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 Td (investments with Hines and af) Tj ET Q q 0 0 0 rg BT 197.41 298.10 Td (filiates of Hines;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 286.10 Td (the compensation paid to the ) Tj ET Q q 0 0 0 rg BT 193.42 286.10 Td (Advisor;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 274.10 Td (our relationship with Hines in the management of our properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (the performance of such other entities controlled by Hines and these compensation structures may potentially provide for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (greater remuneration in the event an investment opportunity is presented to a Hines af) Tj ET Q q 0 0 0 rg BT 392.82 226.10 Td (filiate rather than us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 202.10 Td (Our of) Tj ET Q q 0 0 0 rg BT 85.82 202.10 Td (ficers and directors have limited liability) Tj ET Q q 0 0 0 rg BT 251.27 202.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 178.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 106.27 178.10 Td (, we are obligated under our articles to indemnify our of) Tj ET Q q 0 0 0 rg BT 330.19 178.10 Td (ficers and directors against certain liabilities incurred in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (connection with their services. ) Tj ET Q q 0 0 0 rg BT 174.00 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.64 166.10 Td (e have entered into indemnification agreements with each of our of) Tj ET Q q 0 0 0 rg BT 450.69 166.10 Td (ficers and directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (Pursuant to these indemnification agreements, we have generally agreed to indemnify our of) Tj ET Q q 0 0 0 rg BT 418.92 154.10 Td (ficers and directors for any such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (liabilities that they incur) Tj ET Q q 0 0 0 rg BT 146.42 142.10 Td (. ) Tj ET Q q 0 0 0 rg BT 151.24 142.10 Td (These indemnification agreements, as well as the indemnification provisions in our articles, could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (limit our ability and the ability of our stockholders to ef) Tj ET Q q 0 0 0 rg BT 272.05 130.10 Td (fectively take action against our of) Tj ET Q q 0 0 0 rg BT 410.43 130.10 Td (ficers and directors arising from their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (service to us. In addition, there could be a potential reduction in distributions resulting from our payment of premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (associated with insurance or payments of a defense, settlement or claim.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (Our Umbrella Partnership Real Estate Investment T) Tj ET Q q 0 0 0 rg BT 273.70 742.25 Td (rust \(UPREIT\) structure may result in potential conflicts of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.25 Td (Persons holding OP) Tj ET Q q 0 0 0 rg BT 146.58 706.25 Td (Units have the right to vote on certain amendments to the ) Tj ET Q q 0 0 0 rg BT 380.42 706.25 Td (Agreement of Limited Partnership of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (that conflicts with the interests of our stockholders. ) Tj ET Q q 0 0 0 rg BT 256.40 682.25 Td (As general partner of the Operating Partnership, we will be obligated to act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (the interests of limited partners in the Operating Partnership may conflict with the interests of our stockholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (Risks Related to ) Tj ET Q q 0 0 0 rg BT 121.26 634.25 Td (T) Tj ET Q q 0 0 0 rg BT 127.01 634.25 Td (axes) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.25 Td (If we fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 181.20 610.25 Td (, our operations and our ability to pay distributions to our stockholders would be adversely ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 598.25 Td (impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 574.25 Td (e believe that we qualify as a REIT) Tj ET Q q 0 0 0 rg BT 216.73 574.25 Td ( under the Code. ) Tj ET Q q 0 0 0 rg BT 284.78 574.25 Td (A) Tj ET Q q 0 0 0 rg BT 291.45 574.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 315.98 574.25 Td ( generally is not taxed at the corporate level on income that it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (currently distributes to its stockholders. Qualification as a REIT) Tj ET Q q 0 0 0 rg BT 305.10 562.25 Td ( involves the application of highly technical and complex rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (for which there are only limited judicial or administrative interpretations. ) Tj ET Q q 0 0 0 rg BT 344.50 550.25 Td (The determination of various factual matters and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (circumstances not entirely within our control may af) Tj ET Q q 0 0 0 rg BT 258.98 538.25 Td (fect our ability to continue to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 447.90 538.25 Td (. In addition, new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (legislation, regulations, administrative interpretations or court decisions could significantly change the tax laws with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (qualification as a REIT) Tj ET Q q 0 0 0 rg BT 142.34 514.25 Td ( or the federal income tax consequences of such qualification.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 490.25 Td (If we were to fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 219.76 490.25 Td ( in any taxable year:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 466.25 Td (we would not be allowed to deduct our distributions to our stockholders when computing our taxable income;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 454.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 454.25 Td (we would be subject to federal income tax \(including any applicable alternative minimum tax\) on our taxable income at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 442.25 Td (regular corporate rates;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.25 Td (we would be disqualified from being taxed as a REIT) Tj ET Q q 0 0 0 rg BT 290.43 430.25 Td ( for the four taxable years following the year during which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.25 Td (qualification was lost, unless entitled to relief under certain statutory provisions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.25 Td (our cash available for distribution would be reduced and we would have less cash to distribute to our stockholders;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.25 Td (we may incur as a result of our disqualification.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 358.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 358.25 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 487.41 358.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 334.25 Td (Investments in foreign real property may give rise to foreign currency gains and losses. Certain foreign currency gains may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 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 438.10 322.25 Td ( gross revenue tests; however) Tj ET Q q 0 0 0 rg BT 555.44 322.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (under certain circumstances \(for example, ifwe regularly trade in foreign securities\) such gains will be treated as non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (qualifying income. ) Tj ET Q q 0 0 0 rg BT 127.36 298.25 Td (T) Tj ET Q q 0 0 0 rg BT 132.77 298.25 Td (o reduce the risk of foreign currency gains adversely af) Tj ET Q q 0 0 0 rg BT 353.32 298.25 Td (fecting our REIT) Tj ET Q q 0 0 0 rg BT 421.45 298.25 Td ( qualification, we may be required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 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 450.31 286.25 Td (fect the timing, character or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (foreign currency gains in a manner that enables us to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 333.94 262.25 Td ( or to avoid U.S.federal income or other taxes on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (income as a result of foreign currency gains.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 238.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 226.25 Td (If the Operating Partnership is classified as a publicly traded partnership under the Code, our operations and our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 214.25 Td (ability to pay distributions to our stockholders could be adversely af) Tj ET Q q 0 0 0 rg BT 335.54 214.25 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 190.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 190.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (partnership for federal income tax purposes. In this regard, the Code generally classifies publicly traded partnerships \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (defined in Section7704 of the Code\) as associations taxable as corporations \(rather than as partnerships\), unless substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (classify the Operating Partnership as a publicly traded partnership for tax purposes, we placed certain restrictions on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (transfer and/or repurchase of partnership units in the Operating Partnership. However) Tj ET Q q 0 0 0 rg BT 390.93 130.25 Td (, if the Internal Revenue Service, or IRS, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (successfully determined that the Operating Partnership should be taxed as a corporation, the Operating Partnership would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (Operating Partnership and distributions to partners would constitute non-deductible distributions in computing the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (Partnership) Tj ET Q q 0 0 0 rg BT 97.83 82.25 Td (s taxable income. In addition, we could fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 353.67 82.25 Td (, and the imposition of a corporate tax on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (Operating Partnership would reduce our amount of cash available for distribution to our stockholders.) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (Distributions to tax-exempt investors may be classified as unrelated business taxable income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (should generally constitute unrelated business taxable income to a tax-exempt investor) Tj ET Q q 0 0 0 rg BT 395.52 706.25 Td (. However) Tj ET Q q 0 0 0 rg BT 436.77 706.25 Td (, there are certain exceptions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (this rule. In particular:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 670.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.25 Td (part of the income and gain recognized by certain qualified employee pension trusts with respect to our common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.25 Td (may be treated as unrelated business taxable income if our stock is predominately held by qualified employee pension ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.25 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 480.09 646.25 Td ( stock ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 634.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 622.25 Td (business taxable income;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.25 Td (unrelated business taxable income if such investor incurs debt in order to acquire the common shares;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 586.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 586.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 574.25 Td (benefit associations, supplemental unemployment benefit trusts and qualified group legal services plans which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 562.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 550.25 Td (business taxable income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 526.25 Td (Stockholders who participate in our distribution reinvestment plan may realize taxable income without receiving cash ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 514.25 Td (distributions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 490.25 Td (If our stockholders participate in the distribution reinvestment plan, they generally will be required to take into account, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (computing their taxable income, ordinary and capital gain distributions allocable to shares that they own, even though they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (receive no cash because such distributions are reinvested.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.25 Td (Foreign investors may be subject to the Foreign Investment in Real Property T) Tj ET Q q 0 0 0 rg BT 381.47 442.25 Td (ax ) Tj ET Q q 0 0 0 rg BT 393.60 442.25 Td (Act \(FIRPT) Tj ET Q q 0 0 0 rg BT 447.21 442.25 Td (A\) on sale of common ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 430.25 Td (shares if we are unable to qualify as a domestically controlled REIT) Tj ET Q q 0 0 0 rg BT 347.30 430.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 406.25 Td (A) Tj ET Q q 0 0 0 rg BT 74.17 406.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (principally of U.S.real property interests, is generally subject to tax under FIRPT) Tj ET Q q 0 0 0 rg BT 375.01 394.25 Td (A) Tj ET Q q 0 0 0 rg BT 381.68 394.25 Td ( on the gain recognized on the disposition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (FIRPT) Tj ET Q q 0 0 0 rg BT 75.93 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 82.60 382.25 Td ( does not apply) Tj ET Q q 0 0 0 rg BT 142.78 382.25 Td (, however) Tj ET Q q 0 0 0 rg BT 181.80 382.25 Td (, to the disposition of stock in a REIT) Tj ET Q q 0 0 0 rg BT 331.89 382.25 Td ( if the REIT) Tj ET Q q 0 0 0 rg BT 379.75 382.25 Td ( is domestically controlled. ) Tj ET Q q 0 0 0 rg BT 498.88 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 505.55 382.25 Td ( REIT) Tj ET Q q 0 0 0 rg BT 530.09 382.25 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (domestically controlled if less than 50% of the REIT) Tj ET Q q 0 0 0 rg BT 272.21 370.25 Td (s capital stock, by value, has been owned, directly and indirectly) Tj ET Q q 0 0 0 rg BT 529.54 370.25 Td (, by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 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 475.40 358.25 Td (, if shorter) Tj ET Q q 0 0 0 rg BT 516.38 358.25 Td (, during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (the entire period of the REIT) Tj ET Q q 0 0 0 rg BT 168.07 346.25 Td (s existence.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 322.25 Td (e cannot assure our stockholders that we will qualify as a domestically controlled REIT) Tj ET Q q 0 0 0 rg BT 433.90 322.25 Td (. If we were to fail to so ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (qualify) Tj ET Q q 0 0 0 rg BT 77.18 310.25 Td (, gains realized by foreign investors other than qualified foreign pension plans on a sale of our common shares would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (be subject to tax under FIRPT) Tj ET Q q 0 0 0 rg BT 168.96 298.25 Td (A) Tj ET Q q 0 0 0 rg BT 175.63 298.25 Td ( \(unless our common shares were traded on an established securities market and the foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (investor did not at any time during a specified testing period directly or indirectly own more than 5% \(10% after December 18, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (2015\) of the value of our outstanding common shares\).Our common shares are not currently traded on an established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (securities market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 238.25 Td (In ) Tj ET Q q 0 0 0 rg BT 70.20 238.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 101.33 238.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 164.97 238.25 Td (we ) Tj ET Q q 0 0 0 rg BT 178.33 238.25 Td (may ) Tj ET Q q 0 0 0 rg BT 197.79 238.25 Td (be ) Tj ET Q q 0 0 0 rg BT 209.48 238.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 240.61 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 250.64 238.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 284.26 238.25 Td (state, ) Tj ET Q q 0 0 0 rg BT 307.89 238.25 Td (local ) Tj ET Q q 0 0 0 rg BT 330.14 238.25 Td (or ) Tj ET Q q 0 0 0 rg BT 341.28 238.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 373.52 238.25 Td (income ) Tj ET Q q 0 0 0 rg BT 405.77 238.25 Td (or ) Tj ET Q q 0 0 0 rg BT 416.91 238.25 Td (other ) Tj ET Q q 0 0 0 rg BT 440.82 238.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 464.18 238.25 Td (as ) Tj ET Q q 0 0 0 rg BT 475.32 238.25 Td (a ) Tj ET Q q 0 0 0 rg BT 482.57 238.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 504.99 238.25 Td (, ) Tj ET Q q 0 0 0 rg BT 509.74 238.25 Td (which ) Tj ET Q q 0 0 0 rg BT 536.99 238.25 Td (would ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 226.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 88.77 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 105.72 226.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 127.11 226.25 Td (available ) Tj ET Q q 0 0 0 rg BT 166.83 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 177.10 226.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 194.04 226.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 248.23 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.51 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 275.46 226.25 Td (stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 202.25 Td (Even ) Tj ET Q q 0 0 0 rg BT 90.59 202.25 Td (if ) Tj ET Q q 0 0 0 rg BT 99.24 202.25 Td (we ) Tj ET Q q 0 0 0 rg BT 113.44 202.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 144.31 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.29 202.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 198.83 202.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.70 202.25 Td (status ) Tj ET Q q 0 0 0 rg BT 240.02 202.25 Td (as ) Tj ET Q q 0 0 0 rg BT 250.89 202.25 Td (a ) Tj ET Q q 0 0 0 rg BT 257.88 202.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 279.35 202.25 Td (, ) Tj ET Q q 0 0 0 rg BT 284.39 202.25 Td (we ) Tj ET Q q 0 0 0 rg BT 298.60 202.25 Td (may ) Tj ET Q q 0 0 0 rg BT 318.36 202.25 Td (be ) Tj ET Q q 0 0 0 rg BT 330.34 202.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 361.21 202.25 Td (to ) Tj ET Q q 0 0 0 rg BT 371.53 202.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 401.27 202.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 434.07 202.25 Td (state, ) Tj ET Q q 0 0 0 rg BT 457.44 202.25 Td (local ) Tj ET Q q 0 0 0 rg BT 479.41 202.25 Td (or ) Tj ET Q q 0 0 0 rg BT 490.29 202.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 521.71 202.25 Td (income ) Tj ET Q q 0 0 0 rg BT 553.68 202.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (other ) Tj ET Q q 0 0 0 rg BT 72.76 190.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 96.01 190.25 Td (or ) Tj ET Q q 0 0 0 rg BT 107.05 190.25 Td (state ) Tj ET Q q 0 0 0 rg BT 128.09 190.25 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 153.85 190.25 Td (For ) Tj ET Q q 0 0 0 rg BT 170.45 190.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 209.53 190.25 Td (if ) Tj ET Q q 0 0 0 rg BT 218.35 190.25 Td (we ) Tj ET Q q 0 0 0 rg BT 232.72 190.25 Td (have ) Tj ET Q q 0 0 0 rg BT 254.30 190.25 Td (net ) Tj ET Q q 0 0 0 rg BT 269.23 190.25 Td (income ) Tj ET Q q 0 0 0 rg BT 301.38 190.25 Td (from ) Tj ET Q q 0 0 0 rg BT 323.52 190.25 Td (a ) Tj ET Q q 0 0 0 rg BT 330.67 190.25 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 378.92 190.25 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 432.44 190.25 Td (such ) Tj ET Q q 0 0 0 rg BT 453.48 190.25 Td (income ) Tj ET Q q 0 0 0 rg BT 485.63 190.25 Td (will ) Tj ET Q q 0 0 0 rg BT 503.89 190.25 Td (be ) Tj ET Q q 0 0 0 rg BT 516.04 190.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 547.08 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 557.57 190.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (100% ) Tj ET Q q 0 0 0 rg BT 75.49 178.25 Td (tax. ) Tj ET Q q 0 0 0 rg BT 92.68 178.25 Td (W) Tj ET Q q 0 0 0 rg BT 101.32 178.25 Td (e ) Tj ET Q q 0 0 0 rg BT 108.42 178.25 Td (may ) Tj ET Q q 0 0 0 rg BT 128.30 178.25 Td (not ) Tj ET Q q 0 0 0 rg BT 143.74 178.25 Td (be ) Tj ET Q q 0 0 0 rg BT 155.84 178.25 Td (able ) Tj ET Q q 0 0 0 rg BT 175.16 178.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.60 178.25 Td (make ) Tj ET Q q 0 0 0 rg BT 209.92 178.25 Td (suf) Tj ET Q q 0 0 0 rg BT 221.96 178.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 250.16 178.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 302.83 178.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.27 178.25 Td (avoid ) Tj ET Q q 0 0 0 rg BT 338.15 178.25 Td (paying ) Tj ET Q q 0 0 0 rg BT 368.03 178.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 398.45 178.25 Td (income ) Tj ET Q q 0 0 0 rg BT 430.54 178.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 445.42 178.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 473.63 178.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.51 178.25 Td (4% ) Tj ET Q q 0 0 0 rg BT 504.50 178.25 Td (excise ) Tj ET Q q 0 0 0 rg BT 532.15 178.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 547.03 178.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (applies ) Tj ET Q q 0 0 0 rg BT 80.13 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.21 166.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 119.72 166.25 Td (income ) Tj ET Q q 0 0 0 rg BT 151.46 166.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 185.96 166.25 Td (by ) Tj ET Q q 0 0 0 rg BT 198.27 166.25 Td (a ) Tj ET Q q 0 0 0 rg BT 205.01 166.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 226.49 166.25 Td (. ) Tj ET Q q 0 0 0 rg BT 231.13 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 239.76 166.25 Td (e ) Tj ET Q q 0 0 0 rg BT 246.51 166.25 Td (may ) Tj ET Q q 0 0 0 rg BT 266.03 166.25 Td (also ) Tj ET Q q 0 0 0 rg BT 284.44 166.25 Td (decide ) Tj ET Q q 0 0 0 rg BT 312.84 166.25 Td (to ) Tj ET Q q 0 0 0 rg BT 322.92 166.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 347.99 166.25 Td (income ) Tj ET Q q 0 0 0 rg BT 379.73 166.25 Td (that ) Tj ET Q q 0 0 0 rg BT 397.03 166.25 Td (we ) Tj ET Q q 0 0 0 rg BT 410.99 166.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 430.51 166.25 Td (from ) Tj ET Q q 0 0 0 rg BT 452.25 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.77 166.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 484.62 166.25 Td (or ) Tj ET Q q 0 0 0 rg BT 495.26 166.25 Td (other ) Tj ET Q q 0 0 0 rg BT 518.11 166.25 Td (disposition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.48 154.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.45 154.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 119.08 154.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.17 154.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 153.25 154.25 Td (income ) Tj ET Q q 0 0 0 rg BT 185.33 154.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 200.20 154.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 233.39 154.25 Td (on ) Tj ET Q q 0 0 0 rg BT 246.03 154.25 Td (such ) Tj ET Q q 0 0 0 rg BT 267.01 154.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 301.59 154.25 Td (In ) Tj ET Q q 0 0 0 rg BT 312.57 154.25 Td (that ) Tj ET Q q 0 0 0 rg BT 330.21 154.25 Td (event, ) Tj ET Q q 0 0 0 rg BT 357.01 154.25 Td (our ) Tj ET Q q 0 0 0 rg BT 372.99 154.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 426.18 154.25 Td (would ) Tj ET Q q 0 0 0 rg BT 453.83 154.25 Td (be ) Tj ET Q q 0 0 0 rg BT 465.91 154.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 495.76 154.25 Td (as ) Tj ET Q q 0 0 0 rg BT 506.74 154.25 Td (if ) Tj ET Q q 0 0 0 rg BT 515.49 154.25 Td (they ) Tj ET Q q 0 0 0 rg BT 535.35 154.25 Td (earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (that ) Tj ET Q q 0 0 0 rg BT 66.54 142.25 Td (income ) Tj ET Q q 0 0 0 rg BT 98.02 142.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.51 142.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 133.77 142.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.04 142.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 162.30 142.25 Td (on ) Tj ET Q q 0 0 0 rg BT 174.35 142.25 Td (it ) Tj ET Q q 0 0 0 rg BT 181.95 142.25 Td (directly) Tj ET Q q 0 0 0 rg BT 211.85 142.25 Td (. ) Tj ET Q q 0 0 0 rg BT 216.39 142.25 Td (However) Tj ET Q q 0 0 0 rg BT 252.64 142.25 Td (, ) Tj ET Q q 0 0 0 rg BT 257.19 142.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 309.78 142.25 Td (that ) Tj ET Q q 0 0 0 rg BT 326.83 142.25 Td (are ) Tj ET Q q 0 0 0 rg BT 341.08 142.25 Td (tax-exempt, ) Tj ET Q q 0 0 0 rg BT 390.61 142.25 Td (such ) Tj ET Q q 0 0 0 rg BT 410.99 142.25 Td (as ) Tj ET Q q 0 0 0 rg BT 421.36 142.25 Td (charities ) Tj ET Q q 0 0 0 rg BT 457.28 142.25 Td (or ) Tj ET Q q 0 0 0 rg BT 467.66 142.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 505.25 142.25 Td (pension ) Tj ET Q q 0 0 0 rg BT 538.41 142.25 Td (plans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (would ) Tj ET Q q 0 0 0 rg BT 77.45 130.25 Td (have ) Tj ET Q q 0 0 0 rg BT 99.29 130.25 Td (no ) Tj ET Q q 0 0 0 rg BT 112.24 130.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 142.96 130.25 Td (from ) Tj ET Q q 0 0 0 rg BT 165.35 130.25 Td (their ) Tj ET Q q 0 0 0 rg BT 186.63 130.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 220.68 130.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 258.06 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.35 130.25 Td (such ) Tj ET Q q 0 0 0 rg BT 290.63 130.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 305.80 130.25 Td (liability) Tj ET Q q 0 0 0 rg BT 336.26 130.25 Td (. ) Tj ET Q q 0 0 0 rg BT 341.50 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 350.14 130.25 Td (e ) Tj ET Q q 0 0 0 rg BT 357.53 130.25 Td (may ) Tj ET Q q 0 0 0 rg BT 377.70 130.25 Td (also ) Tj ET Q q 0 0 0 rg BT 396.77 130.25 Td (be ) Tj ET Q q 0 0 0 rg BT 409.16 130.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 440.44 130.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.17 130.25 Td (state ) Tj ET Q q 0 0 0 rg BT 472.45 130.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.84 130.25 Td (local ) Tj ET Q q 0 0 0 rg BT 512.23 130.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 535.73 130.25 Td (on ) Tj ET Q q 0 0 0 rg BT 548.69 130.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.01 118.25 Td (or ) Tj ET Q q 0 0 0 rg BT 91.42 118.25 Td (property) Tj ET Q q 0 0 0 rg BT 124.64 118.25 Td (, ) Tj ET Q q 0 0 0 rg BT 129.22 118.25 Td (either ) Tj ET Q q 0 0 0 rg BT 154.06 118.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 186.68 118.25 Td (or ) Tj ET Q q 0 0 0 rg BT 197.09 118.25 Td (at ) Tj ET Q q 0 0 0 rg BT 206.38 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.67 118.25 Td (level ) Tj ET Q q 0 0 0 rg BT 242.18 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.59 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.88 118.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 308.95 118.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 356.57 118.25 Td (or ) Tj ET Q q 0 0 0 rg BT 366.98 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.38 118.25 Td (other ) Tj ET Q q 0 0 0 rg BT 400.01 118.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 430.97 118.25 Td (through ) Tj ET Q q 0 0 0 rg BT 464.15 118.25 Td (which ) Tj ET Q q 0 0 0 rg BT 490.67 118.25 Td (we ) Tj ET Q q 0 0 0 rg BT 504.40 118.25 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 544.80 118.25 Td (own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 106.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 93.11 106.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 112.83 106.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 135.88 106.25 Td (that ) Tj ET Q q 0 0 0 rg BT 153.37 106.25 Td (we ) Tj ET Q q 0 0 0 rg BT 167.53 106.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 184.47 106.25 Td (will ) Tj ET Q q 0 0 0 rg BT 202.53 106.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 231.67 106.25 Td (our ) Tj ET Q q 0 0 0 rg BT 247.50 106.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 267.77 106.25 Td (available ) Tj ET Q q 0 0 0 rg BT 306.36 106.25 Td (for ) Tj ET Q q 0 0 0 rg BT 320.52 106.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 369.13 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 379.41 106.25 Td (our ) Tj ET Q q 0 0 0 rg BT 395.24 106.25 Td (stockholders.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 742.25 Td (e ) Tj ET Q q 0 0 0 rg BT 73.91 742.25 Td (have ) Tj ET Q q 0 0 0 rg BT 96.18 742.25 Td (entered, ) Tj ET Q q 0 0 0 rg BT 132.05 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.43 742.25 Td (may ) Tj ET Q q 0 0 0 rg BT 170.48 742.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 209.42 742.25 Td (to ) Tj ET Q q 0 0 0 rg BT 220.02 742.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 243.95 742.25 Td (into, ) Tj ET Q q 0 0 0 rg BT 265.40 742.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 297.11 742.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 333.27 742.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 386.67 742.25 Td (which ) Tj ET Q q 0 0 0 rg BT 414.50 742.25 Td (may ) Tj ET Q q 0 0 0 rg BT 434.54 742.25 Td (have ) Tj ET Q q 0 0 0 rg BT 456.81 742.25 Td (a ) Tj ET Q q 0 0 0 rg BT 464.63 742.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 503.57 742.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 534.17 742.25 Td (on ) Tj ET Q q 0 0 0 rg BT 547.56 742.25 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (REIT ) Tj ET Q q 0 0 0 rg BT 84.34 730.25 Td (status.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 706.25 Td (e ) Tj ET Q q 0 0 0 rg BT 83.82 706.25 Td (have ) Tj ET Q q 0 0 0 rg BT 105.94 706.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 138.60 706.25 Td (into ) Tj ET Q q 0 0 0 rg BT 157.40 706.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 192.86 706.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 243.86 706.25 Td (with ) Tj ET Q q 0 0 0 rg BT 264.88 706.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 296.44 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.46 706.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 337.90 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 349.47 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 366.04 706.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 405.38 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.06 706.25 Td (may ) Tj ET Q q 0 0 0 rg BT 443.52 706.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 481.20 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.21 706.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 515.44 706.25 Td (into ) Tj ET Q q 0 0 0 rg BT 534.24 706.25 Td (similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 99.85 694.25 Td (in ) Tj ET Q q 0 0 0 rg BT 110.22 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.02 694.25 Td (future. ) Tj ET Q q 0 0 0 rg BT 153.98 694.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 172.12 694.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 206.93 694.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 245.61 694.25 Td (may ) Tj ET Q q 0 0 0 rg BT 265.42 694.25 Td (include ) Tj ET Q q 0 0 0 rg BT 297.44 694.25 Td (entering ) Tj ET Q q 0 0 0 rg BT 332.79 694.25 Td (into ) Tj ET Q q 0 0 0 rg BT 350.93 694.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 382.95 694.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 400.52 694.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 428.66 694.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 460.12 694.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 497.68 694.25 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 527.21 694.25 Td (caps ) Tj ET Q q 0 0 0 rg BT 547.57 694.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (floors, ) Tj ET Q q 0 0 0 rg BT 77.83 682.25 Td (options ) Tj ET Q q 0 0 0 rg BT 109.78 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 120.06 682.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 158.09 682.25 Td (these ) Tj ET Q q 0 0 0 rg BT 181.14 682.25 Td (items, ) Tj ET Q q 0 0 0 rg BT 207.81 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.74 682.25 Td (futures ) Tj ET Q q 0 0 0 rg BT 255.01 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 271.95 682.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 306.10 682.25 Td (contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 658.25 Td (Thegrossincometests ) Tj ET Q q 0 0 0 rg BT 161.23 658.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 200.79 658.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 234.25 658.25 Td (any ) Tj ET Q q 0 0 0 rg BT 251.05 658.25 Td (income ) Tj ET Q q 0 0 0 rg BT 282.84 658.25 Td (or ) Tj ET Q q 0 0 0 rg BT 293.53 658.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 313.11 658.25 Td (from ) Tj ET Q q 0 0 0 rg BT 334.90 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 341.70 658.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 376.28 658.25 Td (or ) Tj ET Q q 0 0 0 rg BT 386.97 658.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 417.10 658.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 463.33 658.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 495.12 658.25 Td (into ) Tj ET Q q 0 0 0 rg BT 513.03 658.25 Td (by ) Tj ET Q q 0 0 0 rg BT 525.39 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 539.97 658.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 562.01 658.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 88.64 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.35 646.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 131.37 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.51 646.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 162.44 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.70 646.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 206.56 646.25 Td (rate, ) Tj ET Q q 0 0 0 rg BT 225.97 646.25 Td (price ) Tj ET Q q 0 0 0 rg BT 247.88 646.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 282.02 646.25 Td (or ) Tj ET Q q 0 0 0 rg BT 292.28 646.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 329.18 646.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 378.32 646.25 Td (with ) Tj ET Q q 0 0 0 rg BT 398.03 646.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 428.27 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.98 646.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 485.46 646.25 Td (made ) Tj ET Q q 0 0 0 rg BT 509.04 646.25 Td (or ) Tj ET Q q 0 0 0 rg BT 519.30 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.00 646.25 Td (be ) Tj ET Q q 0 0 0 rg BT 540.37 646.25 Td (made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.82 634.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 91.79 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 102.67 634.25 Td (carry ) Tj ET Q q 0 0 0 rg BT 125.75 634.25 Td (real ) Tj ET Q q 0 0 0 rg BT 143.29 634.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 168.60 634.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 194.47 634.25 Td (orto ) Tj ET Q q 0 0 0 rg BT 215.63 634.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 249.27 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.03 634.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 281.58 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 292.45 634.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 329.98 634.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 379.73 634.25 Td (with ) Tj ET Q q 0 0 0 rg BT 400.06 634.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 430.92 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 441.25 634.25 Td (an ) Tj ET Q q 0 0 0 rg BT 453.23 634.25 Td (item ) Tj ET Q q 0 0 0 rg BT 473.55 634.25 Td (ofincome ) Tj ET Q q 0 0 0 rg BT 516.36 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 527.24 634.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 547.00 634.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (would ) Tj ET Q q 0 0 0 rg BT 77.62 622.25 Td (be ) Tj ET Q q 0 0 0 rg BT 90.18 622.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 134.41 622.25 Td (income ) Tj ET Q q 0 0 0 rg BT 166.96 622.25 Td (under ) Tj ET Q q 0 0 0 rg BT 192.85 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.19 622.25 Td (75% ) Tj ET Q q 0 0 0 rg BT 229.64 622.25 Td (or ) Tj ET Q q 0 0 0 rg BT 241.09 622.25 Td (95% ) Tj ET Q q 0 0 0 rg BT 262.55 622.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 286.78 622.25 Td (income ) Tj ET Q q 0 0 0 rg BT 319.34 622.25 Td (test\(or ) Tj ET Q q 0 0 0 rg BT 350.50 622.25 Td (any ) Tj ET Q q 0 0 0 rg BT 368.06 622.25 Td (property ) Tj ET Q q 0 0 0 rg BT 405.06 622.25 Td (which ) Tj ET Q q 0 0 0 rg BT 432.62 622.25 Td (generates ) Tj ET Q q 0 0 0 rg BT 473.50 622.25 Td (such ) Tj ET Q q 0 0 0 rg BT 494.95 622.25 Td (income ) Tj ET Q q 0 0 0 rg BT 527.50 622.25 Td (or ) Tj ET Q q 0 0 0 rg BT 538.96 622.25 Td (gain\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 87.61 610.25 Td (that ) Tj ET Q q 0 0 0 rg BT 105.17 610.25 Td (we ) Tj ET Q q 0 0 0 rg BT 119.39 610.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 155.83 610.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 189.50 610.25 Td (such ) Tj ET Q q 0 0 0 rg BT 210.39 610.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 240.73 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 257.73 610.25 Td (other ) Tj ET Q q 0 0 0 rg BT 280.84 610.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 331.17 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 341.51 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.29 610.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 388.84 610.25 Td (required ) Tj ET Q q 0 0 0 rg BT 424.71 610.25 Td (by ) Tj ET Q q 0 0 0 rg BT 437.28 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.06 610.25 Td (Code. ) Tj ET Q q 0 0 0 rg BT 478.05 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 483.46 610.25 Td (o ) Tj ET Q q 0 0 0 rg BT 491.02 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.80 610.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 532.80 610.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.35 610.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (do ) Tj ET Q q 0 0 0 rg BT 62.15 598.25 Td (not ) Tj ET Q q 0 0 0 rg BT 77.57 598.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 114.09 598.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 147.84 598.25 Td (such ) Tj ET Q q 0 0 0 rg BT 168.82 598.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 219.23 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 230.20 598.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 260.62 598.25 Td (or ) Tj ET Q q 0 0 0 rg BT 271.59 598.25 Td (we ) Tj ET Q q 0 0 0 rg BT 285.90 598.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 312.42 598.25 Td (with ) Tj ET Q q 0 0 0 rg BT 332.84 598.25 Td (other ) Tj ET Q q 0 0 0 rg BT 356.04 598.25 Td (types ) Tj ET Q q 0 0 0 rg BT 379.79 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 390.76 598.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 428.39 598.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 480.20 598.25 Td (or ) Tj ET Q q 0 0 0 rg BT 491.18 598.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 517.70 598.25 Td (other ) Tj ET Q q 0 0 0 rg BT 540.89 598.25 Td (types ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.99 586.25 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 118.31 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.69 586.25 Td (income ) Tj ET Q q 0 0 0 rg BT 166.29 586.25 Td (from ) Tj ET Q q 0 0 0 rg BT 188.89 586.25 Td (those ) Tj ET Q q 0 0 0 rg BT 213.17 586.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 264.09 586.25 Td (is ) Tj ET Q q 0 0 0 rg BT 273.93 586.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 299.87 586.25 Td (to ) Tj ET Q q 0 0 0 rg BT 310.81 586.25 Td (be ) Tj ET Q q 0 0 0 rg BT 323.41 586.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 353.78 586.25 Td (as ) Tj ET Q q 0 0 0 rg BT 365.27 586.25 Td (non-qualifying ) Tj ET Q q 0 0 0 rg BT 427.87 586.25 Td (income ) Tj ET Q q 0 0 0 rg BT 460.47 586.25 Td (for ) Tj ET Q q 0 0 0 rg BT 475.29 586.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 514.01 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.50 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.88 586.25 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.65 574.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 102.14 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.29 574.25 Td (may ) Tj ET Q q 0 0 0 rg BT 139.23 574.25 Td (af) Tj ET Q q 0 0 0 rg BT 146.81 574.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 164.51 574.25 Td (our ) Tj ET Q q 0 0 0 rg BT 180.56 574.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 208.83 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 219.32 574.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 250.36 574.25 Td (as ) Tj ET Q q 0 0 0 rg BT 261.40 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 268.56 574.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 290.03 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 295.25 574.25 Td (In ) Tj ET Q q 0 0 0 rg BT 306.29 574.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 344.28 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 354.77 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.71 574.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 396.85 574.25 Td (that ) Tj ET Q q 0 0 0 rg BT 414.56 574.25 Td (our ) Tj ET Q q 0 0 0 rg BT 430.61 574.25 Td (position ) Tj ET Q q 0 0 0 rg BT 465.55 574.25 Td (in ) Tj ET Q q 0 0 0 rg BT 476.04 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 483.20 574.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 518.13 574.25 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (has ) Tj ET Q q 0 0 0 rg BT 65.65 562.25 Td (positive ) Tj ET Q q 0 0 0 rg BT 100.13 562.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 127.10 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.13 562.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 187.72 562.25 Td (may ) Tj ET Q q 0 0 0 rg BT 207.76 562.25 Td (be ) Tj ET Q q 0 0 0 rg BT 220.01 562.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 250.03 562.25 Td (as ) Tj ET Q q 0 0 0 rg BT 261.18 562.25 Td (a ) Tj ET Q q 0 0 0 rg BT 268.43 562.25 Td (non-qualifying ) Tj ET Q q 0 0 0 rg BT 330.68 562.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 352.94 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.41 562.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 405.78 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.93 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.96 562.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 455.89 562.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 478.14 562.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 498.74 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 509.33 562.25 Td (which ) Tj ET Q q 0 0 0 rg BT 536.59 562.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 558.11 562.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.21 550.25 Td (subject.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 526.25 Td (Entities through which we hold foreign real estate investments are, in most cases, subject to foreign taxes, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 514.25 Td (notwithstanding our status as a REIT) Tj ET Q q 0 0 0 rg BT 212.37 514.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 490.25 Td (Even if we maintain our status as a REIT) Tj ET Q q 0 0 0 rg BT 231.16 490.25 Td (, entities through which we hold investments in assets located outside the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (distribution to our stockholders will be reduced by any such foreign income taxes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.25 Td (Dividends payable by REIT) Tj ET Q q 0 0 0 rg BT 170.62 442.25 Td (s do not qualify for the reduced tax rates available for some dividends. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 418.25 Td (The maximum tax rate applicable to income from qualified dividends payable to U.S. stockholders that are individuals, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (trusts or estates is currently 20%. Dividends payable by REIT) Tj ET Q q 0 0 0 rg BT 295.97 406.25 Td (s, however) Tj ET Q q 0 0 0 rg BT 338.89 406.25 Td (, generally are not eligible for the reduced rates. ) Tj ET Q q 0 0 0 rg BT 532.79 406.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (more favorable rates applicable to regular corporate qualified dividends could cause investors who are individuals, trusts or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 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 560.02 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (corporations that pay dividends, which could adversely af) Tj ET Q q 0 0 0 rg BT 280.36 370.25 Td (fect the value of our common shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 346.25 Td (Recharacterization of sale-leaseback transactions may cause us to lose our REIT status.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 322.25 Td (e have purchased real properties and leased them back to the sellers of such properties. ) Tj ET Q q 0 0 0 rg BT 425.26 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 433.90 322.25 Td (e use commercially reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 310.25 Td (forts to structure any such sale-leaseback transaction such that the lease will be characterized as a true lease, thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (allowing us to be treated as the owner of the property for federal income tax purposes, but cannot assure our stockholders that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (the Internal Revenue Service will not challenge such characterization. In the event that any such sale-leaseback transaction is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (challenged and recharacterized as a financing transaction or loan for U.S.federal income tax purposes, deductions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (depreciation and cost recovery relating to such property would be disallowed. ) Tj ET Q q 0 0 0 rg BT 362.55 262.25 Td (W) Tj ET Q q 0 0 0 rg BT 371.19 262.25 Td (e might fail to satisfy the REIT) Tj ET Q q 0 0 0 rg BT 495.43 262.25 Td ( qualification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (asset tests or the income tests and, consequently) Tj ET Q q 0 0 0 rg BT 258.78 250.25 Td (, lose our REIT) Tj ET Q q 0 0 0 rg BT 320.26 250.25 Td ( status ef) Tj ET Q q 0 0 0 rg BT 355.62 250.25 Td (fective with the year of recharacterization if a sale-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (leaseback transaction were so recharacterized. ) Tj ET Q q 0 0 0 rg BT 236.06 238.25 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 288.17 238.25 Td (, the amount of our REIT) Tj ET Q q 0 0 0 rg BT 389.08 238.25 Td ( taxable income could be recalculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (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 398.56 226.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 202.25 Td (Complying with the REIT requirements may cause us to forego otherwise attractive opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 178.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.91 178.25 Td (o qualify as a REIT) Tj ET Q q 0 0 0 rg BT 151.04 178.25 Td ( for U.S.federal income tax purposes, we must continually satisfy tests concerning, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (and the ownership of shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 253.72 154.25 Td (W) Tj ET Q q 0 0 0 rg BT 262.36 154.25 Td (e may be required to forego otherwise attractive investments or make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 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 524.78 142.25 Td (Thus, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (compliance with the REIT) Tj ET Q q 0 0 0 rg BT 155.12 130.25 Td ( requirements may hinder our ability to operate solely on the basis of maximizing profits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 106.25 Td (Complying with the REIT requirements may force us to liquidate otherwise attractive investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 82.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 82.25 Td (e must ensure that at the end of each calendar quarter) Tj ET Q q 0 0 0 rg BT 288.41 82.25 Td (, at least 75% of the value of our assets consists of cash, cash items, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (government securities and qualified REIT) Tj ET Q q 0 0 0 rg BT 217.04 70.25 Td ( real estate assets in order to ensure our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 468.99 70.25 Td (. ) Tj ET Q q 0 0 0 rg BT 473.81 70.25 Td (The remainder of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (investments \(other than governmental securities and qualified real estate assets\) generally cannot include more than 10% of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 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 endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (issuer) Tj ET Q q 0 0 0 rg BT 72.28 742.10 Td (. In addition, in general, no more than 5% of the value of our assets \(other than government securities and qualified real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (estate assets\) can consist of the securities of any one issuer) Tj ET Q q 0 0 0 rg BT 284.03 730.10 Td (, and no more than 25% \(the limit will decrease to 20% after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (December 31, 2017\) of the value of our total assets can be represented by securities of one or more taxable REIT) Tj ET Q q 0 0 0 rg BT 501.10 718.10 Td ( subsidiaries. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (If we fail to comply with these requirements at the end of any calendar quarter) Tj ET Q q 0 0 0 rg BT 362.86 706.10 Td (, we must correct such failure within 30days ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (after the end of the calendar quarter in order to avoid losing our REIT) Tj ET Q q 0 0 0 rg BT 328.38 694.10 Td ( status and suf) Tj ET Q q 0 0 0 rg BT 385.14 694.10 Td (fering adverse tax consequences. ) Tj ET Q q 0 0 0 rg BT 518.69 694.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (result, we may be required to liquidate otherwise attractive investments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 658.10 Td (Legislative or regulatory action could adversely af) Tj ET Q q 0 0 0 rg BT 264.40 658.10 Td (fect us and/or our investors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td (In recent years, numerous legislative, judicial and administrative changes have been made to the U.S.federal income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (laws applicable to the qualification and taxation of REIT) Tj ET Q q 0 0 0 rg BT 275.95 622.10 Td (s and to investments in REIT) Tj ET Q q 0 0 0 rg BT 391.63 622.10 Td (s and similar entities. ) Tj ET Q q 0 0 0 rg BT 478.56 622.10 Td (Additional changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 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 454.45 610.10 Td (fect, and we cannot assure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (our stockholders that any such changes will not adversely af) Tj ET Q q 0 0 0 rg BT 290.09 598.10 Td (fect how we are taxed or the taxation of our stockholders. ) Tj ET Q q 0 0 0 rg BT 522.23 598.10 Td (Any such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (changes could have an adverse ef) Tj ET Q q 0 0 0 rg BT 182.86 586.10 Td (fect on us and on an investment in shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 439.85 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 448.49 586.10 Td (e ur) Tj ET Q q 0 0 0 rg BT 463.58 586.10 Td (ge our stockholders to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (consult with their own tax advisors with respect to the status of legislative, regulatory or administrative developments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (proposals and their potential ef) Tj ET Q q 0 0 0 rg BT 173.17 562.10 Td (fect on an investment in shares of our common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (Risks Related to ERISA) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 514.10 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 433.39 514.10 Td (Act of 1974, as amended, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 Td (\(ERISA\), the ) Tj ET Q q 0 0 0 rg BT 124.53 502.10 Td (Advisor and the fiduciaries of investing ERISA) Tj ET Q q 0 0 0 rg BT 317.89 502.10 Td ( plans may be exposed to liabilities under T) Tj ET Q q 0 0 0 rg BT 495.30 502.10 Td (itleI of ERISA) Tj ET Q q 0 0 0 rg BT 556.70 502.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 490.10 Td (and the Internal Revenue Code.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 466.10 Td (In some circumstances where an ERISA) Tj ET Q q 0 0 0 rg BT 228.29 466.10 Td ( plan holds an interest in an entity) Tj ET Q q 0 0 0 rg BT 362.89 466.10 Td (, an undivided interest in the assets of the entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (attributable to that interest are deemed to be ERISA) Tj ET Q q 0 0 0 rg BT 256.10 454.10 Td ( plan assets unless an exception applies. ) Tj ET Q q 0 0 0 rg BT 418.10 454.10 Td (This is known as the look-through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (rule. Under those circumstances, the obligations and other responsibilities of plan sponsors, plan fiduciaries and plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (administrators, and of parties in interest and disqualified persons, under ) Tj ET Q q 0 0 0 rg BT 338.14 430.10 Td (T) Tj ET Q q 0 0 0 rg BT 343.89 430.10 Td (itleI of ERISA) Tj ET Q q 0 0 0 rg BT 404.17 430.10 Td ( and Section4975 of the Code, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 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 449.66 418.10 Td ( and the Code. ) Tj ET Q q 0 0 0 rg BT 509.74 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.38 418.10 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 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 446.99 406.10 Td (fered securities that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (exempt from the look-through rule under applicable regulations of the U.S. Department of the ) Tj ET Q q 0 0 0 rg BT 427.54 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 433.30 394.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 462.08 394.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.90 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 475.54 394.10 Td (e note, however) Tj ET Q q 0 0 0 rg BT 538.72 394.10 Td (, that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (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 476.68 382.10 Td (, and perhaps for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (other reasons, it is possible that this exemption may not apply) Tj ET Q q 0 0 0 rg BT 295.76 370.10 Td (. If that is the case, and if the ) Tj ET Q q 0 0 0 rg BT 415.72 370.10 Td (Advisor or we are exposed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (liability under ERISA) Tj ET Q q 0 0 0 rg BT 136.72 358.10 Td ( or the Code, our performance and results of operations could be adversely af) Tj ET Q q 0 0 0 rg BT 445.32 358.10 Td (fected. In addition, if that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (were the case, an investment in our common shares might constitute an inef) Tj ET Q q 0 0 0 rg BT 352.29 346.10 Td (fective delegation of fiduciary responsibility to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.32 334.10 Td (, and expose the fiduciary of the benefit plan to co-fiduciary liability under ERISA) Tj ET Q q 0 0 0 rg BT 411.22 334.10 Td ( for any breach by the ) Tj ET Q q 0 0 0 rg BT 500.63 334.10 Td (Advisor of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (fiduciary duties mandated under ERISA. Prior to making an investment in us, potential investors should consult with their legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (and other advisors concerning the impact of ERISA) Tj ET Q q 0 0 0 rg BT 255.84 310.10 Td ( and the Code on such investors) Tj ET Q q 0 0 0 rg BT 385.63 310.10 Td ( investment and our performance. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 286.10 Td (There are special considerations that apply to pension or profit sharing trusts or individual retirement accounts \(IRAs\) ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (investing in our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 Td (If stockholders have invested the assets of an IRA, pension, profit sharing, 401\(k\), Keogh or other qualified retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (plan, or plan to further invest through our distribution reinvestment plan, they should satisfy themselves that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 214.10 Td (their investment is consistent with their fiduciary obligations under ERISA) Tj ET Q q 0 0 0 rg BT 375.62 214.10 Td ( and the Code;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 202.10 Td (their investment is made in accordance with the documents and instruments governing their plan or IRA, including their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.10 Td (plan) Tj ET Q q 0 0 0 rg BT 96.50 190.10 Td (s investment policy;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 178.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 166.10 Td (ERISA;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 154.10 Td (their investment will not impair the liquidity of the plan or IRA;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 142.10 Td (their investment will not produce unrelated business taxable income for the plan or IRA;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 130.10 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 408.90 130.10 Td ( requirements;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 118.10 Td (their investment will not constitute a prohibited transaction under Section406 of ERISA) Tj ET Q q 0 0 0 rg BT 429.77 118.10 Td ( or Section4975 of the Code.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Investment Risks ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (There is no public market for our common shares; therefore, it will be dif) Tj ET Q q 0 0 0 rg BT 360.55 718.25 Td (ficult for our stockholders to sell their shares ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 706.25 Td (and, if they are able to sell their shares, they will likely sell them at a substantial discount. The most recently determined ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 694.25 Td (estimated per share net asset value of our common shares is an amount that is less than the price some stockholders paid ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 682.25 Td (for their shares in our prior public of) Tj ET Q q 0 0 0 rg BT 211.41 682.25 Td (ferings and may be further adjusted in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 658.25 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 421.01 658.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 470.91 658.25 Td (, our charter contains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (paid. ) Tj ET Q q 0 0 0 rg BT 71.54 622.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (pay certain up-front fees and expenses, including or) Tj ET Q q 0 0 0 rg BT 256.47 610.25 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 325.71 610.25 Td (fering costs, such as issuer costs, selling commissions, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 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 408.63 598.25 Td (ferings. Unless our aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 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 462.29 586.25 Td (, it is unlikely that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (stockholders will be able to sell their shares, without incurring a substantial loss. Stockholders may also experience substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (losses if we dispose of our assets or in connection with a liquidation event. ) Tj ET Q q 0 0 0 rg BT 350.65 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 359.29 562.25 Td (e cannot assure stockholders that their shares will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (ever appreciate in value to equal the price they paid for their shares. ) Tj ET Q q 0 0 0 rg BT 323.08 550.25 Td (Thus, stockholders should consider our common shares as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (an illiquid and long-term investment, and they must be prepared to hold their shares for an indefinite length of time. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (February 22, 2016, our board of directors established an estimated per share NA) Tj ET Q q 0 0 0 rg BT 369.23 526.25 Td (V) Tj ET Q q 0 0 0 rg BT 376.27 526.25 Td ( of our common stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.36 526.25 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.86 526.25 Td (, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (higher than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.98 514.25 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.48 514.25 Td ( per share primary of) Tj ET Q q 0 0 0 rg BT 223.15 514.25 Td (fering price paid in our first public of) Tj ET Q q 0 0 0 rg BT 372.09 514.25 Td (fering, but lower than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.95 514.25 Td ($10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.45 514.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.39 514.25 Td ($10.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.89 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (per share primary of) Tj ET Q q 0 0 0 rg BT 130.67 502.25 Td (fering prices in our second public of) Tj ET Q q 0 0 0 rg BT 275.45 502.25 Td (fering. For a discussion of how the estimated per share NA) Tj ET Q q 0 0 0 rg BT 509.93 502.25 Td (V) Tj ET Q q 0 0 0 rg BT 516.98 502.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (determined, see Item 5. Market for Registrant) Tj ET Q q 0 0 0 rg BT 239.43 490.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 311.57 490.25 Td (, Related Stockholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (SecuritiesMarket Information.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 454.25 Td (The of) Tj ET Q q 0 0 0 rg BT 85.26 454.25 Td (fering price of our shares under our distribution reinvestment plan may not accurately represent the current value ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.25 Td (of our assets at any particular time and the actual value of your investment may be substantially less than what you pay) Tj ET Q q 0 0 0 rg BT 548.99 442.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 418.25 Td (The of) Tj ET Q q 0 0 0 rg BT 93.70 418.25 Td (fering price for shares of our common stock under our distribution reinvestment plan is equal to the estimated per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (share NA) Tj ET Q q 0 0 0 rg BT 86.25 406.25 Td (V) Tj ET Q q 0 0 0 rg BT 93.29 406.25 Td ( most recently determined by our board of directors, as described in Item 5. Market for Registrant) Tj ET Q q 0 0 0 rg BT 490.95 406.25 Td (s Common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (Equity) Tj ET Q q 0 0 0 rg BT 75.52 394.25 Td (, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information. ) Tj ET Q q 0 0 0 rg BT 466.07 394.25 Td (The estimated per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (NA) Tj ET Q q 0 0 0 rg BT 62.65 382.25 Td (V) Tj ET Q q 0 0 0 rg BT 69.70 382.25 Td ( was calculated as of a moment in time, and the value of our shares will fluctuate over time as a result of, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (things, developments related to individual assets and changes in the real estate and capital markets. ) Tj ET Q q 0 0 0 rg BT 447.81 370.25 Td (Therefore, the actual value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (of your investment may be substantially less than what you pay for shares of our common stock under our distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 125.69 346.25 Td (The of) Tj ET Q q 0 0 0 rg BT 151.88 346.25 Td (fering price is not indicative of either the price at which our shares would trade if they were listed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (an exchange or actively traded by brokers or of the proceeds that you would receive if we were liquidated or dissolved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 310.25 Td (Because we are conducting an ongoing of) Tj ET Q q 0 0 0 rg BT 234.48 310.25 Td (fering pursuant to our distribution reinvestment plan, we are providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (information about our net tangible book value per share. ) Tj ET Q q 0 0 0 rg BT 279.16 298.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.60 298.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.19 298.25 Td (, our net tangible book value per share was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 286.25 Td (5.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 286.25 Td (, which is less than the of) Tj ET Q q 0 0 0 rg BT 173.19 286.25 Td (fering price for shares of our common stock pursuant to our distribution plan. Net tangible book ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (value is a rough approximation of value calculated simply as total book value of assets minus total liabilities \(all of which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (adjusted for noncontrolling interests\). It assumes that the value of real estate assets diminishes predictably over time as shown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (through the depreciation and amortization of real estate investments. Real estate values have historically risen or fallen with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (market conditions. Net tangible book value is used generally as a conservative measure of net worth that we do not believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (reflects our estimated value per share. It is not intended to reflect the value of our assets upon an orderly liquidation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (Company in accordance with our investment objectives. However) Tj ET Q q 0 0 0 rg BT 312.91 214.25 Td (, net tangible book value does reflect certain dilution in value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (of our common stock from the issue price as a result of \(i\) accumulated depreciation and amortization of real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (investments, \(ii\) the funding of distributions from sources other than our cash flow from operations, \(iii\) the substantial fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (paid in connection with our two prior public of) Tj ET Q q 0 0 0 rg BT 237.06 178.25 Td (ferings, such as selling commissions and marketing fees, all or a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (which were re-allowed by our dealer manager to participating broker dealers and \(iv\) the fees and expenses paid to the ) Tj ET Q q 0 0 0 rg BT 525.42 166.25 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (and its af) Tj ET Q q 0 0 0 rg BT 85.97 154.25 Td (filiates in connection with the selection, acquisition, management and sale of our investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 142.25 Td () Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (Our distributions have been paid using cash flows from financing activities, including proceeds from our public of) Tj ET Q q 0 0 0 rg BT 529.20 742.25 Td (ferings ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (and proceeds from debt financings and some or all of the distributions we pay in the future may be paid from debt ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (financings or sources such as cash advances by the ) Tj ET Q q 0 0 0 rg BT 271.76 718.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 302.88 718.25 Td (, cash resulting from a waiver or deferral of fees and/or ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 706.25 Td (proceeds from the sale of assets. ) Tj ET Q q 0 0 0 rg BT 193.03 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 201.18 706.25 Td (e have not placed a cap on the amount of our distributions that may be paid from any ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 694.25 Td (of these sources. The use of sources other than our cash flow from operations to fund distributions could adversely impact ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 682.25 Td (our ability to pay distributions in future periods, decrease the amount of cash we have available for operations and new ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 670.25 Td (investments and/or potentially impact the value or result in dilution of our stockholders) Tj ET Q q 0 0 0 rg BT 420.01 670.25 Td ( investment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.46 670.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 658.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 646.25 Td (Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 355.01 646.25 Td (ficient to fund distributions to stockholders. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (or) Tj ET Q q 0 0 0 rg BT 57.65 634.25 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 448.77 634.25 Td (ficient cash flow from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (operations to fund such distributions.) Tj ET Q q 0 0 0 rg BT 202.92 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 211.56 622.25 Td (e may choose to use advances, deferrals or waivers of fees, if available, from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 102.64 610.25 Td (filiates, borrowings, and/or proceeds from the sale of assets or other sources to fund distributions to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 104.87 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 113.50 598.25 Td (e have not placed a cap on the amount of our distributions that may be paid from any of these sources. ) Tj ET Q q 0 0 0 rg BT 526.81 598.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (Advisor agreed to waive the asset management fee otherwise payable to it pursuant to our ) Tj ET Q q 0 0 0 rg BT 410.77 586.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 449.94 586.25 Td (Agreement for each quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (in 2012 and 2013, to the extent that our MFFO for a particular quarter) Tj ET Q q 0 0 0 rg BT 329.03 574.25 Td (, as disclosed in each quarterly report, amounted to less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (than 100% of the aggregate distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 313.58 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 320.90 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 338.39 562.25 Td (Advisor waived a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.53 562.25 Td ($12.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.42 562.25 Td ( through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (expiration of this waiver on December 31, 2013. ) Tj ET Q q 0 0 0 rg BT 248.06 550.25 Td (As a result of the waiver of these fees, cash flows from operations that would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (have been paid to the ) Tj ET Q q 0 0 0 rg BT 136.41 538.25 Td (Advisor for asset management feeswere available to pay distributions to stockholders. In addition, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (Advisor agreed to waive asset management fees otherwise payable to it for the years ended December 31, 2014 and 2015, to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (extent that our MFFO for those years, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 279.47 514.25 Td (Annual Report on Form 10-K for those years, amounted to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (100% of the aggregate distributions declared to our stockholders for such year) Tj ET Q q 0 0 0 rg BT 361.91 502.25 Td (. However) Tj ET Q q 0 0 0 rg BT 403.16 502.25 Td (, because MFFO exceeded distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (declared to our stockholders during those years, the ) Tj ET Q q 0 0 0 rg BT 257.50 490.25 Td (Advisor did not waive any asset management fees for such periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 466.25 Td (Although the ) Tj ET Q q 0 0 0 rg BT 121.94 466.25 Td (Advisor agreed to these waivers in prior years, the ) Tj ET Q q 0 0 0 rg BT 325.21 466.25 Td (Advisor and af) Tj ET Q q 0 0 0 rg BT 384.46 466.25 Td (filiates are under no obligation to advance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (funds to us or to defer or waive fees in order to support our distributions. Our distributions have been funded from sources other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (than cash flows from operations. For example, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.06 442.25 Td (67%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.39 442.25 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.66 442.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.66 442.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.66 442.25 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.99 442.25 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.26 442.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.26 442.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.70 442.25 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.03 442.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.27 430.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.27 430.25 Td ( were funded with cash flows from financing activities, which include proceeds from our public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 418.25 Td (ferings and proceeds from debt financings. ) Tj ET Q q 0 0 0 rg BT 231.02 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 239.66 418.25 Td (e have not placed a cap on the amount of our distributions that may be paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (from sources other than cash flows from operations, including proceeds from our debt financings, proceeds from our public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 394.25 Td (ferings, cash advances by the ) Tj ET Q q 0 0 0 rg BT 176.50 394.25 Td (Advisor and cash resulting from a waiver or deferral of fees. ) Tj ET Q q 0 0 0 rg BT 420.67 394.25 Td (When we pay distributions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (excess of earnings and we use cash flows from financing activities, including of) Tj ET Q q 0 0 0 rg BT 368.95 382.25 Td (fering proceeds and borrowings, to fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (distributions, then we will have less funds available for operations and for acquiring properties and other investments, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (could adversely impact our ability to pay distributions in future periods, our stockholders overall return may be reduced and it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (may result in the dilution of our stockholders) Tj ET Q q 0 0 0 rg BT 232.34 346.25 Td ( investment. In addition, the ) Tj ET Q q 0 0 0 rg BT 346.49 346.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 411.58 346.25 Td (filiates could choose to receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (shares of our common stock or interests in the Operating Partnership in lieu of cash or deferred fees or the repayment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (advances to which they are entitled, and the issuance of such securities may dilute our stockholders) Tj ET Q q 0 0 0 rg BT 449.19 322.25 Td ( interest in us. Furthermore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (to the extent distributions exceed cash flows from operations, a stockholder) Tj ET Q q 0 0 0 rg BT 351.74 310.25 Td () Tj ET Q q 0 0 0 rg BT 354.51 310.25 Td (s basis in our stock will be reduced and, to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (extent distributions exceed a stockholder) Tj ET Q q 0 0 0 rg BT 213.16 298.25 Td () Tj ET Q q 0 0 0 rg BT 215.94 298.25 Td (s basis, the stockholder may recognize capital gain. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 274.25 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 262.25 Td (current rate or at all.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 238.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 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 542.88 226.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (This amount, which our board of directors has continued to declare through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.14 214.25 Td (March 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.74 214.25 Td (, was a decrease from the distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (amount of $0.00191781 per share, per day) Tj ET Q q 0 0 0 rg BT 218.25 202.25 Td (, which had been declared by our board of directors in each prior quarter since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (October of 2009. ) Tj ET Q q 0 0 0 rg BT 119.86 190.25 Td (There can be no assurance that the current distribution rate will be maintained. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 166.25 Td (Payments to the holder of the Special OP) Tj ET Q q 0 0 0 rg BT 227.28 166.25 Td ( Units or holders of any other OP) Tj ET Q q 0 0 0 rg BT 364.43 166.25 Td ( Units will reduce cash available for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 154.25 Td (distribution to our stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 130.25 Td (An af) Tj ET Q q 0 0 0 rg BT 89.81 130.25 Td (filiate of Hines has received OP) Tj ET Q q 0 0 0 rg BT 216.89 130.25 Td (Units in return for its $190,000 contribution to the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 515.56 130.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 114.59 118.25 Td (filiates may also choose to receive OP) Tj ET Q q 0 0 0 rg BT 266.95 118.25 Td (Units in lieu of certain fees. ) Tj ET Q q 0 0 0 rg BT 382.84 118.25 Td (The holders of all OP) Tj ET Q q 0 0 0 rg BT 468.56 118.25 Td (Units will be entitled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (OP) Tj ET Q q 0 0 0 rg BT 61.91 94.25 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 479.97 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.92 94.25 Td (Associates Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (Partnership, the holder of the Special OP) Tj ET Q q 0 0 0 rg BT 212.70 82.25 Td (Units, will be entitled to cash distributions, under certain circumstances, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (from sales of our real estate investments, refinancings and other sources, which may reduce cash available for distribution to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (our stockholders and may negatively af) Tj ET Q q 0 0 0 rg BT 206.77 58.25 Td (fect the value of our shares of common stock. Furthermore, under certain circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (the Special OP) Tj ET Q q 0 0 0 rg BT 108.56 46.25 Td (Units and any other OP) Tj ET Q q 0 0 0 rg BT 204.57 46.25 Td (Units held by Hines or its af) Tj ET Q q 0 0 0 rg BT 319.65 46.25 Td (filiates are required to be repurchased, in cash at the ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (holder) Tj ET Q q 0 0 0 rg BT 75.42 742.10 Td () Tj ET Q q 0 0 0 rg BT 78.20 742.10 Td (s election and there may not be suf) Tj ET Q q 0 0 0 rg BT 217.14 742.10 Td (ficient cash to make such a repurchase payment; therefore, we may need to use cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (from operations, borrowings, or other sources to make the payment, which will reduce cash available for distribution to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (stockholders.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 694.10 Td (Our stockholders) Tj ET Q q 0 0 0 rg BT 131.93 694.10 Td ( ability to have their shares redeemed is limited under our share redemption program, and if they are ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 682.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 670.10 Td (current market value of the shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 646.10 Td (Our share redemption program contains significant restrictions and limitations. For example, only stockholders who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (participate in our share redemption program. In addition, our share redemption program generally provides that only funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (received from the prior month) Tj ET Q q 0 0 0 rg BT 172.79 598.10 Td (s distribution reinvestment plan may be used in the subsequent month to redeem shares. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (board of directors may terminate, suspend or amend the share redemption program upon 30days) Tj ET Q q 0 0 0 rg BT 438.92 586.10 Td ( written notice without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (stockholder approval. ) Tj ET Q q 0 0 0 rg BT 138.46 574.10 Td (The redemption price our stockholders may receive upon any such redemption may not be indicative of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 514.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 Td (pay) Tj ET Q q 0 0 0 rg BT 72.57 502.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (Under our share redemption program, shares currently may be repurchased at varying prices depending on the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 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 416.41 466.10 Td () Tj ET Q q 0 0 0 rg BT 419.19 466.10 Td (s death or disability) Tj ET Q q 0 0 0 rg BT 497.14 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 501.96 466.10 Td (The estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (per share NA) Tj ET Q q 0 0 0 rg BT 101.52 454.10 Td (V) Tj ET Q q 0 0 0 rg BT 108.56 454.10 Td ( may not accurately represent the current value of our assets per share of our common stock at any particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (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 411.60 442.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 460.94 442.10 Td (, stockholders should not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (assume that they will be able to sell all or any portion of their shares back to us pursuant to our share redemption program at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (price that reflects the then-current market value of the shares. In addition, as we consider strategic alternatives for a potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (liquidity event, our stockholders should be aware of the possibility that the amount they may receive if their shares of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (common stock are redeemed may be higher or lower than the amount they may receive if we execute a liquidity event. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (However) Tj ET Q q 0 0 0 rg BT 85.75 382.10 Td (, there is no set timetable for the execution of such an event. If, at the time of redemption, the actual value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (shares is less than the redemption price, then it would cause the redemption to be dilutive to our remaining stockholders. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 101.61 358.10 Td (, if the actual value of the shares that we redeem is equal to or more than the most recently announced estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (per share NA) Tj ET Q q 0 0 0 rg BT 101.52 346.10 Td (V) Tj ET Q q 0 0 0 rg BT 107.45 346.10 Td (, then a redeeming stockholder will not benefit from any increase in the value of the underlying assets. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 322.10 Td (There is no separate counsel for us and our af) Tj ET Q q 0 0 0 rg BT 248.62 322.10 Td (filiates, which could result in conflicts of interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 304.10 Td (Greenber) Tj ET Q q 0 0 0 rg BT 104.52 304.10 Td (g ) Tj ET Q q 0 0 0 rg BT 111.84 304.10 Td (T) Tj ET Q q 0 0 0 rg BT 117.59 304.10 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 163.88 304.10 Td ( acts as legal counsel to us and also represents the ) Tj ET Q q 0 0 0 rg BT 364.65 304.10 Td (Advisor and some of its af) Tj ET Q q 0 0 0 rg BT 470.29 304.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 502.32 304.10 Td (There is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (possibility in the future that the interests of the various parties may become adverse and, under the code of professional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (responsibility of the legal profession, Greenber) Tj ET Q q 0 0 0 rg BT 237.60 280.10 Td (g ) Tj ET Q q 0 0 0 rg BT 244.92 280.10 Td (T) Tj ET Q q 0 0 0 rg BT 250.68 280.10 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 296.96 280.10 Td ( may be precluded from representing any one or all of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (parties. If any situation arises in which our interests appear to be in conflict with those of the ) Tj ET Q q 0 0 0 rg BT 421.90 268.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 486.99 268.10 Td (filiates, additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (counsel may be retained by one or more of the parties to assure that their interests are adequately protected, which may result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (us incurring additional fees and expenses. Moreover) Tj ET Q q 0 0 0 rg BT 258.20 244.10 Td (, should a conflict of interest not be readily apparent, Greenber) Tj ET Q q 0 0 0 rg BT 509.04 244.10 Td (g ) Tj ET Q q 0 0 0 rg BT 516.36 244.10 Td (T) Tj ET Q q 0 0 0 rg BT 522.11 244.10 Td (raurig, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 66.91 232.10 Td ( may inadvertently act in derogation of the interest of the parties which could af) Tj ET Q q 0 0 0 rg BT 385.51 232.10 Td (fect our ability to meet our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (objectives.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 196.10 Td (The fees we pay and the agreements entered into with Hines and its af) Tj ET Q q 0 0 0 rg BT 346.37 196.10 Td (filiates were not determined on an arm) Tj ET Q q 0 0 0 rg BT 508.41 196.10 Td (s-length ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 184.10 Td (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 410.34 184.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 160.10 Td (The compensation paid to the ) Tj ET Q q 0 0 0 rg BT 187.75 160.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 219.57 160.10 Td (, Hines and other af) Tj ET Q q 0 0 0 rg BT 297.97 160.10 Td (filiates for services they provide us was not determined on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (arm) Tj ET Q q 0 0 0 rg BT 67.83 148.10 Td (s-length basis. ) Tj ET Q q 0 0 0 rg BT 126.99 148.10 Td (All service agreements, contracts or arrangements between or among Hines and its af) Tj ET Q q 0 0 0 rg BT 468.07 148.10 Td (filiates, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (Advisor and us, were not negotiated at arm) Tj ET Q q 0 0 0 rg BT 224.45 136.10 Td (s-length. Such agreements include our ) Tj ET Q q 0 0 0 rg BT 379.41 136.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 418.58 136.10 Td (Agreement, and property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (management and leasing agreements. ) Tj ET Q q 0 0 0 rg BT 200.83 124.10 Td (A) Tj ET Q q 0 0 0 rg BT 207.50 124.10 Td ( third party unaf) Tj ET Q q 0 0 0 rg BT 272.02 124.10 Td (filiated with Hines may be willing and able to provide certain services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (to us at a lower price.) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 742.25 Td (e will pay substantial compensation to Hines, the ) Tj ET Q q 0 0 0 rg BT 269.91 742.25 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 352.24 742.25 Td (filiates, which may be increased by our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (independent directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.25 Td (Subject to limitations in our articles, the fees, compensation, income, expense reimbursements, interests and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (payments payable to Hines, the ) Tj ET Q q 0 0 0 rg BT 176.69 694.25 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 256.77 694.25 Td (filiates may increase if such increase is approved by a majority of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (independent directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 658.25 Td (e do not, and do not expect to, have research analysts reviewing our performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 634.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (Therefore, our stockholders will not have an independent review of our performance and the value of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (relative to publicly traded companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Item1B.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.66 586.25 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 157.31 586.25 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 538.25 Td (Item2.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 83.99 538.25 Td (Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 514.25 Td (e make real estate investments directly and through entities wholly-owned by the Operating Partnership, or indirectly through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 502.25 Td (other entities. ) Tj ET Q q 0 0 0 rg BT 92.38 502.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.82 502.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.40 502.25 Td (, we owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.83 502.25 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.83 502.25 Td ( real estate investments which contain, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.58 502.25 Td (16.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 574.47 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 490.25 Td (square feet of leasable space that was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.87 490.25 Td (96%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.20 490.25 Td ( leased. ) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (33) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 513.30 749.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 737.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 676.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 676.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 676.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 676.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 676.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 676.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 676.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 676.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 676.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 676.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 676.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 676.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 676.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 676.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 650.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 650.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 650.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 650.60 4.00 -13.00 re f /GS0 gs 0.8 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53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 399.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 399.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 399.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 373.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 373.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 373.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 373.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 373.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 373.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 373.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 373.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 373.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 373.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 373.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 373.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 373.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 373.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 315.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 315.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 315.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 315.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 315.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 315.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 315.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 315.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 315.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 315.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 315.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 315.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 315.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 315.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 289.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 289.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 289.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 289.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 289.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 289.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 289.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 289.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 289.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 289.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 289.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 289.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 289.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 289.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 263.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 263.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 263.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 263.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 263.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 263.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 263.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 263.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 263.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 263.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 263.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 263.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 263.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 263.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 237.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 237.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 237.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 237.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 237.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 237.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 237.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 237.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 237.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 237.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 237.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 237.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 237.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 237.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 211.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 211.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 211.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 211.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 211.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 211.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 211.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 211.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 211.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 211.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 211.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 211.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 211.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 211.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 153.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 153.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 153.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 153.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 153.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 153.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 153.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 153.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 153.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 153.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 119.60 129.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 119.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 119.60 95.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 119.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 119.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 119.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 119.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 119.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 119.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 119.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 119.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 119.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 119.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 119.60 17.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 85.60 129.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 165.50 85.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 85.60 95.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 85.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 85.60 52.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 85.60 5.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 85.60 77.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 85.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 85.60 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 85.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 85.60 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 85.60 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 85.60 26.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 85.60 17.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 51.60 228.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 51.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 51.60 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 51.60 5.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 51.60 77.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 51.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 51.60 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 51.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 51.60 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.50 51.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.50 51.60 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 51.60 17.00 -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 36.5 689.6 m 165.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 689.6 m 264.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 268.5 689.6 m 320.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 689.6 m 325.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 689.6 m 402.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 689.6 m 461.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 689.6 m 518.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 689.6 m 548.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 689.6 m 565.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 676.6 m 165.5 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 676.6 m 169.5 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 676.6 m 264.5 676.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 525.6 m 518.5 525.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 525.6 m 548.5 525.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 525.6 m 518.5 525.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 512.6 m 518.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 525.6 m 548.5 525.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 512.6 m 548.5 512.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 493.6 m 165.5 493.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 493.6 m 169.5 493.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 493.6 m 264.5 493.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 360.6 m 518.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 347.6 m 518.5 347.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 360.6 m 548.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 347.6 m 548.5 347.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 328.6 m 165.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 328.6 m 169.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 328.6 m 264.5 328.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 198.60000000000002 m 518.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 198.60000000000002 m 548.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 198.60000000000002 m 518.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 185.60000000000002 m 518.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 198.60000000000002 m 548.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 185.60000000000002 m 548.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 166.60000000000002 m 165.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 166.60000000000002 m 169.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 169.5 166.60000000000002 m 264.5 166.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 64.60000000000002 m 518.5 64.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 64.60000000000002 m 548.5 64.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 51.60000000000002 m 518.5 51.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 51.60000000000002 m 548.5 51.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 39.60000000000002 m 518.5 39.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 37.60000000000002 m 518.5 37.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 39.60000000000002 m 548.5 39.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 37.60000000000002 m 548.5 37.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 693.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 47.29 693.83 Td (operty ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 71.51 697.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 172.00 693.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.85 701.83 Td (Investment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 285.60 693.83 Td (Type) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.65 709.83 Td (Date ) Tj ET Q q 0 0 0 rg BT 348.20 709.83 Td (Acquir) Tj ET Q q 0 0 0 rg BT 372.06 709.83 Td (ed/ Net ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.20 701.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 344.94 701.83 Td (chase Price \(in ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.55 693.83 Td (millions\) ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 376.33 697.46 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.15 717.83 Td (Estimated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.35 709.83 Td (Going-in ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.25 701.83 Td (Capitalization ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.45 693.83 Td (Rate ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 439.44 697.46 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.35 701.83 Td (Leasable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.00 693.83 Td (Square Feet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.45 701.83 Td (Percent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 531.50 693.83 Td (Leased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 680.83 Td (Domestic Office Investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.50 680.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.50 680.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 680.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.00 680.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 556.50 680.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 667.85 Td (Hock Plaza) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 667.85 Td (Durham, North Carolina) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 667.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 667.85 Td (9/2010; $97.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 667.85 Td (7.2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 667.85 Td (327,160) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 667.85 Td (99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 667.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 667.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 654.85 Td (Fifty South Sixth) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 654.85 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 654.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 654.85 Td (11/2010; $185.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 654.85 Td (7.4%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 654.85 Td (698,606) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 654.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 654.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 654.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 641.85 Td (250 Royall) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 641.85 Td (Canton, Massachusetts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 641.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.40 641.85 Td (9/2011; $57.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 641.85 Td (9.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 641.85 Td (185,171) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 641.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 641.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 641.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 620.85 Td (Campus at Marlborough) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 628.85 Td (Marlborough,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 620.85 Td (Massachusetts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 620.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 620.85 Td (10/2011; $103.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 620.85 Td (8.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 620.85 Td (532,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 620.85 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 620.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 620.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 607.85 Td (9320 Excelsior) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 607.85 Td (Hopkins, Minnesota) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 607.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.40 607.85 Td (12/2011; $69.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 607.85 Td (6.2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 607.85 Td (254,915) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 607.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 607.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 607.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 594.85 Td (550 Terry Francois) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 594.85 Td (San Francisco, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 594.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 594.85 Td (8/2012; $180.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 594.85 Td (8.2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 594.85 Td (282,773) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 594.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 594.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 581.85 Td (Riverside Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 581.85 Td (Boston, Massachusetts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 581.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 581.85 Td (3/2013; $197.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 581.85 Td (5.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 581.85 Td (509,702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 581.85 Td (99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 581.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 568.85 Td (The Campus at Playa Vista) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 568.85 Td (Los Angeles, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 568.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 568.85 Td (5/2013; $216.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 568.85 Td (5.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 568.85 Td (324,955) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 568.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 568.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 555.85 Td (2300 Main) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 555.85 Td (Irvine, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 555.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 555.85 Td (8/2013; $39.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 555.85 Td (6.4%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 555.85 Td (132,064) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 555.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 555.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 542.85 Td (55 M Street) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 542.85 Td (Washington, D.C.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 542.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 542.85 Td (12/2013; $140.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 542.85 Td (4.8%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 542.85 Td (267,339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 542.85 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 542.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 529.85 Td (The Summit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 529.85 Td (Bellevue, Washington) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 529.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 529.85 Td (3/2015; $316.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 529.85 Td (5.6%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 529.85 Td (518,888) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 529.85 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 529.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 516.83 Td (Total for Domestic Office Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 516.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 516.85 Td (4,033,819) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 516.85 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 516.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 562.00 516.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 497.83 Td (Domestic Other) Tj ET Q q 0 0 0 rg BT 92.84 497.83 Td ( Investments ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 138.17 501.46 Td (\(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.50 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.00 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.00 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 497.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 484.85 Td (Southpark) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 484.85 Td (Austin, Texas) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 484.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 484.85 Td (10/2010; $31.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 484.85 Td (8.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 484.85 Td (372,125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 484.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 484.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 484.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 471.85 Td (Komo Plaza) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 471.85 Td (Seattle, Washington) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.00 471.85 Td (Mixed-Use) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 471.85 Td (12/2011; $160.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 471.85 Td (7.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 471.85 Td (293,727) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 471.85 Td (91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 471.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 471.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 450.85 Td (Minneapolis Retail Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 450.85 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.40 450.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.05 458.85 Td (8/2012 & 12/2012;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 450.85 Td ($130.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 450.85 Td (6.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 450.85 Td (380,313) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 450.85 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 450.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 450.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 437.85 Td (The Markets at Town Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 437.85 Td (Jacksonville, Florida) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.40 437.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 437.85 Td (7/2013; $135.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 437.85 Td (5.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 437.85 Td (317,477) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 437.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 437.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 424.85 Td (The Avenue at Murfreesboro) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 424.85 Td (Nashville, Tennessee) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.40 424.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 424.85 Td (8/2013; $163.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 424.85 Td (6.4%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 424.85 Td (762,762) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 424.85 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 424.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 403.85 Td (The Rim) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 403.85 Td (San Antonio, Texas) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.40 403.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.15 411.85 Td (2/2014, 4/2015, &) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 403.85 Td (12/2015: $247.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 403.85 Td (5.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 403.85 Td (931,122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 403.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 403.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 390.85 Td (@1377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 390.85 Td (Atlanta, Georgia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.30 390.85 Td (Multi-family) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 390.85 Td (3/2014: $31.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 390.85 Td (7.0% ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 439.76 394.48 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 390.85 Td (186,035) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 390.85 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 390.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 377.85 Td (WaterWall Place) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 377.85 Td (Houston, Texas) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.30 377.85 Td (Multi-family) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 377.85 Td (7/2014; $64.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.45 377.85 Td (7.8%) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 438.11 381.48 Td ( \(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 377.85 Td (316,299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 377.85 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 377.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 364.85 Td (Aviva Coral Gables) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 364.85 Td (Miami, Florida) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.30 364.85 Td (Multi-family) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 364.85 Td (4/2015; $62.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.10 364.85 Td (7.4% ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 439.76 368.48 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 364.85 Td (248,504) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 364.85 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 364.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 351.83 Td (Total for Domestic Other Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 351.85 Td (3,808,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 351.85 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 351.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 332.83 Td (International Office Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 332.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 332.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 319.85 Td (Gogolevsky 11) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 319.85 Td (Moscow, Russia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 319.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.40 319.85 Td (8/2011; $96.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 319.85 Td (8.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 319.85 Td (94,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 319.85 Td (58) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 319.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 306.85 Td (100 Brookes St.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 306.85 Td (Brisbane, Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 306.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 306.85 Td (7/2012; $67.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.15 306.85 Td (10.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 306.85 Td (105,637) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 306.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 306.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 293.85 Td (Mercedes Benz Bank) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 293.85 Td (Stuttgart, Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 293.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 293.85 Td (2/2013; $70.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 293.85 Td (8.8%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 293.85 Td (255,927) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 293.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 293.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 280.85 Td (465 Victoria) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 280.85 Td (Sydney, Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 280.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 280.85 Td (2/2013; $90.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 280.85 Td (8.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 280.85 Td (171,657) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 280.85 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 280.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 267.85 Td (One Westferry Circus) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 267.85 Td (London, England) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 267.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 267.85 Td (2/2013; $124.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 267.85 Td (7.4%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 267.85 Td (221,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 267.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 267.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 254.85 Td (New City) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 254.85 Td (Warsaw, Poland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 254.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 254.85 Td (3/2013; $163.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 254.85 Td (7.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 254.85 Td (484,182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 254.85 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 254.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 241.85 Td (825 Ann) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 241.85 Td (Brisbane, Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 241.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 241.85 Td (4/2013; $128.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 241.85 Td (8.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 241.85 Td (206,505) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 241.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 241.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 228.85 Td (Perspective Defense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 228.85 Td (Paris, France) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 228.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 228.85 Td (6/2013; $165.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 228.85 Td (8.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 228.85 Td (289,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 228.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 228.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 215.85 Td (25 Cabot Square) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 215.85 Td (London, England) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 215.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 215.85 Td (3/2014; $371.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 215.85 Td (6.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 215.85 Td (455,687) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 215.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 215.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 202.85 Td (818 Bourke) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 202.85 Td (Melbourne, Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 202.85 Td (Office) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 202.85 Td (10/2014; $135.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 202.85 Td (7.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 202.85 Td (259,589) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 202.85 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 202.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 189.83 Td (Total for International Office Properties) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 189.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 189.85 Td (2,544,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 189.85 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 189.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 189.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 170.83 Td (International Other Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 170.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 170.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 157.85 Td (Brindleyplace Project) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 157.85 Td (Birmingham, England) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 276.00 157.85 Td (Mixed-Use) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 157.85 Td (7/2010; $282.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 157.85 Td (7.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 157.85 Td (567,478) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 157.85 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 157.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 157.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 144.85 Td (FM Logistic) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 144.85 Td (Moscow, Russia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 144.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.50 144.85 Td (4/2011 $70.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.15 144.85 Td (11.2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 144.85 Td (748,578) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 144.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 144.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 144.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 123.85 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 123.85 Td (Poland ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 196.22 127.48 Td (\(6\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 123.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.05 131.85 Td (3/2012 & 10/2012;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 123.85 Td ($157.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 123.85 Td (8.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 123.85 Td (2,345,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 123.85 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 123.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 123.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 110.85 Td (Fiege Mega Centre) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 110.85 Td (Erfurt, Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 110.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 110.85 Td (10/2013; $53.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 110.85 Td (7.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 110.85 Td (952,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 110.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 110.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 89.85 Td (Simon Hegele Logistics) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 89.85 Td (Forchheim, Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 89.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.05 97.85 Td (6/2014 & 1/2015;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 89.85 Td ($78.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 89.85 Td (7.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 89.85 Td (608,006) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 89.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 89.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 68.85 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 68.85 Td (Germany ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 203.77 72.48 Td (\(7\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 68.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.05 76.85 Td (4/2015 & 12/2015;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 68.85 Td ($126.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 68.85 Td (7.3%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 68.85 Td (1,287,065) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 68.85 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 68.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 55.83 Td (Total for International Other Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 55.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 55.85 Td (6,509,643) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 55.85 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 55.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 55.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 42.83 Td (Total for All Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 42.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.25 42.85 Td (16,895,998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 42.85 Td (96) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 42.85 Td (%) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 551.00 46.96 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 737.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.72 737.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.31 737.10 Td (, the Company ef) Tj ET Q q 0 0 0 rg BT 216.00 737.10 Td (fectively owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.58 737.10 Td (99.99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.41 737.10 Td ( interest in the properties listed, with the exception of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (Brindleyplace Project, @1377, ) Tj ET Q q 0 0 0 rg BT 179.94 725.10 Td (W) Tj ET Q q 0 0 0 rg BT 188.58 725.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 212.20 725.10 Td (all Place, and ) Tj ET Q q 0 0 0 rg BT 267.74 725.10 Td (A) Tj ET Q q 0 0 0 rg BT 274.22 725.10 Td (viva Coral Gables, through the ownership interest in the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 203.12 713.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.57 713.10 Td (Af) Tj ET Q q 0 0 0 rg BT 217.94 713.10 Td (filiates of Hines owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.23 713.10 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.06 713.10 Td ( interest in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 549.34 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.98 713.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (own a 60% interest in the Brindleyplace Project through our investment in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 437.06 701.10 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 701.10 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.33 701.10 Td ( interest in ) Tj ET Q q 0 0 0 rg BT 511.86 701.10 Td (W) Tj ET Q q 0 0 0 rg BT 520.50 701.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 544.12 701.10 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (Place through our investment in the ) Tj ET Q q 0 0 0 rg BT 198.79 689.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.43 689.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 231.05 689.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 277.53 689.10 Td (, a 83% interest in ) Tj ET Q q 0 0 0 rg BT 351.95 689.10 Td (A) Tj ET Q q 0 0 0 rg BT 358.43 689.10 Td (viva Coral Gables through our investment in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 677.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.48 677.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 145.01 677.10 Td (, and a 51.7% interest in @1377 through our equity method investment in @1377. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 653.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 257.74 653.10 Td (, amounts have been translated at a rate based on the rate in ef) Tj ET Q q 0 0 0 rg BT 505.23 653.10 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 617.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (in excess of expenses for the first fiscal year following the date of acquisition by the net purchase price \(excluding closing costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (and taxes\). Property revenues in excess of expenses includes all projected operating revenues \(rental income, tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (reimbursements, parking and any other property-related income\) less all projected operating expenses \(property operating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 569.10 Td (maintenance expenses, property taxes, insurance and property management fees\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (The projected property revenues in excess of expenses includes assumptions which may not be indicative of the actual future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (performance of the property) Tj ET Q q 0 0 0 rg BT 165.80 533.10 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 534.91 533.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 521.10 Td (materially from the amounts used in calculating the estimated going-in capitalization rate. ) Tj ET Q q 0 0 0 rg BT 415.65 521.10 Td (These include assumptions, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (respect to each property) Tj ET Q q 0 0 0 rg BT 149.14 509.10 Td (, that in-place tenants will continue to perform under their lease agreements during the 12months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (following our acquisition of the property) Tj ET Q q 0 0 0 rg BT 216.37 497.10 Td (.In addition, with respect to the Brindleyplace Project, Hock Plaza,Southpark, Fifty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td (South Sixth, Komo Plaza, the Poland Logistics Portfolio, the Minneapolis Retail Center) Tj ET Q q 0 0 0 rg BT 404.68 485.10 Td (, 465 ) Tj ET Q q 0 0 0 rg BT 427.00 485.10 Td (V) Tj ET Q q 0 0 0 rg BT 433.62 485.10 Td (ictoria, One ) Tj ET Q q 0 0 0 rg BT 483.14 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.78 485.10 Td (estferry Circus, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.10 Td (Riverside Center) Tj ET Q q 0 0 0 rg BT 121.08 473.10 Td (, 825 ) Tj ET Q q 0 0 0 rg BT 143.03 473.10 Td (Ann, the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 249.50 473.10 Td (V) Tj ET Q q 0 0 0 rg BT 256.12 473.10 Td (ista, the Markets at ) Tj ET Q q 0 0 0 rg BT 334.53 473.10 Td (T) Tj ET Q q 0 0 0 rg BT 339.94 473.10 Td (own Center) Tj ET Q q 0 0 0 rg BT 385.91 473.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 405.08 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 411.56 473.10 Td (venue at Murfreesboro, 55 M Street, 818 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (Bourke, and ) Tj ET Q q 0 0 0 rg BT 105.20 461.10 Td (The Summit, the projected property revenues in excess of expenses include assumptions concerning estimates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 449.10 Td (timing and rental rates related to re-leasing vacant space.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 425.10 Td (The Domestic Other Investments presented in the table excludes the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 407.07 425.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.39 425.10 Td (This investment is described in more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 Td (detail below under Other Real Estate Investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 389.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 389.10 Td (Construction has been completed for these multi-family development properties. ) Tj ET Q q 0 0 0 rg BT 378.73 389.10 Td (The estimated going-in capitalization rates are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (based on the projected revenues in excess of expenses once the property) Tj ET Q q 0 0 0 rg BT 345.28 377.10 Td (s operations have stabilized divided by the construction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 365.10 Td (cost of the property) Tj ET Q q 0 0 0 rg BT 131.38 365.10 Td (. ) Tj ET Q q 0 0 0 rg BT 136.20 365.10 Td (The projected property revenues in excess of expenses includes assumptions which may not be indicative of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 353.10 Td (the actual future performance of the properties, and the actual economic performance of the properties for our period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 341.10 Td (ownership may dif) Tj ET Q q 0 0 0 rg BT 128.80 341.10 Td (fer materially from the amounts used in calculating the estimated going-in capitalization rates. ) Tj ET Q q 0 0 0 rg BT 507.94 341.10 Td (These include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 329.10 Td (assumptions concerning estimates of timing and rental rates related to leasing vacant space and assumptions that in-place tenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.10 Td (will continue to perform under their lease agreements during the 12 months following stabilization of the properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 293.10 Td (The Poland Logistics Portfolio is comprised of five industrial parks located in ) Tj ET Q q 0 0 0 rg BT 367.65 293.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.29 293.10 Td (arsaw) Tj ET Q q 0 0 0 rg BT 398.96 293.10 Td (, ) Tj ET Q q 0 0 0 rg BT 403.78 293.10 Td (W) Tj ET Q q 0 0 0 rg BT 412.82 293.10 Td (roclaw and Upper Silesia, Poland. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 269.10 Td (The Harder Logistics Portfolio is comprised of three logistic buildings located in Nurember) Tj ET Q q 0 0 0 rg BT 419.84 269.10 Td (g, Karlsdorf, and Duisbur) Tj ET Q q 0 0 0 rg BT 522.14 269.10 Td (g, Germany) Tj ET Q q 0 0 0 rg BT 568.70 269.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 245.10 Td (\(8\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 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 486.45 245.10 Td (The percentage leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 233.10 Td (based on our ef) Tj ET Q q 0 0 0 rg BT 115.19 233.10 Td (fective ownership interest in each property is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.62 233.10 Td (96%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.95 233.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 209.10 Td (Other Real Estate Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 185.10 Td ( ) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 157.26 185.10 Td (97%) Tj ET Q BT /F1 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 /F1 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 114.19 173.10 Td (The joint venture has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.39 173.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.06 173.10 Td ( loans receivable, totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 173.10 Td ($38.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.19 173.10 Td (, outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.01 173.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.60 173.10 Td (. Flagship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 161.10 Td (Capital GP) Tj ET Q q 0 0 0 rg BT 106.79 161.10 Td ( owns the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.67 161.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.00 161.10 Td ( interest in the joint venture. ) Tj ET Q q 0 0 0 rg BT 321.56 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 330.20 161.10 Td (e are not af) Tj ET Q q 0 0 0 rg BT 374.71 161.10 Td (filiated with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 505.82 161.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 137.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 137.10 Td (The Rim Loan Receivable ) Tj ET Q q 0 0 0 rg BT 183.06 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 191.70 137.10 Td (e have committed to provide construction financing to the developer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.55 137.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.21 137.10 Td ( additional retail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 125.10 Td (parcels at ) Tj ET Q q 0 0 0 rg BT 103.35 125.10 Td (The Rim, an outdoor retail center located in San ) Tj ET Q q 0 0 0 rg BT 297.74 125.10 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 335.33 125.10 Td (T) Tj ET Q q 0 0 0 rg BT 340.74 125.10 Td (exas. In ) Tj ET Q q 0 0 0 rg BT 376.29 125.10 Td (April 2015, we completed the acquisition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 113.10 Td (first of these additional parcels, consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.18 113.10 Td (259,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.68 113.10 Td ( square feet. In December 2015, we completed the acquisition of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 101.10 Td (additional parcel, consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.80 101.10 Td (28,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.30 101.10 Td ( square feet. ) Tj ET Q q 0 0 0 rg BT 269.70 101.10 Td (The total amount of the financing commitment, as amended in ) Tj ET Q q 0 0 0 rg BT 521.03 101.10 Td (April and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 89.10 Td (December 2015, is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.75 89.10 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.65 89.10 Td (. ) Tj ET Q q 0 0 0 rg BT 201.59 89.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.04 89.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.62 89.10 Td (, the Company had loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.10 89.10 Td ($12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.99 89.10 Td ( outstanding to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 77.10 Td (developer) Tj ET Q q 0 0 0 rg BT 101.87 77.10 Td (. ) Tj ET Q q 0 0 0 rg BT 109.19 77.10 Td (The Company is not af) Tj ET Q q 0 0 0 rg BT 200.66 77.10 Td (filiated with the developer of the project. ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (35) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Investment T) Tj ET Q q 0 0 0 rg BT 89.79 749.25 Td (ype) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 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 428.17 725.25 Td (fice, mixed-use, retail, industrial and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (multi-family properties as well as real estate-related debt investments. ) Tj ET Q q 0 0 0 rg BT 321.00 713.25 Td (The following chart depicts the percentage of our portfolio) Tj ET Q q 0 0 0 rg BT 558.70 713.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (investment types based on our pro-rata share of the estimated value of each of our investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.09 701.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.68 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 521.50 701.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (estimated values of our real estate property investments were based on their appraised values as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.97 689.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.56 689.25 Td ( except for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (values of our real estate-related debt investments, which were based on the amounts outstanding under each loan as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.84 677.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 665.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 665.25 Td (.) Tj ET Q /GS0 gs q 381.00 0 0 154.00 124.50 482.25 cm /I18 Do Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 475.25 Td (Lease Expirations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 451.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 439.25 Td (ending December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.30 439.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.30 439.25 Td ( through December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.99 439.25 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.99 439.25 Td ( and thereafter for all of the properties in which we owned an interest as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 427.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 427.25 Td (. ) Tj ET Q q 0 0 0 rg BT 119.40 427.25 Td (The table also shows the approximate leasable square feet represented by the applicable lease expirations ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 542.29 431.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.87 427.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 358.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 358.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 358.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 358.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 358.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 358.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 330.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 330.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 330.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 330.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 330.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 330.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 330.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 330.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 330.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 330.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 330.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 302.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 302.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 302.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 302.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 302.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 302.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 302.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 302.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 302.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 302.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 302.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 274.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 274.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 274.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 274.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 274.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 274.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 274.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 274.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 274.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 274.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 274.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 246.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 246.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 246.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 246.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 246.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 246.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 246.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 246.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 246.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 246.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 246.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 218.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 218.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 218.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 218.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 218.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 218.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 218.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 218.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 218.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 218.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 218.75 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 236.5 390.75 m 318.5 390.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 390.75 m 322.5 390.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 390.75 m 404.5 390.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 358.75 m 146.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 358.75 m 232.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 358.75 m 318.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 358.75 m 404.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 358.75 m 490.5 358.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 358.75 m 576.5 358.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 395.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.00 395.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 292.70 395.20 Td (Leasable Area) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 395.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 395.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 82.05 363.20 Td (Year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 156.30 363.20 Td (Number of Leases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.55 372.20 Td (Approximate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.95 363.20 Td (Square Feet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.55 372.20 Td (Percent of Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.70 363.20 Td (Leasable Area) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.60 381.20 Td (Annual Base) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.00 372.20 Td (Rental Income of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.10 363.20 Td (Expiring Leases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.55 381.20 Td (Percent of Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.60 372.20 Td (Annual Base) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.85 363.20 Td (Rental Income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 349.21 Td (Vacant) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 349.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 349.21 Td (682,733) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 349.21 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 349.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 349.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 349.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 349.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 349.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 335.21 Td (2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 335.21 Td (87) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 335.21 Td (1,144,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 335.21 Td (7.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 335.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 335.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 335.21 Td (33,093,194) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 335.21 Td (9.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 335.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 321.21 Td (2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 321.21 Td (95) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 321.21 Td (2,956,811) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 321.21 Td (18.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 321.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 321.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 321.21 Td (40,972,978) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 321.21 Td (11.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 321.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 307.21 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 215.50 307.21 Td (102) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 307.21 Td (1,424,610) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 307.21 Td (8.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 307.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 307.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 307.21 Td (35,541,729) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 307.21 Td (10.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 307.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 293.21 Td (2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 293.21 Td (50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 293.21 Td (1,373,287) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 293.21 Td (8.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 293.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 293.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 293.21 Td (41,451,948) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 293.21 Td (11.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 293.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 279.21 Td (2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 279.21 Td (67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 279.21 Td (1,292,296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 279.21 Td (8.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 279.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 279.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 279.21 Td (36,778,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 279.21 Td (10.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 279.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 265.21 Td (2021) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 265.21 Td (29) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 265.21 Td (678,912) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 265.21 Td (4.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 265.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 265.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 265.21 Td (27,833,043) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 265.21 Td (7.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 265.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 251.21 Td (2022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 251.21 Td (23) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 251.21 Td (469,745) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 251.21 Td (2.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 251.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 251.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 251.21 Td (23,822,189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 251.21 Td (6.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 251.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 237.21 Td (2023) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 237.21 Td (32) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 237.21 Td (902,997) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 237.21 Td (5.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 237.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 237.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 237.21 Td (25,052,893) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 237.21 Td (7.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 237.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 223.21 Td (2024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 223.21 Td (27) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 223.21 Td (1,654,071) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 223.21 Td (10.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 223.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 223.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 223.21 Td (17,828,715) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 223.21 Td (5.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 223.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 209.21 Td (2025) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 209.21 Td (38) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 209.21 Td (332,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 209.21 Td (2.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 209.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 209.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 209.21 Td (8,733,352) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 209.21 Td (2.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 209.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 195.21 Td (Thereafter) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 195.21 Td (39) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 195.21 Td (3,233,039) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 195.21 Td (20.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 195.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 195.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 195.21 Td (61,241,850) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 195.21 Td (17.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 195.21 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 168.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 168.45 Td (The table excludes amounts related to multi-family projects and investments in real estate-related debt.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (36) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 749.25 Td (Market Concentration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.25 Td (The map below depicts the location of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 323.09 725.25 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.13 725.25 Td (62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.46 725.25 Td ( of our portfolio is located throughout the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (United States and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.30 713.25 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.63 713.25 Td ( is located internationally \(based on our pro rata share of the estimated value of each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (investments\). ) Tj ET Q q 0 0 0 rg BT 91.92 701.25 Td (The estimated values of our real estate property investments were based on their appraised values as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.94 701.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 689.25 Td ( except for values of our real estate-related debt investments, which were based on the amounts outstanding under each loan as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 677.25 Td (. ) Tj ET Q /GS0 gs q 539.95 0 0 191.00 45.00 481.25 cm /I19 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 469.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 457.25 Td (value of each of the investments in which we owned interests as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.64 457.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.23 457.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 420.75 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 420.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 420.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 392.75 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 392.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 392.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 364.75 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 364.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 364.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 336.75 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 336.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 336.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 308.75 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 308.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 308.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 280.75 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 280.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 280.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 252.75 151.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 252.75 254.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 252.75 135.00 -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 36.5 420.75 m 187.5 420.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 420.75 m 576.5 420.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 425.20 Td (Market) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.00 425.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.45 425.20 Td (Market Concentration ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 545.43 429.28 Td (\(1\) \(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 411.21 Td (London, United Kingdom) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 411.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.25 411.21 Td (11%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 397.21 Td (Seattle, Washington) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 397.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.25 397.21 Td (11%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 383.21 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 383.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.25 383.21 Td (10%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 369.21 Td (Boston, Massachusetts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 369.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 369.21 Td (7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 355.21 Td (Los Angeles, California) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 355.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 355.21 Td (6%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 341.21 Td (San Antonio, Texas) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 341.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 341.21 Td (6%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 327.21 Td (San Francisco, California) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 327.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 327.21 Td (5%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 313.21 Td (Warsaw, Poland) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 313.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 313.21 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 299.21 Td (Birmingham, United Kingdom) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 299.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 299.21 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 285.21 Td (Nashville, Tennessee) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 285.21 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 271.21 Td (Brisbane, Australia) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 271.21 Td (3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 257.21 Td (Jacksonville, Florida) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 257.21 Td (3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 243.21 Td (Paris, France) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 243.21 Td (3%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 229.21 Td (Washington, DC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.50 229.21 Td (3%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 201.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 201.25 Td (Includes investments in real estate-related debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 189.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 189.25 Td (Excluded from the table is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.28 189.25 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.61 189.25 Td ( of our portfolio, which is made up of markets which are individually less than 3% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 177.25 Td (of our portfolio and includes: Durham, North Carolina; Houston, ) Tj ET Q q 0 0 0 rg BT 315.72 177.25 Td (T) Tj ET Q q 0 0 0 rg BT 321.13 177.25 Td (exas; Sydney) Tj ET Q q 0 0 0 rg BT 373.53 177.25 Td (, ) Tj ET Q q 0 0 0 rg BT 377.97 177.25 Td (Australia; Stuttgart, Germany; Katowice, Poland; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 165.25 Td (Erfurt, Germany; Miami, Florida; ) Tj ET Q q 0 0 0 rg BT 190.64 165.25 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 222.13 165.25 Td (T) Tj ET Q q 0 0 0 rg BT 227.54 165.25 Td (exas; Duisbur) Tj ET Q q 0 0 0 rg BT 282.63 165.25 Td (g, Germany; Karlsdorf, Germany; ) Tj ET Q q 0 0 0 rg BT 420.74 165.25 Td (W) Tj ET Q q 0 0 0 rg BT 429.78 165.25 Td (roclaw) Tj ET Q q 0 0 0 rg BT 456.33 165.25 Td (, Poland; Orange County) Tj ET Q q 0 0 0 rg BT 555.12 165.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 153.25 Td (California; ) Tj ET Q q 0 0 0 rg BT 99.27 153.25 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 153.51 153.25 Td (gia; Dallas, ) Tj ET Q q 0 0 0 rg BT 201.37 153.25 Td (T) Tj ET Q q 0 0 0 rg BT 206.78 153.25 Td (exas; Melbourne, ) Tj ET Q q 0 0 0 rg BT 278.16 153.25 Td (Australia; Nurember) Tj ET Q q 0 0 0 rg BT 360.45 153.25 Td (g, Germany; and Moscow) Tj ET Q q 0 0 0 rg BT 463.66 153.25 Td (, Russia.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (37) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.00 749.25 Td (Industry Concentration) Tj ET Q BT /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 289.23 713.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.81 713.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 676.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 676.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 676.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 646.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 646.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 646.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 616.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 616.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 616.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 586.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 586.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 586.75 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 556.75 384.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 556.75 21.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 556.75 135.00 -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 36.5 676.75 m 420.5 676.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 676.75 m 576.5 676.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 681.43 Td (Industry) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 681.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 681.43 Td (Industry Concentration ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 552.05 685.96 Td (\(1\) \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 666.42 Td (Transportation and Warehousing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 666.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 666.42 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 651.42 Td (Retail) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 651.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 651.42 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 636.42 Td (Finance and Insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 636.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 636.42 Td (11%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 621.42 Td (Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 621.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.80 621.42 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 606.42 Td (Manufacturing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 606.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.80 606.42 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 591.42 Td (Educational Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.80 591.42 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 576.42 Td (Health Care) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 576.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.80 576.42 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 561.42 Td (Other Professional Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 561.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.80 561.42 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 546.42 Td (Utilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.80 546.42 Td (3%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 518.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 518.25 Td (Industry concentration does not include multi-family properties or investments in real estate-related debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 506.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 506.25 Td (Excluded from the table is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.28 506.25 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.61 506.25 Td ( of our portfolio, which is made up of industries which are individually less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.25 Td (3% of our portfolio and includes: administrative and support services, agriculture, arts, entertainment and recreation, construction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 482.25 Td (hospitality) Tj ET Q q 0 0 0 rg BT 95.57 482.25 Td (, government, other services, real estate, wholesale trade, oil and gas, accounting, and legal services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (Item3.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 458.25 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 434.25 Td (From time to time in the ordinary course of business, the Company or its subsidiaries may become subject to legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (proceedings, claims or disputes. ) Tj ET Q q 0 0 0 rg BT 179.98 422.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.42 422.25 Td (March28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.02 422.25 Td (, neither the Company nor any of its subsidiaries was a party to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (material pending legal proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (Item4.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 386.25 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 362.25 Td (Not applicable.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 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 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item5.) Tj ET Q BT /F4 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Market Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 670.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 670.25 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.13 670.25 Td (274.5 million) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 510.69 670.25 Td (64,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.19 670.25 Td ( ) Tj ET Q BT /F1 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 /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 610.25 Td (o assist the Financial Industry Regulatory ) Tj ET Q q 0 0 0 rg BT 241.72 610.25 Td (Authority \(FINRA\) members and their associated persons that participate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (our public of) Tj ET Q q 0 0 0 rg BT 101.47 598.25 Td (ferings in their ef) Tj ET Q q 0 0 0 rg BT 170.43 598.25 Td (fort to comply with National ) Tj ET Q q 0 0 0 rg BT 286.81 598.25 Td (Association of Securities Dealers \(NASD\) Rule 2340, we disclose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (in each annual report distributed to investors a per share estimated value of the shares, the method by which it was developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (and the date of the data used to develop the estimated value. In addition, we plan to prepare annual statements of estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (share values to assist fiduciaries of retirement plans subject to the annual reporting requirements of ERISA) Tj ET Q q 0 0 0 rg BT 476.83 562.25 Td ( in the preparation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (their reports relating to an investment in our shares and such statements should not be used for any other purpose. On February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (22, 2016, our board of directors determined a new estimated per share net asset value, or NA) Tj ET Q q 0 0 0 rg BT 419.98 538.25 Td (V) Tj ET Q q 0 0 0 rg BT 425.91 538.25 Td (, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.74 538.25 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.24 538.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.40 538.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 526.25 Td (. ) Tj ET Q q 0 0 0 rg BT 77.32 526.25 Td (This new estimated per share NA) Tj ET Q q 0 0 0 rg BT 209.60 526.25 Td (V) Tj ET Q q 0 0 0 rg BT 216.64 526.25 Td ( represents an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.12 526.25 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.45 526.25 Td ( increase over the previously determined estimated per share NA) Tj ET Q q 0 0 0 rg BT 545.22 526.25 Td (V) Tj ET Q q 0 0 0 rg BT 552.27 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 514.25 Td ($9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.33 514.25 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.07 514.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.07 514.25 Td (. Our estimated per share NA) Tj ET Q q 0 0 0 rg BT 304.47 514.25 Td (V) Tj ET Q q 0 0 0 rg BT 311.51 514.25 Td ( was determined utilizing the guidelines established by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (Investment Program ) Tj ET Q q 0 0 0 rg BT 133.32 502.25 Td (Association Practice Guideline 2013-01 V) Tj ET Q q 0 0 0 rg BT 313.55 502.25 Td (aluation of Publicly Registered, Non-Listed REIT) Tj ET Q q 0 0 0 rg BT 512.26 502.25 Td (s issued on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (April 29, 2013 except that it includes the estimate of closing costs that we would expect to incur related to a future potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (liquidity event. Our deemed estimated per share NA) Tj ET Q q 0 0 0 rg BT 257.53 478.25 Td (V) Tj ET Q q 0 0 0 rg BT 264.58 478.25 Td ( is provided to assist plan fiduciaries in fulfilling their annual valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (and reporting responsibilities, and should not be used for any other purpose. ) Tj ET Q q 0 0 0 rg BT 356.43 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 365.06 466.25 Td (e cannot assure you that this deemed estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (value, or the method used to establish such value, complies with the ERISA) Tj ET Q q 0 0 0 rg BT 352.72 454.25 Td ( or IRS requirements. It is currently anticipated that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (the estimated per share NA) Tj ET Q q 0 0 0 rg BT 157.56 442.25 Td (V) Tj ET Q q 0 0 0 rg BT 164.60 442.25 Td ( will next be determined in 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Methodology ) Tj ET Q BT /F1 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 engaged Cushman & ) Tj ET Q q 0 0 0 rg BT 169.77 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 178.41 394.25 Td (akefield, Inc. \(Cushman\) a division of which is an independent third party real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (advisory and consulting firm, to provide, or cause its subsidiaries to provide, appraised values of our domestic real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (property investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.31 370.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.89 370.25 Td (. ) Tj ET Q q 0 0 0 rg BT 244.21 370.25 Td (These appraisals were performed in accordance with Uniform Standards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (Professional ) Tj ET Q q 0 0 0 rg BT 101.39 358.25 Td (Appraisal Practice. Cushman has extensive experience in conducting appraisals and valuations on real properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (and each of our appraisals was prepared by personnel who are members of the ) Tj ET Q q 0 0 0 rg BT 364.88 346.25 Td (Appraisal Institute and have the Member of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Appraisal Institute \(MAI\) designation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 310.25 Td (, we engaged Knight Frank, LLP) Tj ET Q q 0 0 0 rg BT 248.89 310.25 Td ( \(Knight Frank\) an independent third party real estate advisory and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (consulting services firm, to provide appraised values of our international real estate investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.66 298.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.24 298.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (These appraisals were performed in accordance with the professional standards as published by the Royal Institution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Chartered Surveyors, with the exception of our ) Tj ET Q q 0 0 0 rg BT 239.95 274.25 Td (Australian real estate property investments, in which case the appraisals were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (performed in accordance with the ) Tj ET Q q 0 0 0 rg BT 186.33 262.25 Td (Australian Property Institute and the International ) Tj ET Q q 0 0 0 rg BT 387.76 262.25 Td (V) Tj ET Q q 0 0 0 rg BT 393.87 262.25 Td (aluation Standards.) Tj ET Q BT /F1 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 also engaged Jones Lang LaSalle Incorporated \(JLL\), an independent third party real estate advisory and consulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (services firm, to perform valuations of our debt obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.49 226.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.08 226.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td (In establishing the estimated per share NA) Tj ET Q q 0 0 0 rg BT 236.66 202.25 Td (V) Tj ET Q q 0 0 0 rg BT 243.70 202.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.03 202.25 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.53 202.25 Td (, in addition to using the appraised values of our real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (investments and values of the our debt obligations, our board of directors also included in its determination the values of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (assets and liabilities such as cash, tenant and loan receivables, accounts payable and accrued expenses, distributions payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (and other assets and liabilities, all of which were valued at cost and an estimate of closing costs that we would expect to incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (in relation to a future potential liquidity event. No liquidity discounts or discounts relating to the fact that we are externally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (managed were applied to the estimated per share NA) Tj ET Q q 0 0 0 rg BT 260.29 142.25 Td (V) Tj ET Q q 0 0 0 rg BT 267.33 142.25 Td ( and no attempt was made to value Hines Global as an enterprise. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 130.25 Td (, the estimated per share NA) Tj ET Q q 0 0 0 rg BT 212.46 130.25 Td (V) Tj ET Q q 0 0 0 rg BT 219.50 130.25 Td ( was reduced by the value of noncontrolling interests owned by other parties in real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (estate investments that are not wholly-owned by the Company) Tj ET Q q 0 0 0 rg BT 298.74 118.25 Td (, including the Brindleyplace Project, @1377, ) Tj ET Q q 0 0 0 rg BT 484.67 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 493.31 118.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 516.93 118.25 Td (all Place, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.48 106.25 Td (viva Coral Gables, and the Flagship Capital Joint ) Tj ET Q q 0 0 0 rg BT 255.43 106.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.55 106.25 Td (enture.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 82.25 Td (, we engaged Cushman to assess the reasonableness of our new estimated per share NA) Tj ET Q q 0 0 0 rg BT 466.23 82.25 Td (V) Tj ET Q q 0 0 0 rg BT 472.17 82.25 Td (. In doing so, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (Cushman utilized their appraised values as described above, the appraised values provided by Knight Frank, the valuations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (our debt obligations provided by JLL) Tj ET Q q 0 0 0 rg BT 198.77 58.25 Td ( and information provided by management regarding balances of cash, tenant and loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (receivables, accounts payable and accrued expenses, distributions payable and other assets and liabilities and an estimate of ) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (closing costs that we would expect to incur in relation to a future potential liquidity event. Cushman concluded that the new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (estimated per share NA) Tj ET Q q 0 0 0 rg BT 142.84 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 149.88 730.10 Td ( determined by our board of directors was reasonable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The aggregate appraised value of our real estate property investments as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.68 706.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.68 706.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.24 706.10 Td ($5.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.35 706.10 Td (, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (amounts attributable to noncontrolling interests, which represents a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.32 694.10 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 694.10 Td ( net increase when compared to the previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (determined appraised value of our assets as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.19 682.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.19 682.10 Td ( \(including adjustments for properties acquired during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.74 682.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.74 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and the ef) Tj ET Q q 0 0 0 rg BT 89.24 670.10 Td (fect of properties disposed of during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.98 670.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.98 670.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 267.63 670.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.91 670.10 Td (6.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.74 670.10 Td ( net increase resulted from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 670.10 Td (9.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.13 670.10 Td ( appreciation in the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (appraised values of our real estate property investments of) Tj ET Q q 0 0 0 rg BT 283.07 658.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.51 658.10 Td (3.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.34 658.10 Td ( dilution resulting from the devaluation of foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (currencies against the U.S. dollar) Tj ET Q q 0 0 0 rg BT 182.18 646.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (The aggregate appraised value of our real estate property investments also represented a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.57 622.10 Td (14.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.40 622.10 Td ( increase compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (net purchase price of the real estate property investments of $4.8 billion, excluding closing costs, transaction fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (additional capital investments since acquisition. ) Tj ET Q q 0 0 0 rg BT 243.66 598.10 Td (The table below sets forth the calculation of our estimated per share NA) Tj ET Q q 0 0 0 rg BT 530.61 598.10 Td (V) Tj ET Q q 0 0 0 rg BT 537.65 598.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 586.10 Td ( and our previous estimated per share NA) Tj ET Q q 0 0 0 rg BT 293.63 586.10 Td (V) Tj ET Q q 0 0 0 rg BT 300.67 586.10 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.42 586.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.42 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.86 586.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.86 586.10 Td (:) Tj ET Q BT /F1 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 50.50 525.80 134.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 525.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 525.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 525.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 525.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 525.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 525.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 525.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 525.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 525.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 525.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 525.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 525.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 486.80 134.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 486.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 486.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 486.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 486.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 486.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 486.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 486.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 486.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 486.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 486.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 486.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 486.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 447.80 134.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 447.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 447.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 447.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 447.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 447.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 447.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 447.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 447.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 447.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 447.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 447.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 447.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.80 134.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 408.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 408.80 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 408.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 408.80 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 408.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 408.80 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 408.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 408.80 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 408.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 408.80 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 408.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 408.80 47.00 -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 188.5 549.8 m 259.5 549.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 549.8 m 263.5 549.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 549.8 m 310.5 549.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 549.8 m 385.5 549.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 549.8 m 389.5 549.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 549.8 m 436.5 549.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 549.8 m 511.5 549.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 549.8 m 515.5 549.8 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 549.8 m 562.5 549.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 525.8 m 259.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 525.8 m 310.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 525.8 m 385.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 525.8 m 436.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 525.8 m 511.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 525.8 m 562.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 525.8 m 259.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 525.8 m 310.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 447.8 m 259.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 447.8 m 310.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 447.8 m 385.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 447.8 m 436.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 447.8 m 511.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 447.8 m 562.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 447.8 m 562.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 408.8 m 259.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 395.8 m 259.5 395.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 393.8 m 259.5 393.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 408.8 m 310.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 395.8 m 310.5 395.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 393.8 m 310.5 393.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 408.8 m 385.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 395.8 m 385.5 395.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 393.8 m 385.5 393.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 408.8 m 436.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 395.8 m 436.5 395.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 393.8 m 436.5 393.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 408.8 m 511.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 395.8 m 511.5 395.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 393.8 m 511.5 393.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 408.8 m 562.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 395.8 m 562.5 395.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 393.8 m 562.5 393.8 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.65 554.48 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 554.48 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 554.48 Td (December 31, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.60 540.48 Td (GrossAmount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.80 530.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.05 540.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.05 530.48 Td (Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.60 540.48 Td (GrossAmount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.80 530.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.05 540.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.05 530.48 Td (Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.60 540.48 Td (GrossAmount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.80 530.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.05 540.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.05 530.48 Td (Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.37 Td (Real estate property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.37 Td (investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 505.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 505.47 Td (5,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 505.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 505.47 Td (19.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 505.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 505.47 Td (4,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 505.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 505.47 Td (17.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 505.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 505.47 Td (4,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 505.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 505.47 Td (16.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 491.37 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 491.37 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 491.37 Td (0.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 491.37 Td (288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 491.37 Td (1.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 491.37 Td (402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 491.37 Td (1.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.37 Td (Debt obligations and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.37 Td (liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.80 466.47 Td (\(2,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 466.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 466.52 Td (\(9.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 466.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 466.52 Td (\(2,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 466.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.80 466.52 Td (\(8.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 466.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 466.52 Td (\(2,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 466.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 466.52 Td (\(8.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 466.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 452.37 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.30 452.37 Td (\(124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 452.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 452.42 Td (\(0.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 452.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.30 452.42 Td (\(94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 452.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.80 452.42 Td (\(0.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 452.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.30 452.42 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 452.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 452.42 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 452.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 438.37 Td (Net Asset Value before closing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.37 Td (costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 427.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 427.47 Td (2,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 427.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 427.47 Td (10.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 427.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 427.47 Td (2,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 427.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 427.47 Td (9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 427.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 427.47 Td (2,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 427.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 427.47 Td (8.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.37 Td (Estimated closing costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.30 413.37 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 413.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 413.42 Td (\(0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 413.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 413.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 413.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.65 413.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 413.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.37 Td (Estimated NAV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 399.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 399.37 Td (2,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 399.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 399.37 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 399.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 399.37 Td (2,554) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 399.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 399.37 Td (9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 399.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 399.37 Td (2,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 399.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 399.37 Td (8.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.37 Td (Shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 385.37 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 385.37 Td (271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 385.37 Td (249) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 357.30 Td (Our board of directors determined the estimated per share NA) Tj ET Q q 0 0 0 rg BT 314.67 357.30 Td (V) Tj ET Q q 0 0 0 rg BT 321.72 357.30 Td ( by \(i\)utilizing the appraised values of our real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.30 Td (property investments of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.74 345.30 Td ($5.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.85 345.30 Td ( and adding our other assets comprised of our cash, tenant and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.30 Td (receivables, loans receivable and other assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.80 333.30 Td ($251 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.20 333.30 Td (, \(ii\)subtracting the values of our debt obligations and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.30 Td (liabilities comprised of our accounts payable and accrued expenses, due to af) Tj ET Q q 0 0 0 rg BT 358.04 321.30 Td (filiates, distributions payable and other liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.30 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 309.30 Td ($2.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.94 309.30 Td (, as well as amounts related to noncontrolling interests of $124 million, \(iii\) subtracting an estimate of closing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.30 Td (costs that we would expect to incur in relation to a future potential liquidity event of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.36 297.30 Td ($107 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.75 297.30 Td (, and \(iv\)dividing the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.30 Td (by our common shares outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.14 285.30 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.72 285.30 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.05 285.30 Td (274 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.45 285.30 Td (, resulting in an estimated per share NA) Tj ET Q q 0 0 0 rg BT 510.00 285.30 Td (V) Tj ET Q q 0 0 0 rg BT 517.04 285.30 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.37 285.30 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.87 285.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 261.30 Td (The primary drivers of the change in the estimated per share NA) Tj ET Q q 0 0 0 rg BT 324.67 261.30 Td (V) Tj ET Q q 0 0 0 rg BT 331.71 261.30 Td ( value from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 261.30 Td ($9.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.80 261.30 Td ( in December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.17 261.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.17 261.30 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.95 261.30 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.45 261.30 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.30 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.58 249.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.58 249.30 Td ( are as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 225.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 225.30 Td ($1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 225.30 Td ( per share net increase in the aggregate value of the Company) Tj ET Q q 0 0 0 rg BT 357.56 225.30 Td (s real estate investments, which represents a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.39 225.30 Td (9.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.22 225.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 213.30 Td (net increase in value;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 189.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 189.30 Td ($0.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 189.30 Td ( per share reduction resulting from the ef) Tj ET Q q 0 0 0 rg BT 271.87 189.30 Td (fect of devaluation of the Euro, ) Tj ET Q q 0 0 0 rg BT 398.77 189.30 Td (Australian dollar and British pound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 177.30 Td (against the U.S. dollar;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 153.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 153.30 Td ($0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 153.30 Td ( per share of estimated closing costs that the Company would expect to incur in relation to a future potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 141.30 Td (liquidity event; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 117.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 117.30 Td ($0.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 117.30 Td ( per share reduction resulting from capital expenditures primarily related to leasing capital at the Company) Tj ET Q q 0 0 0 rg BT 538.08 117.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 105.30 Td (properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 81.30 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.30 Td (the values of the assets and liabilities described above were determined based on their cost as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.26 69.30 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.84 69.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.30 Td (included certain pro forma adjustments primarily related to estimated closing costs that we would expect to incur in relation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.30 Td (a future potential liquidity event. ) Tj ET Q q 0 0 0 rg BT 185.80 45.30 Td (As we consider strategic alternatives for a potential liquidity event, management and our ) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (board of directors thought it appropriate to include an estimate of the closing costs, including fees, that we would expect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (incur related to a potential liquidity event. However) Tj ET Q q 0 0 0 rg BT 259.25 730.10 Td (, there can be no assurances of the time frame in which we would execute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (any potential liquidity event or that the closing costs related to a potential liquidity event would be incurred in the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (estimated by our company) Tj ET Q q 0 0 0 rg BT 155.16 706.10 Td (. No other adjustments were made related to the period from January 1, 2016 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.67 706.10 Td (February22, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 694.10 Td ( because we did not believe they would have a material ef) Tj ET Q q 0 0 0 rg BT 301.11 694.10 Td (fect on our estimated per share NA) Tj ET Q q 0 0 0 rg BT 439.77 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 445.70 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.65 694.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 502.55 694.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (calculation of the estimated per share NA) Tj ET Q q 0 0 0 rg BT 214.76 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 221.80 682.10 Td ( excluded certain items on our unaudited consolidated balance sheet that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (determined to have no future value or economic impact on the valuation. Examples include receivables related to straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (rental revenue and costs incurred to put debt in place. Other items were excluded because they were already considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (elsewhere in the valuation. Examples include intangible lease assets and liabilities related to our real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (investments and costs incurred for capital expenditures that were included in the appraised values of our real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (investments and the fair values of interest rate swaps and caps, as they were included in the valuation of our debt. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (The appraised values provided by Cushman and Knight Frank described above were determined primarily by using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (methodologies that are commonly used in the commercial real estate industry) Tj ET Q q 0 0 0 rg BT 359.26 586.10 Td (. For our domestic real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (investments, these methodologies included discounted cash flow analyses and reviews of current, historical and projected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (capitalization rates for properties comparable to those owned by us and assume a 10-12 year holding period. ) Tj ET Q q 0 0 0 rg BT 484.87 562.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 534.77 562.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (multifamily development project appraisals included assumptions regarding projected stabilization. For our international real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (estate investments, these methodologies included cash flow analyses and going-in capitalization rates for properties comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (to those owned by us. ) Tj ET Q q 0 0 0 rg BT 139.26 526.10 Td (The tables below summarize the key assumptions that were used in the valuations of our real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (property investments.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 503.30 Td () Tj ET Q 1 1 1 rg /GS0 gs 50.50 492.80 321.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 371.50 492.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 478.80 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 478.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 478.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 478.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 478.80 92.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.80 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 452.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 452.80 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 452.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 452.80 92.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 438.80 321.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 371.50 438.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.80 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 424.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 424.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 424.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 424.80 92.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 411.80 321.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 371.50 411.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 397.80 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 397.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 397.80 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 397.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 397.80 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 370.80 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 370.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 370.80 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 370.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 370.80 92.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 357.80 321.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 371.50 357.80 4.00 -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 375.5 478.8 m 466.5 478.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 478.8 m 562.5 478.8 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.85 483.48 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.35 483.48 Td (Weighted Average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 469.53 Td (Domestic Real Estate Property Investments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 456.53 Td (Office/Industrial/Mixed-use/Retail) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 443.37 Td (Exit capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 443.37 Td (5.00% - 7.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 443.37 Td (6.04%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 429.37 Td (Discount rate/internal rate of return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 429.37 Td (6.00% - 8.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 429.37 Td (6.86%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 415.53 Td (Multi-Family) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 402.37 Td (Exit capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 402.37 Td (4.75% - 5.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 402.37 Td (4.90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 388.37 Td (Discount rate/internal rate of return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 388.37 Td (6.00% - 6.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 388.37 Td (6.30%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 374.53 Td (International Real Estate Property Investments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 361.53 Td (Office/Industrial/Mixed-use) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 348.37 Td (Going-in capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 348.37 Td (4.63% - 13.78%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 348.37 Td (6.26%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 320.30 Td (As with any valuation methodology) Tj ET Q q 0 0 0 rg BT 210.67 320.30 Td (, the methodology used to determine the estimated per share NA) Tj ET Q q 0 0 0 rg BT 466.80 320.30 Td (V) Tj ET Q q 0 0 0 rg BT 473.84 320.30 Td ( was based upon a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.30 Td (number of assumptions, estimates and judgments that may not be accurate or complete. Further) Tj ET Q q 0 0 0 rg BT 433.39 308.30 Td (, dif) Tj ET Q q 0 0 0 rg BT 449.32 308.30 Td (ferent parties using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.30 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 296.30 Td (ferent property-specific and general real estate and capital market assumptions, estimates, judgments and standards could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.30 Td (derive an estimated per share NA) Tj ET Q q 0 0 0 rg BT 182.27 284.30 Td (V) Tj ET Q q 0 0 0 rg BT 189.31 284.30 Td ( that could be significantly dif) Tj ET Q q 0 0 0 rg BT 309.38 284.30 Td (ferent from the estimated per share NA) Tj ET Q q 0 0 0 rg BT 464.69 284.30 Td (V) Tj ET Q q 0 0 0 rg BT 471.73 284.30 Td ( determined by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.30 Td (board of directors. ) Tj ET Q q 0 0 0 rg BT 128.40 272.30 Td (While our board of directors believes that the assumptions used in determining the appraised values of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.30 Td (real estate property investments are reasonable, a change in these assumptions would impact the calculation of such values. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.30 Td (example, assuming all other factors remained unchanged, an increase in the average discount rate of 25 basis points would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.30 Td (yield a decrease in the appraised values of our domestic real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.70 236.30 Td (1.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.53 236.30 Td (, while a decrease in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.30 Td (average discount rate of 25 basis points would yield an increase in the appraised values of our domestic real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.30 Td (investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.10 212.30 Td (2.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.93 212.30 Td (. Likewise, an increase in the average exit capitalization rate of 25 basis points would yield a decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.30 Td (the appraised values of our domestic real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.07 200.30 Td (2.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.90 200.30 Td (, while a decrease in the average exit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.30 Td (capitalization rate of 25 basis points would yield an increase in the appraised values of our domestic real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.30 Td (investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.10 176.30 Td (2.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.93 176.30 Td (. ) Tj ET Q q 0 0 0 rg BT 136.38 176.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 186.28 176.30 Td (, an increase in the average going-in capitalization rate of 25 basis points would yield a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.30 Td (decrease in the appraised values of our international real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.70 164.30 Td (4.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.53 164.30 Td (, while a decrease in the average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.30 Td (going-in capitalization rate of 25 basis points would yield an increase in the appraised values of our international real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.30 Td (property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.48 140.30 Td (4.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 140.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 116.30 Td (The estimated per share NA) Tj ET Q q 0 0 0 rg BT 178.89 116.30 Td (V) Tj ET Q q 0 0 0 rg BT 185.93 116.30 Td ( determined by our board of directors does not represent the fair value of our assets less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.30 Td (liabilities in accordance with U.S. generally accepted accounting principles, and such estimated per share NA) Tj ET Q q 0 0 0 rg BT 486.61 104.30 Td (V) Tj ET Q q 0 0 0 rg BT 493.65 104.30 Td ( is not a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.30 Td (representation, warranty or guarantee that \(i\)a stockholder would be able to realize an amount equal to the estimated per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.30 Td (NA) Tj ET Q q 0 0 0 rg BT 63.15 80.30 Td (V) Tj ET Q q 0 0 0 rg BT 70.20 80.30 Td ( if such stockholder attempts to sell the his or her shares; \(ii\)a stockholder would ultimately realize distributions per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.30 Td (equal to the estimated per share NA) Tj ET Q q 0 0 0 rg BT 191.99 68.30 Td (V) Tj ET Q q 0 0 0 rg BT 199.03 68.30 Td ( upon our liquidation or sale; \(iii\)shares of our common stock would trade at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.30 Td (estimated per share NA) Tj ET Q q 0 0 0 rg BT 142.84 56.30 Td (V) Tj ET Q q 0 0 0 rg BT 149.88 56.30 Td ( on a national securities exchange; or \(iv\)a third party would of) Tj ET Q q 0 0 0 rg BT 407.12 56.30 Td (fer the estimated per share NA) Tj ET Q q 0 0 0 rg BT 528.28 56.30 Td (V) Tj ET Q q 0 0 0 rg BT 535.32 56.30 Td ( in an ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (arm) Tj ET Q q 0 0 0 rg BT 68.33 742.10 Td (s-length transaction to purchase all or substantially all of our shares of common stock. ) Tj ET Q q 0 0 0 rg BT 414.63 742.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 464.54 742.10 Td (, the estimated per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (NA) Tj ET Q q 0 0 0 rg BT 63.15 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 70.20 730.10 Td ( is not a statement of our net asset value per share. In addition, we can make no claim as to whether the estimated value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (will or will not satisfy the applicable annual valuation requirements under ERISA) Tj ET Q q 0 0 0 rg BT 376.31 718.10 Td ( and the Code with respect to employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (benefit plans subject to ERISA) Tj ET Q q 0 0 0 rg BT 173.32 706.10 Td ( and other retirement plans or accounts subject to Section 4975 of the Code that are investing in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (our shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 670.10 Td (, the estimated per share NA) Tj ET Q q 0 0 0 rg BT 209.60 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 216.64 670.10 Td ( was calculated as of a moment in time, and, although the value of shares of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (common stock will fluctuate over time as a result of, among other things, developments related to individual assets, purchases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (and sales of additional assets and the payment of fees and closing costs in connection therewith, changes in the real estate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (capital markets, the distribution of sales proceeds to our stockholders \(if any\) and changes in corporate policies such as our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (distribution level relative to earnings, we do not undertake to update the estimated per share NA) Tj ET Q q 0 0 0 rg BT 433.04 622.10 Td (V) Tj ET Q q 0 0 0 rg BT 440.08 622.10 Td ( on a regular basis. ) Tj ET Q q 0 0 0 rg BT 517.28 622.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (result, stockholders should not rely on the estimated per share NA) Tj ET Q q 0 0 0 rg BT 312.82 610.10 Td (V) Tj ET Q q 0 0 0 rg BT 319.86 610.10 Td ( as an accurate measure of the then-current value of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (of our common stock in making a decision to buy or sell shares of our common stock, including whether to reinvest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (distributions by participating in our distribution reinvestment plan and whether to request redemption under our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (redemption program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 526.10 Td (e have declared distributions for the months of January 2013 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.18 526.10 Td (March 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.78 526.10 Td ( at an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.87 526.10 Td ($0.0017808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.37 526.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (share, per day) Tj ET Q q 0 0 0 rg BT 105.16 514.10 Td (. Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 400.17 514.10 Td (ficient to fund distributions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 107.87 502.10 Td (Therefore, some or all of our distributions may continue to be paid from other sources, such as proceeds from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (debt financings, cash advances by the ) Tj ET Q q 0 0 0 rg BT 202.45 490.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 234.27 490.10 Td (, and cash resulting from a waiver or deferral of fees. ) Tj ET Q q 0 0 0 rg BT 448.72 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.36 490.10 Td (e funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.57 490.10 Td (67%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.90 490.10 Td ( of total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.67 478.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.67 478.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.67 478.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.00 478.10 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.26 478.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.26 478.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.70 478.10 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.03 478.10 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.30 478.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 478.10 Td ( with cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (financing activities, which include proceeds from our public of) Tj ET Q q 0 0 0 rg BT 301.68 466.10 Td (ferings and proceeds from our debt financings. ) Tj ET Q q 0 0 0 rg BT 490.89 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 499.53 466.10 Td (e have not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (placed a cap on the amount of our distributions that may be paid from any of these sources. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.55 430.10 Td (years ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.02 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 430.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.11 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.54 430.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.54 430.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 334.21 430.10 Td (, we paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.08 430.10 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.97 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.41 430.10 Td ($44.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.30 430.10 Td ( in acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (fees and expenses. Under GAAP) Tj ET Q q 0 0 0 rg BT 182.74 418.10 Td (, acquisition fees and acquisition-related expenses are expensed and therefore reduce cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 216.77 406.10 Td (, we fund these expenses with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 450.14 406.10 Td (ferings or other equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td () Tj ET Q q 0 0 0 rg BT 70.32 370.10 Td (The table below outlines our total distributions declared to stockholders and noncontrolling interests \(primarily Moorfield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Real Estate Fund II GP) Tj ET Q q 0 0 0 rg BT 142.39 358.10 Td ( Ltd., which was purchased in 2015 by LSREF 3 Laser Holdings \(Jersey\) Limited \(Laser\) for each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (the quarters during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.72 346.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.31 346.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 346.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.33 346.10 Td (, including the breakout between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (distributions declared in cash and those reinvested pursuant to our distribution reinvestment plan \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 249.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 249.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 249.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 249.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 249.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 249.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 249.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 249.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 249.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 219.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 219.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 219.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 219.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 219.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 219.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 219.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 219.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 219.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 189.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 189.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 189.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 189.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 189.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 189.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 189.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 189.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 189.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 160.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 160.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 160.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 160.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 160.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 160.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 160.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 160.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 160.60 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 145.60 211.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 269.50 145.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 273.50 145.60 71.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 344.50 145.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 348.50 145.60 71.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 419.50 145.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 423.50 145.60 71.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 494.50 145.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 498.50 145.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 130.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 130.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 130.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 130.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 130.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 130.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 130.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 130.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 130.60 72.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 58.50 115.60 211.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 269.50 115.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 273.50 115.60 71.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 344.50 115.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 348.50 115.60 71.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 419.50 115.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 423.50 115.60 71.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 494.50 115.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 498.50 115.60 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.50 100.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 100.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 100.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 100.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 100.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 100.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 100.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 100.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 100.60 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 273.5 287.6 m 344.5 287.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 287.6 m 348.5 287.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 287.6 m 419.5 287.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 287.6 m 423.5 287.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 287.6 m 494.5 287.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 287.6 m 570.5 287.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 263.6 m 269.5 263.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 263.6 m 344.5 263.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 263.6 m 419.5 263.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 263.6 m 494.5 263.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 263.6 m 570.5 263.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 249.60000000000002 m 269.5 249.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 189.60000000000002 m 344.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 189.60000000000002 m 419.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 189.60000000000002 m 494.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 189.60000000000002 m 570.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 175.60000000000002 m 344.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 173.60000000000002 m 344.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 175.60000000000002 m 419.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 173.60000000000002 m 419.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 175.60000000000002 m 494.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 173.60000000000002 m 494.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 175.60000000000002 m 570.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 173.60000000000002 m 570.5 173.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 160.60000000000002 m 269.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 58.5 160.60000000000002 m 269.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 100.60000000000002 m 344.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 100.60000000000002 m 419.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 100.60000000000002 m 494.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 100.60000000000002 m 570.5 100.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 86.60000000000002 m 344.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 84.60000000000002 m 344.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 86.60000000000002 m 419.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 84.60000000000002 m 419.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 86.60000000000002 m 494.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 84.60000000000002 m 494.5 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 86.60000000000002 m 570.5 86.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 84.60000000000002 m 570.5 84.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 292.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.70 292.28 Td (Stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.85 302.28 Td (Noncontrolling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.45 292.28 Td (Interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 268.28 Td (Distributions for the three months ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.65 278.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.40 268.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.40 278.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.15 268.28 Td (Reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.25 268.28 Td (Total Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.75 268.28 Td (Total Declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 254.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.50 254.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.50 254.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 254.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.00 254.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 239.27 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 239.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 239.27 Td (21,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 239.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 239.27 Td (23,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 239.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 239.27 Td (44,921) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 239.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 239.27 Td (927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 224.27 Td (September 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 224.27 Td (21,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 224.27 Td (23,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 224.27 Td (44,758) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 224.27 Td (835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 209.27 Td (June 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 209.27 Td (20,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 209.27 Td (23,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 209.27 Td (44,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 209.27 Td (1,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 194.27 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 194.27 Td (20,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 194.27 Td (23,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 194.27 Td (43,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 194.27 Td (816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 179.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 179.27 Td (83,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 179.27 Td (93,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 179.27 Td (177,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 179.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 179.27 Td (4,221) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.00 165.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 150.27 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 150.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 150.27 Td (20,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 150.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 150.27 Td (23,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 150.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 150.27 Td (44,277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 150.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 150.27 Td (2,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 135.27 Td (September 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 135.27 Td (20,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 135.27 Td (23,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 135.27 Td (44,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 135.27 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 120.27 Td (June 30, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 120.27 Td (20,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 120.27 Td (23,211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 120.27 Td (43,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 120.27 Td (855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 105.27 Td (March 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 105.27 Td (18,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 105.27 Td (21,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 105.27 Td (39,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 105.27 Td (680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.00 90.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.00 90.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 90.27 Td (79,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 90.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 90.27 Td (91,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 90.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 90.27 Td (171,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 90.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 90.27 Td (4,668) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 62.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 62.10 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 141.05 62.10 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 62.10 Td (Advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 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 50.10 Td (, as disclosed in each ) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (quarterly report, amounts to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.35 742.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.68 742.10 Td ( of the aggregate distributions declared to our stockholders for such quarter) Tj ET Q q 0 0 0 rg BT 524.87 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 529.32 742.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 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 427.94 730.10 Td (Advisor for asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (feesmay be available to pay distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 286.71 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 304.20 718.10 Td (Advisor waived a total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.34 718.10 Td ($12.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.24 718.10 Td ( through the expiration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of the waiver on December 31, 2013. ) Tj ET Q q 0 0 0 rg BT 203.29 706.10 Td (As a result of the waiver of these fees, cash flows from operations that would have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (paid to the ) Tj ET Q q 0 0 0 rg BT 94.16 694.10 Td (Advisor for asset management feeswere available to pay distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 445.55 694.10 Td (These fee waivers are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 150.97 682.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 287.05 682.10 Td (Advisor in cash at any time in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 658.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 137.07 658.10 Td (Advisor agreed to waive asset management fees otherwise payable to it for the years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (2014 and 2015, to the extent that our MFFO for those years, as disclosed in our ) Tj ET Q q 0 0 0 rg BT 369.40 646.10 Td (Annual Report on Form 10-K for such years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (amounted to less than 100% of the aggregate distributions declared to our stockholders for such years. However) Tj ET Q q 0 0 0 rg BT 500.03 634.10 Td (, because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (MFFO exceeded distributions declared to our stockholders for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.30 622.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.89 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.33 622.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.33 622.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 503.49 622.10 Td (Advisor did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (not waive any asset management fees for those years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Distributions to stockholders are characterized for federal income tax purposes as ordinary income, capital gains, non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (taxable return of capital or a combination of the three. Distributions that exceed our current and accumulated earnings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 103.13 550.10 Td ( basis in our common shares. ) Tj ET Q q 0 0 0 rg BT 221.55 550.10 Td (T) Tj ET Q q 0 0 0 rg BT 226.96 550.10 Td (o the extent that a distribution exceeds both current and accumulated earnings and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (profits and the stockholders) Tj ET Q q 0 0 0 rg BT 163.40 538.10 Td ( basis in the common shares, it will generally be treated as a capital gain. ) Tj ET Q q 0 0 0 rg BT 457.29 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 465.93 538.10 Td (e annually notify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (stockholders of the taxability of distributions paid during the preceding year) Tj ET Q q 0 0 0 rg BT 353.82 526.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 502.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 502.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 502.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 319.77 502.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.03 502.10 Td (39.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.86 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.29 502.10 Td (43.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.13 502.10 Td ( of the distributions paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (were taxable to the investor as ordinary income and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.35 490.10 Td (53.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.18 490.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.62 490.10 Td (25.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.45 490.10 Td ( were treated as a return of capital for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 169.78 478.10 Td (The remaining amounts in each period were treated as capital gains distributions. ) Tj ET Q q 0 0 0 rg BT 498.94 478.10 Td (The primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (driver for the increase in return of capital was fewer gains recorded in 2015. ) Tj ET Q q 0 0 0 rg BT 359.14 466.10 Td (The amount of distributions paid and taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (portion in each period are not indicative or predictive of amounts anticipated in future periods. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Recent Sales of Unr) Tj ET Q q 0 0 0 rg BT 133.97 430.10 Td (egister) Tj ET Q q 0 0 0 rg BT 162.10 430.10 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (On September 29, 2015, 2,648.305 restricted common shares were granted to each of our independent directors, Messrs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Farley) Tj ET Q q 0 0 0 rg BT 74.90 394.10 Td (, Mitchell, Moody and Shaper) Tj ET Q q 0 0 0 rg BT 194.33 394.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 1 rg BT 196.83 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 201.83 394.10 Td (Such shares were granted, as part of their annual compensation for service on our board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (of directors, without registration under the Securities ) Tj ET Q q 0 0 0 rg BT 263.28 382.10 Td (Act of 1933, as amended \(the Securities ) Tj ET Q q 0 0 0 rg BT 429.34 382.10 Td (Act\), in reliance upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (exemption from registration contained in Section4\(a\)\(2\) of the Securities ) Tj ET Q q 0 0 0 rg BT 346.03 370.10 Td (Act for transactions not involving any public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 358.10 Td (fering.) Tj ET Q BT /F1 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 50.00 322.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 70.38 322.10 Td (e RedemptionPr) Tj ET Q q 0 0 0 rg BT 142.41 322.10 Td (ogram) Tj ET Q BT /F1 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 of) Tj ET Q q 0 0 0 rg BT 91.73 298.10 Td (fer a share redemption program that may allow stockholders who have purchased their shares from us or received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 274.10 Td (, to have their shares redeemed subject to certain limitations and restrictions. ) Tj ET Q q 0 0 0 rg BT 375.42 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.05 274.10 Td (e allow redemptions of our shares on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (or amend the share redemption program upon 30days) Tj ET Q q 0 0 0 rg BT 268.64 250.10 Td ( written notice without stockholder approval, which notice shall take the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 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 340.84 238.10 Td (fective date of any such termination, suspension or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (amendment. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.87 226.10 Td (February20, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.47 226.10 Td (, we filed a current report on Form 8-K to provide notice to our stockholders of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (amendment of our share redemption program to reflect a new formula to determine the price at which shares may be redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (under the program, which took ef) Tj ET Q q 0 0 0 rg BT 183.67 202.10 Td (fect beginning with shares redeemed on or after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.37 202.10 Td (April1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.98 202.10 Td (. Set forth below are the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (amended terms of our share redemption program.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (Shares will be redeemed at the following prices, unless such shares are redeemed in connection with the death or disability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (of a stockholder) Tj ET Q q 0 0 0 rg BT 114.02 154.10 Td (, as described below: \(i\) the lower of 92.5% of the estimated per share NA) Tj ET Q q 0 0 0 rg BT 409.86 154.10 Td (V) Tj ET Q q 0 0 0 rg BT 416.90 154.10 Td ( most recently announced by us in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (public filing with the SEC as of the applicable date of the redemption \(the Most Recent NA) Tj ET Q q 0 0 0 rg BT 419.17 142.10 Td (V\) or 92.5% of the price paid to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (acquire the shares from us for stockholders who have held their shares continuously for at least one year; \(ii\) the lower of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (95.0% of the Most Recent NA) Tj ET Q q 0 0 0 rg BT 170.36 118.10 Td (V) Tj ET Q q 0 0 0 rg BT 177.40 118.10 Td ( or 95.0% of the price paid to acquire the shares from us for stockholders who have held their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (shares continuously for at least two years; \(iii\) the lower of 97.5% of the Most Recent NA) Tj ET Q q 0 0 0 rg BT 408.90 106.10 Td (V) Tj ET Q q 0 0 0 rg BT 415.94 106.10 Td ( or 97.5% of the price paid to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (acquire the shares from us for stockholders who have held their shares continuously for at least three years; and \(iv\) the lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (of 100% of the Most Recent NA) Tj ET Q q 0 0 0 rg BT 178.69 82.10 Td (V) Tj ET Q q 0 0 0 rg BT 185.73 82.10 Td ( or 100% of the price paid to acquire the shares from us for stockholders who have held their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (shares continuously for at least four years; provided that in each case, the redemption price will be adjusted for any stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (dividends, combinations, splits, recapitalizations or similar actions with respect to our common stock. ) Tj ET Q q 0 0 0 rg BT 459.09 58.10 Td (As noted above, the Most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Recent NA) Tj ET Q q 0 0 0 rg BT 93.42 46.10 Td (V) Tj ET Q q 0 0 0 rg BT 100.46 46.10 Td ( is currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.72 46.10 Td ($10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.22 46.10 Td (. In addition, our board of directors, in its sole discretion, may determine at any time to amend ) Tj ET Q endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (the share redemption program to redeem shares at a price that is higher or lower than the price paid for the shares by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (redeeming stockholder) Tj ET Q q 0 0 0 rg BT 140.81 730.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (a stockholder) Tj ET Q q 0 0 0 rg BT 103.96 682.10 Td () Tj ET Q q 0 0 0 rg BT 106.74 682.10 Td (s bankruptcy) Tj ET Q q 0 0 0 rg BT 157.47 682.10 Td (. If we determine to waive the one-year holding requirement in these circumstances, then, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 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 549.28 670.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (In the event of the death or disability of the holder) Tj ET Q q 0 0 0 rg BT 250.65 658.10 Td (, upon request, we will waive the one-year holding requirement. Except as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (noted below) Tj ET Q q 0 0 0 rg BT 98.51 646.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (primary of) Tj ET Q q 0 0 0 rg BT 92.30 622.10 Td (fering price \(if any\). For purposes of the one-year holding period, limited partners of the Operating Partnership who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (exchange their OP) Tj ET Q q 0 0 0 rg BT 123.49 610.10 Td ( Units for shares of our common stock \(and any persons to whom they transfer such stock\) shall be deemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (to have owned those shares of our common stock as of the date the related OP) Tj ET Q q 0 0 0 rg BT 362.04 598.10 Td ( Units were issued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 574.10 Td (o the extent our board of directors determines that we have suf) Tj ET Q q 0 0 0 rg BT 323.42 574.10 Td (ficient available cash for redemptions as described below) Tj ET Q q 0 0 0 rg BT 551.85 574.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (we initially intend to redeem shares on a monthly basis; however) Tj ET Q q 0 0 0 rg BT 309.54 562.10 Td (, our board of directors may determine from time to time to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (adjust the timing of redemptions or suspend or terminate our share redemption program upon 30 days) Tj ET Q q 0 0 0 rg BT 458.89 550.10 Td ( notice. Subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (limitations and restrictions on the program and to funds being available, the number of shares repurchased during any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (consecutive twelve month period will be limited to no more than 5% of the number of outstanding shares of common stock at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (the beginning of that twelve month period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Unless our board of directors determines otherwise, the funds available for redemptions in each month will be limited to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (the funds received from the distribution reinvestment plan in the prior month. Our board of directors has complete discretion to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (determine whether all of such funds from the prior month) Tj ET Q q 0 0 0 rg BT 282.99 466.10 Td (s distribution reinvestment plan can be applied to redemptions in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (following month, whether such funds are needed for other purposes or whether additional funds from other sources may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (used for redemptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (Our board of directors may terminate, suspend or amend the share redemption program at any time upon 30 days) Tj ET Q q 0 0 0 rg BT 522.40 418.10 Td ( written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (notice without stockholder approval if our directors believe such action is in our best interests, or if they determine the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (otherwise available to fund our share redemption program are needed for other purposes. ) Tj ET Q q 0 0 0 rg BT 407.65 394.10 Td (Any notice of a termination, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (suspension or amendment of the share redemption program will be made via a report on Form 8-K filed with the SEC at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (30 days prior to the ef) Tj ET Q q 0 0 0 rg BT 137.85 370.10 Td (fective date of such termination, suspension or amendment. Our board of directors may also limit the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (amounts available for redemption at any time in their sole discretion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (All requests for redemption must be made in writing and received by us at least five business days prior to the end of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (month. If you would like to request redemption of your shares, please contact us to receive required redemption forms and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (instructions concerning required signatures. Certain broker dealers require that their clients make redemption requests through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (their broker dealer) Tj ET Q q 0 0 0 rg BT 123.45 298.10 Td (, so please contact your broker dealer first if you want to request redemption of your shares. ) Tj ET Q q 0 0 0 rg BT 492.68 298.10 Td (Y) Tj ET Q q 0 0 0 rg BT 498.90 298.10 Td (ou may also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (withdraw your request to have your shares redeemed. ) Tj ET Q q 0 0 0 rg BT 266.13 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 275.17 286.10 Td (ithdrawal requests must also be made in writing and received by us at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (least five business days prior to the end of the month. ) Tj ET Q q 0 0 0 rg BT 265.89 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.53 274.10 Td (e cannot guarantee that we will have suf) Tj ET Q q 0 0 0 rg BT 435.11 274.10 Td (ficient funds from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (distribution reinvestment plan, or at all, to accommodate all requests made in any month. In the event the number of shares for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (which repurchase requests have been submitted exceeds the limits on the number of shares we can redeem or the funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (available for such redemption in a particular month and our board of directors determines that we will repurchase shares in that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (month, then shares will be repurchased on a pro rata basis and the portion of any unfulfilled repurchase request will be held and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (considered for redemption until the next month unless withdrawn. In addition, if we do not have suf) Tj ET Q q 0 0 0 rg BT 449.18 214.10 Td (ficient available funds at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (the time redemption is requested, you can withdraw your request for redemption or request in writing that we honor it at such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (time in a successive month, if any) Tj ET Q q 0 0 0 rg BT 185.15 190.10 Td (, when we have suf) Tj ET Q q 0 0 0 rg BT 261.89 190.10 Td (ficient funds to do so. Such pending requests will generally be considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (on a pro-rata basis with any new redemption requests we receive in the applicable period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (Commitments by us to repurchase shares will be communicated either telephonically or in writing to each stockholder who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (submitted a request on or promptly \(no more than five business days\) after the fifth business day following the end of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (month. ) Tj ET Q q 0 0 0 rg BT 80.38 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.01 130.10 Td (e will redeem the shares subject to these commitments, and pay the redemption price associated therewith, within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (three business days following the delivery of such commitments. ) Tj ET Q q 0 0 0 rg BT 311.80 118.10 Td (Y) Tj ET Q q 0 0 0 rg BT 318.02 118.10 Td (ou will not relinquish your shares until we redeem them. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td (The shares we redeem under our share redemption program will be canceled and will have the status of authorized but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (unissued shares. ) Tj ET Q q 0 0 0 rg BT 117.31 82.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.95 82.10 Td (e will not resell such shares to the public unless such sales are first registered with the SEC under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 70.10 Td (Act and under appropriate state securities laws or are exempt under such laws. ) Tj ET Q q 0 0 0 rg BT 407.20 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.83 70.10 Td (e will terminate our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (redemption program in the event that our shares ever become listed on a national securities exchange or in the event a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (secondary market for our common shares develops. ) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Issuer) Tj ET Q q 0 0 0 rg BT 75.93 730.10 Td ( Redemptions of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 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 519.91 706.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (following table lists shares we redeemed \(in thousands\) under our share redemption plan during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 682.10 Td (, including the average price paid per share.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 628.60 180.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 628.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 628.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 628.60 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 628.60 102.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 614.60 180.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 230.50 614.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 234.50 614.60 61.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 295.50 614.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 299.50 614.60 50.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 349.50 614.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 353.50 614.60 103.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 456.50 614.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 614.60 102.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.60 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 599.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 599.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 599.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 599.60 102.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 584.60 180.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 230.50 584.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 234.50 584.60 61.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 295.50 584.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 349.50 584.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 353.50 584.60 103.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 456.50 584.60 4.00 -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 50.5 628.6 m 230.5 628.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 628.6 m 295.5 628.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 628.6 m 349.5 628.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 628.6 m 456.5 628.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 628.6 m 562.5 628.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 628.6 m 230.5 628.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 628.6 m 295.5 628.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 584.6 m 295.5 584.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 584.6 m 456.5 584.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 633.05 Td (Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.60 651.05 Td (Total Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.70 642.05 Td (of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.50 633.05 Td (Redeemed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.30 651.05 Td (Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.10 642.05 Td (Price Paid) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.00 633.05 Td (Per Share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.70 660.05 Td (Total Number of Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.70 651.05 Td (Purchased as Part of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.85 642.05 Td (Publicly Announced) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.05 633.05 Td (Plans of Programs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.05 660.05 Td (Maximum Number) Tj ET Q q 0 0 0 rg BT 543.13 660.05 Td ( of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.50 651.05 Td (Shar) Tj ET Q q 0 0 0 rg BT 484.84 651.05 Td (es that May ) Tj ET Q q 0 0 0 rg BT 531.75 651.05 Td (Y) Tj ET Q q 0 0 0 rg BT 537.25 651.05 Td (et be ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.55 642.05 Td (Redeemed Under) Tj ET Q q 0 0 0 rg BT 537.12 642.05 Td ( the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.60 633.05 Td (Plans or) Tj ET Q q 0 0 0 rg BT 502.19 633.05 Td ( Pr) Tj ET Q q 0 0 0 rg BT 513.77 633.05 Td (ograms ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 544.51 637.13 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.17 Td (October 1, 2015 to October 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 619.17 Td (434,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 619.17 Td (9.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 619.17 Td (434,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 619.17 Td (383,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td (November 1, 2015 to November 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 604.27 Td (569,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 604.27 Td (9.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 604.27 Td (569,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 604.27 Td (276,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td (December 1, 2015 to December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 589.27 Td (519,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 589.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 589.27 Td (9.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.15 589.27 Td (519,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 589.27 Td (299,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 575.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.60 575.17 Td (1,523,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 575.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 575.17 Td (1,523,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 575.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 547.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 535.10 Td (may be redeemed. ) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 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 50.00 742.25 Td (Item6.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The following selected consolidated financial data are qualified by reference to and should be read in conjunction with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Consolidated Financial Statements and Notes thereto and Item7. Management) Tj ET Q q 0 0 0 rg BT 371.58 706.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 440.75 706.25 Td (Analysis of Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Condition and Results of Operations below \(in thousands, except per share amounts\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 641.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 641.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 641.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 641.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 641.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 641.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 641.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 641.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 641.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 611.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 611.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 611.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 611.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 611.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 611.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 611.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 611.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 611.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 581.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 581.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 581.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 581.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 581.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 581.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 581.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 581.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 581.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 581.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 541.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 541.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 541.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 541.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 541.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 541.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 541.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 541.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 541.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 541.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 501.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 501.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 501.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 501.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 501.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 501.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 501.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 501.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 501.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 501.75 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 461.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 461.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 461.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 461.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 461.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 461.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 461.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 461.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 461.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 461.75 55.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 421.75 217.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 267.50 421.75 55.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 322.50 421.75 5.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 327.50 421.75 55.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 382.50 421.75 5.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 387.50 421.75 55.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 442.50 421.75 5.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 447.50 421.75 55.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 502.50 421.75 5.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 507.50 421.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 406.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 406.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 406.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 406.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 406.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 406.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 406.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 406.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 406.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 376.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 376.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 376.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 376.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 376.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 376.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 376.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 376.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 376.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 376.75 55.00 -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 267.5 656.75 m 322.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 656.75 m 382.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 656.75 m 442.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 656.75 m 502.5 656.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 656.75 m 562.5 656.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.50 661.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.50 661.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 661.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 661.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.75 661.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 646.43 Td (Operating Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 646.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 646.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 646.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 646.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.42 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 631.42 Td (476,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 631.42 Td (456,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 631.42 Td (322,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 631.42 Td (187,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 631.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 631.42 Td (95,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 616.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 616.42 Td (186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 616.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 616.42 Td (193,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 616.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 616.42 Td (140,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 616.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 616.42 Td (84,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 616.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.42 Td (53,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.32 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.15 601.42 Td (44,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 601.42 Td (53,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 601.42 Td (60,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 601.42 Td (22,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 601.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 601.42 Td (20,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.42 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 586.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 586.42 Td (8,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 586.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 586.42 Td (6,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 586.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 586.42 Td (5,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 586.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 586.42 Td (3,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 586.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 586.42 Td (3,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 571.42 Td (Income \(loss\) before benefit \(provision\) for income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.42 Td (taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 561.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.30 561.47 Td (\(436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 561.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 561.42 Td (16,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 561.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 561.47 Td (\(85,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 561.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 561.47 Td (\(32,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 561.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 561.47 Td (\(55,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 561.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 546.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.80 546.47 Td (\(4,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 546.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 546.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.80 546.47 Td (\(5,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 546.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 546.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.30 546.47 Td (\(701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 546.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 546.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.80 546.47 Td (\(1,147) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 546.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 546.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 546.47 Td (\(2,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 546.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 531.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.80 531.47 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 531.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 531.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 531.42 Td (10,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 531.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 531.47 Td (\(85,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 531.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 531.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 531.47 Td (\(33,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 531.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 531.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 531.47 Td (\(58,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 531.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.42 Td (Net \(income\) loss attributable to noncontrolling) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.42 Td (interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.80 506.47 Td (\(5,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 506.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.80 506.47 Td (\(5,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 506.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.80 506.47 Td (\(3,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 506.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.30 506.47 Td (\(939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 506.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 506.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 506.42 Td (1,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 491.42 Td (Net income \(loss\) attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 481.42 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.80 481.47 Td (\(10,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.15 481.42 Td (5,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.80 481.47 Td (\(88,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 481.47 Td (\(34,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 481.47 Td (\(57,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 466.42 Td (Basic and diluted income \(loss\) per common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 466.47 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 466.42 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.80 466.47 Td (\(0.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.80 466.47 Td (\(0.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.65 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 466.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 466.47 Td (\(0.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 451.42 Td (Distributions declared per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 451.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 451.42 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 451.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 451.42 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 451.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 451.42 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 451.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 451.42 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 451.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 451.42 Td (0.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.42 Td (Weighted average common shares outstanding -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 426.42 Td (basic and diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 426.42 Td (272,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 426.42 Td (263,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 426.42 Td (184,412) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 426.42 Td (113,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 426.42 Td (67,429) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 411.43 Td (Balance Sheet Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.42 Td (Total investment property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 396.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.60 396.42 Td (3,267,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 396.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.60 396.42 Td (2,964,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 396.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 396.42 Td (2,799,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 396.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 396.42 Td (1,482,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 396.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 396.42 Td (950,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 381.42 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 381.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 381.42 Td (136,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 381.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 381.42 Td (143,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 381.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 381.42 Td (124,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 381.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 381.42 Td (97,398) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 381.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 381.42 Td (66,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 366.42 Td (otal assets ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 101.74 370.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 366.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.60 366.42 Td (4,372,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 366.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.60 366.42 Td (4,115,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 366.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 366.42 Td (3,790,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 366.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.60 366.42 Td (2,070,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 366.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 366.42 Td (1,372,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 351.42 Td (Long-term obligations ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 145.21 355.95 Td (\(1\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.00 351.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.60 351.42 Td (2,545,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 351.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.60 351.42 Td (2,121,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.00 351.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.60 351.42 Td (1,969,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 351.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 351.42 Td (865,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 351.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 351.42 Td (638,635) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 317.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 77.26 317.25 Td (fective December 31, 2015, we adopted ) Tj ET Q q 0 0 0 rg BT 238.31 317.25 Td (Accounting Standards Update \("ASU"\) No. 2015-03, "Simplifying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 305.25 Td (Presentation of Debt Issuance Costs. ) Tj ET Q q 0 0 0 rg BT 223.25 305.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 272.58 305.25 Td (, amounts for each of the prior years were reclassified to conform to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 293.25 Td (presentation for the current year) Tj ET Q q 0 0 0 rg BT 195.72 293.25 Td (. See Note 2 to our consolidated financial statements in Item 8 for additional information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 275.25 Td (These amounts include notes payable, notes payable to af) Tj ET Q q 0 0 0 rg BT 297.47 275.25 Td (filiates and long-term derivative instruments.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 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 50.00 742.25 Td (Item7.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td ( Management) Tj ET Q q 0 0 0 rg BT 144.53 742.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 216.12 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 72.64 718.25 Td (ou should r) Tj ET Q q 0 0 0 rg BT 117.83 718.25 Td (ead the following discussion and analysis together with our consolidated financial statements and notes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (ther) Tj ET Q q 0 0 0 rg BT 65.74 706.25 Td (eto included in this ) Tj ET Q q 0 0 0 rg BT 144.43 706.25 Td (Annual Report on Form10-K. The following information contains forwar) Tj ET Q q 0 0 0 rg BT 438.52 706.25 Td (d-looking statements, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (ar) Tj ET Q q 0 0 0 rg BT 58.52 694.25 Td (e subject to risks and uncertainties. Should one or mor) Tj ET Q q 0 0 0 rg BT 277.02 694.25 Td (e of these risks or uncertainties materialize, actual r) Tj ET Q q 0 0 0 rg BT 485.79 694.25 Td (esults may differ ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (materially fr) Tj ET Q q 0 0 0 rg BT 99.90 682.25 Td (om those expr) Tj ET Q q 0 0 0 rg BT 155.63 682.25 Td (essed or implied by the forwar) Tj ET Q q 0 0 0 rg BT 277.19 682.25 Td (d-looking statements. Please see Special Note Regar) Tj ET Q q 0 0 0 rg BT 492.61 682.25 Td (ding Forwar) Tj ET Q q 0 0 0 rg BT 543.08 682.25 Td (d-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Looking Statements above for a description of these risks and uncertainties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Executive Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 145.02 622.25 Td (, Inc. \(Hines Global\) was incorporated under the Maryland General Corporation Laws on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (December10, 2008, primarily for the purpose of investing in a diversified portfolio of quality commercial real estate properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (and other real estate investments located throughout the United States and internationally) Tj ET Q q 0 0 0 rg BT 406.19 598.25 Td (. Hines Global raised the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (capital for its real estate investments through two public of) Tj ET Q q 0 0 0 rg BT 285.03 586.25 Td (ferings from ) Tj ET Q q 0 0 0 rg BT 336.69 586.25 Td (August 2009 through ) Tj ET Q q 0 0 0 rg BT 423.64 586.25 Td (April 2014. Hines Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (continues to of) Tj ET Q q 0 0 0 rg BT 109.25 574.25 Td (fer up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.63 574.25 Td ($500.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.52 574.25 Td ( of shares of its common stock under its distribution reinvestment plan, pursuant to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 562.25 Td (fering which commenced on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.22 562.25 Td (April24, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.83 562.25 Td ( \(the DRP) Tj ET Q q 0 0 0 rg BT 276.90 562.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 289.77 562.25 Td (fering\). Collectively) Tj ET Q q 0 0 0 rg BT 377.14 562.25 Td (, through its public of) Tj ET Q q 0 0 0 rg BT 463.34 562.25 Td (ferings, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 69.08 550.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 81.95 550.25 Td (fering, the Company raised approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.57 550.25 Td ($2.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.68 550.25 Td (. Hines Global engaged Hines Securities, Inc. \(the Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (Manager\), an af) Tj ET Q q 0 0 0 rg BT 117.83 538.25 Td (filiate of Hines, to serve as the dealer manager for its public of) Tj ET Q q 0 0 0 rg BT 367.84 538.25 Td (ferings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (One of our primary investment objectives was to invest in a real estate portfolio that is diversified by asset type, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (geographic area, lease expirations and tenant industries. ) Tj ET Q q 0 0 0 rg BT 278.07 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 286.70 502.25 Td (e had invested all of the proceeds raised through our public of) Tj ET Q q 0 0 0 rg BT 533.95 502.25 Td (ferings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (by the end of 2015. ) Tj ET Q q 0 0 0 rg BT 132.30 490.25 Td (W) Tj ET Q q 0 0 0 rg BT 140.94 490.25 Td (e may make additional investments in the future, from time to time. However) Tj ET Q q 0 0 0 rg BT 452.40 490.25 Td (, these investments will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (funded with proceeds from the dispositions of other real estate investments or debt financings. ) Tj ET Q q 0 0 0 rg BT 429.45 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 438.09 478.25 Td (e have invested in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (diversified portfolio of quality commercial real estate properties and other real estate investments throughout the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (and internationally) Tj ET Q q 0 0 0 rg BT 124.60 454.25 Td (. Our principal tar) Tj ET Q q 0 0 0 rg BT 196.06 454.25 Td (geted assets have been investments in properties, that have quality construction and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (desirable locations which can attract quality tenants. ) Tj ET Q q 0 0 0 rg BT 261.41 442.25 Td (These types of investments are generally located in central business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (districts or suburban markets of major metropolitan cities worldwide. ) Tj ET Q q 0 0 0 rg BT 329.76 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 338.39 430.25 Td (e have invested in a geographically diverse portfolio in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (order to reduce the risk of reliance on a particular market, a particular property and/or a particular tenant. See Item 2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Properties, for additional information regarding our real estate portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 382.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 382.25 Td (, we owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.45 382.25 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.45 382.25 Td ( real estate investments which contain, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.20 382.25 Td (16.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.09 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (square feet of leasable space. ) Tj ET Q q 0 0 0 rg BT 168.27 370.25 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.31 370.25 Td (62%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.64 370.25 Td ( of our portfolio is located throughout the United States and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 358.25 Td ( is located internationally based on our pro rata share of the appraised value of each of the investments. ) Tj ET Q q 0 0 0 rg BT 483.00 358.25 Td (These investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (consisted of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 322.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 322.25 Td (of) Tj ET Q q 0 0 0 rg BT 125.97 322.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 143.46 322.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.73 322.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.06 322.25 Td (1) Tj ET Q q 0 0 0 rg BT 201.69 322.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.69 322.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.19 322.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 310.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 310.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 310.25 Td (other ) Tj ET Q q 0 0 0 rg BT 140.87 310.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.15 310.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 310.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.48 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.98 310.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 298.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 298.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 298.25 Td (of) Tj ET Q q 0 0 0 rg BT 138.74 298.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.22 298.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 206.50 298.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.83 298.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.83 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.33 298.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 286.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 286.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 286.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.64 286.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.91 286.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 286.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.24 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 219.74 286.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td (Discussed below are additional details related to our investments in real estate related debt as of December31, 2015, Each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (of these investments is included in our domestic other investments segment. ) Tj ET Q q 0 0 0 rg BT 358.56 250.25 Td (All other investments are operating real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.27 238.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 214.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 214.25 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 156.26 214.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.26 214.25 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.59 214.25 Td ( interest in a joint venture with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 394.85 214.25 Td (, which was formed to provide real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 202.25 Td (loans. ) Tj ET Q q 0 0 0 rg BT 105.43 202.25 Td (The joint venture has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.63 202.25 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.29 202.25 Td ( loans receivable, totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.53 202.25 Td ($38.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.43 202.25 Td (, outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.25 202.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.83 202.25 Td (. ) Tj ET Q q 0 0 0 rg BT 525.15 202.25 Td (W) Tj ET Q q 0 0 0 rg BT 533.79 202.25 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 190.25 Td (not af) Tj ET Q q 0 0 0 rg BT 99.87 190.25 Td (filiated with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 230.97 190.25 Td (. See Note 5 Real Estate Loans Receivable for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 178.25 Td (regarding these loans receivable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 154.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 154.25 Td (The Rim Loan Receivable a variable interest entity \("VIE"\) that that was formed to provide construction financing to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 142.25 Td (the developer of four additional retail parcels at ) Tj ET Q q 0 0 0 rg BT 269.51 142.25 Td (The Rim, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.73 142.25 Td (931,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.23 142.25 Td ( square-foot outdoor retail center located in San ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 130.25 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 114.60 130.25 Td (T) Tj ET Q q 0 0 0 rg BT 120.01 130.25 Td (exas. ) Tj ET Q q 0 0 0 rg BT 145.10 130.25 Td (The total amount of the financing commitment, as amended in ) Tj ET Q q 0 0 0 rg BT 396.42 130.25 Td (April and December 2015, is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.72 130.25 Td ($20.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 118.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.89 118.25 Td (. ) Tj ET Q q 0 0 0 rg BT 112.84 118.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.28 118.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.87 118.25 Td (, we had loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.40 118.25 Td ($12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.30 118.25 Td ( outstanding to the developer) Tj ET Q q 0 0 0 rg BT 455.83 118.25 Td (. ) Tj ET Q q 0 0 0 rg BT 463.15 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 471.79 118.25 Td (e are not af) Tj ET Q q 0 0 0 rg BT 516.30 118.25 Td (filiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 106.25 Td (with the developer of the project. ) Tj ET Q BT /F1 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 are evaluating various strategic alternatives to execute a liquidity event \(i.e., a sale of our assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 530.72 82.25 Td (ger) Tj ET Q q 0 0 0 rg BT 543.09 82.25 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (listing of our shares on a national securities exchange, or another similar transaction\). ) Tj ET Q q 0 0 0 rg BT 396.93 70.25 Td (There is no set timetable for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (execution of such an event.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 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 50.00 742.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 742.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 136.10 742.25 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Our discussion and analysis of financial condition and results of operations is based on our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (statements, which have been prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 308.52 706.25 Td (. ) Tj ET Q q 0 0 0 rg BT 313.33 706.25 Td (The preparation of the consolidated financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (requires us to make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 256.43 694.25 Td (fect the reported amounts of assets, liabilities and contingencies as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 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 501.89 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 510.53 682.25 Td (e evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (our assumptions and estimates on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 258.96 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 267.60 670.25 Td (e base our estimates on historical experience and on various other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (assumptions that we believe to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 333.52 658.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 383.42 658.25 Td (, application of our accounting policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (involves exercising judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 369.93 646.25 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 458.34 646.25 Td (fer from these estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (under dif) Tj ET Q q 0 0 0 rg BT 86.20 634.25 Td (ferent assumptions or conditions. ) Tj ET Q q 0 0 0 rg BT 223.77 634.25 Td (The following is a discussion of our critical accounting policies. For a discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (all of our significant accounting policies, see Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 371.60 622.25 Td (Accounting Policies, to the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (consolidated financial statements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 598.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 586.25 Td (Accounting for Joint V) Tj ET Q q 0 0 0 rg BT 153.19 586.25 Td (entures and Noncontrolling Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (Our consolidated financial statements included in this annual report include the accounts of Hines Global, the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 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 545.74 550.25 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (intercompany balances and transactions have been eliminated in consolidation.) Tj ET Q BT /F1 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 evaluate the need to consolidate investments based on standards set forth by GAAP) Tj ET Q q 0 0 0 rg BT 416.28 514.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 418.78 514.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.28 514.25 Td (Our joint ventures are evaluated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (based upon GAAP) Tj ET Q q 0 0 0 rg BT 124.62 502.25 Td ( to determine whether or not the investment qualifies as a ) Tj ET Q q 0 0 0 rg BT 356.32 502.25 Td (VIE.If the investment qualifies as a ) Tj ET Q q 0 0 0 rg BT 505.26 502.25 Td (VIE, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (analysis is then performed to determine if we are the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 369.69 490.25 Td (VIE by reviewing a combination of qualitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (and quantitative measures including analyzing the expected investment portfolio using various assumptions to estimate the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (income from the underlying assets.) Tj ET Q q 0 0 0 rg BT 195.06 466.25 Td (The projected cash flows are then analyzed to determine whether or not we are the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (beneficiary by analyzing if we have both the power to direct the entity) Tj ET Q q 0 0 0 rg BT 333.78 454.25 Td (s significant economic activities and the obligation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (absorb potentially significant losses or receive potentially significant benefits.In addition to this analysis, we also consider the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (rights and decision making abilities of each holder of variable interests. ) Tj ET Q q 0 0 0 rg BT 338.07 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 346.70 430.25 Td (e will consolidate joint ventures that are determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (to be variable interest entities for which we are the primary beneficiary) Tj ET Q q 0 0 0 rg BT 333.39 418.25 Td (. ) Tj ET Q q 0 0 0 rg BT 338.21 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 346.85 418.25 Td (e will also consolidate joint ventures that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (determined to be variable interest entities, but for which we exercise significant control over major operating decisions, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (approval of budgets, selection of property managers, asset management, investment activity and changes in financing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (Any investments in partially owned real estate joint ventures and partnerships are reviewed for impairment periodically if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (instance, we will record an impairment char) Tj ET Q q 0 0 0 rg BT 225.58 346.25 Td (ge if we determine that a decline in the value of an investment below its fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (is other than temporary) Tj ET Q q 0 0 0 rg BT 142.38 334.25 Td (.Our analysis will be dependent on a number of factors, including the performance of each investment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 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 413.42 322.25 Td (. Based on our analysis of the facts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (and circumstances at each reporting period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.31 310.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.31 310.25 Td ( impairment was recorded related to investments in unconsolidated, partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (owned real estate joint ventures for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.97 298.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.56 298.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.56 298.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.56 298.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.50 298.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 298.25 Td (. However) Tj ET Q q 0 0 0 rg BT 447.25 298.25 Td (, if market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (deteriorate in the future and result in lower valuations or reduced cash flows of the Company) Tj ET Q q 0 0 0 rg BT 424.60 286.25 Td (s investments, impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 274.25 Td (ges may be recorded in future periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 250.25 Td (Investment Property and Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 226.25 Td (When we acquire a property) Tj ET Q q 0 0 0 rg BT 182.95 226.25 Td (, we allocate the purchase price of the acquisition based upon our assessment of the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (of various components, including land, building and improvements, and intangible lease assets and liabilities. Fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (determinations are based on estimated cash flow projections that utilize discount and/or capitalization rates, as well as certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (available market information. ) Tj ET Q q 0 0 0 rg BT 170.88 190.25 Td (The fair value of land, building and improvements considers the value of the property as if it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (were vacant. ) Tj ET Q q 0 0 0 rg BT 102.84 178.25 Td (The fair value of intangible lease assets is based on our evaluation of the specific characteristics of each lease. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, current market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (and market rates, the customer) Tj ET Q q 0 0 0 rg BT 172.82 154.25 Td () Tj ET Q q 0 0 0 rg BT 175.60 154.25 Td (s credit quality and costs to execute similar leases. ) Tj ET Q q 0 0 0 rg BT 379.25 154.25 Td (The fair value of out-of-market leases is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (calculated as the present value \(using a discount rate that reflects the risks associated with the leases\) of the dif) Tj ET Q q 0 0 0 rg BT 492.71 142.25 Td (ference between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (the contractual amounts to be paid pursuant to each in-place lease and our estimate of fair market lease rates for each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (corresponding in-place lease. In estimating carrying costs, we include estimates of lost rentals at market rates during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, we consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (customer improvements, leasing commissions, legal costs and other related expenses. Initial valuations are subject to change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (until such information is finalized, which will occur no later than 12months after the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.25 Td (Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 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 endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 230.69 730.10 Td (.If the carrying amount exceeds the undiscounted cash flows, it would be written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (down to theestimated fair value to reflect impairment in the value of the asset. ) Tj ET Q q 0 0 0 rg BT 366.93 718.10 Td (The determination of whether investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (property is impaired requires a significant amount of judgment by management and is based on the best information available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (to management at the time of the evaluation. No impairment char) Tj ET Q q 0 0 0 rg BT 311.12 694.10 Td (ges were recorded during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 694.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.24 694.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 682.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 682.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 682.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 670.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 658.10 Td (Deferred Leasing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 634.10 Td (e consider a number of dif) Tj ET Q q 0 0 0 rg BT 181.70 634.10 Td (ferent factors to evaluate whether we or the lesseeis the owner of the tenant improvements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (accounting purposes. ) Tj ET Q q 0 0 0 rg BT 136.74 622.10 Td (These factors include: \(i\)whether the lease stipulates how and on what a tenant improvement allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (constructs or directs the construction of the improvements. ) Tj ET Q q 0 0 0 rg BT 287.26 586.10 Td (The determination of who owns the tenant improvements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (accounting purposes is subject to significant judgment. In making that determination, we consider all of the above factors. No ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (one factor) Tj ET Q q 0 0 0 rg BT 89.85 562.10 Td (, however) Tj ET Q q 0 0 0 rg BT 128.88 562.10 Td (, necessarily establishes any determination.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 538.10 Td (Revenue Recognition and V) Tj ET Q q 0 0 0 rg BT 173.17 538.10 Td (aluation of Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 514.10 Td (e are required to recognize minimum rent revenues on a straight-line basis over the terms of tenant leases, including rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (holidays and bar) Tj ET Q q 0 0 0 rg BT 115.91 502.10 Td (gain renewal options, if any) Tj ET Q q 0 0 0 rg BT 226.62 502.10 Td (. Revenues associated with tenant reimbursements are recognized in the period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (which the expenses are incurred based upon the tenant) Tj ET Q q 0 0 0 rg BT 270.47 490.10 Td (s lease provision. Leases are not uniform in dealing with such cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (reimbursements and there are many variations to the computation. ) Tj ET Q q 0 0 0 rg BT 319.46 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 328.10 478.10 Td (e make quarterly accrual adjustments, positive or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (negative, to tenant reimbursement revenue to adjust the recorded amounts to our best estimate of the final amounts to be billed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (and collected with respect to the cost reimbursements. Revenues relating to lease termination fees are recognized on a straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (line basis amortized from the time that a tenant) Tj ET Q q 0 0 0 rg BT 241.05 442.10 Td (s right to occupy the leased space is modified through the end of the revised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (lease term and are included in other revenue in the accompanying consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 470.22 430.10 Td (T) Tj ET Q q 0 0 0 rg BT 475.63 430.10 Td (o the extent our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (leases provide for rental increases at specified intervals, we will record a receivable for rent not yet due under the lease terms. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 406.10 Td (, our management must determine, in its judgment, to what extent the unbilled rent receivable applicable to each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (specific tenant is collectible. ) Tj ET Q q 0 0 0 rg BT 166.16 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 174.80 394.10 Td (e review unbilled rent receivables on a quarterly basis and take into consideration the tenant) Tj ET Q q 0 0 0 rg BT 545.22 394.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (payment history) Tj ET Q q 0 0 0 rg BT 114.06 382.10 Td (, the financial condition of the tenant, business conditions in the industry in which the tenant operates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (economic conditions in the area in which the property is located. In the event that the collectibility of unbilled rent with respect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to any given tenant is in doubt, we would be required to record an increase in our allowance for doubtful accounts or record a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (direct write-of) Tj ET Q q 0 0 0 rg BT 107.29 346.10 Td (f of the specific rent receivable, which would have an adverse ef) Tj ET Q q 0 0 0 rg BT 364.77 346.10 Td (fect on our net income for the year in which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (reserve is increased or the direct write-of) Tj ET Q q 0 0 0 rg BT 213.63 334.10 Td (f is recorded and would decrease our total assets and stockholders) Tj ET Q q 0 0 0 rg BT 479.46 334.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 506.31 334.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 310.10 Td (Real Estate Loans Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (Real estate loans receivable is shown at cost, net of any applicable allowance for uncollectibility and deferred loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (origination fees. ) Tj ET Q q 0 0 0 rg BT 117.30 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.94 274.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (real estate loan receivable. ) Tj ET Q q 0 0 0 rg BT 160.86 262.10 Td (The related amortization of the deferred loan origination fees are recorded in other revenue in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (accompanying consolidated statement of operations and comprehensive income \(loss\). ) Tj ET Q q 0 0 0 rg BT 400.73 250.10 Td (An allowance for the uncollectible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (the property is located and credit quality indicators which include the borrower) Tj ET Q q 0 0 0 rg BT 366.66 226.10 Td () Tj ET Q q 0 0 0 rg BT 369.43 226.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 439.89 226.10 Td (, the financial condition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 86.25 214.10 Td (, and business conditions in the industry in which the borrower operates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 190.10 Td (, a real estate loan receivable is considered to be impaired when, based upon current events, it is probable that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (discounting the expected future cash flows at its ef) Tj ET Q q 0 0 0 rg BT 252.53 154.10 Td (fective interest rate or to the value of the underlying collateral if the real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (estate loan receivable is collateral dependent. Evaluating real estate loans receivable for potential impairment can require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (management to exercise significant judgment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.11 130.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.33 130.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 319.45 130.10 Td (ges were recorded for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.56 130.10 Td (years ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.04 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.54 130.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.12 130.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 118.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 118.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 118.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 94.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 89.45 94.10 Td (Accounting Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (See Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 224.92 70.10 Td (Accounting Policies for a discussion regarding recent accounting pronouncements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (and the potential impact, if any) Tj ET Q q 0 0 0 rg BT 173.75 58.10 Td (, on our financial statements.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 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 50.00 730.10 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 140.30 730.10 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 201.44 730.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 235.61 730.10 Td (Resour) Tj ET Q q 0 0 0 rg BT 265.98 730.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 706.10 Td (o date, our most significant demands for funds have been related to the purchase of real estate properties and other real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (estate-related investments. Specifically) Tj ET Q q 0 0 0 rg BT 205.68 694.10 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.11 694.10 Td ($5.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.22 694.10 Td ( of real estate investments using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.74 694.10 Td ($2.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.86 694.10 Td ( of proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (our public of) Tj ET Q q 0 0 0 rg BT 101.47 682.10 Td (ferings and debt proceeds. ) Tj ET Q q 0 0 0 rg BT 208.75 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 217.39 682.10 Td (e invested all of the proceeds raised through our public of) Tj ET Q q 0 0 0 rg BT 447.70 682.10 Td (ferings by the end of 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (As a result, any real estate investments we may make in the future will be funded using proceeds from the dispositions of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (real estate investments and debt proceeds. Other significant demands for funds include the payment of operating expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (distributions and debt service. Generally) Tj ET Q q 0 0 0 rg BT 211.25 646.10 Td (, we expect to meet these operating cash needs using cash flows from operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (activities. ) Tj ET Q BT /F1 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 have not generated suf) Tj ET Q q 0 0 0 rg BT 173.63 610.10 Td (ficient cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 435.91 610.10 Td (Therefore some or all of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (distributions may continue to be paid from other sources, such as proceeds from our debt financings, proceeds from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (distribution reinvestment plan, proceeds from the sales of assets, cash advances by the ) Tj ET Q q 0 0 0 rg BT 396.85 586.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 428.67 586.10 Td (, and cash resulting from a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (waiver or deferral of fees. ) Tj ET Q q 0 0 0 rg BT 158.37 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.01 574.10 Td (e have not placed a cap on the amount of our distributions that may be paid from sources other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (than cash flows from operations, including proceeds from our debt financings, proceeds from this of) Tj ET Q q 0 0 0 rg BT 450.83 562.10 Td (fering, cash advances by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 550.10 Td (Advisor and cash resulting from a waiver or deferral fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 526.10 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 428.15 526.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.59 526.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.18 526.10 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 514.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.88 514.10 Td (leveraged, based on the values of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 372.40 514.10 Td (At that time, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.27 514.10 Td ($2.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.38 514.10 Td ( of principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (outstanding under our various loan agreements with a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.16 502.10 Td (2.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.99 502.10 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 488.56 502.10 Td (fects of related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 128.31 490.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.35 490.10 Td ($197.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.24 490.10 Td ( of our loans are maturing during 2016. ) Tj ET Q q 0 0 0 rg BT 412.25 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 420.89 490.10 Td (e generally expect to refinance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (these loans, but we may repay them using our revolving credit facility with JPMor) Tj ET Q q 0 0 0 rg BT 379.19 478.10 Td (gan Chase Bank, N.A. \(the Revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (Credit Facility\) or other available cash if we are unable to refinance them at satisfactory terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (The discussions below provide additional details regarding our operating, investing, and financing cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 59.00 418.10 Td ( ) Tj ET Q BT /F4 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 322.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 322.10 Td ( operating activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.49 322.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.08 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.58 322.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.16 322.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.71 322.10 Td ($1) Tj ET Q q 0 0 0 rg BT 418.34 322.10 Td (14.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.23 322.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.94 322.10 Td ($142.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 310.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 310.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.85 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.35 310.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.94 310.10 Td (. Net cash provided by operating activities was reduced by the payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (acquisition fees and acquisition-related expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.48 298.10 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.38 298.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.20 298.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.78 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.28 298.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.87 298.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.31 298.10 Td ($44.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 286.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.72 286.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.30 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.80 286.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.38 286.10 Td (. Under GAAP) Tj ET Q q 0 0 0 rg BT 310.49 286.10 Td (, acquisition fees and acquisition-related expenses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (expensed and therefore reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 361.42 274.10 Td (, we funded these expenses with proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (our public of) Tj ET Q q 0 0 0 rg BT 101.47 262.10 Td (ferings or other equity capital. Excluding the ef) Tj ET Q q 0 0 0 rg BT 293.17 262.10 Td (fect of these fees and expenses, operating cash flows decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td ($49.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 250.10 Td (. ) Tj ET Q q 0 0 0 rg BT 111.21 250.10 Td (The decrease in operating cash flows is primarily due to higher deferred lease costs paid during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.68 250.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.27 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 238.10 Td ( as well as declines in foreign currency exchange rates against the U.S. dollar) Tj ET Q q 0 0 0 rg BT 437.08 238.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 214.10 Td (provided by) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 309.58 214.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.16 214.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.71 214.10 Td ($142.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 214.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.31 214.10 Td ($40.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 202.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.05 202.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.64 202.10 Td (. Net cash provided by operating activities was reduced by the payment of acquisition fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (and acquisition-related expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 190.10 Td ($44.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.39 190.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.30 190.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.89 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.33 190.10 Td ($83.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.22 190.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.08 178.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 178.10 Td (. Under GAAP) Tj ET Q q 0 0 0 rg BT 235.78 178.10 Td (, acquisition fees and acquisition-related expenses are expensed and therefore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 266.19 166.10 Td (, we fund these expenses with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 499.55 166.10 Td (ferings or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (equity capital. Excluding the ef) Tj ET Q q 0 0 0 rg BT 177.55 154.10 Td (fect of these fees and expenses, operating cash flows increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.56 154.10 Td ($63.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.45 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 504.77 154.10 Td (This increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (is due to our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.43 142.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.09 142.10 Td ( operating properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.95 142.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.95 142.10 Td ( and the operation of properties acquired during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.21 142.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.21 142.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (entire year) Tj ET Q q 0 0 0 rg BT 91.92 130.10 Td (.) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 742.25 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 173.10 742.25 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Net cash used in investing activitiesprimarily relates to payments made for the acquisition of our real estate investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (including deposits for pending acquisitions, capital expenditures at our properties, and activities related to our loans receivable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 694.25 Td (, beginning in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.68 694.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.68 694.25 Td (, cash flows from investing activities includes proceeds received from the sales of our real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (estate investments. Net cash used in investing activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.49 682.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.08 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.58 682.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.16 682.25 Td ( decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.58 682.25 Td ($1) Tj ET Q q 0 0 0 rg BT 484.20 682.25 Td (15.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.10 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.29 670.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.29 670.25 Td ( primarily as a result of less investment in property acquisitions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.91 670.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.91 670.25 Td (:) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 644.9169921875 m 88 644.9169921875 l s q 0 0 0 rg BT 68.00 646.25 Td (2015) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 622.25 Td (e had cash outflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.11 622.25 Td ($51) Tj ET Q q 0 0 0 rg BT 201.74 622.25 Td (1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.63 622.25 Td ( related to our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.16 622.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.82 622.25 Td ( real estate investments as well as additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.25 Td (phases of ) Tj ET Q q 0 0 0 rg BT 125.81 610.25 Td (The Rim and Simon Hegele Logistics properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 598.25 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 598.25 Td ($30.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.70 598.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.73 598.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.17 598.25 Td ( our properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 586.25 Td (e paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.29 586.25 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.18 586.25 Td ( in capital expenditures at our operating properties and paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.66 586.25 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.55 586.25 Td ( in construction costs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (our multi-family development projects in Houston, ) Tj ET Q q 0 0 0 rg BT 292.17 574.25 Td (T) Tj ET Q q 0 0 0 rg BT 297.58 574.25 Td (exas and Miami, Florida. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 562.25 Td (e made real estate loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.92 562.25 Td ($13.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.81 562.25 Td ( and received proceeds from the collection of real estate loans receivable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.25 Td ($33.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 550.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 524.9169921875 m 88 524.9169921875 l s q 0 0 0 rg BT 68.00 526.25 Td (2014) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 502.25 Td (e had cash outflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.11 502.25 Td ($729.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.00 502.25 Td ( related to our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.53 502.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.19 502.25 Td ( real estate investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 490.25 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 490.25 Td ($248.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.70 490.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.73 490.25 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.73 490.25 Td ( our properties before retiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.52 490.25 Td ($132.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.41 490.25 Td ( in related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.25 Td (mortgage loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 466.25 Td (e paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.29 466.25 Td ($7.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.18 466.25 Td ( in capital expenditures at our operating properties and paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.66 466.25 Td ($44.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 466.25 Td ( in construction costs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.25 Td (our multi-family development projects in Houston, ) Tj ET Q q 0 0 0 rg BT 292.17 454.25 Td (T) Tj ET Q q 0 0 0 rg BT 297.58 454.25 Td (exas and Miami, Florida. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 442.25 Td (e also paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.90 442.25 Td ($15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.79 442.25 Td ( related to a deposit on a pending acquisition that was completed in 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 430.25 Td (e made real estate loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.92 430.25 Td ($50.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.81 430.25 Td ( and received proceeds from the collection of real estate loans receivable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.25 Td ($19.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 418.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 406.25 Td (e had an increase in restricted cash of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.79 406.25 Td ($9.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.68 406.25 Td ( primarily related to escrows required by several of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.25 Td (outstanding mortgage loans. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 368.9169921875 m 88 368.9169921875 l s q 0 0 0 rg BT 68.00 370.25 Td (2013) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 346.25 Td (e had cash outflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.11 346.25 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.23 346.25 Td ( related to our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.75 346.25 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.75 346.25 Td ( real estate investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 334.25 Td (e paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.29 334.25 Td ($1) Tj ET Q q 0 0 0 rg BT 130.92 334.25 Td (1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.81 334.25 Td ( in capital expenditures at our operating properties and paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.29 334.25 Td ($44.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.18 334.25 Td ( in construction costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (at our multi-family development projects in Houston, ) Tj ET Q q 0 0 0 rg BT 301.89 322.25 Td (T) Tj ET Q q 0 0 0 rg BT 307.30 322.25 Td (exas and Miami, Florida. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 310.25 Td (e made real estate loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.92 310.25 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.81 310.25 Td ( and received proceeds from the collection of real estate loans receivable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td ($12.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 298.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 286.25 Td (e had an increase in restricted cash of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.79 286.25 Td ($4.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.68 286.25 Td ( related to escrows required by several of our outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (mortgage loans and security deposits at a property in ) Tj ET Q q 0 0 0 rg BT 299.37 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 308.01 274.25 Td (arsaw) Tj ET Q q 0 0 0 rg BT 330.68 274.25 Td (, Poland.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 250.25 Td (Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 178.11 250.25 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td (Public Offerings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td (As described previously) Tj ET Q q 0 0 0 rg BT 164.00 202.25 Td (, we ceased of) Tj ET Q q 0 0 0 rg BT 220.45 202.25 Td (fering primary shares pursuant to our second public of) Tj ET Q q 0 0 0 rg BT 437.43 202.25 Td (fering in ) Tj ET Q q 0 0 0 rg BT 473.54 202.25 Td (April 2014. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 190.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 190.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.71 190.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.71 190.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 285.38 190.25 Td (, we raised proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.78 190.25 Td ($378.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.67 190.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.11 190.25 Td ($772.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.00 190.25 Td ( from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (public of) Tj ET Q q 0 0 0 rg BT 85.64 178.25 Td (ferings, excluding proceeds from the distribution reinvestment plan. In addition, during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.92 178.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 166.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 166.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 166.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.44 166.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 166.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 187.10 166.25 Td (, we redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.62 166.25 Td ($57.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.51 166.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.51 166.25 Td ($37.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.41 166.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.84 166.25 Td ($18.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.74 166.25 Td ( in shares of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (through our share redemption program. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.25 Td (In addition to the investing activities described above, we used proceeds from our public of) Tj ET Q q 0 0 0 rg BT 433.00 130.25 Td (ferings of securities to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (certain payments to the ) Tj ET Q q 0 0 0 rg BT 144.97 118.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 176.79 118.25 Td (, Hines Securities, Inc. \(the Dealer Manager\) and Hines and their af) Tj ET Q q 0 0 0 rg BT 455.38 118.25 Td (filiates during the various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (phases of our or) Tj ET Q q 0 0 0 rg BT 113.97 106.25 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 271.52 106.25 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 340.76 106.25 Td (fering stage, these included payments to our Dealer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (Manager for selling commissions and the dealer manager fee and payments to the ) Tj ET Q q 0 0 0 rg BT 378.51 94.25 Td (Advisor for reimbursement of issuer costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.52 82.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.11 82.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.54 82.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.54 82.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 316.21 82.25 Td (, we made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.18 82.25 Td ($39.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.07 82.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.51 82.25 Td ($84.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.40 82.25 Td (, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (selling commissions, dealer manager fees and issuer costs related to our public of) Tj ET Q q 0 0 0 rg BT 375.56 70.25 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 410.65 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 419.29 70.25 Td (e paid no selling commissions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (dealer manager fees during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.77 58.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.36 58.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.86 58.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.44 58.25 Td ( and made only limited payments to the ) Tj ET Q q 0 0 0 rg BT 460.41 58.25 Td (Advisor for issuer costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (The decrease in these payments is due to the closing of our second public of) Tj ET Q q 0 0 0 rg BT 354.17 46.25 Td (fering in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.28 46.25 Td (April2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.89 46.25 Td (. ) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 706.10 Td (ith the authorization of our board of directors, we declared distributions for the months of January 2013 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.20 706.10 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 694.10 Td ( at an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.08 694.10 Td ($0.0017808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.58 694.10 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 281.51 694.10 Td (. Distributions are paid monthly on the first business day following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the completion of each month to which they relate. ) Tj ET Q q 0 0 0 rg BT 255.49 682.10 Td (All distributions were or will be paid in cash or reinvested in shares of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (common stock for those participating in our distribution reinvestment plan. Distributions paid to stockholders \(including those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (reinvested in stock\) during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.11 658.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.70 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.70 658.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.70 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.13 658.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.13 658.10 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.56 658.10 Td ($177.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.45 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.45 658.10 Td ($168.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.35 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.78 658.10 Td ($1) Tj ET Q q 0 0 0 rg BT 543.41 658.10 Td (15.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 646.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 646.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 355.51 622.10 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 535.31 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 543.95 622.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.27 610.10 Td (67%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.60 610.10 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.87 610.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.87 610.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.87 610.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.20 610.10 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.47 610.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.47 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.90 610.10 Td (37%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.23 610.10 Td ( of total distributions for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 610.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.50 610.10 Td ( with cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (flows from financing activities, which include proceeds from our public of) Tj ET Q q 0 0 0 rg BT 348.34 598.10 Td (ferings and proceeds from our debt financings. ) Tj ET Q q 0 0 0 rg BT 539.68 598.10 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.33 586.10 Td (years ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.80 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.30 586.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.88 586.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.88 586.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.88 586.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.82 586.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.82 586.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 341.48 586.10 Td (, we paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.36 586.10 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.25 586.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.25 586.10 Td ($44.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.14 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.58 586.10 Td ($83.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 574.10 Td ( in acquisition fees and expenses. Under GAAP) Tj ET Q q 0 0 0 rg BT 270.80 574.10 Td (, acquisition fees and acquisition-related expenses are expensed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (therefore reduce cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 304.77 562.10 Td (, we fund these expenses with proceeds from our public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 550.10 Td (ferings or other equity capital. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 526.10 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 141.05 526.10 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 501.21 526.10 Td (Advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 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 442.25 514.10 Td (, as disclosed in each of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (quarterly reports, amounted to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.79 502.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.12 502.10 Td ( of the aggregate distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 455.15 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 462.47 502.10 Td (The ) Tj ET Q q 0 0 0 rg BT 479.97 502.10 Td (Advisor waived a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (total of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.10 490.10 Td ($12.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.00 490.10 Td ( through the expiration of the waiver on December 31, 2013. ) Tj ET Q q 0 0 0 rg BT 382.15 490.10 Td (As a result of the waiver of these fees, cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (flows from operations that would have been paid to the ) Tj ET Q q 0 0 0 rg BT 272.72 478.10 Td (Advisor for asset management feeswere available to pay distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (to stockholders. ) Tj ET Q q 0 0 0 rg BT 118.14 466.10 Td (These fee waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 323.78 466.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 459.86 466.10 Td (Advisor in cash at any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (time in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (The ) Tj ET Q q 0 0 0 rg BT 85.50 430.10 Td (Advisor also agreed to waive asset management fees otherwise payable to it for the years ended December 31, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (and 2015, to the extent that our MFFO for those years as disclosed in our ) Tj ET Q q 0 0 0 rg BT 344.40 418.10 Td (Annual Report on Form 10-K for such years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (amounted to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.43 406.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.76 406.10 Td ( of the aggregate distributions declared to our stockholders for such years. However) Tj ET Q q 0 0 0 rg BT 500.03 406.10 Td (, because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (MFFO exceeded distributions declared to our stockholders for those years, the ) Tj ET Q q 0 0 0 rg BT 365.48 394.10 Td (Advisor did not waive any asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (fees for such periods. During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.05 382.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.63 382.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.63 382.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.63 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.07 382.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.07 382.10 Td (, we incurred asset management fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.00 382.10 Td ($35.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 370.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 370.10 Td ($34.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.78 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.22 370.10 Td ($20.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.11 370.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 263.77 370.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (The table below contains additional information regarding distributions to our stockholders and noncontrolling interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (holders as well as the sources of distribution payments \(all amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 257.60 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 257.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 257.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 257.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 257.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 257.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 257.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 257.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 257.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 257.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 257.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 257.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 257.60 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 257.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 257.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 257.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 257.60 30.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 243.60 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 148.50 243.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 152.50 243.60 59.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 211.50 243.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 215.50 243.60 59.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 274.50 243.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 278.50 243.60 45.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 323.50 243.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 327.50 243.60 69.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 396.50 243.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 400.50 243.60 45.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 445.50 243.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 449.50 243.60 30.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 479.50 243.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 483.50 243.60 45.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 528.50 243.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 532.50 243.60 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 229.60 98.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 148.50 229.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.50 229.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.50 229.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.50 229.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 229.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 229.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 229.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 327.50 229.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 229.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 229.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 229.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 229.60 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 229.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 229.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 528.50 229.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 229.60 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 152.5 288.6 m 211.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 288.6 m 215.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 288.6 m 274.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 288.6 m 278.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 288.6 m 323.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 288.6 m 396.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 288.6 m 445.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 288.6 m 449.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 288.6 m 479.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 288.6 m 483.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 288.6 m 528.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 288.6 m 532.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 288.6 m 562.5 288.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 257.6 m 148.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 152.5 257.6 m 211.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 215.5 257.6 m 274.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 257.6 m 323.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 327.5 257.6 m 396.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 257.6 m 445.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 257.6 m 449.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 257.6 m 479.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 257.6 m 528.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 528.5 257.6 m 532.5 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 532.5 257.6 m 562.5 257.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 293.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 212.45 293.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.55 302.05 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 368.88 302.05 Td (olling ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.30 293.05 Td (Inter) Tj ET Q q 0 0 0 rg BT 359.63 293.05 Td (ests ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 375.88 297.13 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.05 293.05 Td (Sources) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 271.05 Td (Distributions for the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 262.05 Td (Three Years Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 171.70 271.05 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 156.20 262.05 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 219.20 271.05 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.50 262.05 Td (Reinvested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 290.65 271.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.30 262.05 Td (Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 333.35 262.05 Td (Total Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.55 280.00 Td (Cash Flows From) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.75 271.00 Td (Operating) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.50 262.00 Td (Activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.00 262.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.55 280.00 Td (Cash Flows Fr) Tj ET Q q 0 0 0 rg BT 544.39 280.00 Td (om ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.20 271.00 Td (Financing ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 500.35 262.00 Td (Activities) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 536.34 266.08 Td ( \(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 248.06 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 155.00 248.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.25 248.06 Td (83,481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.00 248.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.25 248.06 Td (93,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.00 248.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 248.06 Td (177,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 248.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.75 248.06 Td (4,221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.00 248.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 248.06 Td (114,905) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 248.06 Td (63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 248.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 248.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.25 248.06 Td (66,609) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 248.06 Td (37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 248.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 234.06 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 155.00 234.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.25 234.06 Td (79,555) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.00 234.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.25 234.06 Td (91,530) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.00 234.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 234.06 Td (171,085) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 234.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.75 234.06 Td (4,668) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.00 234.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.75 234.06 Td (142,372) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 234.06 Td (81) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 234.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 234.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.25 234.06 Td (33,381) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 234.06 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 234.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 220.06 Td (December 31, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 155.00 220.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.25 220.06 Td (56,702) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 218.00 220.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 246.25 220.06 Td (63,062) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 281.00 220.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 290.75 220.06 Td (119,764) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 330.00 220.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 372.75 220.06 Td (3,331) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.00 220.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.25 220.06 Td (40,524) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.50 220.06 Td (33) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.50 220.06 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 486.00 220.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.25 220.06 Td (82,571) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 220.06 Td (67) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 554.50 220.06 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 198.10 Td (Cash flows from financing activities includes proceeds from our public of) Tj ET Q q 0 0 0 rg BT 363.30 198.10 Td (ferings, equity capital contributions from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 186.10 Td (noncontrolling interests and proceeds from debt financings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 168.10 Td (Includes distributions declared by the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 289.98 168.10 Td ( to Moorfield/Laser related to the operations of the Brindleyplace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 156.10 Td (Project of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.66 156.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.55 156.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.55 156.10 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.44 156.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.88 156.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.77 156.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.12 156.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.71 156.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.71 156.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.71 156.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.14 156.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.14 156.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 557.80 156.10 Td (.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Debt Financings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.10 Td (e utilize permanent mortgage financing to leverage returns on our real estate investments and use borrowings under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Revolving Credit Facility to provide funding for near) Tj ET Q q 0 0 0 rg BT 262.81 706.10 Td (-term investment or working capital needs. ) Tj ET Q q 0 0 0 rg BT 438.88 706.10 Td (As mentioned previously) Tj ET Q q 0 0 0 rg BT 538.77 706.10 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 694.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.88 694.10 Td ( leveraged as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.40 694.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.98 694.10 Td ( \(based on the values of our real estate investments\) with a weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (average interest value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.50 682.10 Td (2.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.33 682.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (Below is additional information regarding our loan activities for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.79 658.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.38 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.38 658.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.38 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.82 658.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.82 658.10 Td (. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Note 6 Debt Financing for additional information regarding our outstanding debt: ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 620.7669921875 m 88 620.7669921875 l s q 0 0 0 rg BT 68.00 622.10 Td (2015) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 598.10 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.56 598.10 Td ($262.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.45 598.10 Td ( of mortgage financing, related to the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.71 598.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.38 598.10 Td ( operating properties as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (an additional phase of the Simon Hegele Logistics Portfolio, with an aggregate purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.33 586.10 Td ($472.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.22 586.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.90 574.10 Td (, our multi-family development projects borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.91 574.10 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.80 574.10 Td ( to fund construction costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (The Flagship JV) Tj ET Q q 0 0 0 rg BT 151.93 562.10 Td ( borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.25 562.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.14 562.10 Td ( under its revolving credit facility related to the funding of its loans receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (during the period and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.12 550.10 Td ($1) Tj ET Q q 0 0 0 rg BT 259.75 550.10 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.64 550.10 Td ( on its revolving credit facility) Tj ET Q q 0 0 0 rg BT 424.35 550.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 538.10 Td (e also borrowed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.26 538.10 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.38 538.10 Td ( under our Revolving Credit Facility and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.44 538.10 Td ($891.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 526.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 514.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 514.10 Td ($65.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.70 514.10 Td ( on loan modifications related to our loans secured by ) Tj ET Q q 0 0 0 rg BT 457.68 514.10 Td (The Campus at Playa ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (V) Tj ET Q q 0 0 0 rg BT 92.62 502.10 Td (ista and Fifty South Sixth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 490.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 490.10 Td ($1) Tj ET Q q 0 0 0 rg BT 187.02 490.10 Td (10.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.91 490.10 Td ( to retire the outstanding principal balances of the secured mortgage loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (Hock Plaza and Gogolevsky 1) Tj ET Q q 0 0 0 rg BT 206.71 478.10 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 466.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 466.10 Td ($17.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.28 466.10 Td ( related to our related party loan secured by ) Tj ET Q q 0 0 0 rg BT 407.04 466.10 Td (A) Tj ET Q q 0 0 0 rg BT 413.52 466.10 Td (viva Coral Gables. ) Tj ET Q q 0 0 0 rg BT 493.04 466.10 Td (This loan had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (reached its maturity date and we did not seek additional financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 442.10 Td (e also made payments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.22 442.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 442.10 Td ( on our remaining outstanding mortgage loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 430.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 430.10 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 430.10 Td ( for financing costs related to our loans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.06 430.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 430.10 Td ( related to two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.93 430.10 Td ($250 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 418.10 Td ( interest rate cap corridor agreements as economic hedges against the variability of future interest rates on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 187.56 406.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 380.7669921875 m 88 380.7669921875 l s q 0 0 0 rg BT 68.00 382.10 Td (2014) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 358.10 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.56 358.10 Td ($314.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.45 358.10 Td ( of mortgage financing, related to the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.71 358.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.38 358.10 Td ( operating properties with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.43 346.10 Td ($732.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.32 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 279.27 346.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 329.17 346.10 Td (, two of our multi-family development projects borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.10 Td ($45.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 334.10 Td ( to fund construction costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 Td (The Flagship JV) Tj ET Q q 0 0 0 rg BT 151.93 322.10 Td ( borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.25 322.10 Td ($30.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.14 322.10 Td ( under its revolving credit facility related to the funding of its loans receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 310.10 Td (during the period and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.12 310.10 Td ($16.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.01 310.10 Td ( on its revolving credit facility) Tj ET Q q 0 0 0 rg BT 424.72 310.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 298.10 Td (e also borrowed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.26 298.10 Td ($673.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.16 298.10 Td ( under our Revolving Credit Facility and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.21 298.10 Td ($577.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 286.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 274.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 274.10 Td ($132.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.28 274.10 Td ( related to our loans secured by 144 Montague and Stonecutter Court upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (disposition of those properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 250.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 250.10 Td ($54.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.28 250.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.72 250.10 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.61 250.10 Td ( related to our loans secured by the Campus at Marlborough and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 238.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 118.26 238.10 Td (all Place, respectively) Tj ET Q q 0 0 0 rg BT 205.07 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 212.39 238.10 Td (These loans had reached their maturity date and we did not seek additional financing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 226.10 Td (e also made payments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.22 226.10 Td ($8.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 226.10 Td ( on our remaining outstanding mortgage loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 214.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 214.10 Td ($4.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 214.10 Td ( for financing costs related to our loans.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 68 188.76699218750002 m 88 188.76699218750002 l s q 0 0 0 rg BT 68.00 190.10 Td (2013) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 166.10 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.56 166.10 Td ($676.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.45 166.10 Td ( of mortgage financing, related to the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.71 166.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.71 166.10 Td ( operating properties with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.43 154.10 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.54 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 266.49 154.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 316.40 154.10 Td (, two of our multi-family development projects borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td ($44.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 142.10 Td ( to fund construction costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (The Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 183.31 130.10 Td ( borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.63 130.10 Td ($8.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.52 130.10 Td ( related to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.95 130.10 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.84 130.10 Td ( investments in loans receivable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 118.10 Td (e borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.40 118.10 Td ($1.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.51 118.10 Td ( and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.76 118.10 Td ($943.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 118.10 Td ( under our two bridge loans and our Revolving Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 115.90 106.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 94.10 Td (e also made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 94.10 Td ($10.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.89 94.10 Td ( for financing costs related to our loans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.67 94.10 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.56 94.10 Td ( related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (interest rate caps. ) Tj ET Q endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 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 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.63 718.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 718.10 Td (, the noncontrolling interest partner of the ) Tj ET Q q 0 0 0 rg BT 407.06 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 413.54 718.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 498.06 718.10 Td (, contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 706.10 Td ( to the joint venture, for the funding of the repayment of the construction loan to Hines. See Note 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Or) Tj ET Q q 0 0 0 rg BT 60.37 694.10 Td (ganization for additional information regarding the ) Tj ET Q q 0 0 0 rg BT 265.86 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 272.34 694.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 356.87 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.63 670.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 670.10 Td (, the noncontrolling interest partner of Hines One ) Tj ET Q q 0 0 0 rg BT 437.70 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 446.34 670.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 469.96 670.10 Td (all Holdings LP) Tj ET Q q 0 0 0 rg BT 532.93 670.10 Td ( \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 63.08 658.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 86.70 658.10 Td (all Place JV\), contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.27 658.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.17 658.10 Td ( to the joint venture, for the funding of the repayment of the construction loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (to an af) Tj ET Q q 0 0 0 rg BT 79.80 646.10 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 147.10 646.10 Td (The contribution is recorded in contributions from noncontrolling interests in our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (statement of cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 610.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.11 610.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.04 610.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.04 610.10 Td (, Laser made contributions to the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 487.70 610.10 Td ( in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 598.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 598.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.22 598.10 Td (, which is recorded in contributions from noncontrolling interests in our consolidated statement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (cash flows. During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.51 586.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.10 586.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.54 586.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.54 586.10 Td (, the Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 413.26 586.10 Td (, the noncontrolling interest partner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (of the Flagship JV) Tj ET Q q 0 0 0 rg BT 122.32 574.10 Td (, contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.36 574.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.25 574.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.69 574.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.58 574.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 345.24 574.10 Td (, to the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 453.39 574.10 Td (, which is also recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (contributions from noncontrolling interests in our consolidated statement of cash flows. ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 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 49.50 730.25 Td (Results of Operations) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 706.25 Td (Y) Tj ET Q q 0 0 0 rg BT 63.50 706.25 Td (ear ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.27 706.25 Td (December31, 2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 185.41 706.25 Td ( compared to the year ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.72 706.25 Td (December31, 2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 382.87 706.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 682.25 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 107.68 682.25 Td (e ) Tj ET Q q 0 0 0 rg BT 114.44 682.25 Td (Analysis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 658.25 Td (The following table presents the property-level revenues in excess of expenses for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 658.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.88 658.25 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.79 646.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.79 646.25 Td (, by reportable segment. Same-store properties for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.58 646.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.16 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.43 634.25 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.43 634.25 Td ( properties owned as of January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.84 634.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.84 634.25 Td ( that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.76 634.25 Td (96%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.09 634.25 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.74 634.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.32 634.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.76 634.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.34 634.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 622.25 Td (. In total, property revenues in excess of expenses of the same-store properties decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.75 622.25 Td (8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.08 622.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.45 622.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.04 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 610.25 Td ( as compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.33 610.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.92 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.42 610.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 610.25 Td (. Below is additional information regarding our same-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (store results and significant vacancies from the prior year) Tj ET Q q 0 0 0 rg BT 278.31 598.25 Td (. ) Tj ET Q q 0 0 0 rg BT 285.26 598.25 Td (All amounts are in thousands, except for percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 515.75 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 515.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 515.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 515.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 515.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 515.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 515.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 515.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 485.75 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 485.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 485.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 485.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 485.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 485.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 485.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 485.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 455.75 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 455.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 455.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 455.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 455.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 455.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 455.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 455.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 425.75 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 425.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 425.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 425.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 425.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 425.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 425.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 425.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 395.75 229.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 395.75 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 395.75 10.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 395.75 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 395.75 8.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 395.75 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 395.75 9.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 395.75 64.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.75 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 364.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 364.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 364.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 364.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 364.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 364.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 364.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.75 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 334.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 334.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 334.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 334.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 334.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 334.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 334.75 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 279 560.75 m 343 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343 560.75 m 353 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353 560.75 m 417 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425 560.75 m 489 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 489 560.75 m 498 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 560.75 m 562 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279 545.75 m 343 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353 545.75 m 417 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425 545.75 m 489 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 545.75 m 562 545.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 455.75 m 343 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 455.75 m 417 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 455.75 m 489 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 455.75 m 562 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 410.75 m 343 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 410.75 m 343 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 396.75 m 343 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 394.75 m 343 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 410.75 m 417 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 396.75 m 417 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 394.75 m 417 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 410.75 m 489 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 396.75 m 489 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 394.75 m 489 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 410.75 m 562 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 396.75 m 562 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 394.75 m 562 394.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 565.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.10 565.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.60 565.43 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 550.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.50 550.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 550.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 550.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.50 550.43 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 535.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.87 535.43 Td (operty r) Tj ET Q q 0 0 0 rg BT 97.39 535.43 Td (evenues in excess of expenses ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 223.21 539.96 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 535.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 535.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 535.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 535.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 520.46 Td (Same-store properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 505.42 Td (Domestic office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 505.42 Td (88,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 505.42 Td (88,531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 505.42 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 505.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 505.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 490.42 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 490.42 Td (52,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 490.42 Td (54,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 490.47 Td (\(1,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 490.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.45 490.42 Td (\(3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 490.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 475.42 Td (International office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 475.42 Td (56,157) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 475.42 Td (70,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 475.47 Td (\(14,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 475.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 475.42 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 475.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 460.42 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 460.42 Td (37,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 460.42 Td (43,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 460.47 Td (\(6,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 460.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 460.42 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 460.42 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.50 445.46 Td (Total same-store properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 445.42 Td (234,688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 445.42 Td (256,474) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 445.47 Td (\(21,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 445.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.45 445.42 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 445.42 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 430.46 Td (Recent acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 430.42 Td (90,406) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 430.42 Td (41,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 430.42 Td (48,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.80 430.42 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 430.42 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 415.46 Td (Disposed pr) Tj ET Q q 0 0 0 rg BT 100.74 415.46 Td (operties ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 135.46 419.99 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 415.42 Td (2,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 415.42 Td (20,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 415.47 Td (\(18,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 415.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 415.42 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 415.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 400.43 Td (Total property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 400.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 400.42 Td (327,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 400.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 400.42 Td (319,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 400.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 400.42 Td (8,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 400.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 400.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 369.43 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 369.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 369.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 369.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 369.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 354.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 354.42 Td (186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.65 354.42 Td (193,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 354.47 Td (\(6,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 354.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.45 354.42 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 354.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 339.42 Td (Gain on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 339.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 339.42 Td (14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 339.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 339.42 Td (64,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 339.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.30 339.47 Td (\(49,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 339.42 Td (\(77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 339.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 324.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 324.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 324.42 Td (71,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 324.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 324.42 Td (78,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 324.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 324.47 Td (\(6,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 324.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.45 324.42 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 324.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 309.42 Td (Income tax provision \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.65 309.42 Td (4,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 309.42 Td (5,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 309.47 Td (\(1,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 309.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 309.42 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 309.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 281.25 Td (Property ) Tj ET Q q 0 0 0 rg BT 105.34 281.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 144.28 281.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.45 281.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 184.95 281.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.68 281.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 236.18 281.25 Td (include ) Tj ET Q q 0 0 0 rg BT 269.01 281.25 Td (total ) Tj ET Q q 0 0 0 rg BT 290.19 281.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 329.12 281.25 Td (less ) Tj ET Q q 0 0 0 rg BT 347.52 281.25 Td (property ) Tj ET Q q 0 0 0 rg BT 384.80 281.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 425.96 281.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 467.96 281.25 Td (real ) Tj ET Q q 0 0 0 rg BT 486.35 281.25 Td (property ) Tj ET Q q 0 0 0 rg BT 523.63 281.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 547.57 281.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 269.25 Td (property ) Tj ET Q q 0 0 0 rg BT 103.88 269.25 Td (management ) Tj ET Q q 0 0 0 rg BT 157.47 269.25 Td (fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 245.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 103.88 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.59 245.25 Td (property ) Tj ET Q q 0 0 0 rg BT 154.97 245.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 193.01 245.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.29 245.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 231.88 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.71 245.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 281.31 245.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.47 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.19 245.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 352.68 245.25 Td (that ) Tj ET Q q 0 0 0 rg BT 370.17 245.25 Td (were ) Tj ET Q q 0 0 0 rg BT 392.10 245.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 411.27 245.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.55 245.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 444.05 245.25 Td (and ) Tj ET Q q 0 0 0 rg BT 460.99 245.25 Td (2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 221.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 221.25 Td (Domestic other) Tj ET Q q 0 0 0 rg BT 150.02 221.25 Td ( investments:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 201.09 cm /I20 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 203.25 Td (Revenues in excess of expenses of ) Tj ET Q q 0 0 0 rg BT 261.83 203.25 Td (The Markets at ) Tj ET Q q 0 0 0 rg BT 324.68 203.25 Td (T) Tj ET Q q 0 0 0 rg BT 330.09 203.25 Td (own Center was lower in 2015 primarily due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.94 203.25 Td ($2.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 191.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.39 191.25 Td ( termination fee received from a tenant in June 2014. No termination fees were received in 2015. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 171.09 cm /I21 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 173.25 Td (Revenues in excess of expenses of Komo Plaza decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.08 173.25 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.97 173.25 Td ( resulting from several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 161.25 Td (telecommunication lease terminations in 2015.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 141.09 cm /I22 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 143.25 Td (Revenues in excess of expenses of Minneapolis Retail Center increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.80 143.25 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.69 143.25 Td ( resulting from an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 131.25 Td (increase in rental revenue due to a new tenant taking occupancy as well as lease renewals at more favorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 119.25 Td (rates, and an increase in percentage rent revenues.) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 742.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 742.25 Td (International office investments:) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 722.09 cm /I23 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 724.25 Td (Declines in foreign currency exchange rates against the U.S. dollar continue to cause declines in the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 712.25 Td (results of our international properties. For example, the Euro declined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.08 712.25 Td (16%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.41 712.25 Td ( against the U.S. dollar during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 700.25 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 700.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.17 700.25 Td ( compared with the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.96 700.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.96 700.25 Td (. ) Tj ET Q q 0 0 0 rg BT 411.41 700.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 461.31 700.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 480.47 700.25 Td (Australian dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 688.25 Td (declined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.87 688.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.20 688.25 Td ( and the British pound declined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.96 688.25 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.29 688.25 Td ( against the U.S. dollar during that period. See Item 7A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 676.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 285.90 676.25 Td (About Market Risk for additional information regarding our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 664.25 Td (exposure to foreign currency exchange rates.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 644.09 cm /I24 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 646.25 Td (Revenues in excess of expenses of Gogolevsky 1) Tj ET Q q 0 0 0 rg BT 317.47 646.25 Td (1 decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.89 646.25 Td ($6.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.78 646.25 Td ( primarily due to significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 634.25 Td (vacancies at the building. Gogolevsky 1) Tj ET Q q 0 0 0 rg BT 283.59 634.25 Td (1 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.14 634.25 Td (58%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.47 634.25 Td ( leased at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.17 634.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.76 634.25 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.96 634.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.29 634.25 Td ( leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 622.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.22 622.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.80 622.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 604.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 604.25 Td (International other) Tj ET Q q 0 0 0 rg BT 167.26 604.25 Td ( investments:) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 584.09 cm /I25 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 586.25 Td (Declining foreign currency exchange rates against the U.S. dollar continue to cause declines in the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 574.25 Td (results of our international properties, as described previously) Tj ET Q q 0 0 0 rg BT 368.00 574.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 554.09 cm /I26 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 556.25 Td (Revenues in excess of expenses of the Poland Logistics Portfolio decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.14 556.25 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.04 556.25 Td ( primarily due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 544.25 Td (tenant bankruptcy at one of the properties that occurred in May 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 508.25 Td (The decrease in the depreciation and amortization in the table above is due to fully amortized in-place lease intangibles in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (2015 in addition to the declining foreign currency exchange rates described above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 472.25 Td (The decrease in the gain on sale of real estate investments in the table above is due to a decrease in the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (dispositions and the gains on those sales for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.06 460.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.64 460.25 Td (, as compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.48 460.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 448.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 424.25 Td (The decrease in the interest expense in the table above is due to a decrease in the weighted average interest rate on our debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.46 412.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.04 412.25 Td (, as compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.88 412.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.46 412.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 388.25 Td (Derivative Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 364.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 364.25 Td (e have entered into several interest rate contracts as economic hedges against the fluctuation of future interest rates on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (our variable interest rate borrowings, and we have also entered into several foreign currency forward contracts as economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (hedges against the variability of future exchange rates on our international investments. ) Tj ET Q q 0 0 0 rg BT 401.71 340.25 Td (W) Tj ET Q q 0 0 0 rg BT 410.34 340.25 Td (e have not designated any of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (contracts as cash flow hedges for accounting purposes. ) Tj ET Q q 0 0 0 rg BT 271.19 328.25 Td (These derivatives have been recorded at their estimated fair values in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (the accompanying consolidated balance sheets. Changes in the fair value of these derivatives result in gains or losses recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (in our consolidated statements of operations and comprehensive income \(loss\). See Item 7A. Quantitative and Qualitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.25 Td (Disclosures ) Tj ET Q q 0 0 0 rg BT 98.11 292.25 Td (About Market Risk included elsewhere in this ) Tj ET Q q 0 0 0 rg BT 288.35 292.25 Td (Annual Report on Form 10-K for additional information regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.25 Td (certain risks related to our derivatives, such as the risk of counterparty non-performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 256.25 Td (The table below summarizes the activity related to our derivatives for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.92 256.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.51 256.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.95 256.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 256.25 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 203.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 203.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 203.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 203.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 173.75 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 173.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 173.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 173.75 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 418 218.75 m 488 218.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488 218.75 m 492 218.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 218.75 m 562 218.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 203.75 m 488 203.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 203.75 m 562 203.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 158.75 m 488 158.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 158.75 m 562 158.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 144.75 m 488 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 142.75 m 488 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 144.75 m 562 144.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 142.75 m 562 142.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 223.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.10 223.43 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 208.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 208.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 208.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 193.42 Td (Gain \(loss\) on interest rate contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 193.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 193.42 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 193.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 193.47 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 193.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 178.42 Td (Unrealized gain \(loss\) on foreign currency forward contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 178.47 Td (\(7,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 178.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 178.42 Td (6,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 163.42 Td (Gain \(loss\) on settlement of foreign currency forward contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 163.42 Td (7,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 163.42 Td (557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 148.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 148.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 148.42 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 148.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 148.42 Td (7,322) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Other Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td (The tables below provide additional information related to our acquisition-related expenses, asset management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (acquisition fees and general and administrative expenses for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.44 706.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.02 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.46 706.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.46 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.41 706.10 Td (All amounts in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (thousands, except percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 641.60 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.25 641.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.25 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.25 641.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.25 641.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.25 641.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 611.60 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.25 611.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.25 611.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.25 611.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 611.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.25 611.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 611.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.25 611.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 581.60 248.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.25 581.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.25 581.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.25 581.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 581.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.25 581.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.25 581.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.25 581.60 63.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 656.6 m 360.25 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.25 656.6 m 364.25 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 656.6 m 427.25 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.25 656.6 m 494.25 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.25 656.6 m 498.25 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 656.6 m 561.25 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 641.6 m 360.25 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 641.6 m 427.25 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.25 641.6 m 494.25 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 641.6 m 561.25 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 611.6 m 360.25 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 597.6 m 360.25 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.25 595.6 m 360.25 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 611.6 m 427.25 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 597.6 m 427.25 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 595.6 m 427.25 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.25 611.6 m 494.25 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.25 597.6 m 494.25 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.25 595.6 m 494.25 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 611.6 m 561.25 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 597.6 m 561.25 597.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.25 595.6 m 561.25 595.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 661.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.35 661.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.35 661.28 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 646.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.25 646.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.25 646.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.75 646.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.25 646.28 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 631.27 Td (Acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.75 631.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.90 631.27 Td (8,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.75 631.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.90 631.27 Td (18,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 631.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 631.32 Td (\(9,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 631.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 631.27 Td (\(52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 631.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 616.27 Td (Asset management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.75 616.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.90 616.27 Td (35,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.75 616.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.90 616.27 Td (34,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 616.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.40 616.27 Td (844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 616.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 616.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 601.27 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.75 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.90 601.27 Td (44,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.75 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.90 601.27 Td (53,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 601.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 601.32 Td (\(8,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 601.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 601.27 Td (\(16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 601.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 571.27 Td (Acquisition-related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.75 571.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.90 571.27 Td (10,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.75 571.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.90 571.27 Td (29,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 571.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.55 571.32 Td (\(18,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 571.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 571.27 Td (\(64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 571.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 556.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.75 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.90 556.27 Td (8,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.75 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.90 556.27 Td (6,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.90 556.27 Td (1,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 556.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 556.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 528.10 Td (The changes identified in the table above are primarily due to the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 501.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 501.10 Td (For the year ended December 31, 2014 and through March 31, 2015, we paid the ) Tj ET Q q 0 0 0 rg BT 410.96 501.10 Td (Advisor acquisition fees equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 489.10 Td (2.25% of the purchase price of our real estate investments. Ef) Tj ET Q q 0 0 0 rg BT 333.84 489.10 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 384.65 489.10 Td (April 1, 2015, Hines Global, the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 477.10 Td (Partnership and the ) Tj ET Q q 0 0 0 rg BT 164.65 477.10 Td (Advisor amended the ) Tj ET Q q 0 0 0 rg BT 252.13 477.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 291.30 477.10 Td (Agreement in order to reduce the acquisition fees paid to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 465.10 Td (Advisor from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.16 465.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.99 465.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.77 465.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.60 465.10 Td ( of the purchase price of our investments. ) Tj ET Q q 0 0 0 rg BT 376.92 465.10 Td (The decrease in acquisition fees identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 453.10 Td (above is a result of a decrease in our acquisition activity during 2015 and the reduction of the acquisition fee. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 441.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.08 441.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.58 441.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.17 441.10 Td (, we acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.25 441.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.91 441.10 Td ( real estate investments with an aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 429.10 Td ($544.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.39 429.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.59 429.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.25 429.10 Td ( real estate investments with an aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.42 429.10 Td ($732.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.32 429.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 417.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.08 417.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.58 417.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.17 417.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 402.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 402.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 402.10 Td (e pay monthly asset management fees to the ) Tj ET Q q 0 0 0 rg BT 272.42 402.10 Td (Advisor based on an annual fee of 1.5% of the net equity capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 390.10 Td (invested in real estate. ) Tj ET Q q 0 0 0 rg BT 178.80 390.10 Td (Asset management fees were higher for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.56 390.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 390.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 390.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.23 390.10 Td ( compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 378.10 Td (same period in 2014, primarily due to an increase in assets under management. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 363.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 363.10 Td (Acquisition-related expenses represent costs incurred on properties we have acquired and those which we may acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 351.10 Td (in future periods. ) Tj ET Q q 0 0 0 rg BT 156.41 351.10 Td (These costs vary significantly from one acquisition to another) Tj ET Q q 0 0 0 rg BT 403.02 351.10 Td (. For example, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.61 351.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.19 351.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 339.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.08 339.10 Td (, we incurred a $15.0 million Stamp Duty ) Tj ET Q q 0 0 0 rg BT 332.77 339.10 Td (T) Tj ET Q q 0 0 0 rg BT 338.18 339.10 Td (ax on the acquisition of 25 Cabot Square. By ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 327.10 Td (comparison, the lar) Tj ET Q q 0 0 0 rg BT 162.24 327.10 Td (gest Stamp Duty ) Tj ET Q q 0 0 0 rg BT 231.22 327.10 Td (T) Tj ET Q q 0 0 0 rg BT 236.63 327.10 Td (ax incurred during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.71 327.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.30 327.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.80 327.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.38 327.10 Td ( was $3.5 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 312.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 312.10 Td (General and administrative expenses includes legal and accounting fees, printing and mailing costs, insurance costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 300.10 Td (costs and expenses associated with our board of directors and other administrative expenses. ) Tj ET Q q 0 0 0 rg BT 457.43 300.10 Td (The increase in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 288.10 Td (general and administrative costs is primarily due to an increase in transfer agent costs as well as legal and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 276.10 Td (miscellaneous expenses incurred related to our consideration of strategic alternatives for a potential liquidity event.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 252.10 Td (For) Tj ET Q q 0 0 0 rg BT 82.13 252.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 120.93 252.10 Td (ency Gains \(Losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 228.10 Td (Our international real estate investments use functional currencies other than the U.S. dollar) Tj ET Q q 0 0 0 rg BT 434.60 228.10 Td (. ) Tj ET Q q 0 0 0 rg BT 439.42 228.10 Td (The financial statements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (these subsidiaries are translated into U.S. dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 339.71 216.10 Td (Assets and liabilities are translated at the exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (in ef) Tj ET Q q 0 0 0 rg BT 67.37 204.10 Td (fect as of the balance sheet date while income statement accounts are translated using the average exchange rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (are included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 388.37 180.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 415.22 180.10 Td (. By contrast, gains and losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (related to transactions denominated in currencies other than an entity) Tj ET Q q 0 0 0 rg BT 328.01 168.10 Td (s functional currency are recorded in foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (gains \(losses\) on the consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 284.17 156.10 Td (An exception is made where an intercompany loan or advance is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (deemed to be of a long-term investment nature, in which instance foreign currency transaction gains or losses are included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 326.45 132.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 353.30 132.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 108.10 Td (During the year ended December 31, 2015, the losses recognized in the consolidated statement of operations primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (related to repayment of our intercompany loans with our consolidated subsidiaries in ) Tj ET Q q 0 0 0 rg BT 390.53 96.10 Td (Australia. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (December 31, 2014, we recognized losses relating to the sale of 144 Montague and Stonecutter Court.) Tj ET Q endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 63.50 742.25 Td (ear ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.27 742.25 Td (December31, 2014) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 185.41 742.25 Td ( compared to the year ended December 31, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 362.87 742.25 Td (2013) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 718.25 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 107.68 718.25 Td (e ) Tj ET Q q 0 0 0 rg BT 114.44 718.25 Td (Analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.25 Td (The following table presents the property-level revenues in excess of expenses for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 694.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.88 694.25 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.79 682.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.79 682.25 Td (, by reportable segment. Same-store properties for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.58 682.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.16 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (include 19 properties owned as of January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.84 670.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.84 670.25 Td ( that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.76 670.25 Td (95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.09 670.25 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.74 670.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.32 670.25 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.02 670.25 Td (90%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.35 670.25 Td ( leased as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.91 658.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.91 658.25 Td (. ) Tj ET Q q 0 0 0 rg BT 146.23 658.25 Td (The changes in our results of operations related to our properties are primarily due to the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (properties, as indicated by the same-store analysis below) Tj ET Q q 0 0 0 rg BT 276.00 646.25 Td (. ) Tj ET Q q 0 0 0 rg BT 280.45 646.25 Td (All amounts are in thousands, except for percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 561.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.25 561.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.25 561.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.25 561.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 561.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.25 561.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.25 561.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.25 561.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 531.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.25 531.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.25 531.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.25 531.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 531.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.25 531.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.25 531.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.25 531.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 501.75 239.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.25 501.75 62.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.25 501.75 9.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.25 501.75 62.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 501.75 8.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.25 501.75 62.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.25 501.75 8.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.25 501.75 62.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 470.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.25 470.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.25 470.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.25 470.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 470.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.25 470.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.25 470.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.25 470.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 440.75 239.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.25 440.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.25 440.75 9.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.25 440.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 440.75 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.25 440.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.25 440.75 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.25 440.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 412.75 239.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.25 412.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.25 412.75 9.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.25 412.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 412.75 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.25 412.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.25 412.75 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.25 412.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 384.75 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.25 384.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.25 384.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.25 384.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.25 384.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.25 384.75 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.25 384.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.25 384.75 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 288.25 606.75 m 350.25 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.25 606.75 m 359.25 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.25 606.75 m 421.25 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.25 606.75 m 491.25 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.25 606.75 m 499.25 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.25 606.75 m 561.25 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.25 591.75 m 350.25 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.25 591.75 m 421.25 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.25 591.75 m 491.25 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.25 591.75 m 561.25 591.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.25 501.75 m 350.25 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.25 501.75 m 421.25 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.25 501.75 m 491.25 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.25 501.75 m 561.25 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.25 456.75 m 350.25 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.25 454.75 m 350.25 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.25 456.75 m 421.25 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.25 454.75 m 421.25 454.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.25 455.75 m 350.25 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.25 441.75 m 350.25 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.25 439.75 m 350.25 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.25 455.75 m 421.25 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.25 441.75 m 421.25 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.25 439.75 m 421.25 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.25 455.75 m 491.25 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.25 441.75 m 491.25 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.25 439.75 m 491.25 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.25 455.75 m 561.25 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.25 441.75 m 561.25 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.25 439.75 m 561.25 439.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.25 611.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.85 611.43 Td (Year Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.35 611.43 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.25 596.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.75 596.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.75 596.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.25 596.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.75 596.43 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 581.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.12 581.43 Td (operty r) Tj ET Q q 0 0 0 rg BT 96.64 581.43 Td (evenues in excess of expenses ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 222.46 585.96 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 581.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 581.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 581.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.75 581.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.75 566.46 Td (Same-store properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 551.42 Td (Domestic office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 551.42 Td (54,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 551.42 Td (52,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 551.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 551.42 Td (2,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 551.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 551.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 536.42 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 536.42 Td (31,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 536.42 Td (30,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 536.42 Td (1,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 536.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 536.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 521.42 Td (International office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 521.42 Td (14,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 521.42 Td (14,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.40 521.42 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 521.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 521.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 506.42 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 506.42 Td (39,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 506.42 Td (35,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 506.42 Td (4,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 506.42 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 506.42 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.75 490.46 Td (Total same-store properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 490.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.90 490.42 Td (141,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 490.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 490.42 Td (133,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 490.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 490.42 Td (7,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 490.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 490.42 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.75 475.46 Td (Recent acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.90 475.42 Td (160,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 475.42 Td (69,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 475.42 Td (91,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.05 475.42 Td (131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 475.42 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.75 460.46 Td (Disposed pr) Tj ET Q q 0 0 0 rg BT 99.99 460.46 Td (operties ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 134.71 464.99 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 460.42 Td (17,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 460.42 Td (18,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.05 460.47 Td (\(705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.40 460.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.70 460.42 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 460.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 445.43 Td (Total property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.90 445.42 Td (319,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 445.42 Td (220,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 445.42 Td (98,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 445.42 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 445.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 417.43 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 403.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 403.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.90 403.32 Td (193,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 403.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 403.32 Td (140,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 403.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 403.32 Td (53,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 403.32 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 403.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 389.42 Td (Gain on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 389.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 389.42 Td (64,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 389.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.40 389.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 389.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 389.42 Td (64,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 389.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 389.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 374.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 374.42 Td (78,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.90 374.42 Td (60,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 374.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 374.42 Td (17,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 374.42 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 374.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 359.42 Td (Income tax provision \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 359.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.90 359.42 Td (5,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.75 359.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.40 359.42 Td (701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.75 359.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 359.42 Td (5,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.05 359.42 Td (728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 359.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 331.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 331.25 Td (Property ) Tj ET Q q 0 0 0 rg BT 122.21 331.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 160.02 331.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.08 331.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 198.45 331.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.05 331.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 247.43 331.25 Td (include ) Tj ET Q q 0 0 0 rg BT 279.14 331.25 Td (total ) Tj ET Q q 0 0 0 rg BT 299.18 331.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 337.00 331.25 Td (less ) Tj ET Q q 0 0 0 rg BT 354.27 331.25 Td (property ) Tj ET Q q 0 0 0 rg BT 390.42 331.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 430.46 331.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 471.33 331.25 Td (real ) Tj ET Q q 0 0 0 rg BT 488.59 331.25 Td (property ) Tj ET Q q 0 0 0 rg BT 524.74 331.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 547.56 331.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 319.25 Td (property ) Tj ET Q q 0 0 0 rg BT 121.88 319.25 Td (management ) Tj ET Q q 0 0 0 rg BT 175.47 319.25 Td (fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 295.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 295.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 121.88 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.59 295.25 Td (property ) Tj ET Q q 0 0 0 rg BT 172.97 295.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 211.01 295.25 Td (in ) Tj ET Q q 0 0 0 rg BT 221.29 295.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 249.88 295.25 Td (of ) Tj ET Q q 0 0 0 rg BT 260.71 295.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 299.31 295.25 Td (for ) Tj ET Q q 0 0 0 rg BT 313.47 295.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.19 295.25 Td (two ) Tj ET Q q 0 0 0 rg BT 345.69 295.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 388.18 295.25 Td (that ) Tj ET Q q 0 0 0 rg BT 405.67 295.25 Td (were ) Tj ET Q q 0 0 0 rg BT 427.60 295.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 446.77 295.25 Td (in ) Tj ET Q q 0 0 0 rg BT 457.05 295.25 Td (2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 271.25 Td (In total, property revenues in excess of expenses of the same-store properties increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.92 271.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.25 271.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.63 271.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.22 271.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.72 271.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 259.25 Td ( as compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.75 259.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.33 259.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.83 259.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.42 259.25 Td (. Below is additional information regarding significant variances in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.25 Td (our property revenues in excess of expenses at our same-store properties: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 223.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 223.25 Td (Domestic office investments:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 203.09 cm /I27 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 205.25 Td (Revenue at 17600 Gillette increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.45 205.25 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.34 205.25 Td ( due to termination fees from a tenant in March 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 193.25 Td (The previous tenant vacated its space and the space has been re-leased to a new tenant.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 173.09 cm /I28 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 175.25 Td (Revenue increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.24 175.25 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.13 175.25 Td ( at Fifty South Sixth due to a lease termination payment.) Tj ET Q endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 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 67.50 742.25 Td ( ) Tj ET Q BT /F2 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 /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 722.09 cm /I29 Do Q BT /F1 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 a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.82 724.25 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.71 724.25 Td ( increase in rental revenue, which is mostly due to fees received for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 712.25 Td (telecommunication-related services for new and existing tenants at Komo Plaza.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 682.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 682.25 Td (International other) Tj ET Q q 0 0 0 rg BT 167.26 682.25 Td ( investments:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 662.09 cm /I30 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 664.25 Td (W) Tj ET Q q 0 0 0 rg BT 130.14 664.25 Td (e experienced a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.82 664.25 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.71 664.25 Td ( increase in rental revenue at the Brindleyplace Project, which is mostly due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 652.25 Td (a new tenant that took occupancy in the third quarter of 2013.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 103.50 632.09 cm /I31 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 634.25 Td (W) Tj ET Q q 0 0 0 rg BT 130.14 634.25 Td (e experienced a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.82 634.25 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.71 634.25 Td ( decrease in property revenues in excess of expenses at one of our properties in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 622.25 Td (the Poland Logistics Portfolio resulting from increased vacant space for the majority of 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 592.25 Td (The increases in depreciation and amortization, interest expense, and income tax provision identified in the table above are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.25 Td (primarily due to the acquisition of real estate investments during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.99 580.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.99 580.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.43 580.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.43 580.25 Td (. ) Tj ET Q q 0 0 0 rg BT 376.75 580.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.38 580.25 Td (e had gain on sale of real estate investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (due to the sale of 144 Montague and Stonecutter Court during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.72 568.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.72 568.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 544.25 Td (Derivative Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 520.25 Td (The table below summarizes the activity related to our derivatives for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.92 520.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.51 520.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.95 520.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.95 520.25 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 455.75 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.75 455.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.75 455.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 455.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 425.75 374.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.75 425.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.75 425.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 425.75 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 422.75 470.75 m 489.75 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.75 470.75 m 493.75 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 470.75 m 561.75 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.75 455.75 m 489.75 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 455.75 m 561.75 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.75 410.75 m 489.75 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.75 396.75 m 489.75 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.75 394.75 m 489.75 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 410.75 m 561.75 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 396.75 m 561.75 396.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 394.75 m 561.75 394.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 475.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.35 475.43 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 460.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.75 460.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.25 460.43 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 445.42 Td (Gain \(loss\) on interest rate contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.25 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.55 445.47 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.90 445.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 445.42 Td (5,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 430.42 Td (Unrealized gain \(loss\) on foreign currency forward contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.40 430.42 Td (6,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.90 430.42 Td (576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 415.42 Td (Gain \(loss\) on settlement of foreign currency forward contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.90 415.42 Td (557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 415.42 Td (4,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 400.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.25 400.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.40 400.42 Td (7,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 400.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 400.42 Td (9,909) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 372.25 Td (Other Expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 348.25 Td (The tables below provide details relating to our acquisition-related expenses, asset management and acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (general and administrative expenses for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.52 336.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.10 336.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.54 336.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.54 336.25 Td (. ) Tj ET Q q 0 0 0 rg BT 400.86 336.25 Td (These fees and expenses were generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (higher for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.71 324.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.71 324.25 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.41 324.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.41 324.25 Td (, primarily due to our acquisition of more real estate investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.73 324.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.73 324.25 Td (. ) Tj ET Q q 0 0 0 rg BT 484.68 324.25 Td (All amounts in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (thousands, except percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 259.75 261.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.25 259.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.25 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.25 259.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.25 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.25 259.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 259.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.25 259.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 229.75 261.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.25 229.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.25 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.25 229.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.25 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.25 229.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 229.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.25 229.75 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 199.75 261.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.25 199.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.25 199.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.25 199.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.25 199.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.25 199.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 199.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.25 199.75 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 310.25 274.75 m 374.25 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.25 274.75 m 378.25 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.25 274.75 m 443.25 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.25 274.75 m 511.25 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.25 274.75 m 515.25 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.25 274.75 m 561.25 274.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.25 259.75 m 374.25 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.25 259.75 m 443.25 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.25 259.75 m 511.25 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.25 259.75 m 561.25 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.25 259.75 m 374.25 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.25 259.75 m 443.25 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.25 259.75 m 511.25 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.25 259.75 m 561.25 259.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.25 229.75 m 443.25 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.25 229.75 m 374.25 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.25 215.75 m 374.25 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.25 213.75 m 374.25 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.25 229.75 m 443.25 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.25 215.75 m 443.25 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.25 213.75 m 443.25 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.25 229.75 m 511.25 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.25 215.75 m 511.25 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.25 213.75 m 511.25 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.25 229.75 m 561.25 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.25 215.75 m 561.25 215.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.25 213.75 m 561.25 213.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 279.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.85 279.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.35 279.43 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 264.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.75 264.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.25 264.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.25 264.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.75 264.43 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 249.42 Td (Acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.75 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.90 249.42 Td (18,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.75 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.90 249.42 Td (40,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.75 249.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.55 249.47 Td (\(21,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 249.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 249.42 Td (\(55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 249.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 234.42 Td (Asset management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.75 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.90 234.42 Td (34,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.75 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.90 234.42 Td (20,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.75 234.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.90 234.42 Td (14,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 234.42 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 234.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 219.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.75 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.90 219.42 Td (53,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.75 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.90 219.42 Td (60,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.75 219.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.55 219.47 Td (\(7,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 219.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 219.42 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 219.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 189.42 Td (Acquisition-related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.75 189.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.90 189.42 Td (29,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.75 189.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.90 189.42 Td (42,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.75 189.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.55 189.47 Td (\(13,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.40 189.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 189.42 Td (\(32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 189.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 174.42 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.75 174.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.90 174.42 Td (6,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.75 174.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.90 174.42 Td (5,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.75 174.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.90 174.42 Td (1,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 174.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 174.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 146.25 Td (The changes identified in the table above are primarily due to the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 119.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 119.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 119.25 Td (e pay the ) Tj ET Q q 0 0 0 rg BT 132.18 119.25 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 519.93 119.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 107.25 Td (decrease in acquisition fees identified above is a result of a decrease in our acquisition activity during 2014. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 95.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.08 95.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.58 95.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.17 95.25 Td (, we acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.25 95.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.91 95.25 Td ( real estate investments with an aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 83.25 Td ($732.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.39 83.25 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.59 83.25 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.59 83.25 Td ( real estate investments with an aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.76 83.25 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.88 83.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.25 83.25 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 71.25 Td (ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.38 71.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.88 71.25 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.46 71.25 Td (.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 742.10 Td (e pay monthly asset management fees to the ) Tj ET Q q 0 0 0 rg BT 272.42 742.10 Td (Advisor based on an annual fee of 1.5% of the net equity capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 730.10 Td (invested in real estate. ) Tj ET Q q 0 0 0 rg BT 178.80 730.10 Td (Asset management fees were higher for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.56 730.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 730.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.23 730.10 Td ( compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 718.10 Td (same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.87 718.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.87 718.10 Td (, primarily due to our acquisition of additional real estate investments beginning in 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 706.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.40 706.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 154.57 706.10 Td (Advisor waived $3.6 million of asset management fees payable to it during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 694.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.08 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 679.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 679.10 Td (Acquisition-related expenses represent costs incurred on properties we have acquired and those which we may acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 667.10 Td (in future periods. ) Tj ET Q q 0 0 0 rg BT 156.41 667.10 Td (These costs vary significantly from one acquisition to another) Tj ET Q q 0 0 0 rg BT 403.02 667.10 Td (. In general, the decrease is a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 655.10 Td (fewer acquisitions completed during the current period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 640.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 640.10 Td (General and administrative expenses includes legal and accounting fees, printing and mailing costs, insurance costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 628.10 Td (costs and expenses associated with our board of directors and other administrative expenses. ) Tj ET Q q 0 0 0 rg BT 457.43 628.10 Td (The increase in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 616.10 Td (general and administrative costs is primarily due to higher insurance premiums in the director and of) Tj ET Q q 0 0 0 rg BT 487.70 616.10 Td (ficer insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 604.10 Td (policies and increased transfer agent costs resulting from an increase in the number of stockholders, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 592.10 Td (same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.87 592.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.87 592.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 568.10 Td (For) Tj ET Q q 0 0 0 rg BT 82.13 568.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 120.93 568.10 Td (ency Gains \(Losses\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 544.10 Td (Our international real estate investments use functional currencies other than the U.S. dollar) Tj ET Q q 0 0 0 rg BT 434.60 544.10 Td (. ) Tj ET Q q 0 0 0 rg BT 439.42 544.10 Td (The financial statements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (these subsidiaries are translated into U.S. dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 339.71 532.10 Td (Assets and liabilities are translated at the exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (in ef) Tj ET Q q 0 0 0 rg BT 67.37 520.10 Td (fect as of the balance sheet date while income statement accounts are translated using the average exchange rate for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (period and significant nonrecurring transactions using the rate on the transaction date. Gains or losses resulting from translation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (are included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 388.37 496.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 415.22 496.10 Td (. By contrast, gains and losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (related to transactions denominated in currencies other than an entity) Tj ET Q q 0 0 0 rg BT 328.01 484.10 Td (s functional currency are recorded in foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (gains \(losses\) on the consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 284.17 472.10 Td (An exception is made where an intercompany loan or advance is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (deemed to be of a long-term investment nature, in which instance foreign currency transaction gains or losses are included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 326.45 448.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 353.30 448.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 424.10 Td (During the year ended December 31, 2014, we recognized losses relating to the sale of 144 Montague and Stonecutter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (Court. During the year ended December 31, 2013, the losses recognized in the consolidated statement of operations primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (related to repayment of our intercompany loan with a consolidated subsidiary in ) Tj ET Q q 0 0 0 rg BT 371.63 400.10 Td (Australia as well as amending the functional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (currency of our intercompany loan with a consolidated subsidiary in Russia.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 364.10 Td (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 340.10 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.44 340.10 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.35 340.10 Td (Association of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.01 328.10 Td (T) Tj ET Q q 0 0 0 rg BT 149.77 328.10 Td (rusts \(NAREIT\) and is widely recognized by investors and analysts as one measure of operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.05 316.10 Td (. FFO excludes items such as real estate depreciation and amortization. Depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 251.94 304.10 Td (, implicitly assumes that the value of real estate assets diminishes predictably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (over time and also assumes that such assets are adequately maintained and renovated as required in order to maintain their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (value. Since real estate values have historically risen or fallen with market conditions such as occupancy rates, rental rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.40 268.10 Td (s view) Tj ET Q q 0 0 0 rg BT 479.58 268.10 Td (, and we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (view of many industry investors and analysts, that the presentation of operating results for real estate companies using historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 167.63 244.10 Td (ficient. In addition, FFO excludes gains and losses from the sale of real estate and impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 232.10 Td (ges related to depreciable real estate assets and in-substance real estate equity investments, which we believe provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (management and investors with a helpful additional measure of the historical performance of our real estate portfolio, as it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 194.61 208.10 Td (, that reflect the impact on operations from trends in items such as occupancy rates, rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 359.13 196.10 Td (A) Tj ET Q q 0 0 0 rg BT 365.80 196.10 Td ( property will be evaluated for impairment if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount exceeds the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 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 529.49 160.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 187.04 148.10 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 279.60 148.10 Td (ges are excluded from the calculation of FFO as described above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 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 398.67 136.10 Td (ficult to recover any impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 124.10 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 100.10 Td (In addition to FFO, management uses MFFO, as defined by the Investment Program ) Tj ET Q q 0 0 0 rg BT 406.63 100.10 Td (Association, \(the IP) Tj ET Q q 0 0 0 rg BT 489.30 100.10 Td (A\), as a non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.36 88.10 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q q 0 0 0 rg BT 418.52 88.10 Td (The IP) Tj ET Q q 0 0 0 rg BT 444.54 88.10 Td (A) Tj ET Q q 0 0 0 rg BT 451.21 88.10 Td ( has recommended the use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 357.34 76.10 Td (s to enhance the assessment of the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 184.26 64.10 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 64.10 Td (, and MFFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 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 endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 193.21 742.10 Td (s if we do not continue to operate with a limited life and tar) Tj ET Q q 0 0 0 rg BT 430.46 742.10 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 503.12 742.10 Td (, as currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (intended and described herein. MFFO includes funds generated by the operations of our real estate investments and funds used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (in our corporate-level operations. MFFO is based on FFO, but includes certain additional adjustments which we believe are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 240.64 706.10 Td (fects of straight-line rent revenue recognition, fair value adjustments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 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 513.70 694.10 Td (. Some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 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 457.89 682.10 Td ( such as the accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (for acquisition-related expenses from a capitalization/depreciation model to an expensed-as-incurred model that were put into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 658.10 Td (fect in 2009 and other changes to GAAP) Tj ET Q q 0 0 0 rg BT 219.18 658.10 Td ( rules for real estate subsequent to the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 480.22 658.10 Td (s definition of FFO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (These changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 312.11 646.10 Td ( af) Tj ET Q q 0 0 0 rg BT 322.20 646.10 Td (fected all industries, and as a result of these changes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (acquisition fees and expenses are typically accounted for as operating expenses under GAAP) Tj ET Q q 0 0 0 rg BT 420.49 634.10 Td (. Management believes these fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (and expenses do not af) Tj ET Q q 0 0 0 rg BT 140.40 622.10 Td (fect our overall long-term operating performance. ) Tj ET Q q 0 0 0 rg BT 341.52 622.10 Td (These changes also have prompted a significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (out-of-market lease intangible assets and liabilities and certain tenant incentives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 574.10 Td (Other adjustments included in MFFO are necessary to address issues that are common to publicly registered, non-listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.02 562.10 Td (s. Publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 224.18 562.10 Td (s typically have a significant amount of acquisition activity and are substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (more dynamic during their initial years of investment and operations. ) Tj ET Q q 0 0 0 rg BT 328.97 550.10 Td (While other start-up entities may also experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (significant acquisition activity during their initial years, we believe that non-listed REIT) Tj ET Q q 0 0 0 rg BT 401.49 538.10 Td (s like us are unique in that they have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (limited life with tar) Tj ET Q q 0 0 0 rg BT 126.80 526.10 Td (geted exit strategies within a relatively limited time frame after the acquisition activity ceases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 502.10 Td (The purchase of properties, and the corresponding expenses associated with that process, including acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (expenses, is a key operational feature of our business plan to generate operational income and cash flows in order to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (distributions to our stockholders. MFFO excludes acquisition fees payable to the ) Tj ET Q q 0 0 0 rg BT 373.90 478.10 Td (Advisor and acquisition expenses. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 75.62 466.10 Td (, acquisition fees and expenses are characterized as operating expenses in determining operating net income. ) Tj ET Q q 0 0 0 rg BT 511.65 466.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 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 496.05 454.10 Td (All paid and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (accrued acquisition fees and expenses with respect to the acquisition of a property negatively impact our operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (during the period in which the property is acquired and will have negative ef) Tj ET Q q 0 0 0 rg BT 355.61 430.10 Td (fects on returns to our stockholders, the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (for future distributions, and future cash flows, unless earnings from operations or net sales proceeds from the disposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (other properties are generated to cover the purchase price of the property) Tj ET Q q 0 0 0 rg BT 340.10 406.10 Td (, the related acquisition fees and expenses and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (costs related to such property) Tj ET Q q 0 0 0 rg BT 166.04 394.10 Td (. In addition, if we acquire a property after all of) Tj ET Q q 0 0 0 rg BT 359.11 394.10 Td (fering proceeds from our public of) Tj ET Q q 0 0 0 rg BT 496.94 394.10 Td (ferings have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (been invested, there will not be any of) Tj ET Q q 0 0 0 rg BT 202.05 382.10 Td (fering proceeds to pay the corresponding acquisition-related costs. ) Tj ET Q q 0 0 0 rg BT 469.47 382.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 518.80 382.10 Td (, unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.67 370.10 Td (Advisor determines to waive the payment of any then-outstanding acquisition-related costs otherwise payable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.32 358.10 Td (, such costs will be paid from additional debt, operational earnings or cash flow) Tj ET Q q 0 0 0 rg BT 398.65 358.10 Td (, net proceeds from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (properties, or ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 190.11 346.10 Td (Therefore, MFFO may not be an accurate indicator of our operating performance, especially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (during periods in which properties are being acquired. Since MFFO excludes acquisition fees and expenses, MFFO would only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (be comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 254.57 322.10 Td (s that have completed their acquisition activity and have other similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (operating characteristics. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 286.10 Td (Management uses MFFO to evaluate the financial performance of our investment portfolio, including the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (potential future investments. In addition, management uses MFFO to evaluate and establish our distribution policy and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (sustainability thereof. Further) Tj ET Q q 0 0 0 rg BT 167.68 262.10 Td (, we believe MFFO is one of several measures that may be useful to investors in evaluating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (potential performance of our portfolio following the conclusion of the acquisition phase, as it excludes acquisition fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (expenses, as described herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (MFFO has limitations as a performance measure in an of) Tj ET Q q 0 0 0 rg BT 295.32 214.10 Td (fering such as ours where the price of a share of common stock is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (a stated value and there is no net asset value determination during the of) Tj ET Q q 0 0 0 rg BT 337.83 202.10 Td (fering stage and for a period thereafter) Tj ET Q q 0 0 0 rg BT 491.09 202.10 Td (. MFFO is useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (in assisting management and investors in assessing the sustainability \(that is, the capacity to continue to be maintained\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (operating performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 319.27 178.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 367.95 178.10 Td (fering and acquisition stages are complete and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (account in determining net asset value but not in determining MFFO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 130.10 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 451.48 130.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (calculating net income or in its applicability in evaluating our operating performance. In addition, FFO and MFFO should not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (be considered as alternatives to net income \(loss\) or income \(loss\) from continuing operations as an indication of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 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 94.10 Td (, but rather should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 258.80 82.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 352.54 82.10 Td (, FFO and MFFO are not intended to be used as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (liquidity measures indicative of cash flow available to fund our cash needs, including our ability to make distributions to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (stockholders. Please see the limitations listed below associated with the use of MFFO: ) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (As we are approaching the end of the acquisition phase of our life cycle, acquisition costs and other adjustments that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (increases to MFFO are, and may continue to be, a significant use of cash and dilutive to the value of an investment in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 718.10 Td (shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 694.10 Td (MFFO excludes acquisition fees payable to the ) Tj ET Q q 0 0 0 rg BT 266.74 694.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 405.33 694.10 Td (Although these amounts reduce net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 682.10 Td (income, we generally have funded such costs with proceeds from our public of) Tj ET Q q 0 0 0 rg BT 391.50 682.10 Td (ferings and acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 Td (indebtedness \(and, solely with respect to acquisition-related costs incurred in connection with our acquisition of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.10 Td (Brindleyplace Project in July 2010, equity capital contributions from Laser\) and do not consider these fees and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.10 Td (in the evaluation of our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 622.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.10 Td (variable rate loans. ) Tj ET Q q 0 0 0 rg BT 154.24 610.10 Td (Although we expect to hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 383.56 610.10 Td (, if we were to settle these instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.10 Td (currently) Tj ET Q q 0 0 0 rg BT 111.94 598.10 Td (, it would have an impact on our operating performance.) Tj ET Q q 0 0 0 rg BT 341.59 598.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 391.50 598.10 Td (, these derivative instruments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 586.10 Td (measured at fair value on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 352.23 586.10 Td (.MFFO excludes gains \(losses\) related to changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 574.10 Td (in these estimated values of our derivative instruments because such adjustments may not be reflective of ongoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 562.10 Td (operations and may reflect unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 538.10 Td (e use foreign currency forward contracts as economic hedges against the variability of foreign exchange rates on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 Td (certain international investments. ) Tj ET Q q 0 0 0 rg BT 211.83 526.10 Td (These derivative instruments are typically short-term and are frequently settled at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.10 Td (amounts that result in additional amounts paid or received. However) Tj ET Q q 0 0 0 rg BT 349.91 514.10 Td (, such gains \(losses\) are excluded from MFFO since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.10 Td (they are not considered to be operational in nature.) Tj ET Q q 0 0 0 rg BT 283.93 502.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 333.83 502.10 Td (, these derivative instruments are measured at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.10 Td (on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 261.17 490.10 Td (.MFFO excludes gains \(losses\) related to changes in these estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 478.10 Td (values of our derivative instruments because such adjustments may not be reflective of ongoing operations or may reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 466.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 442.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 442.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 302.70 442.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 500.37 442.10 Td (A. Our FFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.10 Td (and MFFO as presented may not be comparable to amounts calculated by other REIT) Tj ET Q q 0 0 0 rg BT 417.65 430.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 481.63 430.10 Td (ferent approaches.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.10 Td (Our business is subject to volatility in the real estate markets and general economic conditions, and adverse changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.10 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 494.75 394.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 544.09 394.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td (predictive nature of MFFO is uncertain and past performance may not be indicative of future results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 Td (Neither the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 174.52 358.10 Td ( nor any regulatory body has passed judgment on the acceptability of the adjustments that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 306.51 346.10 Td ( or a regulatory body may decide to standardize the allowable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 206.51 334.10 Td ( industry and we would have to adjust our calculation and characterization of FFO or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td () Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (The following section presents our calculation of FFO and MFFO and provides additional information related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (operations \(in thousands, except per share amounts\) for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.29 730.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.88 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.88 730.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.88 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.32 730.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.32 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 485.76 730.10 Td (As we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (recently completed the investment phase of our operations, FFO and MFFO are not useful in comparing operations for the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (periods presented below) Tj ET Q q 0 0 0 rg BT 146.04 706.10 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 649.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 649.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 649.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 649.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 649.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 619.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 619.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 619.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 619.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 619.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 589.60 227.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 589.60 96.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 589.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 589.60 59.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 589.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 589.60 59.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 589.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 589.60 60.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 558.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 558.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 558.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 558.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 558.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 558.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 528.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 528.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 528.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 528.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 528.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 498.60 227.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 498.60 96.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 498.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 498.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 498.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 498.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 498.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 498.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 458.60 227.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 458.60 96.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 458.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 458.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 458.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 458.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 458.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 458.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 408.60 227.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 408.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 408.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 408.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 408.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 408.60 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 377 664.6 m 436 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436 664.6 m 440 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 664.6 m 499 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499 664.6 m 503 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 664.6 m 563 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 649.6 m 373 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 649.6 m 436 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 649.6 m 499 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 649.6 m 563 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 589.6 m 373 589.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 589.6 m 436 589.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 589.6 m 499 589.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 589.6 m 563 589.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 498.6 m 373 498.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 498.6 m 436 498.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 498.6 m 499 498.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 498.6 m 563 498.6 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 373 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 472.6 m 373 472.6 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 377 472.6 m 436 472.6 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 440 472.6 m 499 472.6 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 472.6 m 563 472.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.60 684.28 Td (Period from) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.70 674.28 Td (Inception \(December) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.90 664.28 Td (10, 2008\) through) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.15 654.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.10 669.28 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 654.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.00 654.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 654.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.50 654.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 639.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 639.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.30 639.32 Td (\(204,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 639.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 639.32 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 639.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 639.27 Td (10,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 639.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 639.32 Td (\(85,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 624.27 Td (Depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 197.12 628.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 624.27 Td (674,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 624.27 Td (186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 624.27 Td (193,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 624.27 Td (140,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 609.27 Td (Loss \(gain\) on sale of investment property ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 242.40 613.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 609.32 Td (\(78,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 609.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 609.32 Td (\(14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 609.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 609.32 Td (\(64,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 609.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 609.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 594.27 Td () Tj ET Q q 0 0 0 rg BT 72.45 594.27 Td (Adjustments for noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 234.37 598.80 Td ( \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 594.32 Td (\(22,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 594.32 Td (\(7,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 594.32 Td (\(6,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 594.32 Td (\(5,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 578.27 Td (Funds from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 578.27 Td (369,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 578.27 Td (160,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 578.27 Td (134,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 578.27 Td (49,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 563.27 Td (Loss \(gain\) on derivative instruments ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 222.41 567.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.30 563.32 Td (\(5,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 563.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 563.32 Td (\(562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 563.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 563.32 Td (\(7,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 563.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 563.32 Td (\(9,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 563.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 548.27 Td (Loss \(gain\) on foreign currency ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 199.62 552.80 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 548.27 Td (37,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 548.27 Td (20,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 548.27 Td (11,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 548.27 Td (6,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 533.27 Td (Other components of revenues and expenses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 248.50 537.80 Td ( \(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 533.32 Td (\(40,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 533.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.30 533.32 Td (\(16,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 533.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 533.32 Td (\(14,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 533.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 533.32 Td (\(5,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 533.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 518.27 Td (Acquisition fees and expenses ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 193.80 522.80 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 518.27 Td (222,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 518.27 Td (19,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 518.27 Td (47,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 518.27 Td (82,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 503.27 Td (Adjustments for noncontrolling interests ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 234.92 507.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 503.27 Td (3,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 503.27 Td (3,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 503.27 Td (3,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 503.27 Td (2,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 488.27 Td (Modified Funds From Operations attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 478.27 Td (common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 478.27 Td (586,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 478.27 Td (185,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 478.27 Td (173,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 478.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 478.27 Td (124,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 463.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.30 463.32 Td (\(1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 463.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 463.32 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 463.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 463.27 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 463.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 463.32 Td (\(0.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 463.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 448.27 Td (Funds From Operations attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 438.27 Td (stockholders per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 438.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 438.27 Td (2.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 438.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 438.27 Td (0.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 438.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 438.27 Td (0.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 438.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 438.27 Td (0.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 423.27 Td (Modified Funds From Operations attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 413.27 Td (common stockholders per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 413.27 Td (4.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 413.27 Td (0.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 413.27 Td (0.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 413.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 413.27 Td (0.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 398.27 Td (Weighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 398.27 Td (132,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 398.27 Td (272,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 398.27 Td (263,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 398.27 Td (184,412) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (Notes to the table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 346.10 Td (Represents the depreciation and amortization of various real estate assets.Historical cost accounting for real estate assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 Td (in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 172.37 334.10 Td ( implicitly assumes that the value of real estate assets diminishes predictably over time. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 322.10 Td (real estate values have historically risen or fallen with market conditions, we believe that such depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td (amortization may be of limited relevance in evaluating current operating performance and, as such, these items are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 298.10 Td (excluded from our determination of FFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (Represents the gain on disposition of certain real estate investments. ) Tj ET Q q 0 0 0 rg BT 345.21 274.10 Td (Although this gain is included in the calculation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 262.10 Td (net income \(loss\), we have excluded it from FFO because we believe doing so appropriately presents the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 Td (performance of our real estate investments on a comparative basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 226.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 533.04 226.10 Td ( share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (of the adjustments to convert our net loss to FFO and MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 190.10 Td (Represents components of net income \(loss\) related to the estimated changes in the values of our interest rate contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 178.10 Td (derivatives and foreign currency forwards. ) Tj ET Q q 0 0 0 rg BT 242.52 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 251.16 178.10 Td (e have excluded these changes in value from our evaluation of our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 166.10 Td (performance and MFFO because such adjustments may not be reflective of our ongoing performance and may reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 154.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 130.10 Td (Represents components of net income \(loss\) primarily resulting from the remeasurement of loans denominated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.10 Td (currencies other than our functional currencies. ) Tj ET Q q 0 0 0 rg BT 258.62 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.26 118.10 Td (e have excluded these changes in value from our evaluation of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 106.10 Td (operating performance and MFFO because such adjustments may not be reflective of our ongoing performance and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 94.10 Td (reflect unrealized impacts on our operating performance.) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (\(6\) ) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 730.10 Td (performance and determining MFFO for the period from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.20 730.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.78 730.10 Td ( and for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.08 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.08 718.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.08 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.52 718.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.52 718.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 649.60 235.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 649.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 649.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 649.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 649.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 649.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 619.60 235.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 619.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 619.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 619.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 619.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 619.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 589.60 235.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 589.60 98.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 589.60 5.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 589.60 53.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 589.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 589.60 54.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 589.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 589.60 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 388 664.6 m 441 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 441 664.6 m 445 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445 664.6 m 499 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499 664.6 m 503 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 664.6 m 558 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 285 649.6 m 383 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388 649.6 m 441 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445 649.6 m 499 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 649.6 m 558 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 285 589.6 m 383 589.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388 589.6 m 441 589.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445 589.6 m 499 589.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 589.6 m 558 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 574.6 m 383 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 572.6 m 383 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 574.6 m 441 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 572.6 m 441 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 574.6 m 499 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 572.6 m 499 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 574.6 m 558 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 572.6 m 558 572.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.60 684.28 Td (Period fr) Tj ET Q q 0 0 0 rg BT 346.01 684.28 Td (om ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.70 674.28 Td (Inception \(December) Tj ET Q q 0 0 0 rg BT 378.22 674.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.90 664.28 Td (10, 2008\) thr) Tj ET Q q 0 0 0 rg BT 349.88 664.28 Td (ough ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.15 654.28 Td (December) Tj ET Q q 0 0 0 rg BT 336.27 654.28 Td ( 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 669.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.10 669.28 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 654.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.00 654.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.50 654.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.00 654.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 640.17 Td (Straight-line rent adjustment \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 639.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.30 639.32 Td (\(79,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 639.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 639.32 Td (\(27,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.50 639.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 639.32 Td (\(24,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 639.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 639.32 Td (\(13,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 625.17 Td (Amortization of lease incentives \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 624.27 Td (14,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 624.27 Td (7,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 624.27 Td (4,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 624.27 Td (1,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 610.17 Td (Amortization of out-of-market leases \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 609.27 Td (21,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 609.27 Td (2,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 609.27 Td (5,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 609.27 Td (5,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 595.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 594.27 Td (2,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 594.27 Td (361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 594.27 Td (445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 594.27 Td (605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 578.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.30 578.32 Td (\(40,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 578.32 Td (\(16,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 578.32 Td (\(14,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 578.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 578.32 Td (\(5,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 578.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 550.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 550.10 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 343.56 550.10 Td ( to recognize minimum lease payments on a straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 Td (line basis over the respective lease terms.) Tj ET Q q 0 0 0 rg BT 246.53 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.17 538.10 Td (e have excluded these adjustments from our evaluation of our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.10 Td (more relevant measure of our operating performance for such period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 490.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.10 Td (Represents the amortization of lease incentives and out-of-market leases.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 466.10 Td (Represents acquisition expenses and acquisition fees paid to the ) Tj ET Q q 0 0 0 rg BT 324.94 466.10 Td (Advisor that are expensed in our consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 454.10 Td (of operations. ) Tj ET Q q 0 0 0 rg BT 124.80 454.10 Td (W) Tj ET Q q 0 0 0 rg BT 133.44 454.10 Td (e fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 308.77 454.10 Td (fering, and therefore do not consider these expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 442.10 Td (evaluating our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 418.10 Td (From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.99 418.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.57 418.10 Td (, we declared distributions to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.81 418.10 Td ($603.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.70 418.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (compared to total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.01 406.10 Td ($369.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.90 406.10 Td ( and cash flows from operating activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.96 406.10 Td ($343.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.86 406.10 Td (. For the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 394.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 394.10 Td (, we declared distributions to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.70 394.10 Td ($177.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.59 394.10 Td (, compared to total aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.17 382.10 Td ($160.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.07 382.10 Td (. For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 382.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.73 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.17 382.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.17 382.10 Td (, we declared distributions to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td ($171.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.83 370.10 Td ($1) Tj ET Q q 0 0 0 rg BT 137.46 370.10 Td (19.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.35 370.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 239.01 370.10 Td (, compared to total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.52 370.10 Td ($134.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.42 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.85 370.10 Td ($49.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.75 370.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 358.10 Td (. During our of) Tj ET Q q 0 0 0 rg BT 156.97 358.10 Td (fering and investment stages, we have incurred acquisition fees and expenses in connection with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (real estate investments, which are recorded as reductions to net income and FFO. From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.83 346.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.42 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (we incurred acquisition fees and expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.04 334.10 Td ($222.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.94 334.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td (As noted previously) Tj ET Q q 0 0 0 rg BT 147.40 310.10 Td (, our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 437.69 310.10 Td (ficient to fully fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (distributions paid. ) Tj ET Q q 0 0 0 rg BT 124.04 298.10 Td (Therefore, some or all of our distributions may continue to be paid from other sources, such as cash advances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (by the ) Tj ET Q q 0 0 0 rg BT 76.17 286.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 107.99 286.10 Td (, cash resulting from a waiver or deferral of fees, borrowings and/or proceeds from our public of) Tj ET Q q 0 0 0 rg BT 493.23 286.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 528.31 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 536.95 286.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (have not placed a cap on the amount of our distributions that may be paid from any of these sources. ) Tj ET Q q 0 0 0 rg BT 453.37 274.10 Td (The ) Tj ET Q q 0 0 0 rg BT 470.87 274.10 Td (Advisor waived a total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 262.10 Td ($12.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.22 262.10 Td ( through the expiration of a prior asset management fee waiver on December 31, 2013. ) Tj ET Q q 0 0 0 rg BT 465.77 262.10 Td (As a result of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (waiver of these fees, cash flows from operations that would have been paid to the ) Tj ET Q q 0 0 0 rg BT 377.18 250.10 Td (Advisor for asset management feeswere ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (available to pay distributions to stockholders. However) Tj ET Q q 0 0 0 rg BT 272.39 238.10 Td (, because MFFO exceeded distributions declared to our stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.80 226.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.38 226.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.82 226.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.82 226.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 313.48 226.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 332.65 226.10 Td (Advisor did not waive any asset management fees for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (those periods. During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.57 214.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 214.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 214.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 214.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.59 214.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.59 214.10 Td (, we incurred asset management fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.52 214.10 Td ($35.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 202.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.39 202.10 Td ($34.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.28 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.72 202.10 Td ($20.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.61 202.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 263.27 202.10 Td (. For additional information regarding the ) Tj ET Q q 0 0 0 rg BT 434.35 202.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 466.94 202.10 Td () Tj ET Q q 0 0 0 rg BT 469.72 202.10 Td (s asset management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (fee waivers, please see Cash Flows from Financing ) Tj ET Q q 0 0 0 rg BT 270.83 190.10 Td (ActivitiesDistributions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Related-Party ) Tj ET Q q 0 0 0 rg BT 112.29 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 118.22 166.10 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 187.69 166.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 204.17 166.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 142.10 Td (e have entered into agreements with the ) Tj ET Q q 0 0 0 rg BT 237.41 142.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 269.23 142.10 Td (, Dealer Manager and Hines or its af) Tj ET Q q 0 0 0 rg BT 414.55 142.10 Td (filiates, whereby we pay certain fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (and reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 337.25 130.10 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 494.80 130.10 Td (ganization and ) Tj ET Q BT /F1 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 stage, these included payments to our Dealer Manager for selling commissions and the dealer manager fee and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (payments to the ) Tj ET Q q 0 0 0 rg BT 115.27 106.10 Td (Advisor for reimbursement of issuer costs. During the acquisition and operational stages, these include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (payments for certain services related to acquisitions, financing and management of our investments and operations provided to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (us by the ) Tj ET Q q 0 0 0 rg BT 88.06 82.10 Td (Advisor and Hines and its af) Tj ET Q q 0 0 0 rg BT 202.02 82.10 Td (filiates pursuant to various agreements we have entered into or anticipate entering into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (with these entities. ) Tj ET Q q 0 0 0 rg BT 127.03 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 135.66 70.10 Td (e have also entered into several af) Tj ET Q q 0 0 0 rg BT 270.97 70.10 Td (filiated transactions with af) Tj ET Q q 0 0 0 rg BT 379.92 70.10 Td (filiates of Hines to make investments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (provide financing. See Note 9 Related Party ) Tj ET Q q 0 0 0 rg BT 241.16 58.10 Td (T) Tj ET Q q 0 0 0 rg BT 246.91 58.10 Td (ransactions to the Consolidated Financial Statements contained elsewhere in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (this ) Tj ET Q q 0 0 0 rg BT 66.40 46.10 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 46.10 Td (T) Tj ET Q q 0 0 0 rg BT 419.95 46.10 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 483.82 46.10 Td (Agreements.) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 730.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 706.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.47 706.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.47 706.25 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 267.21 706.25 Td (f-balance sheet arrangements that have or are reasonably likely to have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (current or future ef) Tj ET Q q 0 0 0 rg BT 125.61 694.25 Td (fect on our financial condition, changes in financial condition, revenues or expenses, results of operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 83.24 682.25 Td (, capital expenditures or capital resources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td (The following table lists our known contractual obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.06 634.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.64 634.25 Td (. Specifically included are our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 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 50.50 560.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 560.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 560.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 560.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 560.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 560.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 560.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 530.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 530.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 530.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 530.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 530.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 530.75 71.00 -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 191.5 584.75 m 262.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 584.75 m 266.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 584.75 m 337.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 584.75 m 341.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 584.75 m 412.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 584.75 m 416.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 584.75 m 487.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 584.75 m 491.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 584.75 m 562.5 584.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 560.75 m 262.5 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 560.75 m 337.5 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 560.75 m 412.5 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 560.75 m 487.5 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 560.75 m 562.5 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 560.75 m 262.5 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 560.75 m 337.5 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 530.75 m 262.5 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 530.75 m 337.5 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 530.75 m 412.5 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 530.75 m 487.5 530.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 530.75 m 562.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 516.75 m 262.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191.5 514.75 m 262.5 514.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 530.75 m 337.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 516.75 m 337.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 514.75 m 337.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 516.75 m 412.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 514.75 m 412.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 516.75 m 487.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 514.75 m 487.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 516.75 m 562.5 516.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 514.75 m 562.5 514.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 589.43 Td (Payments due by Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 565.43 Td (Contractual Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.70 575.43 Td (Less Than 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.55 565.43 Td (Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.80 565.43 Td (1-3 Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.80 565.43 Td (4-5 Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 575.43 Td (More Than 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.55 565.43 Td (Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.55 565.43 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.42 Td (Notes payable ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 112.42 554.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 550.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 550.42 Td (265,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 550.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 550.42 Td (781,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 550.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 550.42 Td (1,465,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 550.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 550.42 Td (244,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 550.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 550.42 Td (2,756,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.42 Td (Operating lease agreement ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 162.11 539.95 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 535.42 Td (348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 535.42 Td (696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 535.42 Td (696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 535.42 Td (2,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 535.42 Td (4,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.42 Td (Total contractual obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.00 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.15 520.42 Td (265,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 520.42 Td (781,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 520.42 Td (1,466,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 520.42 Td (246,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 520.42 Td (2,760,813) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 492.25 Td (Notes payable includes principal and interest payments under our mortgage and construction loans. For the purpose of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 480.25 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 451.84 480.25 Td (fect as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.98 480.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 468.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 468.25 Td ( and remain constant for the remainder of the loan term. Further) Tj ET Q q 0 0 0 rg BT 345.56 468.25 Td (, for the purpose of this table, for mortgages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 456.25 Td (denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 205.07 456.25 Td (, we assumed the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 351.49 456.25 Td (fect as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.64 456.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.22 456.25 Td ( remains constant for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 444.25 Td (the remainder of the loan term.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 426.25 Td (The operating lease agreement relates to the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 314.94 426.25 Td (, which leases space from a tenant in one of its properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 414.25 Td (through a non-cancellable lease agreement which expires on December 24, 2028.) Tj ET Q q 0 0 0 rg BT 397.69 414.25 Td (The Company expects to make annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 402.25 Td (payments of approximately 0.2 million \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.64 402.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.53 402.25 Td ( assuming a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.56 402.25 Td ($1.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.06 402.25 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 420.91 402.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.07 402.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 402.25 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 390.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 378.25 Td (of this table, we assumed the exchange rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.60 378.25 Td ($1.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.10 378.25 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 313.95 378.25 Td ( remains constant for the remainder of the lease term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (Item7A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 87.21 354.25 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 261.85 354.25 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 330.25 Td (Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (equity prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 233.91 318.25 Td (fect market-sensitive instruments. In pursuing our business plan, we believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 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 /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 282.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 87.07 282.25 Td (est ) Tj ET Q q 0 0 0 rg BT 100.68 282.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 121.50 282.25 Td (Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 258.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 258.25 Td (e are exposed to the ef) Tj ET Q q 0 0 0 rg BT 166.13 258.25 Td (fects of interest rate changes primarily as a result of debt used to maintain liquidity and fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.25 Td (the impact of interest rate changes on cash flows. ) Tj ET Q q 0 0 0 rg BT 249.19 234.25 Td (T) Tj ET Q q 0 0 0 rg BT 254.60 234.25 Td (o achieve this objective, we may borrow at fixed rates or fix and cap the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.25 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 484.39 222.25 Td (W) Tj ET Q q 0 0 0 rg BT 493.03 222.25 Td (e have and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.25 Td (risk on a related financial instrument. ) Tj ET Q q 0 0 0 rg BT 201.71 198.25 Td (W) Tj ET Q q 0 0 0 rg BT 210.35 198.25 Td (e will not enter into derivative or interest rate transactions for speculative purposes. ) Tj ET Q q 0 0 0 rg BT 546.17 198.25 Td (W) Tj ET Q q 0 0 0 rg BT 554.81 198.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.25 Td (terms of the derivative contracts.In the event of non-performance by the counterparty) Tj ET Q q 0 0 0 rg BT 395.32 174.25 Td (, if we were not able to replace these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 162.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 138.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 138.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.08 138.25 Td (, we had fixed rate debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.26 138.25 Td ($376.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 138.25 Td ( and variable rate debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.33 138.25 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.44 138.25 Td (. If interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.25 Td (were to increase by 1% and all other variables were held constant, we would incur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.54 126.25 Td ($21.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.43 126.25 Td ( in additional annual interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.25 Td (expense associated with our variable-rate debt. ) Tj ET Q q 0 0 0 rg BT 241.59 114.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 291.49 114.25 Td (, we have notional amounts of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.78 114.25 Td ($982.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.67 114.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.25 Td (interest rate caps to cap our variable rate debt. ) Tj ET Q q 0 0 0 rg BT 238.53 102.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.97 102.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.55 102.25 Td (, the variable interest rates did not exceed their capped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.25 Td (interest rates. ) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 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 68.00 742.10 Td (For) Tj ET Q q 0 0 0 rg BT 82.63 742.10 Td (eign ) Tj ET Q q 0 0 0 rg BT 102.35 742.10 Td (Curr) Tj ET Q q 0 0 0 rg BT 121.43 742.10 Td (ency ) Tj ET Q q 0 0 0 rg BT 142.24 742.10 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.10 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 490.20 718.10 Td (fects of exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 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 431.11 706.10 Td (, which may af) Tj ET Q q 0 0 0 rg BT 490.36 706.10 Td (fect future costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 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 557.56 694.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (we have entered into mortgage loans denominated in foreign currencies for these investments, which provide natural hedges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (rate dif) Tj ET Q q 0 0 0 rg BT 78.41 658.10 Td (ferences. ) Tj ET Q q 0 0 0 rg BT 118.67 658.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 168.57 658.10 Td (, we are typically a net receiver of these foreign currencies, and, as a result, our foreign operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (benefit from a weaker U.S. dollar and are adversely af) Tj ET Q q 0 0 0 rg BT 266.67 646.10 Td (fected by a stronger U.S. dollar) Tj ET Q q 0 0 0 rg BT 391.35 646.10 Td (. See Item7. Management) Tj ET Q q 0 0 0 rg BT 506.04 646.10 Td (s Discussion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 634.10 Td (Analysis of Financial Condition and Results of Operations - Results of Operations for additional information concerning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (the negative impact that declines in the foreign currency exchange rates have had on the operating results of our international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 94.80 610.10 Td (The table below identifies the ef) Tj ET Q q 0 0 0 rg BT 223.74 610.10 Td (fect that a 10% immediate, unfavorable change in the exchange rates would have on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (our equity in these international real estate investments and their net income for the most recently completed period, by foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (currency \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 144.41 590.63 Td (\(1\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.57 586.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 519.60 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 519.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 519.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 519.60 118.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 489.60 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 489.60 124.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 489.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 489.60 118.00 -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 257.5 519.6 m 381.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 519.6 m 507.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 519.6 m 381.5 519.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 519.6 m 507.5 519.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.35 534.28 Td (Reduction in Book Value as) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.25 524.28 Td (of December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.80 544.28 Td (Reduction in Net Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.35 534.28 Td (\(Loss\) for the Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.65 524.28 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 509.27 Td (AUD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.75 509.27 Td ($10,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 509.27 Td ($322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 494.27 Td (EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.75 494.27 Td ($10,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.25 494.27 Td ($1,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 479.27 Td (GBP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.75 479.27 Td ($29,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 479.27 Td ($697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.00 464.27 Td (RUB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.25 464.27 Td ($5,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 464.27 Td ($549) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 436.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 436.10 Td (Our real estate assets in Moscow) Tj ET Q q 0 0 0 rg BT 207.70 436.10 Td (, Russia were purchased in U.S. dollars and we expect that when we dispose of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 424.10 Td (assets, the sale transactions will also be denominated in U.S. dollars. ) Tj ET Q q 0 0 0 rg BT 355.84 424.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 405.17 424.10 Td (, we do not expect to have economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 412.10 Td (exposure to the rouble upon disposition. However) Tj ET Q q 0 0 0 rg BT 278.79 412.10 Td (, changes in the exchange rate between the rouble and the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 400.10 Td (could result in realized losses recorded in our consolidated statement of operations at the time of sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 376.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 376.10 Td (Our real estate assets in ) Tj ET Q q 0 0 0 rg BT 173.73 376.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.37 376.10 Td (arsaw) Tj ET Q q 0 0 0 rg BT 205.04 376.10 Td (, ) Tj ET Q q 0 0 0 rg BT 209.86 376.10 Td (W) Tj ET Q q 0 0 0 rg BT 218.89 376.10 Td (roclaw and Upper Silesia, Poland were purchased in Euros and we expect that when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 364.10 Td (we dispose of these assets, the sale transactions will also be denominated in Euros. ) Tj ET Q q 0 0 0 rg BT 409.71 364.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 459.04 364.10 Td (, we do not expect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 352.10 Td (have Polish zloty exposure upon disposition.) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item8.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 742.25 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F2 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 /F1 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 /F1 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 /F1 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 /F1 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 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Company\) as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.25 634.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.84 634.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.28 634.25 Td (2014) Tj ET Q BT /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 386.46 622.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.04 622.25 Td (. Our audits also ) Tj ET Q BT /F1 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 /F1 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 /F1 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 /F1 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 \(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (States\). ) 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 212.28 430.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.86 430.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 430.25 Td (2014) Tj ET Q BT /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 236.03 418.25 Td (December31, 2015) Tj ET Q BT /F1 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 /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (/s/ Deloitte& ) Tj ET Q q 0 0 0 rg BT 106.76 358.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.17 358.25 Td (ouche LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 88.71 334.25 Td (T) Tj ET Q q 0 0 0 rg BT 94.12 334.25 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (March28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 322.25 Td ( ) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F2 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 /F2 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 /F2 10.00 Tf ET q 0 0 0 rg BT 232.90 718.25 Td (As of ) Tj ET Q BT /F2 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, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.97 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.09 718.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.09 718.25 Td ( ) Tj ET Q 1 1 1 rg /GS0 gs 428.50 669.75 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 493.50 669.75 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 497.50 669.75 65.00 -14.00 re f /GS0 gs 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 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0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 476.75 m 562.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 474.75 m 562.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 325.75 m 493.5 325.75 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 /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 697.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 697.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 697.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 674.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 683.48 Td (\(In thousands, except per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 673.48 Td (share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.35 660.43 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 660.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.50 660.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.42 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 645.42 Td (3,267,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 645.42 Td (2,964,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.42 Td (Investment in unconsolidated entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 630.42 Td (2,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 630.42 Td (2,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.42 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 615.42 Td (136,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 615.42 Td (143,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.42 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 600.42 Td (19,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 600.42 Td (19,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.42 Td (Derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 585.42 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 585.42 Td (14,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.42 Td (Tenant and other receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 570.42 Td (94,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 570.42 Td (64,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 555.42 Td (Intangible lease assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 555.42 Td (672,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 555.42 Td (743,465) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 540.42 Td (Deferred leasing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 540.42 Td (104,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 540.42 Td (59,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 525.42 Td (Deferred financing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 525.42 Td (3,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 525.42 Td (1,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 510.42 Td (Real estate loans receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 510.42 Td (55,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 510.42 Td (74,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 495.42 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 495.42 Td (15,351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 495.42 Td (25,939) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 480.43 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 480.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 480.42 Td (4,372,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 480.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 480.42 Td (4,115,173) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.55 465.43 Td (LIABILITIES AND EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 465.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 465.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 450.43 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 450.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 450.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.42 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 435.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 435.42 Td (101,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 435.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 435.42 Td (91,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.42 Td (Due to affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 420.42 Td (14,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 420.42 Td (14,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.42 Td (Intangible lease liabilities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 405.42 Td (95,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 405.42 Td (84,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.42 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 390.42 Td (48,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 390.42 Td (43,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 375.42 Td (Derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 375.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 375.42 Td (9,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.42 Td (Distributions payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 360.42 Td (19,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 360.42 Td (17,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.42 Td (Notes payable to affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 345.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 345.42 Td (17,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.42 Td (Notes payable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 330.42 Td (2,545,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 330.42 Td (2,100,938) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 315.43 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 315.42 Td (2,826,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 315.42 Td (2,379,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.42 Td (Commitments and contingencies \(Note 14\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 286.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 286.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 257.43 Td (Equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 257.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 257.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 242.42 Td (Stockholders equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 242.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 242.42 Td () Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 217.42 Td (outstanding as of December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 217.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 217.42 Td () Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.42 Td (2015 and 2014; 274,482 and 270,657 common shares issued and outstanding as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.42 Td (December 31, 2015 and 2014, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 182.42 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 182.42 Td (271) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 167.42 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 167.42 Td (2,476,744) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 167.42 Td (2,440,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 152.42 Td (Accumulated distributions in excess of earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 152.47 Td (\(815,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 152.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 152.47 Td (\(627,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 152.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 137.42 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 137.47 Td (\(163,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 137.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 137.47 Td (\(123,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 137.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 122.42 Td (Total stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 122.42 Td (1,498,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 122.42 Td (1,689,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 107.42 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 107.42 Td (47,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 107.42 Td (46,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 92.42 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 92.42 Td (1,546,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 92.42 Td (1,736,097) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 77.43 Td (Total liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 77.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 77.42 Td (4,372,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 77.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 77.42 Td (4,115,173) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 49.25 Td (See notes to the consolidated financial statements.) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q BT /F2 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 /F2 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 /F2 10.00 Tf ET q 0 0 0 rg BT 187.60 718.25 Td (For) Tj ET Q q 0 0 0 rg BT 202.97 718.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 220.93 718.25 Td (Y) Tj ET Q q 0 0 0 rg BT 227.04 718.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.60 718.25 Td (December) Tj ET Q q 0 0 0 rg BT 320.73 718.25 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.23 718.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.23 718.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.23 718.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.35 718.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 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562.5 389.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 361.75 m 424.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 361.75 m 493.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 361.75 m 562.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 333.75 m 424.5 333.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 333.75 m 493.5 333.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 333.75 m 562.5 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 320.75 m 424.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 318.75 m 424.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 320.75 m 493.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 318.75 m 493.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 320.75 m 562.5 320.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 318.75 m 562.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 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424.5 207.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 207.75 m 493.5 207.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 207.75 m 562.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 194.75 m 424.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 192.75 m 424.5 192.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 194.75 m 493.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 192.75 m 493.5 192.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 194.75 m 562.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 192.75 m 562.5 192.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 698.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 698.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 698.43 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 683.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.60 683.43 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 669.48 Td (Revenues:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.50 669.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 669.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.50 669.48 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.32 Td (Rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 656.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 656.32 Td (441,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 656.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 656.32 Td (425,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 656.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 656.32 Td (298,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.32 Td (Other revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 642.32 Td (35,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 642.32 Td (30,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 642.32 Td (23,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.32 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 628.32 Td (476,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 628.32 Td (456,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 628.32 Td (322,862) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 614.43 Td (Expenses:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.32 Td (Property operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 600.32 Td (91,902) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 600.32 Td (85,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 600.32 Td (65,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.32 Td (Real property taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 586.32 Td (47,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 586.32 Td (42,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 586.32 Td (28,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 572.32 Td (Property management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 572.32 Td (10,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 572.32 Td (9,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 572.32 Td (7,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 558.32 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 558.32 Td (186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 558.32 Td (193,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 558.32 Td (140,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 544.32 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 544.32 Td (10,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 544.32 Td (29,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 544.32 Td (42,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.32 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 530.32 Td (44,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 530.32 Td (53,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 530.32 Td (60,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.32 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 516.32 Td (8,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 516.32 Td (6,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 516.32 Td (5,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.32 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 502.32 Td (400,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 502.32 Td (420,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 502.32 Td (350,861) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 488.43 Td (Income \(loss\) before other income \(expenses\) and benefit \(provision\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 478.43 Td (for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 478.42 Td (76,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 478.42 Td (36,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 478.47 Td (\(27,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 478.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 464.43 Td (Other income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.32 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 450.32 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 450.32 Td (7,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 450.32 Td (9,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.32 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 436.32 Td (14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 436.32 Td (64,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 436.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.32 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 422.37 Td (\(21,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 422.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 422.37 Td (\(13,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 422.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 422.37 Td (\(6,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 422.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 408.37 Td (\(71,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 408.37 Td (\(78,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 408.37 Td (\(60,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 408.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.32 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 394.32 Td (427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 394.32 Td (506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 394.32 Td (454) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 380.43 Td (Income \(loss\) before benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 380.37 Td (\(436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 380.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 380.32 Td (16,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 380.37 Td (\(85,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 380.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.32 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 366.37 Td (\(4,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 366.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 366.37 Td (\(5,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 366.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 366.37 Td (\(701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 366.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 352.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 352.37 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 352.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 352.32 Td (10,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 352.37 Td (\(85,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 352.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.32 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 338.37 Td (\(5,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 338.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 338.37 Td (\(5,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 338.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 338.37 Td (\(3,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 338.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 324.43 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 324.37 Td (\(10,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 324.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 324.32 Td (5,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 324.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 324.37 Td (\(88,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 324.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 310.43 Td (Basic and diluted income \(loss\) per common share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 310.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 310.37 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 310.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 310.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 310.32 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 310.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 310.37 Td (\(0.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 310.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 296.32 Td (Weighted average number of common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 296.32 Td (272,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 296.32 Td (263,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 296.32 Td (184,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 282.43 Td (Net comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 268.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 268.37 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 268.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 268.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 268.32 Td (10,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 268.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 268.37 Td (\(85,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 268.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.32 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 254.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.32 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 240.37 Td (\(40,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 240.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 240.37 Td (\(101,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 240.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 240.37 Td (\(14,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 240.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 226.43 Td (Net comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 226.37 Td (\(45,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 226.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 226.37 Td (\(90,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 226.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 226.37 Td (\(100,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 226.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 212.32 Td (Net comprehensive \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 212.37 Td (\(4,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 212.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 212.37 Td (\(4,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 212.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 212.37 Td (\(3,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 212.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 198.43 Td (Net comprehensive income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 198.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 198.37 Td (\(49,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 198.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 198.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 198.37 Td (\(94,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 198.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 198.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 198.37 Td (\(104,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 198.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 170.25 Td (See notes to the consolidated financial statements.) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (69) Tj ET Q BT /F2 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 /F2 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 /F2 9.00 Tf ET q 0 0 0 rg BT 199.45 728.35 Td (For) Tj ET Q q 0 0 0 rg BT 213.28 728.35 Td ( the ) Tj ET Q q 0 0 0 rg BT 229.44 728.35 Td (Y) Tj ET Q q 0 0 0 rg BT 234.94 728.35 Td (ears Ended ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 280.45 728.35 Td (December) Tj ET Q q 0 0 0 rg BT 319.26 728.35 Td (31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.01 728.35 Td (, ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.51 728.35 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 375.51 728.35 Td ( and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.52 728.35 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.52 728.35 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.10 717.55 Td (\(In thousands\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 652.05 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 652.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 652.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 652.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 652.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 652.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 652.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 652.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 652.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 652.05 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 652.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 652.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 652.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 652.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 624.05 125.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 624.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 624.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 624.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 624.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 624.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 624.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 624.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 624.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 624.05 84.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 624.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 624.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 624.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 624.05 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 589.05 125.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 589.05 44.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 589.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 589.05 42.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 589.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 589.05 56.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 589.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 589.05 59.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 589.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 589.05 84.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 589.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 589.05 59.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 589.05 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 589.05 65.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 546.05 125.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 546.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 546.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 546.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 546.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 546.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 546.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 546.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 546.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 546.05 84.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 546.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 546.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 546.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 546.05 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 511.05 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 511.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 511.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 511.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 511.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 511.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 511.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 511.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 511.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 511.05 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 511.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 511.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 511.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 511.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 476.05 125.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 476.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 476.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 476.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 476.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 476.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 476.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 476.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 476.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 476.05 84.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 476.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 476.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 476.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 476.05 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 441.05 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 441.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 441.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 441.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 441.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 441.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 441.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 441.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 441.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 441.05 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 441.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 441.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 441.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 441.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 406.05 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 406.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 406.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 406.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 406.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 406.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 406.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 406.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 406.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 406.05 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 406.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 406.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 406.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 406.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 378.05 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 378.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 378.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 378.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 378.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 378.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 378.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 378.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 378.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 378.05 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 378.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 378.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 378.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 378.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 343.05 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 343.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 343.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 343.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 343.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 343.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 343.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 343.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 343.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 343.05 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 343.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 343.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 343.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 343.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 315.05 125.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 315.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 315.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 315.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 315.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 315.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 315.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 315.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 315.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 315.05 84.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 315.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 315.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 315.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 315.05 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 265.05 125.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 265.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 265.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 265.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 265.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 265.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 265.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 265.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 265.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 265.05 84.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 265.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 265.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 265.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 265.05 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 230.05 125.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 230.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 230.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 230.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 230.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 230.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 230.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 230.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 230.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 230.05 84.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 230.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 230.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 230.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 230.05 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 195.05 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 195.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 195.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 195.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 195.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 195.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 195.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 195.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 195.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 195.05 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 195.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 195.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 195.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 195.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 167.05 125.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 167.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 167.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 167.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 167.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 167.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 167.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 167.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 167.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 167.05 84.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 167.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 167.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 167.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 167.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 139.05 125.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 139.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 139.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 139.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 139.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 139.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 139.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 139.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 139.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 139.05 84.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 139.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 139.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 139.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 139.05 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 97.05 125.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 151.50 97.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 97.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 199.50 97.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 97.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 97.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 97.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 97.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 97.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 97.05 84.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 97.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 97.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 97.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 97.05 65.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 693.05 m 195.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 693.05 m 199.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 693.05 m 241.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 693.05 m 245.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 693.05 m 301.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 693.05 m 305.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 693.05 m 364.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 693.05 m 368.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 693.05 m 452.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 652.05 m 195.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 652.05 m 241.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 652.05 m 301.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 652.05 m 364.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 652.05 m 452.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 652.05 m 515.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 652.05 m 584.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 652.05 m 195.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 652.05 m 241.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 652.05 m 301.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 652.05 m 364.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 652.05 m 452.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 652.05 m 515.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 652.05 m 584.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 455.04999999999995 m 195.5 455.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 455.04999999999995 m 241.5 455.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 455.04999999999995 m 301.5 455.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 455.04999999999995 m 364.5 455.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 455.04999999999995 m 452.5 455.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 455.04999999999995 m 515.5 455.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 455.04999999999995 m 584.5 455.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 265.04999999999995 m 195.5 265.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 265.04999999999995 m 241.5 265.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 265.04999999999995 m 301.5 265.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 265.04999999999995 m 364.5 265.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 265.04999999999995 m 452.5 265.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 265.04999999999995 m 515.5 265.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 265.04999999999995 m 584.5 265.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 97.04999999999995 m 195.5 97.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 97.04999999999995 m 241.5 97.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 97.04999999999995 m 301.5 97.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 97.04999999999995 m 364.5 97.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 97.04999999999995 m 452.5 97.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 97.04999999999995 m 515.5 97.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 97.04999999999995 m 584.5 97.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 77.04999999999995 m 195.5 77.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 75.04999999999995 m 195.5 75.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 77.04999999999995 m 241.5 77.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 75.04999999999995 m 241.5 75.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 77.04999999999995 m 301.5 77.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 75.04999999999995 m 301.5 75.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 77.04999999999995 m 364.5 77.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 75.04999999999995 m 364.5 75.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 77.04999999999995 m 452.5 77.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 75.04999999999995 m 452.5 75.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 77.04999999999995 m 515.5 77.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 75.04999999999995 m 515.5 75.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 77.04999999999995 m 584.5 77.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 75.04999999999995 m 584.5 75.04999999999995 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 29.00 697.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.90 697.50 Td (Hines Global REIT, Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 697.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 697.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 29.00 656.51 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 155.25 665.50 Td (Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 160.05 656.50 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 204.20 656.50 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.45 674.50 Td (Additional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.95 665.50 Td (Paid-in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.70 656.50 Td (Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.00 683.50 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.20 674.50 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 665.50 Td (in Excess of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.95 656.50 Td (Earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.95 674.50 Td (Accumulated Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.05 665.50 Td (Comprehensive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.85 656.50 Td (Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.65 674.50 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.30 665.50 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.45 656.50 Td (Equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.55 665.50 Td (Noncontrolling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.80 656.50 Td (Interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 642.28 Td (Balance as of January 1, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 162.75 642.51 Td (148,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 642.51 Td (149) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 642.51 Td (1,324,866) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 642.51 Td (\(252,496) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 642.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.75 642.51 Td (\(8,612) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 642.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 642.51 Td (1,063,907) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.25 642.51 Td (40,363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 628.30 Td (Issuance of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.25 628.51 Td (82,085) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 628.51 Td (82) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.75 628.51 Td (833,748) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 628.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 628.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.75 628.51 Td (833,830) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 628.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 615.30 Td (Contribution from noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 607.30 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 607.51 Td (2,594) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 593.30 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 593.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 593.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 593.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 593.51 Td (\(119,764) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 593.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 593.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 593.51 Td (\(119,764) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 593.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.50 593.51 Td (\(544) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 593.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 580.30 Td (Distributions on Convertible) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 572.30 Td (Preferred Equity Certificates) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 564.30 Td (\(CPEC\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 564.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 564.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 564.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 564.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 564.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 564.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 564.51 Td (\(2,787) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 564.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 550.30 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 550.51 Td (\(1,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.00 550.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.50 550.51 Td (\(2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.00 550.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 550.51 Td (\(20,071) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 550.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 550.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 550.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 550.51 Td (\(20,073) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 550.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 550.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 537.30 Td (Selling commissions and dealer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 529.30 Td (manager fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 529.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 529.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 529.51 Td (\(75,579) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 529.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 529.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 529.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 529.51 Td (\(75,579) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 529.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 529.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 515.30 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 515.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 515.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.75 515.51 Td (\(7,137) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 515.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 515.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 515.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 515.51 Td (\(7,137) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 515.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 515.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 501.30 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 501.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 501.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 501.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.25 501.51 Td (\(88,936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 501.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 501.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 501.51 Td (\(88,936) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 501.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 501.51 Td (3,173) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 488.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 480.30 Td (adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 480.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 480.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 480.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 480.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 480.51 Td (\(22,794) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 480.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 480.51 Td (\(22,794) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 480.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 567.50 480.51 Td (469) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 467.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 459.30 Td (adjustment reclassified into earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 459.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 459.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 459.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 459.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.75 459.51 Td (7,485) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.75 459.51 Td (7,485) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 459.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 445.28 Td (Balance as of December 31, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 162.75 445.51 Td (229,035) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 445.51 Td (229) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 445.51 Td (2,055,827) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 445.51 Td (\(461,196) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 445.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 445.51 Td (\(23,921) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 445.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 445.51 Td (1,570,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.25 445.51 Td (43,268) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 431.30 Td (Issuance of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 167.25 431.51 Td (45,477) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 431.51 Td (45) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 268.75 431.51 Td (463,514) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 431.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 431.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.75 431.51 Td (463,559) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 431.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 418.30 Td (Contributions from noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 410.30 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 410.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 410.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 410.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 410.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 410.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 410.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 410.51 Td (3,894) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 396.30 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 396.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 396.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 396.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 396.51 Td (\(171,085) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 396.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 396.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 396.51 Td (\(171,085) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 396.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.50 396.51 Td (\(324) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 396.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 382.30 Td (Distributions on CPEC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 382.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 382.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 382.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 382.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 382.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 382.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 382.51 Td (\(4,344) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 382.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 368.30 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 368.51 Td (\(3,855) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.00 368.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.50 368.51 Td (\(3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.00 368.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 368.51 Td (\(40,922) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 368.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 368.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 368.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 368.51 Td (\(40,925) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 368.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 368.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 355.30 Td (Selling commissions and dealer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 347.30 Td (manager fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 347.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 347.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 347.51 Td (\(36,355) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 347.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 347.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 347.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 347.51 Td (\(36,355) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 347.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 347.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 333.30 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 333.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 333.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.75 333.51 Td (\(1,975) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 333.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 333.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 333.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 333.51 Td (\(1,975) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 333.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 333.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 319.30 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 319.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 319.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 319.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 340.75 319.51 Td (5,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 319.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.75 319.51 Td (5,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 319.51 Td (5,764) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 306.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 298.30 Td (adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 298.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 298.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 298.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 298.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 298.51 Td (\(105,570) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 298.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 298.51 Td (\(105,570) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 298.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 298.51 Td (\(1,549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 298.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 285.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 277.30 Td (adjustment reclassified into earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 269.30 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 269.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 269.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 269.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 269.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.75 269.51 Td (5,722) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.75 269.51 Td (5,722) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 269.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 256.28 Td (Balance as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 248.28 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 162.75 248.51 Td (270,657) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 248.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 248.51 Td (271) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.00 248.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 248.51 Td (2,440,089) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 248.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 248.51 Td (\(627,203) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 248.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 248.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 248.51 Td (\(123,769) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 248.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 248.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 248.51 Td (1,689,388) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 248.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.25 248.51 Td (46,709) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 234.30 Td (Issuance of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 171.75 234.51 Td (9,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 234.51 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 273.25 234.51 Td (93,775) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 234.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 234.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.25 234.51 Td (93,785) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 234.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 221.30 Td (Contributions from noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 213.30 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 213.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 213.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 213.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 213.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 213.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 567.50 213.51 Td (953) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 199.30 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 199.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 199.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 199.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 199.51 Td (\(177,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 199.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 199.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 199.51 Td (\(177,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 199.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.50 199.51 Td (\(825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 199.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 185.30 Td (Distributions on CPEC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 185.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 185.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 185.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 185.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 185.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 185.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 185.51 Td (\(3,396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 185.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 171.30 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 168.75 171.51 Td (\(6,011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 192.00 171.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.50 171.51 Td (\(7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 238.00 171.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 270.25 171.51 Td (\(57,059) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 171.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 171.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 171.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 171.51 Td (\(57,066) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 171.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 171.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 157.30 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 157.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 157.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.00 157.51 Td (\(61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 298.00 157.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 352.00 157.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 157.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 157.51 Td (\(61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 157.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 157.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 143.30 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 183.00 143.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 143.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.00 143.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.25 143.51 Td (\(10,631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 143.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 143.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 143.51 Td (\(10,631) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 143.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 143.51 Td (5,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 130.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 122.30 Td (adjustment) Tj ET Q BT /F1 9.00 Tf ET 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rg BT 352.00 101.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.25 101.51 Td (16,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.25 101.51 Td (16,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 101.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 88.28 Td (Balance as of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 80.28 Td (December) Tj ET Q q 0 0 0 rg BT 63.50 80.28 Td ( 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 162.75 80.51 Td (274,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 202.00 80.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 224.50 80.51 Td (274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 248.00 80.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 262.00 80.51 Td (2,476,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 308.00 80.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 80.51 Td (\(815,127) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 361.00 80.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.00 80.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 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0.9333333333333333 1 rg /GS0 gs 499.50 123.75 63.00 -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 365.5 682.75 m 428.5 682.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 682.75 m 495.5 682.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 682.75 m 562.5 682.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 500.75 m 428.5 500.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 500.75 m 495.5 500.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 500.75 m 562.5 500.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 487.75 m 428.5 487.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 487.75 m 495.5 487.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 487.75 m 562.5 487.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 370.75 m 428.5 370.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 370.75 m 495.5 370.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 370.75 m 562.5 370.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 357.75 m 428.5 357.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 357.75 m 495.5 357.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 357.75 m 562.5 357.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 175.75 m 428.5 175.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 175.75 m 495.5 175.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 175.75 m 562.5 175.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 162.75 m 428.5 162.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 162.75 m 495.5 162.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 162.75 m 562.5 162.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 123.75 m 428.5 123.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 123.75 m 495.5 123.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 123.75 m 562.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 111.75 m 428.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 109.75 m 428.5 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 111.75 m 495.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 109.75 m 495.5 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 111.75 m 562.5 111.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 109.75 m 562.5 109.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 687.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.50 687.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 687.15 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 521.50 687.15 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 674.15 Td (CASH FLOWS FROM OPERATING ACTIVITIES:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.60 674.15 Td (\(In thousands\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 661.01 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 661.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 661.01 Td (\(4,954) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 661.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 661.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 661.01 Td (10,842) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 661.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 661.01 Td (\(85,763) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 661.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 648.01 Td (Adjustments to reconcile net income \(loss\) to net cash from operating activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 635.01 Td (Depreciation and amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 635.01 Td (203,380) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 635.01 Td (209,957) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 635.01 Td (153,203) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 622.01 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.25 622.01 Td (21,468) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 622.01 Td (13,074) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 622.01 Td (6,458) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 609.01 Td (\(Gain\) loss on sale of real estate investments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 609.01 Td (\(14,684) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 609.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 609.01 Td (\(64,003) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 609.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 609.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 596.01 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.50 596.01 Td (\(562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 596.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 596.01 Td (\(7,322) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 596.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 596.01 Td (\(9,909) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 596.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 583.01 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 583.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 570.01 Td (Change in other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 570.01 Td (\(5,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 570.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 570.01 Td (\(2,440) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 570.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 570.01 Td (\(3,965) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 570.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 557.01 Td (Change in tenant and other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 557.01 Td (\(34,637) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 557.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 557.01 Td (\(26,505) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 557.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 557.01 Td (\(15,539) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 557.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 544.01 Td (Change in deferred leasing costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 544.01 Td (\(60,104) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 544.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 544.01 Td (\(23,343) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 544.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 544.01 Td (\(38,168) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 544.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 531.01 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 531.01 Td (9,133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 531.01 Td (18,242) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 531.01 Td (27,078) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 518.01 Td (Change in other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 404.75 518.01 Td (1,324) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 518.01 Td (10,850) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 518.01 Td (\(121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 518.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 505.01 Td (Change in due to affiliates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.50 505.01 Td (\(224) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 505.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 505.01 Td (3,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 505.01 Td (7,250) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 492.01 Td (Net cash from operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 492.01 Td (114,905) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 492.01 Td (142,372) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 492.01 Td (40,524) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 479.15 Td (CASH FLOWS FROM INVESTING ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 479.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 479.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 479.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 466.01 Td (Proceeds from sale of real estate investments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.25 466.01 Td (30,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 466.01 Td (248,120) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 466.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 453.01 Td (Investments in acquired properties and lease intangibles) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.75 453.01 Td (\(511,553) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 453.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 453.01 Td (\(729,674) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 453.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.00 453.01 Td (\(1,669,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 453.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 440.01 Td (Capital expenditures at operating properties and developments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 440.01 Td (\(11,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 440.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 440.01 Td (\(51,671) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 440.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 440.01 Td (\(56,148) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 440.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 427.01 Td (Distributions from unconsolidated entities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 427.01 Td (867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.50 427.01 Td (700) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 427.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 414.01 Td (Deposits on investment property) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 414.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 414.01 Td (\(15,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 414.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 414.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 401.01 Td (Investments in real estate loans receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 401.01 Td (\(13,208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 401.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 401.01 Td (\(50,576) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 401.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 401.01 Td (\(20,022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 401.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 388.01 Td (Proceeds from collection of real estate loans receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.25 388.01 Td (33,569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 388.01 Td (19,447) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 388.01 Td (12,397) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 375.01 Td (Change in restricted cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 408.50 375.01 Td (\(946) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 375.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 375.01 Td (\(9,188) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 375.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 375.01 Td (\(4,621) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 375.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 362.01 Td (Net cash from investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.75 362.01 Td (\(472,530) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 362.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 362.01 Td (\(587,842) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 362.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.00 362.01 Td (\(1,738,014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 362.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 349.15 Td (CASH FLOWS FROM FINANCING ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 349.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 349.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 349.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 336.01 Td (Proceeds from issuance of common stock) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 336.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 336.01 Td (378,804) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 336.01 Td (772,693) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 323.01 Td (Contribution from noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 323.01 Td (953) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 323.01 Td (3,894) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 323.01 Td (2,594) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 310.01 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 310.01 Td (\(57,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 310.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 310.01 Td (\(37,708) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 310.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 310.01 Td (\(18,713) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 310.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 297.01 Td (Payment of issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.00 297.01 Td (\(55) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 297.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 297.01 Td (\(2,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 297.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 297.01 Td (\(7,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 297.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 284.01 Td (Payment of selling commissions and dealer manager fees) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 284.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 284.01 Td (\(37,011) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 284.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 284.01 Td (\(77,018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 284.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 271.01 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 271.01 Td (\(85,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 271.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 271.01 Td (\(81,901) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 271.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 271.01 Td (\(57,277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 271.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 258.01 Td (Proceeds from notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 258.01 Td (1,756,721) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.00 258.01 Td (1,063,094) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 258.01 Td (2,118,606) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 245.01 Td (Proceeds from related party notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.00 245.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 245.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 245.01 Td (8,273) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 232.01 Td (Payments on related party notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 397.25 232.01 Td (\(17,017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 232.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 232.01 Td (\(20,770) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 232.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 232.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 219.01 Td (Payments on notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 386.00 219.01 Td (\(1,230,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 219.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 219.01 Td (\(788,178) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 219.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.00 219.01 Td (\(1,010,807) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 219.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 206.01 Td (Change in security deposit liability) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.50 206.01 Td (915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.75 206.01 Td (1,157) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 206.01 Td (1,475) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 193.01 Td (Deferred financing costs paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 193.01 Td (\(8,933) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 193.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 193.01 Td (\(4,387) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 193.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 193.01 Td (\(10,119) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 193.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 180.01 Td (Payments related to interest rate contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 180.01 Td (\(2,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 180.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 180.01 Td (\(133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 180.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 180.01 Td (\(4,330) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 180.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 167.01 Td (Net cash from financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 167.01 Td (356,889) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 167.01 Td (474,404) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 167.01 Td (1,718,256) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 154.15 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 154.01 Td (\(6,246) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 154.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 154.01 Td (\(10,184) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 492.00 154.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 154.01 Td (6,695) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 141.15 Td (Net change in cash and cash equivalents) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.75 141.01 Td (\(6,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 425.00 141.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 467.25 141.01 Td (18,750) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 141.01 Td (27,461) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 128.15 Td (Cash and cash equivalents, beginning of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 128.01 Td (143,609) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 128.01 Td (124,859) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 128.01 Td (97,398) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 115.15 Td (Cash and cash equivalents, end of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 115.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 395.75 115.01 Td (136,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 115.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 462.75 115.01 Td (143,609) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 502.00 115.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 115.01 Td (124,859) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 87.25 Td (See notes to the consolidated financial statements.) Tj ET Q endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F2 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 /F2 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 /F2 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 /F1 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 ( \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 598.25 Td (Advisor\), 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 562.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.17 562.25 Td (August5, 2009) Tj ET Q BT /F1 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 common stock for sale to the public \(the Initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 550.25 Td (Of) Tj ET Q q 0 0 0 rg BT 46.37 550.25 Td (fering\) which expired on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.44 550.25 Td (February1, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.04 550.25 Td (. ) Tj ET Q q 0 0 0 rg BT 228.36 550.25 Td (The Company commenced a follow-on of) Tj ET Q q 0 0 0 rg BT 395.63 550.25 Td (fering ef) Tj ET Q q 0 0 0 rg BT 429.59 550.25 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 550.25 Td (February4, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.89 550.25 Td (, through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 538.25 Td (which it of) Tj ET Q q 0 0 0 rg BT 79.14 538.25 Td (fered up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.96 538.25 Td ($3.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.07 538.25 Td ( in shares of common stock \(the Second Of) Tj ET Q q 0 0 0 rg BT 348.07 538.25 Td (fering\), and ceased of) Tj ET Q q 0 0 0 rg BT 438.95 538.25 Td (fering primary shares pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 526.25 Td (the second public of) Tj ET Q q 0 0 0 rg BT 116.63 526.25 Td (fering on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 526.25 Td (April1) Tj ET Q q 0 0 0 rg BT 183.19 526.25 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.19 526.25 Td (. ) Tj ET Q q 0 0 0 rg BT 220.51 526.25 Td (The Company continues to of) Tj ET Q q 0 0 0 rg BT 339.20 526.25 Td (fer up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.58 526.25 Td ($500.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.47 526.25 Td ( of shares of its common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 514.25 Td (under its distribution reinvestment plan, pursuant to an of) Tj ET Q q 0 0 0 rg BT 265.50 514.25 Td (fering which commenced on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.58 514.25 Td (April24, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.18 514.25 Td ( \(the DRP) Tj ET Q q 0 0 0 rg BT 484.25 514.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 497.12 514.25 Td (fering\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 502.25 Td (Collectively) Tj ET Q q 0 0 0 rg BT 84.23 502.25 Td (, through its public of) Tj ET Q q 0 0 0 rg BT 170.43 502.25 Td (ferings, the Company received gross of) Tj ET Q q 0 0 0 rg BT 327.43 502.25 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.67 502.25 Td ($2.9 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.78 502.25 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.82 502.25 Td (288.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 570.71 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 490.25 Td (shares from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.75 490.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.33 490.25 Td (, all of which has been invested in the Company) Tj ET Q q 0 0 0 rg BT 432.29 490.25 Td (s real estate portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 466.25 Td (In March 2015, the Company completed its investment of the proceeds raised through its public of) Tj ET Q q 0 0 0 rg BT 448.17 466.25 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 482.89 466.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.33 466.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 454.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 454.25 Td (, the Company owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.37 454.25 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.37 454.25 Td ( real estate investments, consisting of the following types of investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 430.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 430.25 Td (of) Tj ET Q q 0 0 0 rg BT 111.97 430.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 129.46 430.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 179.73 430.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.06 430.25 Td (1) Tj ET Q q 0 0 0 rg BT 187.69 430.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.69 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.19 430.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 418.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 103.83 418.25 Td (other ) Tj ET Q q 0 0 0 rg BT 126.87 418.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 177.15 418.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.48 418.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.48 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 192.98 418.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 406.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 406.25 Td (of) Tj ET Q q 0 0 0 rg BT 124.74 406.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 142.22 406.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 192.50 406.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.83 406.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.83 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 208.33 406.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 394.25 Td (International ) Tj ET Q q 0 0 0 rg BT 116.59 394.25 Td (other ) Tj ET Q q 0 0 0 rg BT 139.64 394.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 189.91 394.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.24 394.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.24 394.25 Td ( ) Tj ET Q q 0 0 0 rg BT 205.74 394.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 370.25 Td (Discussed below are additional details related to the Company) Tj ET Q q 0 0 0 rg BT 306.15 370.25 Td (s investments in real estate related debt as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.92 370.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.51 370.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 358.25 Td (Each of these investments is included in the Company) Tj ET Q q 0 0 0 rg BT 255.40 358.25 Td (s domestic other investments segment. ) Tj ET Q q 0 0 0 rg BT 413.99 358.25 Td (All other investments are operating real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 346.25 Td (estate investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 322.25 Td (Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 142.26 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.26 322.25 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.59 322.25 Td ( interest in a joint venture with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 380.85 322.25 Td (, which was formed to provide real estate loans. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 310.25 Td (The joint venture has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.20 310.25 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.87 310.25 Td ( loans receivable, totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 310.25 Td ($38.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 310.25 Td (, outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.82 310.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.41 310.25 Td (. ) Tj ET Q q 0 0 0 rg BT 480.23 310.25 Td (The Company is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 298.25 Td (otherwise af) Tj ET Q q 0 0 0 rg BT 111.96 298.25 Td (filiated with Flagship Capital GP) Tj ET Q q 0 0 0 rg BT 243.07 298.25 Td (. See Note 5 Real Estate Loans Receivable for additional information regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 286.25 Td (these loans receivable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 262.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 262.25 Td (The Rim Loan Receivable the Company committed to provide construction financing to the developer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.38 262.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.04 262.25 Td ( additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 250.25 Td (retail parcels at ) Tj ET Q q 0 0 0 rg BT 126.39 250.25 Td (The Rim, an outdoor retail center located in San ) Tj ET Q q 0 0 0 rg BT 320.78 250.25 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 358.38 250.25 Td (T) Tj ET Q q 0 0 0 rg BT 363.79 250.25 Td (exas. In ) Tj ET Q q 0 0 0 rg BT 399.33 250.25 Td (April 2015, the Company completed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 238.25 Td (acquisition of the first of these additional parcels, consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.11 238.25 Td (259,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.61 238.25 Td ( square feet. In December 2015, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 226.25 Td (completed the acquisition of an additional parcel, consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.82 226.25 Td (28,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.32 226.25 Td ( square feet. ) Tj ET Q q 0 0 0 rg BT 397.72 226.25 Td (The total amount of the commitment, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 214.25 Td (amended in ) Tj ET Q q 0 0 0 rg BT 111.32 214.25 Td (April and December 2015, is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.62 214.25 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.51 214.25 Td (. ) Tj ET Q q 0 0 0 rg BT 290.46 214.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.90 214.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.49 214.25 Td (, the Company had loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.97 214.25 Td ($12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.86 214.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 202.25 Td (outstanding to the developer) Tj ET Q q 0 0 0 rg BT 176.03 202.25 Td (. ) Tj ET Q q 0 0 0 rg BT 183.35 202.25 Td (The Company is not otherwise af) Tj ET Q q 0 0 0 rg BT 316.20 202.25 Td (filiated with the developer of the project. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 178.25 Td (Joint V) Tj ET Q q 0 0 0 rg BT 65.18 178.25 Td (entures, Equity Method Investments and Noncontrolling Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 154.25 Td (On January7, 2009, the Company and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 287.95 154.25 Td ( ) Tj ET Q q 0 0 0 rg BT 289.89 154.25 Td (Associates Limited Partnership \(HALP\), an af) Tj ET Q q 0 0 0 rg BT 483.55 154.25 Td (filiate of the ) Tj ET Q q 0 0 0 rg BT 534.36 154.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 566.18 154.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 142.25 Td (formed Hines Global REIT) Tj ET Q q 0 0 0 rg BT 144.96 142.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 204.31 142.25 Td ( \(the Operating Partnership\). ) Tj ET Q q 0 0 0 rg BT 329.91 142.25 Td (The Company conducts most of its operations through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 130.25 Td (Operating Partnership. On January14, 2009, the Company and HALP) Tj ET Q q 0 0 0 rg BT 316.14 130.25 Td ( made initial capital contributions to the Operating Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 118.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.83 118.25 Td ($10,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.33 118.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.77 118.25 Td ($190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.27 118.25 Td (, respectively and accordingly) Tj ET Q q 0 0 0 rg BT 255.57 118.25 Td (, HALP) Tj ET Q q 0 0 0 rg BT 286.31 118.25 Td ( owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.91 118.25 Td (95.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.74 118.25 Td ( noncontrolling interest in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 564.03 118.25 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 106.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 46.83 106.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.41 106.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.85 106.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.85 106.25 Td (, HALP) Tj ET Q q 0 0 0 rg BT 195.59 106.25 Td ( owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.19 106.25 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.02 106.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.46 106.25 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.29 106.25 Td ( interest in the Operating Partnership, respectively) Tj ET Q q 0 0 0 rg BT 505.41 106.25 Td (.) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (72) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The Brindleyplace JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 725.10 Td (In June 2010, the Operating Partnership and Moorfield Real Estate Fund II GP) Tj ET Q q 0 0 0 rg BT 368.29 725.10 Td ( Ltd., \(Moorfield\) formed Hines Moorfield UK ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.10 Td (V) Tj ET Q q 0 0 0 rg BT 42.11 713.10 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 376.57 713.10 Td ( acquired several properties located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.10 Td (Birmingham, England \(the Brindleyplace Project\).In 2015, LSREF 3 Laser Holdings \(Jersey\) Limited \(Laser\) purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.10 Td (Moorfield) Tj ET Q q 0 0 0 rg BT 79.33 689.10 Td (s interest in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 212.17 689.10 Td ( and renamed it Hines Laser UK ) Tj ET Q q 0 0 0 rg BT 343.89 689.10 Td (V) Tj ET Q q 0 0 0 rg BT 350.00 689.10 Td (enture I S.A.R.L. ) Tj ET Q q 0 0 0 rg BT 423.70 689.10 Td (The Company owns a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.68 689.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.01 689.10 Td ( interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 677.10 Td (the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 120.24 677.10 Td ( and Laser holds the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.31 677.10 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.64 677.10 Td ( interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 653.10 Td (The Company has concluded its investment in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 325.70 653.10 Td ( does not qualify as a variable interest entity \(VIE\) under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 641.10 Td (the Financial ) Tj ET Q q 0 0 0 rg BT 89.88 641.10 Td (Accounting Standards Board \(the F) Tj ET Q q 0 0 0 rg BT 235.21 641.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 264.38 641.10 Td (Accounting Standards Codification \(ASC or the Codification\) 810 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 629.10 Td (Consolidation. Based on the Company) Tj ET Q q 0 0 0 rg BT 201.81 629.10 Td (s majority voting interest as well as certain additional voting rights and other factors, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 617.10 Td (Company has consolidated the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 230.50 617.10 Td ( and its wholly-owned subsidiaries in its financial statements. See Note 10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 605.10 Td (Noncontrolling Interests for additional information regarding our noncontrolling interests in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 489.60 605.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (Consolidated VIEs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (The Flagship JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (In June 201) Tj ET Q q 0 0 0 rg BT 100.29 533.10 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 475.76 533.10 Td (Agreement \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 521.10 Td (amended\) with Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 181.44 521.10 Td ( for the formation of Flagship Capital Partners Fund, LP) Tj ET Q q 0 0 0 rg BT 406.04 521.10 Td (\(the Flagship JV\) for the purpose of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.10 Td (originating real estate loans. ) Tj ET Q q 0 0 0 rg BT 151.06 509.10 Td (The Company owns a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.04 509.10 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.37 509.10 Td ( interest in the Flagship JV) Tj ET Q q 0 0 0 rg BT 366.68 509.10 Td ( and Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 469.36 509.10 Td ( owns the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.24 509.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.57 509.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 497.10 Td (interest. Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 153.68 497.10 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 511.99 497.10 Td (. Both partners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 485.10 Td (have equal voting rights and distributions from the Flagship JV) Tj ET Q q 0 0 0 rg BT 288.85 485.10 Td ( will initially be paid to the fund partners based on their pro rata ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 473.10 Td (ownership. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.66 473.10 Td (Since the voting rights of each of the partners are disproportionate to their ownership interests, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (concluded that the Flagship JV) Tj ET Q q 0 0 0 rg BT 159.69 461.10 Td ( qualifies as a ) Tj ET Q q 0 0 0 rg BT 216.71 461.10 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 260.58 461.10 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 331.58 461.10 Td (, the Company has determined that it is the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 449.10 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 411.26 449.10 Td ( as well as certain other factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.60 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 539.54 449.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (result, the Company has consolidated the Flagship JV) Tj ET Q q 0 0 0 rg BT 250.79 437.10 Td ( and its wholly-owned subsidiaries in its financial statements. See Note 10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 425.10 Td (Noncontrolling Interests for additional information regarding our noncontrolling interests in the Flagship JV) Tj ET Q q 0 0 0 rg BT 467.96 425.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (The W) Tj ET Q q 0 0 0 rg BT 78.91 401.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 102.43 401.10 Td (all Place JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 377.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 123.04 377.10 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 498.51 377.10 Td (Agreement with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 365.10 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 365.10 Td (filiate of Hines for the formation of Hines One ) Tj ET Q q 0 0 0 rg BT 232.52 365.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.16 365.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 264.78 365.10 Td (all Holdings LP) Tj ET Q q 0 0 0 rg BT 327.74 365.10 Td ( \(the W) Tj ET Q q 0 0 0 rg BT 361.37 365.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 384.99 365.10 Td (all Place JV\), a Delaware limited liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 353.10 Td (company) Tj ET Q q 0 0 0 rg BT 72.01 353.10 Td (, for the purpose of developing a multi-family project in Houston, ) Tj ET Q q 0 0 0 rg BT 337.04 353.10 Td (T) Tj ET Q q 0 0 0 rg BT 342.46 353.10 Td (exas. Hines serves as the initial general partner and as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 341.10 Td (development partner and the subsidiary of the Operating Partnership is the initial limited partner) Tj ET Q q 0 0 0 rg BT 420.62 341.10 Td (. ) Tj ET Q q 0 0 0 rg BT 427.94 341.10 Td (The Company has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.14 341.10 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.47 341.10 Td ( interest in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 329.10 Td (this joint venture . ) Tj ET Q q 0 0 0 rg BT 113.22 329.10 Td (An af) Tj ET Q q 0 0 0 rg BT 135.53 329.10 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.38 329.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.71 329.10 Td ( interest in this joint venture. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.01 329.10 Td (The Company has concluded its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 317.10 Td (investment in the ) Tj ET Q q 0 0 0 rg BT 107.20 317.10 Td (W) Tj ET Q q 0 0 0 rg BT 115.83 317.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 139.46 317.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 187.04 317.10 Td ( qualifies as a ) Tj ET Q q 0 0 0 rg BT 244.06 317.10 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 287.94 317.10 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 358.93 317.10 Td (, the Company has determined that it is the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 305.10 Td (beneficiary since it has greater exposure to the variability of One ) Tj ET Q q 0 0 0 rg BT 297.66 305.10 Td (W) Tj ET Q q 0 0 0 rg BT 306.30 305.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 329.92 305.10 Td (all JV) Tj ET Q q 0 0 0 rg BT 356.31 305.10 Td (s economic performance as well as certain other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 293.10 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.71 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.66 293.10 Td (As a result, the Company has consolidated the ) Tj ET Q q 0 0 0 rg BT 254.94 293.10 Td (W) Tj ET Q q 0 0 0 rg BT 263.57 293.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 287.20 293.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 334.78 293.10 Td ( and its wholly-owned subsidiaries in its financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 281.10 Td (statements. See Note 10 Noncontrolling Interests for additional information regarding our noncontrolling interests in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 269.10 Td (W) Tj ET Q q 0 0 0 rg BT 44.64 269.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 68.26 269.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 114.74 269.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 245.10 Td (The ) Tj ET Q q 0 0 0 rg BT 71.32 245.10 Td (A) Tj ET Q q 0 0 0 rg BT 76.88 245.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 163.07 245.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 221.10 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 474.47 221.10 Td (Agreement with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 209.10 Td (af) Tj ET Q q 0 0 0 rg BT 43.59 209.10 Td (filiate of Hines for the formation of Hines Ponce & Bird Holdings LP) Tj ET Q q 0 0 0 rg BT 321.50 209.10 Td ( , a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 477.19 209.10 Td (, for the purpose of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 197.10 Td (developing a multi-family project in Miami, Florida. Hines serves as the initial general partner and as the development partner and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 185.10 Td (subsidiary of the Operating Partnership is the initial limited partner) Tj ET Q q 0 0 0 rg BT 304.00 185.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.32 185.10 Td (The Company has concluded its investment in the ) Tj ET Q q 0 0 0 rg BT 512.95 185.10 Td (A) Tj ET Q q 0 0 0 rg BT 519.43 185.10 Td (viva Coral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 173.10 Td (Gables JV) Tj ET Q q 0 0 0 rg BT 77.20 173.10 Td ( qualifies as a ) Tj ET Q q 0 0 0 rg BT 134.22 173.10 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 178.10 173.10 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 251.59 173.10 Td (, the Company has determined that it is the primary beneficiary since it has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 161.10 Td (greater exposure to the variability of ) Tj ET Q q 0 0 0 rg BT 183.72 161.10 Td (A) Tj ET Q q 0 0 0 rg BT 190.20 161.10 Td (viva Coral Gables's economic performance as well as certain other factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.83 161.10 Td ( ) Tj ET Q q 0 0 0 rg BT 493.28 161.10 Td (As a result, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 149.10 Td (Company has consolidated the ) Tj ET Q q 0 0 0 rg BT 160.42 149.10 Td (A) Tj ET Q q 0 0 0 rg BT 166.90 149.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 252.54 149.10 Td ( and its wholly-owned subsidiaries in its financial statements. See Note 10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 137.10 Td (Noncontrolling Interests for additional information regarding our noncontrolling interests in the ) Tj ET Q q 0 0 0 rg BT 420.64 137.10 Td (A) Tj ET Q q 0 0 0 rg BT 427.12 137.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 511.64 137.10 Td (.) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (A) Tj ET Q q 0 0 0 rg BT 60.67 749.10 Td ( summary of our consolidated ) Tj ET Q q 0 0 0 rg BT 182.41 749.10 Td (VIEs is as follows \(in thousands\):) Tj ET Q 1 1 1 rg /GS0 gs 35.50 726.60 339.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 374.50 726.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 711.60 339.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 711.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 711.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 711.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 711.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 681.60 339.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 681.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 681.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 681.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 681.60 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 378.5 711.6 m 474.5 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 711.6 m 575.5 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 711.6 m 474.5 711.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 711.6 m 575.5 711.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.65 716.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 716.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 701.27 Td (Maximum risk of loss ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 128.56 705.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 701.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 701.27 Td (52,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 701.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 701.27 Td (47,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 686.27 Td (Assets held by VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 686.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 686.27 Td (171,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 686.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 686.27 Td (188,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 671.27 Td (Assets held as collateral for debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 671.27 Td (171,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 671.27 Td (188,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 656.27 Td (Liabilities held by VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 656.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 656.27 Td (106,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 656.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 656.27 Td (131,691) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 628.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 628.10 Td (Represents the Company's contributions, net of distributions, made to the consolidated ) Tj ET Q q 0 0 0 rg BT 402.51 628.10 Td (VIEs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.56 628.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 604.10 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 423.13 604.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 442.57 604.10 Td (s debt, and the Company is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 592.10 Td (generally required to obtain its partners) Tj ET Q q 0 0 0 rg BT 196.03 592.10 Td ( approval in accordance with the respective joint venture agreements for any major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 580.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 91.08 580.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.84 580.10 Td (ransactions with these joint ventures on the Company) Tj ET Q q 0 0 0 rg BT 313.74 580.10 Td (s consolidated financial statements primarily relate to \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 568.10 Td (contributions for the funding of loans receivable or distributions related to the receipt of proceeds from the collection of loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 556.10 Td (receivable at the Flagship JV) Tj ET Q q 0 0 0 rg BT 151.89 556.10 Td ( or \(ii\) operating distributions received from the ) Tj ET Q q 0 0 0 rg BT 345.55 556.10 Td (W) Tj ET Q q 0 0 0 rg BT 354.18 556.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 377.81 556.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 425.39 556.10 Td ( and the ) Tj ET Q q 0 0 0 rg BT 458.99 556.10 Td (A) Tj ET Q q 0 0 0 rg BT 465.47 556.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 550.00 556.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 544.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 83.66 544.10 Td (. ) Tj ET Q q 0 0 0 rg BT 90.98 544.10 Td (The Company and its partners are subject to the terms of the joint venture agreements which include provisions for when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 532.10 Td (additional contributions may be required. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.78 532.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.37 532.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.87 532.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.45 532.10 Td (, the Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.05 532.10 Td ( made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.71 532.10 Td (capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.36 532.10 Td ( contributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.13 532.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.96 532.10 Td ($4.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 520.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 520.10 Td (, net of distributions received of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.14 520.10 Td ($13.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.03 520.10 Td ( in accordance with the Company) Tj ET Q q 0 0 0 rg BT 385.93 520.10 Td (s respective joint venture agreements. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 508.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.72 508.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.30 508.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.80 508.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.38 508.10 Td (, the Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.99 508.10 Td ( made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.64 508.10 Td (capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.29 508.10 Td ( contributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.07 508.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.90 508.10 Td ($22.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.79 508.10 Td (, net of distributions received of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.53 508.10 Td ($6.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 496.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.89 496.10 Td ( in accordance with the Company) Tj ET Q q 0 0 0 rg BT 201.79 496.10 Td (s respective joint venture agreements. ) Tj ET Q q 0 0 0 rg BT 357.39 496.10 Td (This activity is eliminated in consolidation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 484.10 Td (VIEs, but increases, or decreases in the case of distributions received, the Company) Tj ET Q q 0 0 0 rg BT 373.39 484.10 Td (s maximum risk of loss.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 460.10 Td (Unconsolidated VIEs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 436.10 Td (The Rim Loan Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 412.10 Td (In February 2014, the Company completed the acquisition of ) Tj ET Q q 0 0 0 rg BT 300.43 412.10 Td (The Rim, an outdoor retail center located in San ) Tj ET Q q 0 0 0 rg BT 494.82 412.10 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 532.41 412.10 Td (T) Tj ET Q q 0 0 0 rg BT 537.82 412.10 Td (exas. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 400.10 Td (August 2014, the Company entered into a loan agreement with Central Rim LLC \(the Rim Borrower\), as amended in ) Tj ET Q q 0 0 0 rg BT 515.05 400.10 Td (April 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 388.10 Td (December 2015, to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.91 388.10 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.80 388.10 Td ( of construction financing at ) Tj ET Q q 0 0 0 rg BT 316.86 388.10 Td (The Rim. In ) Tj ET Q q 0 0 0 rg BT 369.92 388.10 Td (April 2015, the Company completed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 376.10 Td (acquisition of the first of these additional parcels, consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.11 376.10 Td (259,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.61 376.10 Td ( square feet. In December 2015, the Company completed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 364.10 Td (acquisition of an additional parcel, consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.95 364.10 Td (28,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.45 364.10 Td ( square feet. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.04 364.10 Td (Following the completion of the development of each parcel, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 352.10 Td (Company will have certain rights or obligations to purchase each parcel. ) Tj ET Q q 0 0 0 rg BT 327.58 352.10 Td (As a result of these purchase rights or obligations, and due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 340.10 Td (the fact that the Rim Borrower lacks the obligation to absorb losses upon the achievement of certain metrics, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 328.10 Td (determined that the entity that owns these parcels is considered to be a ) Tj ET Q q 0 0 0 rg BT 319.90 328.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 343.50 328.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 393.41 328.10 Td (, the Rim Borrower was determined to be the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 316.10 Td (primary beneficiary of this ) Tj ET Q q 0 0 0 rg BT 145.22 316.10 Td (VIE since it is the party most directly responsible for the success of the entity) Tj ET Q q 0 0 0 rg BT 454.50 316.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.00 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.44 316.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.89 316.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.47 316.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 304.10 Td (the Company had loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.48 304.10 Td ($12.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.37 304.10 Td ( outstanding to the developer) Tj ET Q q 0 0 0 rg BT 312.90 304.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.22 304.10 Td (The Company's maximum exposure to loss is the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 292.10 Td (borrowed under the facility agreement, plus any unpaid interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.03 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.84 292.10 Td (The most significant source of the Company's exposure to the ) Tj ET Q q 0 0 0 rg BT 546.19 292.10 Td (VIE is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 280.10 Td (the variability related to the Rim Borrower's credit risk and its ability to repay the amounts funded.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 256.10 Td (The @1377 Equity Method Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 232.10 Td (The Company provided a preferred equity investment in the project of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.52 232.10 Td ($3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.41 232.10 Td (, representing a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.27 232.10 Td (51.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.10 232.10 Td ( ownership in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 220.10 Td (project, for the year ended December31, 2012. ) Tj ET Q q 0 0 0 rg BT 229.63 220.10 Td (The Company has concluded that @1377 qualifies as a ) Tj ET Q q 0 0 0 rg BT 452.21 220.10 Td (VIE. @1377 is financed with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 208.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 42.94 208.10 Td ($23.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.83 208.10 Td ( secured loan made by Cadence Bank, N.A., which is solely guaranteed by the Company) Tj ET Q q 0 0 0 rg BT 453.95 208.10 Td (s joint venture partner \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 196.10 Td (JV) Tj ET Q q 0 0 0 rg BT 51.37 196.10 Td ( Partner\), and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.39 196.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.29 196.10 Td ( mezzanine loan commitment plus accrued interest made by the Company) Tj ET Q q 0 0 0 rg BT 463.09 196.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.86 196.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.75 196.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 184.10 Td (outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.88 184.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.47 184.10 Td (. ) Tj ET Q q 0 0 0 rg BT 178.29 184.10 Td (The JV) Tj ET Q q 0 0 0 rg BT 207.26 184.10 Td ( Partner is the manager of the project, allowing the JV) Tj ET Q q 0 0 0 rg BT 423.41 184.10 Td ( Partner to direct the activities of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 172.10 Td (VIE that most significantly impact the ) Tj ET Q q 0 0 0 rg BT 191.34 172.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 210.78 172.10 Td (s financial performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.17 172.10 Td (Based upon the loan guarantees and the JV) Tj ET Q q 0 0 0 rg BT 481.89 172.10 Td ( Partner) Tj ET Q q 0 0 0 rg BT 513.64 172.10 Td () Tj ET Q q 0 0 0 rg BT 516.42 172.10 Td (s ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 160.10 Td (direct the activities that significantly impact the economic performance of the ) Tj ET Q q 0 0 0 rg BT 348.75 160.10 Td (VIE, the Company has determined that it is not the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 148.10 Td (primary beneficiary of this ) Tj ET Q q 0 0 0 rg BT 145.22 148.10 Td (VIE and will account for its preferred equity investment in the project as an equity method investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.49 148.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 136.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 95.71 136.10 Td (s maximum loss exposure is expected to change in future periods as a result of additional contributions made and any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 124.10 Td (additional borrowings under its loan receivable with the ) Tj ET Q q 0 0 0 rg BT 261.87 124.10 Td (VIE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.03 124.10 Td ( Other than the initial capital contributions provided by the Company) Tj ET Q q 0 0 0 rg BT 556.99 124.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 112.10 Td (Company has not provided any additional subordinated financial support. ) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 749.10 Td (The table below presents the activity of the Company's unconsolidated entities as of and for the periods presented \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 696.60 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 696.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 696.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 696.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 696.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 666.60 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 666.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.50 666.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 666.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 666.60 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 342.5 711.6 m 417.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 711.6 m 421.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 711.6 m 496.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 711.6 m 500.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 711.6 m 575.5 711.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 696.6 m 338.5 696.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 696.6 m 417.5 696.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 696.6 m 496.5 696.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 696.6 m 575.5 696.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 696.6 m 417.5 696.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 696.6 m 496.5 696.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 696.6 m 575.5 696.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 651.6 m 496.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 651.6 m 575.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 651.6 m 417.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 637.6 m 417.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 635.6 m 417.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 651.6 m 496.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 637.6 m 496.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 635.6 m 496.5 635.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 651.6 m 575.5 651.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 637.6 m 575.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 635.6 m 575.5 635.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.10 716.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 701.28 Td (Investment in Unconsolidated Affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.50 701.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 701.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.50 701.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 686.27 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 686.27 Td (2,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 686.27 Td (3,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 686.27 Td (3,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 671.27 Td (Equity in earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 671.27 Td (408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 671.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 671.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 656.27 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.80 656.32 Td (\(1,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 656.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 656.32 Td (\(700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 656.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 656.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 641.27 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 641.27 Td (2,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 641.27 Td (2,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 641.27 Td (3,573) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 613.10 Td (The table below summarizes the Company) Tj ET Q q 0 0 0 rg BT 227.56 613.10 Td (s maximum loss exposure related to its unconsolidated ) Tj ET Q q 0 0 0 rg BT 448.46 613.10 Td (VIEs as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.17 613.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.75 613.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 601.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.94 601.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.52 601.10 Td (, which is equal to the carrying value of its investment in the unconsolidated ) Tj ET Q q 0 0 0 rg BT 438.77 601.10 Td (VIEs included in the balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 589.10 Td (sheet line item Investment in unconsolidated entities and the Company) Tj ET Q q 0 0 0 rg BT 330.65 589.10 Td (s outstanding loan receivable balance held by the ) Tj ET Q q 0 0 0 rg BT 529.29 589.10 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 577.10 Td (which is included in the balance sheet line item Real estate loans receivable in the condensed consolidated balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 565.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 565.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.02 565.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.61 565.10 Td ( \(in thousands\). ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 527.60 196.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 527.60 168.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 527.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 527.60 168.00 -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 36.5 527.6 m 232.5 527.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 527.6 m 404.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 527.6 m 576.5 527.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 527.6 m 232.5 527.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 527.6 m 404.5 527.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 527.6 m 576.5 527.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.55 532.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.05 532.27 Td (Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.30 532.28 Td (Investment in Unconsolidated ) Tj ET Q q 0 0 0 rg BT 368.86 532.28 Td (VIEs ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 393.03 536.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.35 532.28 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 539.02 536.81 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 518.17 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 518.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 518.17 Td (2,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 518.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 518.17 Td (18,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 504.17 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 504.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 504.17 Td (2,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 504.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 504.17 Td (18,159) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 Td (Represents the Company) Tj ET Q q 0 0 0 rg BT 156.76 476.10 Td (s contributions, net of distributions, made to its ) Tj ET Q q 0 0 0 rg BT 347.68 476.10 Td (VIEs, as well as the equity in earnings on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.10 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 452.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 452.10 Td (Maximum Risk of Loss is equal to the amount outstanding under the loan plus the Company) Tj ET Q q 0 0 0 rg BT 426.46 452.10 Td (s contributions made to the ) Tj ET Q q 0 0 0 rg BT 537.10 452.10 Td (VIEs as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 440.10 Td (of the date indicated. See Note 5 Real Estate Loans Receivable for additional information regarding the loan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (2.SUMMAR) Tj ET Q q 0 0 0 rg BT 108.25 416.10 Td (Y) Tj ET Q q 0 0 0 rg BT 115.10 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.60 416.10 Td (OF) Tj ET Q q 0 0 0 rg BT 131.12 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.62 416.10 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 200.12 416.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.07 416.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 274.01 416.10 Td (POLICIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 392.10 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 368.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 368.10 Td (s consolidated financial statements have been prepared in accordance with accounting principles generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 178.85 356.10 Td (America \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 263.35 356.10 Td (The preparation of the consolidated financial statements requires the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (Company to make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 251.72 344.10 Td (fect the reported amounts of assets, liabilities and contingencies as of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 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 501.89 332.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (evaluates its assumptions and estimates on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 294.79 320.10 Td (The Company bases its estimates on historical experience and on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (various other assumptions that the Company believes to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 434.34 308.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 484.24 308.10 Td (, application of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 296.10 Td (s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 497.96 296.10 Td (Actual results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (may dif) Tj ET Q q 0 0 0 rg BT 80.64 284.10 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 215.14 284.10 Td (ferent assumptions or conditions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 260.10 Td (Basis ) Tj ET Q q 0 0 0 rg BT 92.17 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.45 260.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 112.08 260.10 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 236.10 Td (The consolidated financial statements of the Company include the accounts of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 460.20 236.10 Td (, Inc., the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 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 542.69 224.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (intercompany balances and transactions have been eliminated in consolidation. ) Tj ET Q q 0 0 0 rg BT 370.55 212.10 Td (The Company has retroactively changed, for all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (periods presented, its classification of distributions in the consolidated balance sheet and statement of equity by reflecting such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (distributions as char) Tj ET Q q 0 0 0 rg BT 130.36 188.10 Td (ges against accumulated distributions in excess of earnings. ) Tj ET Q q 0 0 0 rg BT 382.33 188.10 Td (This presentation change had no impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (the balances in total equity in any of the periods presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 152.10 Td (The Company evaluates the need to consolidate joint ventures in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 422.90 152.10 Td (. In accordance with GAAP) Tj ET Q q 0 0 0 rg BT 535.08 152.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (Company will consolidate joint ventures that are determined to be variable interest entities for which it is the primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 94.32 128.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 128.36 128.10 Td (, partially owned real estate joint ventures over which the Company has a controlling financial interest are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (consolidated in its financial statements. In determining if the Company has a controlling financial interest, it considers factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (continually analyzes and assesses reconsideration events, including changes in these factors, to determine if the consolidation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (treatment remains appropriate. Partially owned real estate joint ventures where the Company does not have a controlling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (financial interest, but has the ability to exercise significant influence, are accounted for using the equity method.) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 742.10 Td (s investments in partially owned real estate joint ventures are reviewed for impairment periodically if events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Company will record an impairment char) Tj ET Q q 0 0 0 rg BT 215.04 718.10 Td (ge if it determines that a decline in the value of an investment below its fair value is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (other than temporary) Tj ET Q q 0 0 0 rg BT 133.21 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.53 706.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 200.24 706.10 Td (s analysis will be dependent on a number of factors, including the performance of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 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 458.42 694.10 Td (. Based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 682.10 Td (s analysis of the facts and circumstances at each reporting period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.01 682.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.01 682.10 Td ( impairment was recorded related to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (investments in unconsolidated, partially owned real estate joint ventures for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.89 670.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.47 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.47 670.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.47 670.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 658.10 Td (. However) Tj ET Q q 0 0 0 rg BT 113.75 658.10 Td (, if market conditions deteriorate in the future and result in lower valuations or reduced cash flows of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 646.10 Td (s investments, impairment char) Tj ET Q q 0 0 0 rg BT 216.46 646.10 Td (ges may be recorded in future periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (International Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (The British pound \(GBP\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 355.71 598.10 Td (s subsidiaries operating in the United Kingdom, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Russian rouble \(RUB\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 325.76 586.10 Td (s subsidiaries operating in Russia, the Polish zloty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (\(PLN\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 261.88 574.10 Td (s subsidiaries operating in Poland, the ) Tj ET Q q 0 0 0 rg BT 415.47 574.10 Td (Australian dollar \(AUD\) is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (functional currency for the Company) Tj ET Q q 0 0 0 rg BT 201.06 562.10 Td (s subsidiaries operating in ) Tj ET Q q 0 0 0 rg BT 307.16 562.10 Td (Australia and the Euro \(EUR\) is the functional currency for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 550.10 Td (s subsidiaries operating in Germany and France. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (These subsidiaries have translated their financial statements into U.S.dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 471.23 526.10 Td (Assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (are translated at the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 206.12 514.10 Td (fect as of the balance sheet date while income statement accounts are translated using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (the average exchange rate for the period and significant nonrecurring transactions using the rate on the transaction date. Gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 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 530.24 490.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 557.08 490.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Foreign currency transaction gains and losses are recorded in foreign currency gains \(losses\) on the consolidated statement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (operations and result from the ef) Tj ET Q q 0 0 0 rg BT 180.05 466.10 Td (fect of changes in exchange rates on transactions denominated in currencies other than a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 93.89 454.10 Td (s functional currency) Tj ET Q q 0 0 0 rg BT 177.65 454.10 Td (, including transactions between consolidated subsidiaries. ) Tj ET Q q 0 0 0 rg BT 413.71 454.10 Td (An exception is made where an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (gains or losses are included as currency translation adjustments and are reported in the consolidated statement of equity as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (accumulated other comprehensive gains or losses. During the year ended December 31, 2015, intercompany loans with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (consolidated subsidiaries in ) Tj ET Q q 0 0 0 rg BT 162.49 406.10 Td (Australia were repaid and as a result, the Company recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.44 406.10 Td ($15.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.34 406.10 Td ( of accumulated other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (comprehensive loss into earnings. ) Tj ET Q q 0 0 0 rg BT 187.85 394.10 Td (The Company disposed of its investment in 144 Montague in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.04 394.10 Td (November 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.75 394.10 Td ( as well as its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (investment in Stonecutter Court in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.26 382.10 Td (December 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.84 382.10 Td (. Upon the disposal of these properties, the Company realized a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.50 382.10 Td ($6.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 370.10 Td ( related to the currency translation adjustment, which was included in the gain \(loss\) on sale of real estate in its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (consolidated statement of operations. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.39 358.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.98 358.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.48 358.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.06 358.10 Td (, an intercompany loan agreement with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (consolidated subsidiary in Russia was amended to change the functional currency of the loan and as a result the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.36 334.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.25 334.10 Td ( of accumulated other comprehensive loss into earnings. ) Tj ET Q q 0 0 0 rg BT 374.63 334.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 424.54 334.10 Td (, an intercompany loan with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (consolidated subsidiary in ) Tj ET Q q 0 0 0 rg BT 156.38 322.10 Td (Australia was repaid and as a result, the Company recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.46 322.10 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.35 322.10 Td ( of accumulated other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (comprehensive loss into earnings. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (Investment Pr) Tj ET Q q 0 0 0 rg BT 123.44 286.10 Td (operty and Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Depreciation is computed using the straight-line method. ) Tj ET Q q 0 0 0 rg BT 279.77 250.10 Td (The estimated useful lives for computing depreciation are generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.60 238.10 Td ( for furniture and fixtures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.23 238.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.23 238.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.56 238.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.56 238.10 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.69 238.10 Td (40 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.29 238.10 Td ( for buildings. Major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 202.10 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 123.89 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.56 202.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 176.88 202.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.42 202.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 234.29 202.10 Td (for ) Tj ET Q q 0 0 0 rg BT 248.29 202.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 283.96 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.51 202.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 344.73 202.10 Td (method ) Tj ET Q q 0 0 0 rg BT 377.06 202.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 396.33 202.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 442.89 202.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.72 202.10 Td (are ) Tj ET Q q 0 0 0 rg BT 462.27 202.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 499.58 202.10 Td (at ) Tj ET Q q 0 0 0 rg BT 509.13 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 202.10 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 67.29 190.10 Td (values ) Tj ET Q q 0 0 0 rg BT 96.26 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 108.00 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.64 190.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 150.39 190.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 188.23 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.08 190.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 246.72 190.10 Td (assumed. ) Tj ET Q q 0 0 0 rg BT 286.82 190.10 Td (The ) Tj ET Q q 0 0 0 rg BT 305.79 190.10 Td (results ) Tj ET Q q 0 0 0 rg BT 335.31 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.06 190.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 392.13 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.88 190.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 441.72 190.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 485.12 190.10 Td (are ) Tj ET Q q 0 0 0 rg BT 500.75 190.10 Td (included ) Tj ET Q q 0 0 0 rg BT 538.60 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.79 190.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 178.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.31 178.10 Td (results ) Tj ET Q q 0 0 0 rg BT 127.18 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 138.27 178.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 182.68 178.10 Td (from ) Tj ET Q q 0 0 0 rg BT 204.88 178.10 Td (their ) Tj ET Q q 0 0 0 rg BT 225.96 178.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 269.25 178.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 292.56 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.64 178.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 352.78 178.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 394.42 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.51 178.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.15 178.10 Td (values ) Tj ET Q q 0 0 0 rg BT 450.45 178.10 Td (are ) Tj ET Q q 0 0 0 rg BT 465.42 178.10 Td (based ) Tj ET Q q 0 0 0 rg BT 490.94 178.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 513.70 178.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 553.67 178.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (future ) Tj ET Q q 0 0 0 rg BT 76.42 166.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 96.73 166.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 121.49 166.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.47 166.10 Td (other ) Tj ET Q q 0 0 0 rg BT 161.56 166.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 201.31 166.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 246.61 166.10 Td (that ) Tj ET Q q 0 0 0 rg BT 264.15 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.90 166.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 320.33 166.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 355.64 166.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.38 166.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 400.70 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.02 166.10 Td (those ) Tj ET Q q 0 0 0 rg BT 434.67 166.10 Td (used ) Tj ET Q q 0 0 0 rg BT 455.54 166.10 Td (by ) Tj ET Q q 0 0 0 rg BT 468.08 166.10 Td (market ) Tj ET Q q 0 0 0 rg BT 498.38 166.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 547.57 166.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.67 154.10 Td (used ) Tj ET Q q 0 0 0 rg BT 83.46 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.71 154.10 Td (record ) Tj ET Q q 0 0 0 rg BT 119.71 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.39 154.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 170.39 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.18 154.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 227.18 154.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.98 154.10 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 290.37 154.10 Td (such ) Tj ET Q q 0 0 0 rg BT 310.16 154.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.95 154.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 341.13 154.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 379.83 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.73 154.10 Td (improvements, ) Tj ET Q q 0 0 0 rg BT 456.90 154.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 500.58 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.48 154.10 Td (identifiable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 92.21 142.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 117.76 142.10 Td (related ) Tj ET Q q 0 0 0 rg BT 147.18 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 157.18 142.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 191.60 142.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 217.70 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.35 142.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 273.79 142.10 Td (assumed, ) Tj ET Q q 0 0 0 rg BT 312.95 142.10 Td (such ) Tj ET Q q 0 0 0 rg BT 333.50 142.10 Td (as ) Tj ET Q q 0 0 0 rg BT 344.05 142.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 380.15 142.10 Td (related ) Tj ET Q q 0 0 0 rg BT 409.57 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.57 142.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 456.21 142.10 Td (out-of-market ) Tj ET Q q 0 0 0 rg BT 513.96 142.10 Td (leases, ) Tj ET Q q 0 0 0 rg BT 542.56 142.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 93.92 130.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 143.70 130.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 184.30 130.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 208.24 130.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 244.47 130.10 Td (V) Tj ET Q q 0 0 0 rg BT 250.58 130.10 Td (alues ) Tj ET Q q 0 0 0 rg BT 273.96 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.12 130.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 325.19 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.46 130.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 402.50 130.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.55 130.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 465.36 130.10 Td (on ) Tj ET Q q 0 0 0 rg BT 478.20 130.10 Td (an ) Tj ET Q q 0 0 0 rg BT 490.47 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.63 130.10 Td (if ) Tj ET Q q 0 0 0 rg BT 510.58 130.10 Td (vacant ) Tj ET Q q 0 0 0 rg BT 539.50 130.10 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 77.26 118.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 121.74 118.10 Td (are ) Tj ET Q q 0 0 0 rg BT 137.32 118.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 169.02 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.17 118.10 Td (change ) Tj ET Q q 0 0 0 rg BT 211.86 118.10 Td (until ) Tj ET Q q 0 0 0 rg BT 233.57 118.10 Td (such ) Tj ET Q q 0 0 0 rg BT 255.28 118.10 Td (information ) Tj ET Q q 0 0 0 rg BT 305.87 118.10 Td (is ) Tj ET Q q 0 0 0 rg BT 315.91 118.10 Td (finalized, ) Tj ET Q q 0 0 0 rg BT 356.77 118.10 Td (no ) Tj ET Q q 0 0 0 rg BT 370.14 118.10 Td (later ) Tj ET Q q 0 0 0 rg BT 391.28 118.10 Td (than ) Tj ET Q q 0 0 0 rg BT 411.88 118.10 Td (12months ) Tj ET Q q 0 0 0 rg BT 457.20 118.10 Td (from ) Tj ET Q q 0 0 0 rg BT 480.01 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.61 118.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 542.86 118.10 Td (date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Acquisition-related ) Tj ET Q q 0 0 0 rg BT 129.70 106.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 152.20 106.10 Td (such ) Tj ET Q q 0 0 0 rg BT 173.03 106.10 Td (as ) Tj ET Q q 0 0 0 rg BT 183.86 106.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 230.23 106.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.73 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.67 106.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 316.05 106.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 334.65 106.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 354.37 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.64 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.81 106.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 413.53 106.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.24 106.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 467.94 106.10 Td (as ) Tj ET Q q 0 0 0 rg BT 478.77 106.10 Td (incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 94.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 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 58.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 518.94 58.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an ) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (estimate of the net market-based rental revenues and net operating costs \(primarily consisting of real estate taxes, insurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (utilities\) that would be incurred during the lease-up period. ) Tj ET Q q 0 0 0 rg BT 287.71 730.10 Td (Acquired in-place leases as of the date of acquisition are amortized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 706.10 Td (ged to amortization expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (Acquired out-of-market lease values \(including ground leases\) arerecorded based on the present value \(using a discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (rate that reflects the risks associated with the lease acquired\) of the dif) Tj ET Q q 0 0 0 rg BT 330.82 670.10 Td (ference between the contractual amounts paid pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the in-place leases and management) Tj ET Q q 0 0 0 rg BT 196.60 658.10 Td (s estimate of fair market value lease rates for the corresponding in-place leases. ) Tj ET Q q 0 0 0 rg BT 516.28 658.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (capitalized out-of-market lease values are amortized as adjustments to rental revenue \(or ground lease expense, as applicable\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (over the remaining terms of the respective leases, which include periods covered by bar) Tj ET Q q 0 0 0 rg BT 400.24 634.10 Td (gain renewal options. Should a tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 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 382.19 622.10 Td (ged to rental revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Management estimates the fair value of assumed mortgage notes payable based upon indications of then-current market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (pricing for similar types of debt with similar maturities. ) Tj ET Q q 0 0 0 rg BT 274.40 586.10 Td (Assumed mortgage notes payable are initially recorded at their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (estimated fair value as of the assumption date, and the dif) Tj ET Q q 0 0 0 rg BT 280.02 574.10 Td (ference between such estimated fair value and the outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (principal balance of the note will be amortized over the life of the mortgage note payable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Real estate assets are reviewed for impairment each reporting period if events or changes in circumstances indicate that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (and projected operating cash flows and expected proceeds from the eventual disposition of each property on an undiscounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 230.69 502.10 Td (.If the carrying amount exceeds the undiscounted cash flows, it would be written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (down to theestimated fair value to reflect impairment in the value of the asset. ) Tj ET Q q 0 0 0 rg BT 366.93 490.10 Td (The determination of whether investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (property is impaired requires a significant amount of judgment by management and is based on the best information available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (to management at the time of the evaluation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.77 466.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.99 466.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 311.12 466.10 Td (ges were recorded during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 466.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.24 466.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 454.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 454.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 454.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 91.06 430.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.56 430.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 131.62 430.10 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (The Company considers all short-term, highly liquid investments that are readily convertible to cash with an original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (maturity of three months or less at the time of purchase to be cash equivalents.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 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 527.28 346.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (mortgage agreements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 310.10 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 148.74 310.10 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 286.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 286.10 Td (, the Company had cash and cash equivalents and restricted cash deposited in certain financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (institutions in excess of federally insured levels. Management regularly monitors the financial stability of these financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (institutions in an ef) Tj ET Q q 0 0 0 rg BT 126.76 262.10 Td (fort to manage the Company) Tj ET Q q 0 0 0 rg BT 243.95 262.10 Td (s exposure to any significant credit risk in cash and cash equivalents or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (restricted cash. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (In addition, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.26 226.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.85 226.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.89 226.10 Td ($59.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.78 226.10 Td ( of cash and cash equivalents deposited in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (financial institutions located in the United Kingdom, Russia, Poland, ) Tj ET Q q 0 0 0 rg BT 327.19 214.10 Td (Australia, Germany) Tj ET Q q 0 0 0 rg BT 405.41 214.10 Td (, and France. Management regularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (monitors the financial stability of these financial institutions in an ef) Tj ET Q q 0 0 0 rg BT 323.09 202.10 Td (fort to manage its exposure to any significant credit risk in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (cash and cash equivalents.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.64 166.10 Td (enant and Other Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (Receivable balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (rent. ) Tj ET Q q 0 0 0 rg BT 72.50 130.10 Td (An allowance for the uncollectible portion of tenant and other receivables is determined based upon an analysis of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (tenant) Tj ET Q q 0 0 0 rg BT 77.21 118.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 147.67 118.10 Td (, the financial condition of the tenant, business conditions in the industry in which the tenant operates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (and economic conditions in the area in which the property is located. ) Tj ET Q q 0 0 0 rg BT 330.29 106.10 Td (T) Tj ET Q q 0 0 0 rg BT 335.70 106.10 Td (enant and other receivables are shown at cost in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (consolidated balance sheets, net of allowance for doubtful accounts of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.95 94.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.85 94.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.28 94.10 Td ($1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.18 94.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.39 94.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.98 94.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 82.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 82.10 Td (.) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 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 68.00 742.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 94.29 742.10 Td (ed Leasing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (Direct leasing costs, primarily consisting of third-party leasing commissions, tenant inducements and legal costs are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (capitalized and amortized over the life of the related lease. ) Tj ET Q q 0 0 0 rg BT 286.09 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 291.50 706.10 Td (enant inducement amortization is recorded as an of) Tj ET Q q 0 0 0 rg BT 495.41 706.10 Td (fset to rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (revenue and the amortization of other direct leasing costs is recorded in amortization expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 670.10 Td (enant inducement amortization was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.80 670.10 Td ($7.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.70 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.70 670.10 Td ($4.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.59 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.03 670.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.92 670.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.27 670.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.85 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 658.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 658.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 164.60 658.10 Td (, and was recorded as an of) Tj ET Q q 0 0 0 rg BT 272.98 658.10 Td (fset to rental revenue. In addition, the Company recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.29 658.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.18 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 646.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.22 646.10 Td ( as amortization expense related to other direct leasing costs for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.76 646.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 634.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 634.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 634.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.94 634.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 189.60 634.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 94.29 610.10 Td (ed Financing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Deferred financing costs consist of direct costs incurred in obtaining debt financing \(see Note 6 - Debt Financing\). ) Tj ET Q q 0 0 0 rg BT 530.46 586.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (fees are presented as a reduction to the related debt liability for permanent mortgages and presented as an asset for revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (credit arrangements. In total, deferred financing costs \(net of amortization\) were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.97 562.10 Td ($15.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.86 562.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 562.10 Td ($12.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.19 562.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (December 31, 2015 and 2014. ) Tj ET Q q 0 0 0 rg BT 175.34 550.10 Td (These costs are amortized into interest expense on a straight-line basis, which approximates the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 538.10 Td (fective interest method, over the terms of the obligations. For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 538.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.08 538.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.58 538.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.58 538.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.52 538.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.52 538.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.52 538.10 Td ($6.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 526.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 526.10 Td ($6.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.78 526.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.22 526.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.11 526.10 Td (, were amortized into interest expense in the accompanying consolidated statement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (operations, respectively) Tj ET Q q 0 0 0 rg BT 144.32 514.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Real Estate Loans Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (origination fees. ) Tj ET Q q 0 0 0 rg BT 117.30 454.10 Td (The Company defers certain loan origination fees and amortizes them as an adjustment of yield over the term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (of the related real estate loan receivable. ) Tj ET Q q 0 0 0 rg BT 216.11 442.10 Td (The related amortization of the deferred loan origination fees are recorded in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (revenue in the accompanying consolidated statement of operations and comprehensive income \(loss\). ) Tj ET Q q 0 0 0 rg BT 459.87 430.10 Td (An allowance for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (area in which the property is located and credit quality indicators which include: borrower) Tj ET Q q 0 0 0 rg BT 411.08 406.10 Td () Tj ET Q q 0 0 0 rg BT 413.86 406.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 484.31 406.10 Td (, the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (condition of the borrower) Tj ET Q q 0 0 0 rg BT 152.07 394.10 Td (, and business conditions in the industry in which the borrower operates. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 370.10 Td (, a real estate loan receivable is considered to be impaired, when based upon current events, it is probable that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (discounting the expected future cash flows at its ef) Tj ET Q q 0 0 0 rg BT 252.53 334.10 Td (fective interest rate or to the value of the underlying collateral if the real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (estate loan receivable is collateral dependent. Evaluating real estate loans receivable for potential impairment can require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (management to exercise significant judgment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.11 310.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.33 310.10 Td ( impairment was recorded for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.81 310.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.39 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.39 310.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.39 310.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 298.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 298.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 159.20 298.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.86 298.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.44 298.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.88 298.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.47 298.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.47 298.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.47 298.10 Td ( allowances for uncollectibility have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (recorded.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.65 262.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td (Other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 203.60 326.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 203.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 203.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 175.60 326.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 175.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 175.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 147.60 326.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 147.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 147.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.50 147.60 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 380.5 203.60000000000002 m 468.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 203.60000000000002 m 562.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 203.60000000000002 m 468.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 203.60000000000002 m 562.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 133.60000000000002 m 468.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 133.60000000000002 m 562.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 120.60000000000002 m 468.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 118.60000000000002 m 468.5 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 120.60000000000002 m 562.5 120.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 118.60000000000002 m 562.5 118.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 208.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 208.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 208.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 194.17 Td (Deposits on investment property ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 185.76 198.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 194.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 194.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 194.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 194.17 Td (15,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 180.17 Td (Deferred costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 180.17 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 180.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 166.17 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.15 166.17 Td (3,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 166.17 Td (2,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 152.17 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 152.17 Td (10,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 152.17 Td (8,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 138.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 138.17 Td (449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 138.17 Td (791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 124.17 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.00 124.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.15 124.17 Td (15,351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.00 124.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 124.17 Td (25,939) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 68.00 96.10 Td (As of December 31, 2014, this consisted of a deposit that had been paid related to the acquisition of ) Tj ET Q q 0 0 0 rg BT 469.10 96.10 Td (The Summit. ) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (78) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 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 420.68 718.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.12 718.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.70 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 706.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 181.25 706.10 Td (, the Company recorded liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.37 706.10 Td ($33.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.26 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.70 706.10 Td ($34.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.59 706.10 Td ( related to prepaid rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (payments which were included in other liabilities in the accompanying consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 450.81 694.10 Td (The Company recognizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 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 420.62 682.10 Td (. Straight-line rent receivable was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td ($72.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.33 670.10 Td ($47.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.22 670.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.38 670.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.97 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.40 670.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.99 670.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 430.65 670.10 Td (. Straight-line rent receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (consists of the dif) Tj ET Q q 0 0 0 rg BT 120.64 658.10 Td (ference between the tenants) Tj ET Q q 0 0 0 rg BT 234.00 658.10 Td ( rents calculated on a straight-line basis from the date of acquisition or lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (commencement over the remaining terms of the related leases and the tenants) Tj ET Q q 0 0 0 rg BT 362.74 646.10 Td ( actual rents due under the lease agreements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (is included in tenant and other receivables in the accompanying consolidated balance sheets. Revenues associated with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (operating expense recoveries are recognized in the period in which the expenses are incurred based upon the tenant lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (tenant) Tj ET Q q 0 0 0 rg BT 77.21 598.10 Td (s right to occupy the leased space is modified through the end of the revised lease term.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Other revenues consist primarily of parking revenue, tenant reimbursements and interest on loans receivable. Parking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (revenue represents amounts generated from contractual and transient parking and is recognized in accordance with contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (terms or as services are rendered. Other revenues relating to tenant reimbursements are recognized in the period that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (expense is incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (Issuer ) Tj ET Q q 0 0 0 rg BT 94.94 514.10 Td (Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.98 490.10 Td (Advisor for any issuer costs related to the Company) Tj ET Q q 0 0 0 rg BT 398.49 490.10 Td (s public of) Tj ET Q q 0 0 0 rg BT 440.52 490.10 Td (ferings that it pays on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 478.10 Td (s behalf.Such costs consist of, among other costs, expenses of the Company) Tj ET Q q 0 0 0 rg BT 402.72 478.10 Td (s or) Tj ET Q q 0 0 0 rg BT 417.27 478.10 Td (ganization, legal, accounting, bona ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (fide out-of-pocket itemized and detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (data processing fees, advertising and sales literature and other of) Tj ET Q q 0 0 0 rg BT 308.06 454.10 Td (fering-related costs. Or) Tj ET Q q 0 0 0 rg BT 400.34 454.10 Td (ganizational issuer costs, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (our public of) Tj ET Q q 0 0 0 rg BT 101.47 430.10 Td (ferings are recorded as an of) Tj ET Q q 0 0 0 rg BT 214.84 430.10 Td (fset to additional paid-in capital. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.57 406.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (The Company has elected to be treated as a REIT) Tj ET Q q 0 0 0 rg BT 265.80 382.10 Td ( under the Internal Revenue Code of 1986, as amended \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Code\).) Tj ET Q q 0 0 0 rg BT 90.63 370.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 150.35 370.10 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 523.65 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 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 456.63 358.10 Td ( for federal income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 90.00 346.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 139.34 346.10 Td (, no provision has been made for U.S.federal income taxes for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.01 346.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.59 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.59 346.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.59 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 334.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 334.10 Td ( in the accompanying consolidated financial statements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.31 334.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.31 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.31 334.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.31 334.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.75 334.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.75 334.10 Td (, income tax expense recorded by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 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 497.74 322.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (does not believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (Redemption of Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (The Company complies with Financial ) Tj ET Q q 0 0 0 rg BT 225.48 262.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 356.10 262.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 385.27 262.10 Td (Accounting Standards Codification 480 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Distinguishing Liabilities from Equity which requires, among other things, that financial instruments that represent a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (mandatory obligation of the Company to repurchase shares be classified as liabilities and reported at settlement value. ) Tj ET Q q 0 0 0 rg BT 526.62 238.10 Td (When ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (approved, the Company will reclassify such obligations from equity to an accrued liability based upon their respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (settlement values. ) Tj ET Q q 0 0 0 rg BT 123.96 214.10 Td (The Company has recorded liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.25 214.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.14 214.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.58 214.10 Td ($5.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.47 214.10 Td ( in accounts payable and accrued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (expenses in the accompanying consolidated balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.08 202.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.66 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.10 202.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.68 202.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 538.34 202.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (related to shares tendered for redemption and approved by the board of directors, but which were not redeemed until the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (subsequent month. Such amounts have been included in redemption of common shares in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (statements of equity) Tj ET Q q 0 0 0 rg BT 129.89 166.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td (Per Shar) Tj ET Q q 0 0 0 rg BT 103.46 142.10 Td (e Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 Td (Net income \(loss\) per common share is calculated by dividing the net income \(loss\) attributable to common stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (for each period by the weighted average number of common shares outstanding during such period. Net income \(loss\) per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (common share on a basic and diluted basis is the same because the Company has no potentially dilutive common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (outstanding.) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (79) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Immaterial Restatement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (Subsequent to the issuance of the Company) Tj ET Q q 0 0 0 rg BT 245.19 718.10 Td (s 2014 consolidated financial statements, an error was identified in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 706.10 Td (s disclosure regarding reportable segments \(Note 12\). ) Tj ET Q q 0 0 0 rg BT 308.09 706.10 Td (This error resulted in the understatement of revenue of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 694.10 Td (s international of) Tj ET Q q 0 0 0 rg BT 159.24 694.10 Td (fice investments segment and a corresponding overstatement of revenue of the Company) Tj ET Q q 0 0 0 rg BT 517.19 694.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (international other investments segment by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.68 682.10 Td ($31.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.57 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.01 682.10 Td ($22.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.90 682.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.26 682.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.84 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.28 682.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.28 682.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (The prior period amounts disclosed in Note 12 - Reportable Segments have been revised to reflect the correct amounts for these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 86.76 658.10 Td (There was no change in total revenue as disclosed in the same footnote.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (In connection with the recent amendments to the ) Tj ET Q q 0 0 0 rg BT 264.61 610.10 Td (Accounting Standards Codification \(ASC or the Codification\) issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (by the F) Tj ET Q q 0 0 0 rg BT 82.04 598.10 Td (ASB regarding the presentation of debt issuance costs in financial statements, the Company reclassified deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (financing costs, excluding costs related to the Company) Tj ET Q q 0 0 0 rg BT 276.06 586.10 Td (s revolving credit arrangements, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.23 586.10 Td ($1) Tj ET Q q 0 0 0 rg BT 427.86 586.10 Td (1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.75 586.10 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (2014 to notes payable, net on the consolidated balance sheet.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.52 550.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 155.19 550.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td (In May 2014, F) Tj ET Q q 0 0 0 rg BT 129.48 526.10 Td (ASB issued amendments to the Codification to provide guidance on recognizing revenue from contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (with customers. ) Tj ET Q q 0 0 0 rg BT 118.14 514.10 Td (The amendments also replace prior guidance regarding the recognition of revenue from sales of real estate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (except for revenue from sales that are part of a sale-leaseback transaction. ) Tj ET Q q 0 0 0 rg BT 350.22 502.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 451.94 502.10 Td (fective for fiscal years, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (interim periods within those years, beginning after December 15, 2016. ) Tj ET Q q 0 0 0 rg BT 340.30 490.10 Td (The Company is currently assessing the impact, if any) Tj ET Q q 0 0 0 rg BT 556.54 490.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (that the adoption of these amendments will have on its financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (In January 2015, the F) Tj ET Q q 0 0 0 rg BT 156.96 454.10 Td (ASB issued amendments to the Codification to provide guidance on the disclosure of extraordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (items. ) Tj ET Q q 0 0 0 rg BT 78.98 442.10 Td (The amendments eliminate the concept of extraordinary items from GAAP) Tj ET Q q 0 0 0 rg BT 377.50 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 384.82 442.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 486.54 442.10 Td (fective for fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 510.24 430.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Company does not believe the adoption of this guidance will have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 457.68 418.10 Td (s financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (The Company did not elect to early adopt these amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (In February 2015, the F) Tj ET Q q 0 0 0 rg BT 161.96 382.10 Td (ASB issued amendments to the Codification) Tj ET Q q 0 0 0 rg BT 342.22 382.10 Td (s consolidation guidance which improves tar) Tj ET Q q 0 0 0 rg BT 520.61 382.10 Td (geted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (areas of the consolidation guidance and reduces the number of consolidation models. ) Tj ET Q q 0 0 0 rg BT 394.72 370.10 Td (The amendments in the ) Tj ET Q q 0 0 0 rg BT 490.25 370.10 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Standards Update \(ASU\) are ef) Tj ET Q q 0 0 0 rg BT 183.65 358.10 Td (fective for annual and interim periods in fiscal years beginning after December 15, 2015, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 155.62 346.10 Td (The Company has not elected to early adopt this standard. ) Tj ET Q q 0 0 0 rg BT 392.60 346.10 Td (The Company has evaluated the impact of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the adoption of these amendments on its consolidated financial statements and has determined that the Operating Partnership is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (considered a variable interest entity \(VIE\). However) Tj ET Q q 0 0 0 rg BT 270.61 322.10 Td (, the Company meets the disclosure exemption criteria as the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (is the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 180.88 310.10 Td (VIE and the Company) Tj ET Q q 0 0 0 rg BT 273.36 310.10 Td (s partnership interest is considered a majority voting interest. ) Tj ET Q q 0 0 0 rg BT 521.91 310.10 Td (As such, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (the Company does not believe this standard will have a material impact on its consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 274.10 Td (April 2015 and ) Tj ET Q q 0 0 0 rg BT 140.77 274.10 Td (August 2015, the F) Tj ET Q q 0 0 0 rg BT 216.70 274.10 Td (ASB issued amendments to change the prior guidance concerning the presentation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (debt issuance costs in the financial statements. Under this revised guidance, an entity will present such costs in the balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (sheet as a direct deduction from the related debt liability rather than as an asset, except for costs related to lines of credit which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (will remain an asset in the financial statements. ) Tj ET Q q 0 0 0 rg BT 244.20 238.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 345.92 238.10 Td (fective for fiscal years, and interim periods within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (those years, beginning after December 15, 2015 and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 375.83 226.10 Td (The Company elected to adopt these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (amendments early) Tj ET Q q 0 0 0 rg BT 122.38 214.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 134.97 214.10 Td (fective for the year ended December31, 2015 and retroactively reclassified the prior periods presented. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (See - Reclassifications above for the impact on the Company) Tj ET Q q 0 0 0 rg BT 296.88 202.10 Td (s consolidated balance sheet. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (In September 2015, the F) Tj ET Q q 0 0 0 rg BT 168.63 178.10 Td (ASB issued new guidance that eliminates the requirement that an acquirer in a business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (combination account for measurement-period adjustments retrospectively) Tj ET Q q 0 0 0 rg BT 343.97 166.10 Td (. Instead, an acquirer will recognize a measurement-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (period adjustment during the period in which it determines the amount of the adjustment. ) Tj ET Q q 0 0 0 rg BT 411.41 154.10 Td (This new guidance is ef) Tj ET Q q 0 0 0 rg BT 506.20 154.10 Td (fective for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (fiscal years, and interim periods within those years, beginning after December 15, 2015 and early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 534.40 142.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Company does not expect this new guidance to have a material impact on its financial statements upon adoption.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (In January 2016, the F) Tj ET Q q 0 0 0 rg BT 156.96 106.10 Td (ASB issued new guidance intended to improve the recognition and the measurement of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (instruments. ) Tj ET Q q 0 0 0 rg BT 103.98 94.10 Td (The ) Tj ET Q q 0 0 0 rg BT 121.48 94.10 Td (ASU will require equity investments, excluding those investments accounted for under the equity method of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (method\(s\) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial ) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (a deferred asset related to available-for) Tj ET Q q 0 0 0 rg BT 205.54 730.10 Td (-sale securities should be included in an entity's evaluation for a valuation allowance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (This new guidance is ef) Tj ET Q q 0 0 0 rg BT 144.79 718.10 Td (fective for fiscal years, and interim periods within those years, beginning after December 15, 2017. ) Tj ET Q q 0 0 0 rg BT 546.14 718.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Company is currently assessing the impact the adoption of this guidance will have on its financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 161.96 682.10 Td (ASB issued an ) Tj ET Q q 0 0 0 rg BT 222.80 682.10 Td (ASU intended to improve financial reporting about leasing transactions. ) Tj ET Q q 0 0 0 rg BT 515.61 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 533.10 682.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (will require companies that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (created by those leases. ) Tj ET Q q 0 0 0 rg BT 148.67 658.10 Td (The accounting by companies that own the assets leased by the lessee \(the lessor\) will remain lar) Tj ET Q q 0 0 0 rg BT 535.59 658.10 Td (gely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (unchanged from current GAAP) Tj ET Q q 0 0 0 rg BT 174.69 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 182.01 646.10 Td (The standard is ef) Tj ET Q q 0 0 0 rg BT 253.19 646.10 Td (fective for fiscal years beginning after December 15, 2018 and early ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 142.30 634.10 Td (The Company is currently assessing the impact the adoption of this guidance will have on its financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (3. INVESTMENT) Tj ET Q q 0 0 0 rg BT 127.06 598.10 Td ( PROPER) Tj ET Q q 0 0 0 rg BT 170.31 598.10 Td (TY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Investment property consisted of the following amounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.01 574.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.59 574.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.03 574.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.61 574.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 536.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 536.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 536.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 536.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 508.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 508.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 508.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 508.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.60 318.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 480.60 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 480.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 480.60 95.00 -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 368.5 536.6 m 463.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 536.6 m 562.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 536.6 m 463.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 536.6 m 562.5 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 508.6 m 463.5 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 508.6 m 562.5 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 480.6 m 463.5 480.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 480.6 m 562.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 467.6 m 463.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 465.6 m 463.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 467.6 m 562.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 465.6 m 562.5 465.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 541.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 541.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 541.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.17 Td (Buildings and improvements ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 171.05 531.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 527.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 527.17 Td (2,776,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 527.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 527.17 Td (2,501,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 513.17 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 513.22 Td (\(200,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 513.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 513.22 Td (\(138,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 513.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 499.17 Td (Buildings and improvements, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 499.17 Td (2,576,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 499.17 Td (2,362,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 485.17 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 485.17 Td (691,448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 485.17 Td (602,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 471.17 Td (Investment property, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 471.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 471.17 Td (3,267,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.00 471.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 471.17 Td (2,964,699) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 443.10 Td (Included in buildings and improvements was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.45 443.10 Td ($24.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.34 443.10 Td ( of construction-in-progress related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 431.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.67 431.10 Td (s multi-family development in Miami, Florida as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.24 431.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.83 431.10 Td (. ) Tj ET Q q 0 0 0 rg BT 404.15 431.10 Td (The development was completed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 419.10 Td (April 2015. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 395.10 Td (Recent Dispositions of Real Estate Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 371.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.19 371.10 Td (December ) Tj ET Q q 0 0 0 rg BT 121.13 371.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.13 371.10 Td (, ) Tj ET Q q 0 0 0 rg BT 145.49 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.56 371.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.31 371.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 243.82 371.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.89 371.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 275.29 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.48 371.10 Td (17600 ) Tj ET Q q 0 0 0 rg BT 312.34 371.10 Td (Gillette ) Tj ET Q q 0 0 0 rg BT 344.19 371.10 Td (for ) Tj ET Q q 0 0 0 rg BT 357.71 371.10 Td (a ) Tj ET Q q 0 0 0 rg BT 364.00 371.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 398.06 371.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 419.36 371.10 Td (price ) Tj ET Q q 0 0 0 rg BT 441.20 371.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.39 371.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.25 371.10 Td ($30.9 ) Tj ET Q q 0 0 0 rg BT 477.61 371.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.50 371.10 Td (. ) Tj ET Q q 0 0 0 rg BT 510.72 371.10 Td (The ) Tj ET Q q 0 0 0 rg BT 528.13 371.10 Td (property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (at ) Tj ET Q q 0 0 0 rg BT 60.04 359.10 Td (17600 ) Tj ET Q q 0 0 0 rg BT 87.86 359.10 Td (Gillette ) Tj ET Q q 0 0 0 rg BT 120.67 359.10 Td (is ) Tj ET Q q 0 0 0 rg BT 130.16 359.10 Td (an ) Tj ET Q q 0 0 0 rg BT 142.42 359.10 Td (of) Tj ET Q q 0 0 0 rg BT 150.57 359.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 168.38 359.10 Td (building ) Tj ET Q q 0 0 0 rg BT 204.53 359.10 Td (located ) Tj ET Q q 0 0 0 rg BT 236.23 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.83 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.87 359.10 Td (Irvine, ) Tj ET Q q 0 0 0 rg BT 291.06 359.10 Td (California ) Tj ET Q q 0 0 0 rg BT 334.43 359.10 Td (submarket. ) Tj ET Q q 0 0 0 rg BT 381.40 359.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.02 359.10 Td (The ) Tj ET Q q 0 0 0 rg BT 402.39 359.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 444.10 359.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 481.34 359.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.38 359.10 Td (property ) Tj ET Q q 0 0 0 rg BT 533.08 359.10 Td (in ) Tj ET Q q 0 0 0 rg BT 543.68 359.10 Td (June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 73.11 347.10 Td (for ) Tj ET Q q 0 0 0 rg BT 87.88 347.10 Td (a ) Tj ET Q q 0 0 0 rg BT 95.43 347.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 134.08 347.10 Td (price ) Tj ET Q q 0 0 0 rg BT 157.18 347.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.62 347.10 Td ($20.4 ) Tj ET Q q 0 0 0 rg BT 194.23 347.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.13 347.10 Td (. ) Tj ET Q q 0 0 0 rg BT 228.51 347.10 Td (The ) Tj ET Q q 0 0 0 rg BT 247.17 347.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 289.17 347.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 336.14 347.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.69 347.10 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.91 347.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.02 347.10 Td (on ) Tj ET Q q 0 0 0 rg BT 377.13 347.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 395.79 347.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.23 347.10 Td (this ) Tj ET Q q 0 0 0 rg BT 424.79 347.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 447.35 347.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.79 347.10 Td ($15.8 ) Tj ET Q q 0 0 0 rg BT 484.40 347.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.29 347.10 Td (, ) Tj ET Q q 0 0 0 rg BT 518.90 347.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.45 347.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 87.26 335.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.31 335.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 116.81 335.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 141.31 335.10 Td (on ) Tj ET Q q 0 0 0 rg BT 153.59 335.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 171.42 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.03 335.10 Td (real ) Tj ET Q q 0 0 0 rg BT 199.30 335.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 224.34 335.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 274.39 335.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.67 335.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.17 335.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 353.99 335.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 398.49 335.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.10 335.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 453.03 335.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.75 335.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 532.56 335.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 77.22 323.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.72 323.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 299.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.19 299.10 Td (November ) Tj ET Q q 0 0 0 rg BT 126.25 299.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.25 299.10 Td (, ) Tj ET Q q 0 0 0 rg BT 152.61 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.69 299.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 211.43 299.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 256.94 299.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.02 299.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 292.42 299.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.61 299.10 Td (144 ) Tj ET Q q 0 0 0 rg BT 323.47 299.10 Td (Montague ) Tj ET Q q 0 0 0 rg BT 367.87 299.10 Td (for ) Tj ET Q q 0 0 0 rg BT 383.39 299.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.69 299.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 427.75 299.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 451.05 299.10 Td (price ) Tj ET Q q 0 0 0 rg BT 474.89 299.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.08 299.10 Td (93.0 ) Tj ET Q q 0 0 0 rg BT 508.44 299.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.33 299.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.34 299.10 Td (AUD ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.63 287.10 Td ($79.3 ) Tj ET Q q 0 0 0 rg BT 136.67 287.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.56 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.10 287.10 Td (based ) Tj ET Q q 0 0 0 rg BT 191.41 287.10 Td (on ) Tj ET Q q 0 0 0 rg BT 202.95 287.10 Td (an ) Tj ET Q q 0 0 0 rg BT 213.93 287.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 253.23 287.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 269.75 287.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.62 287.10 Td ($0.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.12 287.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.66 287.10 Td (per ) Tj ET Q q 0 0 0 rg BT 317.63 287.10 Td (AUD ) Tj ET Q q 0 0 0 rg BT 340.84 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 350.71 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.58 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.34 287.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 419.75 287.10 Td (date\). ) Tj ET Q q 0 0 0 rg BT 443.66 287.10 Td (The ) Tj ET Q q 0 0 0 rg BT 460.75 287.10 Td (property ) Tj ET Q q 0 0 0 rg BT 496.17 287.10 Td (at ) Tj ET Q q 0 0 0 rg BT 504.92 287.10 Td (144 ) Tj ET Q q 0 0 0 rg BT 521.47 287.10 Td (Montague ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.18 275.10 Td (an ) Tj ET Q q 0 0 0 rg BT 71.14 275.10 Td (of) Tj ET Q q 0 0 0 rg BT 79.29 275.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 96.78 275.10 Td (building ) Tj ET Q q 0 0 0 rg BT 132.63 275.10 Td (located ) Tj ET Q q 0 0 0 rg BT 164.02 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.31 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.04 275.10 Td (South ) Tj ET Q q 0 0 0 rg BT 214.89 275.10 Td (Brisbane ) Tj ET Q q 0 0 0 rg BT 252.96 275.10 Td (submarket. ) Tj ET Q q 0 0 0 rg BT 299.62 275.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.96 275.10 Td (The ) Tj ET Q q 0 0 0 rg BT 320.02 275.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 361.42 275.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 398.35 275.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.08 275.10 Td (property ) Tj ET Q q 0 0 0 rg BT 449.48 275.10 Td (in ) Tj ET Q q 0 0 0 rg BT 459.21 275.10 Td (April ) Tj ET Q q 0 0 0 rg BT 482.83 275.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 505.35 275.10 Td (for ) Tj ET Q q 0 0 0 rg BT 519.52 275.10 Td (a ) Tj ET Q q 0 0 0 rg BT 526.47 275.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (price ) Tj ET Q q 0 0 0 rg BT 72.20 263.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.74 263.10 Td (88.1 ) Tj ET Q q 0 0 0 rg BT 102.46 263.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.35 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.07 263.10 Td (AUD ) Tj ET Q q 0 0 0 rg BT 156.95 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.16 263.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.47 263.10 Td ($91.3 ) Tj ET Q q 0 0 0 rg BT 247.18 263.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.07 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.28 263.10 Td (based ) Tj ET Q q 0 0 0 rg BT 303.27 263.10 Td (on ) Tj ET Q q 0 0 0 rg BT 315.48 263.10 Td (an ) Tj ET Q q 0 0 0 rg BT 327.13 263.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 367.10 263.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 384.30 263.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.84 263.10 Td ($1.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.34 263.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.55 263.10 Td (per ) Tj ET Q q 0 0 0 rg BT 434.05 263.10 Td (AUD ) Tj ET Q q 0 0 0 rg BT 457.93 263.10 Td (as ) Tj ET Q q 0 0 0 rg BT 468.47 263.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.01 263.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.44 263.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 539.53 263.10 Td (date\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.73 251.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.80 251.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 157.85 251.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.47 251.10 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.69 251.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.88 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 199.06 251.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 217.79 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.31 251.10 Td (this ) Tj ET Q q 0 0 0 rg BT 246.94 251.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 269.57 251.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.08 251.10 Td ($1.8 ) Tj ET Q q 0 0 0 rg BT 301.77 251.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.66 251.10 Td (, ) Tj ET Q q 0 0 0 rg BT 336.34 251.10 Td (which ) Tj ET Q q 0 0 0 rg BT 363.97 251.10 Td (was ) Tj ET Q q 0 0 0 rg BT 382.70 251.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 420.86 251.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.83 251.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 452.23 251.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 477.64 251.10 Td (on ) Tj ET Q q 0 0 0 rg BT 490.82 251.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 509.55 251.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.07 251.10 Td (real ) Tj ET Q q 0 0 0 rg BT 539.24 251.10 Td (estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 100.27 239.10 Td (on ) Tj ET Q q 0 0 0 rg BT 112.77 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.49 239.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 180.53 239.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 225.24 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.07 239.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 280.23 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 297.17 239.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 360.20 239.10 Td (income ) Tj ET Q q 0 0 0 rg BT 392.13 239.10 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 419.36 239.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.86 239.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 215.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.38 215.10 Td (December ) Tj ET Q q 0 0 0 rg BT 125.51 215.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.51 215.10 Td (, ) Tj ET Q q 0 0 0 rg BT 152.05 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.32 215.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 211.25 215.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 256.95 215.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.21 215.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 292.81 215.10 Td (of ) Tj ET Q q 0 0 0 rg BT 305.18 215.10 Td (Stonecutter ) Tj ET Q q 0 0 0 rg BT 354.77 215.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 381.60 215.10 Td (for ) Tj ET Q q 0 0 0 rg BT 397.30 215.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.79 215.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 442.04 215.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 465.52 215.10 Td (price ) Tj ET Q q 0 0 0 rg BT 489.56 215.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.93 215.10 Td (1) Tj ET Q q 0 0 0 rg BT 511.56 215.10 Td (12.0 ) Tj ET Q q 0 0 0 rg BT 533.11 215.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.95 203.10 Td ($175.6 ) Tj ET Q q 0 0 0 rg BT 144.31 203.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.20 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.06 203.10 Td (based ) Tj ET Q q 0 0 0 rg BT 201.69 203.10 Td (on ) Tj ET Q q 0 0 0 rg BT 214.56 203.10 Td (an ) Tj ET Q q 0 0 0 rg BT 226.86 203.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 267.47 203.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 285.32 203.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.51 203.10 Td ($1.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.01 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.87 203.10 Td (per ) Tj ET Q q 0 0 0 rg BT 337.50 203.10 Td (GBP) Tj ET Q q 0 0 0 rg BT 356.58 203.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.44 203.10 Td (as ) Tj ET Q q 0 0 0 rg BT 370.63 203.10 Td (of ) Tj ET Q q 0 0 0 rg BT 381.83 203.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.90 203.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 443.64 203.10 Td (date\). ) Tj ET Q q 0 0 0 rg BT 468.98 203.10 Td (Stonecutter ) Tj ET Q q 0 0 0 rg BT 517.39 203.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 543.03 203.10 Td (is ) Tj ET Q q 0 0 0 rg BT 552.56 203.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 191.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 76.31 191.10 Td (building ) Tj ET Q q 0 0 0 rg BT 112.81 191.10 Td (located ) Tj ET Q q 0 0 0 rg BT 144.85 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 155.80 191.10 Td (London) Tj ET Q q 0 0 0 rg BT 189.69 191.10 Td (s ) Tj ET Q q 0 0 0 rg BT 196.75 191.10 Td (Central ) Tj ET Q q 0 0 0 rg BT 229.35 191.10 Td (Business ) Tj ET Q q 0 0 0 rg BT 268.09 191.10 Td (District. ) Tj ET Q q 0 0 0 rg BT 303.75 191.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.69 191.10 Td (The ) Tj ET Q q 0 0 0 rg BT 325.41 191.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 367.47 191.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 405.06 191.10 Td (Stonecutter ) Tj ET Q q 0 0 0 rg BT 453.77 191.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 479.72 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.67 191.10 Td (March ) Tj ET Q q 0 0 0 rg BT 519.94 191.10 Td (201) Tj ET Q q 0 0 0 rg BT 534.57 191.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 542.74 191.10 Td (for ) Tj ET Q q 0 0 0 rg BT 557.57 191.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 87.98 179.10 Td (price ) Tj ET Q q 0 0 0 rg BT 110.41 179.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.19 179.10 Td (90.9 ) Tj ET Q q 0 0 0 rg BT 146.13 179.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.03 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.47 179.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.00 179.10 Td ($145.6 ) Tj ET Q q 0 0 0 rg BT 270.95 179.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.84 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.29 179.10 Td (based ) Tj ET Q q 0 0 0 rg BT 327.50 179.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.95 179.10 Td (an ) Tj ET Q q 0 0 0 rg BT 351.83 179.10 Td (exchange ) Tj ET Q q 0 0 0 rg BT 392.03 179.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 409.46 179.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.24 179.10 Td ($1.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.74 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.18 179.10 Td (per ) Tj ET Q q 0 0 0 rg BT 460.39 179.10 Td (GBP) Tj ET Q q 0 0 0 rg BT 479.48 179.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.92 179.10 Td (as ) Tj ET Q q 0 0 0 rg BT 492.70 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.47 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.13 179.10 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (date\). ) Tj ET Q q 0 0 0 rg BT 75.35 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.01 167.10 Td (The ) Tj ET Q q 0 0 0 rg BT 96.42 167.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 138.17 167.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 184.90 167.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.20 167.10 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.42 167.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.29 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 225.15 167.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 243.56 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.76 167.10 Td (this ) Tj ET Q q 0 0 0 rg BT 272.07 167.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 294.38 167.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.57 167.10 Td ($61.1 ) Tj ET Q q 0 0 0 rg BT 330.94 167.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.83 167.10 Td (, ) Tj ET Q q 0 0 0 rg BT 365.19 167.10 Td (which ) Tj ET Q q 0 0 0 rg BT 392.50 167.10 Td (was ) Tj ET Q q 0 0 0 rg BT 410.91 167.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 448.75 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 459.40 167.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 479.48 167.10 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 504.57 167.10 Td (on ) Tj ET Q q 0 0 0 rg BT 517.43 167.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 535.84 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 547.04 167.10 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 75.26 155.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 125.54 155.10 Td (on ) Tj ET Q q 0 0 0 rg BT 138.04 155.10 Td (the ) Tj ET Q q 0 0 0 rg BT 152.75 155.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 205.80 155.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 250.51 155.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.34 155.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 305.49 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.43 155.10 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 385.46 155.10 Td (income ) Tj ET Q q 0 0 0 rg BT 417.40 155.10 Td (\(loss\).) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 742.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 742.10 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.60 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 665.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 665.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 665.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 665.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 665.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.60 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 637.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 637.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 637.60 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 326.5 693.6 m 402.5 693.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 693.6 m 406.5 693.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 693.6 m 482.5 693.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 693.6 m 486.5 693.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 693.6 m 562.5 693.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 665.6 m 402.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 665.6 m 482.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 665.6 m 562.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 665.6 m 402.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 665.6 m 482.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 665.6 m 562.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 637.6 m 402.5 637.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 637.6 m 482.5 637.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 637.6 m 562.5 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 624.6 m 402.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 622.6 m 402.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 624.6 m 482.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 622.6 m 482.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 624.6 m 562.5 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 622.6 m 562.5 622.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 698.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 698.28 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 684.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 684.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.05 680.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.45 670.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 670.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 680.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.10 670.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.80 670.28 Td (In-Place Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 656.17 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 656.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 656.17 Td (894,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 656.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 656.17 Td (108,660) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 656.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 656.22 Td (\(123,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 656.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 642.17 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 642.22 Td (\(286,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 642.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 642.22 Td (\(43,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 642.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 642.17 Td (27,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.17 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 628.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 628.17 Td (607,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 628.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 628.17 Td (65,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 628.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 628.22 Td (\(95,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 628.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 600.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 600.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 600.10 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.60 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 523.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 523.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 523.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 523.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 523.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 495.60 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 495.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 495.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 495.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 495.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 495.60 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 326.5 551.6 m 402.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 551.6 m 406.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 551.6 m 482.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 551.6 m 486.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 551.6 m 562.5 551.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 523.6 m 402.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 523.6 m 482.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 523.6 m 562.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 523.6 m 402.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 523.6 m 482.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 523.6 m 562.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 495.6 m 402.5 495.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 495.6 m 482.5 495.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 495.6 m 562.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 482.6 m 402.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 480.6 m 402.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 482.6 m 482.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 480.6 m 482.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 482.6 m 562.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 480.6 m 562.5 480.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 556.28 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 542.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.05 538.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.45 528.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 528.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 538.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.10 528.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 528.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.80 528.28 Td (In-Place Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 514.17 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 514.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 514.17 Td (890,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 514.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 514.17 Td (110,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 514.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 514.22 Td (\(104,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 514.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 500.17 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 500.22 Td (\(221,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 500.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 500.22 Td (\(36,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 500.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 500.17 Td (20,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.17 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 486.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 486.17 Td (669,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 486.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 486.17 Td (74,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 486.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 486.22 Td (\(84,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 486.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 458.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 458.10 Td ($1) Tj ET Q q 0 0 0 rg BT 258.12 458.10 Td (15.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.01 458.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.01 458.10 Td ($127.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.90 458.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.34 458.10 Td ($92.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.23 458.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 446.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 446.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 446.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 446.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 446.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.68 446.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.13 446.10 Td (Amortization of out-of-market leases was a decrease to rental revenue of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 434.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 434.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 434.10 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.04 434.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.48 434.10 Td ($6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.37 434.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.72 434.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.31 434.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.31 434.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.31 434.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.75 434.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.75 434.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 558.41 434.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 410.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 535.58 410.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.58 410.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.19 398.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.19 398.10 Td ( are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 351.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 351.60 76.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 336.60 356.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 406.50 336.60 76.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 482.50 336.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 486.50 336.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 321.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 321.60 76.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 306.60 356.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 406.50 306.60 76.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 482.50 306.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 486.50 306.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 291.60 356.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 291.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 291.60 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 406.5 351.6 m 482.5 351.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 351.6 m 562.5 351.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.20 366.28 Td (In-Place) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.80 356.28 Td (Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 366.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 356.28 Td (Leases, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 341.27 Td (99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 341.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 341.27 Td (1,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 326.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 326.27 Td (77,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 326.32 Td (\(137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 326.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 311.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 311.27 Td (60,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 311.32 Td (\(1,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 311.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 296.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 296.27 Td (48,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 296.32 Td (\(3,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 296.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 281.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 281.27 Td (38,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 281.32 Td (\(2,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 281.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 253.10 Td ( Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 229.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space.) Tj ET Q q 0 0 0 rg BT 421.20 229.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.64 229.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.23 229.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (approximate fixed future minimum rentals for each of the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.87 217.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.87 217.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.98 217.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.98 217.10 Td ( and thereafter were as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.10 Td (follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 167.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 167.60 148.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 152.60 364.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 414.50 152.60 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 137.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 137.60 148.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 122.60 364.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 414.50 122.60 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 107.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 107.60 148.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 92.60 364.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 414.50 92.60 148.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 77.60 364.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 77.60 148.00 -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 414.5 167.60000000000002 m 562.5 167.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 77.60000000000002 m 562.5 77.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 63.60000000000002 m 562.5 63.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 61.60000000000002 m 562.5 61.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 172.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 172.28 Td (Fixed Future Minimum Rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 157.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 157.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 157.27 Td (332,787) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 142.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 142.27 Td (318,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 127.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 127.27 Td (261,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 112.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 112.27 Td (236,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 97.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 97.27 Td (210,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 82.27 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 82.27 Td (1,272,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 67.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 67.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 67.27 Td (2,632,958) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 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 517.12 730.10 Td (The fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (future minimum rentals expected to be received for such services for the years ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.01 718.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.01 718.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.12 718.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.12 718.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (thereafter are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.51 706.10 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.40 706.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.40 706.10 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.29 706.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.29 706.10 Td ($3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.18 706.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.18 706.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.07 706.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.07 706.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.97 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.40 706.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.30 706.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 490.96 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 682.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.11 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.54 682.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.54 682.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 682.10 Td (did not earn more than 10% of its total rental revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.47 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (from any individual tenant, respectively) Tj ET Q q 0 0 0 rg BT 209.02 670.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (4. RECENT) Tj ET Q q 0 0 0 rg BT 101.49 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.44 646.10 Td (ACQUISITIONS OF) Tj ET Q q 0 0 0 rg BT 193.37 646.10 Td ( REAL) Tj ET Q q 0 0 0 rg BT 223.10 646.10 Td ( EST) Tj ET Q q 0 0 0 rg BT 243.76 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 250.24 646.10 Td (TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 622.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 622.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.67 622.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.11 622.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.11 622.10 Td (, the Company acquired the assets and assumed certain liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 610.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.09 610.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.09 610.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.35 610.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.29 610.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.29 610.10 Td ( real estate operating properties located in the United States and internationally) Tj ET Q q 0 0 0 rg BT 445.36 610.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.02 610.10 Td (, for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.43 598.10 Td ($544.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.32 598.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.32 598.10 Td ($732.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.21 598.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 598.10 Td ($1.7 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.77 598.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 418.43 598.10 Td (. In 2015, we also acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (additional phases of Simon Hegele Logistics and ) Tj ET Q q 0 0 0 rg BT 247.84 586.10 Td (The Rim. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (price of each property acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.71 550.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.71 550.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.71 550.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.71 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 550.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 550.10 Td ( as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 476.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 476.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 476.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 476.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 476.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 476.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 476.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 439.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 439.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 439.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 439.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 439.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 439.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 439.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 439.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 439.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 439.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 439.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 439.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 411.60 152.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 411.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 411.60 59.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 411.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 411.60 69.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 411.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 411.60 44.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 411.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 411.60 56.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 411.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 411.60 59.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 411.60 4.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 411.60 48.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 365.60 152.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 365.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 365.60 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 365.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 365.60 69.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 365.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 365.60 44.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 365.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 365.60 56.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 365.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 365.60 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 365.60 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 365.60 48.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 328.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 328.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 328.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 328.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 328.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 328.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 328.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 300.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 300.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 300.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 300.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 300.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 300.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 300.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 272.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 272.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 272.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 272.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 272.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 272.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 272.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 244.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 244.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 244.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 244.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 244.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 244.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 244.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 244.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 216.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 216.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 216.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 216.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 216.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 216.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 216.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 188.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 188.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 188.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 188.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 188.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 188.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 188.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 160.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 160.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 160.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 160.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 160.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 160.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 160.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 160.60 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 132.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 132.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 132.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 132.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 132.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 132.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 132.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 132.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 132.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 132.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 132.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 132.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 132.60 48.00 -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 206.5 490.6 m 265.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 490.6 m 338.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 490.6 m 386.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 490.6 m 446.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 490.6 m 509.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 490.6 m 561.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 490.6 m 202.5 490.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 476.6 m 202.5 476.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 425.6 m 202.5 425.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 425.6 m 202.5 425.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 411.6 m 202.5 411.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 314.6 m 202.5 314.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 300.6 m 202.5 300.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 99.75 494.83 Td (Property Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.90 502.83 Td (Acquisition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 227.50 494.83 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.35 502.83 Td (Building and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.65 494.83 Td (Impr) Tj ET Q q 0 0 0 rg BT 292.28 494.83 Td (ovements ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 326.27 498.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.85 494.83 Td (Land ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 371.08 498.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.00 510.83 Td (In-place) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.20 502.83 Td (Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.20 494.83 Td (Intangibles) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 433.43 498.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.80 518.83 Td (Out-of-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.80 510.83 Td (Market Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.35 502.83 Td (Intangibles, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.45 494.83 Td (Net ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 483.44 498.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.20 494.83 Td (T) Tj ET Q q 0 0 0 rg BT 528.80 494.83 Td (otal ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 543.69 498.46 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 481.05 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 467.06 Td (The Summit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 467.06 Td (03/04/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 467.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.40 467.06 Td (217,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 467.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 467.06 Td (68,090) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 467.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 467.06 Td (45,360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 467.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.90 467.06 Td (\(14,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 467.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 467.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 467.06 Td (316,504) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 444.06 Td (Harder Logistics Portfolio ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 149.73 448.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.35 453.06 Td (12/03/2015 &) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 217.20 444.06 Td (4/01/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 444.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 444.06 Td (89,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 444.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 444.06 Td (16,362) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 444.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 444.06 Td (15,413) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 444.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.40 444.06 Td (5,392) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 444.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 444.06 Td (126,535) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 416.05 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.50 416.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 416.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.00 416.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 416.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.50 416.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 384.06 Td (The Rim ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 87.00 388.14 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.85 402.06 Td (02/13/2014,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 209.20 393.06 Td (04/30/2015, &) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 384.06 Td (12/30/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.40 384.06 Td (135,616) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 384.06 Td (85,240) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 384.06 Td (55,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.90 384.06 Td (\(28,690) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 384.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 384.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 384.06 Td (247,786) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 370.06 Td (25 Cabot Square) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 370.06 Td (03/28/2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 370.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.40 370.06 Td (165,121) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 370.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.65 370.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 370.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 413.40 370.06 Td (206,640) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 370.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 493.65 370.06 Td (\(16) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 370.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 370.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 370.06 Td (371,745) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 347.06 Td (Simon Hegele Logistics ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 141.74 351.14 Td (\(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.35 356.06 Td (06/03/2014 &) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 347.06 Td (01/07/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 347.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 347.06 Td (56,428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 347.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 347.06 Td (13,245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 347.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.40 347.06 Td (9,154) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 347.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.65 347.06 Td (41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 347.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.90 347.06 Td (78,868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 333.06 Td (818 Bourke) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 333.06 Td (10/31/2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 333.06 Td (82,867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 333.06 Td (36,487) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 333.06 Td (17,082) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.15 333.06 Td (\(792) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 333.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 333.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 333.06 Td (135,644) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 117.00 305.05 Td (2013) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 235.50 305.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 305.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.00 305.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.00 305.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 479.50 305.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.00 305.05 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 291.06 Td (Mercedes Benz Bank) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 291.06 Td (02/07/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 291.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 291.06 Td (47,643) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 291.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 291.06 Td (11,953) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 291.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.40 291.06 Td (7,093) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 291.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.40 291.06 Td (3,533) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 291.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.90 291.06 Td (70,222) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 277.06 Td (One Westferry Circus) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 277.06 Td (02/28/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 277.06 Td (48,874) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.65 277.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 277.06 Td (74,693) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.40 277.06 Td (1,049) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 277.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 277.06 Td (124,616) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 263.06 Td (465 Victoria) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 263.06 Td (02/28/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 263.06 Td (48,788) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 263.06 Td (26,566) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 263.06 Td (17,712) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.40 263.06 Td (\(2,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 263.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 263.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.90 263.06 Td (90,833) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 249.06 Td (Riverside Center) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 249.06 Td (03/27/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 249.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.40 249.06 Td (125,014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 249.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 249.06 Td (45,888) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 249.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 249.06 Td (30,360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 249.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.40 249.06 Td (\(4,170) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 249.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 249.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 249.06 Td (197,092) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 235.06 Td (New City) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 235.06 Td (03/28/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 235.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.40 235.06 Td (115,208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 235.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.65 235.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 235.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 235.06 Td (46,117) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 235.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.40 235.06 Td (2,137) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 235.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 235.06 Td (163,462) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 221.06 Td (825 Ann) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 221.06 Td (04/30/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 221.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 221.06 Td (83,802) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 221.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 221.06 Td (20,669) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 221.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 221.06 Td (23,725) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 221.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.65 221.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 221.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 221.06 Td (128,196) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 207.06 Td (The Campus at Playa Vista) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 207.06 Td (05/14/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 207.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.40 207.06 Td (125,567) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 207.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 207.06 Td (41,160) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 207.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 207.06 Td (37,320) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 207.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.90 207.06 Td (12,580) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 207.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 207.06 Td (216,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 193.06 Td (Perspective Dfense) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 193.06 Td (06/21/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 193.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.40 193.06 Td (109,704) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 193.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 193.06 Td (29,039) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 193.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 193.06 Td (22,038) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 193.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.40 193.06 Td (5,060) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 193.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 193.06 Td (165,841) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 179.06 Td (The Markets at Town Center) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 179.06 Td (07/23/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 179.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 179.06 Td (76,067) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 179.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 179.06 Td (52,130) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 179.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 179.06 Td (19,020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 179.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.90 179.06 Td (\(12,210) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 179.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 179.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 179.06 Td (135,007) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 165.06 Td (The Avenue) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 165.06 Td (08/12/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 165.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 165.06 Td (71,990) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 165.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 165.06 Td (54,940) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 165.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 165.06 Td (47,350) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 165.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 477.90 165.06 Td (\(11,280) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 165.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 165.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 165.06 Td (163,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 151.06 Td (2300 Main) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 151.06 Td (08/29/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 151.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 151.06 Td (27,940) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 151.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 362.40 151.06 Td (3,570) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 151.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.40 151.06 Td (7,990) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 151.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.65 151.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 151.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.90 151.06 Td (39,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 137.06 Td (Fiege Mega Centre) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 137.06 Td (10/18/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 137.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 137.06 Td (36,005) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 137.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 137.06 Td (10,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 137.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.40 137.06 Td (7,481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 137.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.65 137.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 137.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 532.90 137.06 Td (53,593) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 123.06 Td (55 M Street) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 123.06 Td (12/09/2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 123.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.90 123.06 Td (85,277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 123.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 357.85 123.06 Td (24,810) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 123.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 417.90 123.06 Td (34,730) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 123.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.40 123.06 Td (\(3,940) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.65 123.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 123.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.35 123.06 Td (140,877) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 95.10 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 271.74 95.10 Td (, amounts have been translated at a rate based on the exchange rate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 83.10 Td (ef) Tj ET Q q 0 0 0 rg BT 75.59 83.10 Td (fect on the acquisition date. ) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 742.10 Td (April 2015, the Company acquired two logistics buildings in the Harder Logistics Portfolio located in Nurember) Tj ET Q q 0 0 0 rg BT 527.46 742.10 Td (g and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (Karlsdorf, Germany) Tj ET Q q 0 0 0 rg BT 147.88 730.10 Td (. In December 2015, the Company acquired the second phase of the portfolio, which consisted of one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (logistics building located in Duisbur) Tj ET Q q 0 0 0 rg BT 213.36 718.10 Td (g, Germany) Tj ET Q q 0 0 0 rg BT 259.92 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (In February 2014, the Company acquired ) Tj ET Q q 0 0 0 rg BT 235.28 694.10 Td (The Rim retail center in San ) Tj ET Q q 0 0 0 rg BT 350.24 694.10 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 387.84 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 393.25 694.10 Td (exas. In ) Tj ET Q q 0 0 0 rg BT 428.80 694.10 Td (April 2015 and December 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (the Company acquired additional phases of the center) Tj ET Q q 0 0 0 rg BT 282.10 682.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (In June 2014, the Company acquired the Simon Hegele Logistics facility in Forchheim, Germany) Tj ET Q q 0 0 0 rg BT 456.98 658.10 Td (. In January 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Company acquired the second phase of the facility) Tj ET Q q 0 0 0 rg BT 269.78 646.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 622.10 Td (The weighted average amortization period for the intangible assets and liabilities acquired in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.79 622.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.79 622.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 610.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 610.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 610.10 Td ( acquisitions, as of the date of the acquisition, was as follows \(in years\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 549.60 149.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 549.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 549.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 549.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 549.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 549.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 549.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 509.60 149.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 509.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 509.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 509.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 509.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 509.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 509.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 469.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 469.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 469.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 469.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 429.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 429.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 429.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 429.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 429.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 400.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 400.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 400.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 400.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 370.60 149.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 370.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 370.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 370.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 370.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 370.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 370.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 330.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 330.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 330.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 330.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 301.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 301.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 301.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 301.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 301.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 301.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 301.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 271.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 271.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 271.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 271.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 271.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 241.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 241.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 241.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 241.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 241.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 211.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 211.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 211.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 211.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 211.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 181.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 181.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 181.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 181.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 181.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 151.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 151.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 151.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 151.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 151.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 121.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 121.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 121.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 121.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 121.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 121.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 121.60 117.00 -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 202.5 563.6 m 319.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 563.6 m 440.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 563.6 m 561.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 563.6 m 198.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 549.6 m 198.5 549.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 563.6 m 319.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 563.6 m 440.5 563.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 563.6 m 561.5 563.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 414.6 m 198.5 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 400.6 m 198.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 315.6 m 198.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 301.6 m 198.5 301.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.30 568.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 578.28 Td (Above-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 568.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.20 578.28 Td (Below-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.10 568.28 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 554.28 Td (2015 Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 539.32 Td (Simon Hegele Logistics ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.60 539.32 Td (\(2nd ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 529.31 Td (Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.90 529.27 Td (11.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 529.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 529.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 514.27 Td (The Summit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 514.27 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 514.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 514.27 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 499.32 Td (Harder Logistics Portfolio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.48 499.32 Td (\(1st ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 489.31 Td (Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.75 489.27 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 489.27 Td (5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 489.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 474.27 Td (The Rim ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.77 474.27 Td (\(2nd Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.90 474.27 Td (11.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 474.27 Td (9.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 474.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 459.27 Td (The Rim ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.77 459.27 Td (\(3r) Tj ET Q q 0 0 0 rg BT 101.62 459.27 Td (d Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 459.27 Td (7.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 459.27 Td (8.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 459.27 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 444.32 Td (Harder Logistics Portfolio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 434.31 Td (\(2nd Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.75 434.27 Td (13.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.75 434.27 Td (15.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 434.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 405.28 Td (2014 Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 390.27 Td (The Rim ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.77 390.27 Td (\(1st Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.75 390.27 Td (16.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.75 390.27 Td (12.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.75 390.27 Td (35.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 375.27 Td (25 Cabot Square ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 121.16 379.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.90 375.27 Td (11.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 375.27 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 375.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 360.32 Td (Simon Hegele Logistics ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.60 360.32 Td (\(1st ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 350.31 Td (Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.75 350.27 Td (13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.75 350.27 Td (13.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 350.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 335.27 Td (818 Bourke) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 335.27 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 335.27 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 335.27 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 306.28 Td (2013 Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 291.27 Td (Mercedes Benz Bank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 291.27 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 291.27 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 291.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 276.27 Td (One ) Tj ET Q q 0 0 0 rg BT 70.98 276.27 Td (W) Tj ET Q q 0 0 0 rg BT 79.62 276.27 Td (estferry Circus) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 138.76 280.80 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 276.27 Td (8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 276.27 Td (9.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.75 276.27 Td (13.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 261.27 Td (465 Victoria) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 261.27 Td (4.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 261.27 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 261.27 Td (7.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 246.27 Td (Riverside Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 246.27 Td (6.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 246.27 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 246.27 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 231.27 Td (New City ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 93.11 235.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 231.27 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 231.27 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 231.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 216.27 Td (825 Ann) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 216.27 Td (9.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 216.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 216.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 201.27 Td (The Campus at Playa Vista) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 201.27 Td (6.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 201.27 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 201.27 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 186.27 Td (Perspective Dfense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 186.27 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 186.27 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 186.27 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 171.27 Td (The Markets at Town Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 171.27 Td (9.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 171.27 Td (0.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 171.27 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 156.27 Td (The Avenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 156.27 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 156.27 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.75 156.27 Td (17.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 141.27 Td (2300 Main) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 141.27 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 141.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 141.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 126.27 Td (Fiege Mega Centre) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.75 126.27 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 126.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 126.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 111.27 Td (55 M Street) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 111.27 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 111.27 Td (7.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 111.27 Td (7.3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 83.10 Td (Excludes the ef) Tj ET Q q 0 0 0 rg BT 129.46 83.10 Td (fect of ground leases which significantly increase the weighted average useful life for these intangibles.) Tj ET Q endstream endobj 173 0 obj <> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (84) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 730.10 Td (December31, 2015) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (December31, 2015) Tj ET Q BT /F1 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 50.50 665.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 665.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 665.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 635.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 635.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 605.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 605.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 575.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 575.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 575.60 135.00 -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 50.5 665.6 m 308.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 665.6 m 562.5 665.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.75 685.28 Td (For the Year Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 670.28 Td (2015 Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.15 670.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 655.28 Td (Simon Hegele Logistics ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 154.38 659.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 655.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 655.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 655.27 Td (5,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 640.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 640.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 640.27 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 625.28 Td (The Summit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 625.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 625.27 Td (21,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 610.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 610.27 Td (439) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 595.28 Td (Harder) Tj ET Q q 0 0 0 rg BT 84.47 595.28 Td ( Logistics Portfolio ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 167.52 599.81 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 595.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 595.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 595.27 Td (3,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 580.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 580.32 Td (\(8,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 580.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 565.28 Td (The Rim ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 93.00 569.81 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 565.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 565.27 Td (23,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 550.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 550.27 Td (2,853) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 522.10 Td (Includes the total revenue and net income of the Simon Hegele Logistics facility) Tj ET Q q 0 0 0 rg BT 388.92 522.10 Td (, including the first phase of the facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 510.10 Td (acquired in June 2014. ) Tj ET Q q 0 0 0 rg BT 163.35 510.10 Td (The second phase of the facility was acquired in January 2015 and includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.42 510.10 Td (236,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.92 510.10 Td ( square feet of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 498.10 Td (net rentable area, which represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.04 498.10 Td (38.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.87 498.10 Td ( of the net rentable area of the total Simon Hegele Logistics facility) Tj ET Q q 0 0 0 rg BT 503.57 498.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 474.10 Td (Includes the total revenue and net income of ) Tj ET Q q 0 0 0 rg BT 247.75 474.10 Td (The Harder Logistics Portfolio, including the first phase of the portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 462.10 Td (acquired in ) Tj ET Q q 0 0 0 rg BT 114.65 462.10 Td (April 2015. ) Tj ET Q q 0 0 0 rg BT 165.58 462.10 Td (The second phase of the portfolio was acquired in December 2015 and includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.31 462.10 Td (677,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.81 462.10 Td ( square ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 450.10 Td (feet of net rentable area, which represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.36 450.10 Td (52.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.19 450.10 Td ( of the net rentable area of the total Harder Logistics Portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 426.10 Td (Includes the total revenue and net income of ) Tj ET Q q 0 0 0 rg BT 247.75 426.10 Td (The Rim retail center) Tj ET Q q 0 0 0 rg BT 332.59 426.10 Td (, including the first phase of the center acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 414.10 Td (February 2014. ) Tj ET Q q 0 0 0 rg BT 133.92 414.10 Td (The second phase of the center was acquired in ) Tj ET Q q 0 0 0 rg BT 324.67 414.10 Td (April 2015 and includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.55 414.10 Td (259,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.05 414.10 Td ( square feet of net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 402.10 Td (rentable area, which represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.32 402.10 Td (27.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.15 402.10 Td ( of the net rentable area of the total Rim facility) Tj ET Q q 0 0 0 rg BT 409.98 402.10 Td (. ) Tj ET Q q 0 0 0 rg BT 417.30 402.10 Td (The third phase of the center was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 390.10 Td (acquired in December 2015 and includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.05 390.10 Td (28,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.55 390.10 Td ( square feet of net rentable area, which represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 390.10 Td (3.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.83 390.10 Td ( of the net rentable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 378.10 Td (area of the total Rim facility) Tj ET Q q 0 0 0 rg BT 180.36 378.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 354.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 354.10 Td (fect to current year acquisitions through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 342.10 Td ( as if the acquisitions occurred on January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.09 342.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.09 342.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.91 342.10 Td (This information excludes activity that is non-recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (and not representative of our future activity) Tj ET Q q 0 0 0 rg BT 223.17 330.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.23 330.10 Td ($19.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.13 330.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.56 330.10 Td ($47.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.46 330.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 318.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 318.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 318.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.00 318.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 270.66 318.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.48 318.10 Td (The information below is not necessarily indicative of what the actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (results of operations would have been had we completed these transactions on January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.51 306.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.51 306.10 Td (, nor does it purport to represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (our future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 217.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 217.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 217.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 217.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 187.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 187.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 187.60 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 418.5 217.60000000000002 m 488.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 217.60000000000002 m 562.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 217.60000000000002 m 488.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 217.60000000000002 m 562.5 217.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.25 261.28 Td (For the Years Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.90 246.28 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.60 232.28 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.00 222.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.60 232.28 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 222.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 207.27 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 207.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 207.27 Td (486,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 207.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 207.27 Td (491,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 192.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 192.27 Td (13,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 192.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 192.27 Td (58,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 177.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 177.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 177.27 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 177.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 177.27 Td (0.20) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 175 0 obj <> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (85) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 730.10 Td (December31, 2014) Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (December31, 2014) Tj ET Q BT /F1 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 49.50 665.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 665.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 665.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 635.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 635.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 635.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 605.60 258.00 -15.00 re f /GS0 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427.50 545.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 515.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 515.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 485.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 485.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 455.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 455.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 425.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 425.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 425.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 625.28 Td (One Westferry Circus) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 625.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 625.27 Td (11,938) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 610.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 610.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 610.32 Td (\(6,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 610.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 595.28 Td (465 Victoria) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 595.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 595.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 595.27 Td (7,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 580.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 580.32 Td (\(5,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 580.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 565.28 Td (Riverside Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 565.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 565.27 Td (15,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 550.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 550.27 Td (2,468) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 535.28 Td (New City) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 535.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 535.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 535.27 Td (11,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 520.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 520.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 520.32 Td (\(4,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 520.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 505.28 Td (825 Ann) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 505.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 505.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 505.27 Td (7,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 490.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 490.32 Td (\(7,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 490.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 475.28 Td (The Campus at Playa Vista) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 475.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 475.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 475.27 Td (12,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 460.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 460.27 Td (1,244) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 445.28 Td (Perspective Dfense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 445.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 445.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 445.27 Td (8,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 430.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 430.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 430.32 Td (\(12,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 430.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 415.28 Td (The Markets at Town Center) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 415.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 415.27 Td (5,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 400.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 400.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 400.27 Td (2,482) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 385.28 Td (The Avenue at Murfreesboro) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 385.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 385.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 385.27 Td (5,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 370.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 370.32 Td (\(191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 370.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 355.28 Td (2300 Main) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 355.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 355.27 Td (1,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 340.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 340.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 340.32 Td (\(146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 340.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 326.28 Td (Fiege Mega Centre) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 326.17 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 326.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 326.17 Td (877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 312.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 312.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 312.22 Td (\(3,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 312.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 298.28 Td (55 M Street) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 298.17 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 298.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 298.17 Td (799) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 284.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 284.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 284.22 Td (\(2,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 284.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 256.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 256.10 Td (fect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.45 256.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.45 256.10 Td ( acquisitions through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.83 256.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 244.10 Td ( as if the acquisitions occurred on January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.50 244.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.32 244.10 Td (This information excludes activity that is non-recurring and not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (representative of our future activity) Tj ET Q q 0 0 0 rg BT 190.96 232.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.02 232.10 Td ($82.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.91 232.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.35 232.10 Td ($28.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.24 232.10 Td ( for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 220.10 Td (December31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 220.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.40 220.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 220.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 247.06 220.10 Td (. ) Tj ET Q q 0 0 0 rg BT 251.88 220.10 Td (The information below is not necessarily indicative of what the actual results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (of operations would have been had we completed these transactions on January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.90 208.10 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.90 208.10 Td (, nor does it purport to represent our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 119.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 119.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 119.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 119.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 89.60 368.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 89.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 89.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 89.60 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 418.5 119.60000000000002 m 488.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 119.60000000000002 m 562.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 119.60000000000002 m 488.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 119.60000000000002 m 562.5 119.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.25 163.28 Td (For the Years Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 148.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.90 148.28 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 124.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.60 134.28 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.00 124.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.60 134.28 Td (Pro Forma) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 124.28 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 109.27 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 109.27 Td (388,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 109.27 Td (348,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 94.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 94.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 94.32 Td (\(21,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 94.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 94.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 94.32 Td (\(31,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 94.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 79.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 79.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 79.32 Td (\(0.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 79.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 79.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 79.32 Td (\(0.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 79.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 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 50.00 742.25 Td (5. REAL) Tj ET Q q 0 0 0 rg BT 87.23 742.25 Td ( EST) Tj ET Q q 0 0 0 rg BT 107.89 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 114.37 742.25 Td (TE LOANS RECEIV) Tj ET Q q 0 0 0 rg BT 204.77 742.25 Td (ABLE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Real estate loans receivable included the following at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.03 718.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.61 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.05 718.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.05 718.25 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 647.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 647.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 647.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 647.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 647.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 647.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 647.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 617.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 617.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 617.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 617.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 617.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 617.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 617.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 587.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 587.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 587.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 587.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 587.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 587.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 557.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 557.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 557.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 557.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 557.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 557.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 557.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 557.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 557.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 557.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 557.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 557.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 557.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 527.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 527.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 527.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 527.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 527.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 527.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 527.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 527.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 497.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 497.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 497.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 497.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 497.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 497.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 497.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.75 197.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 467.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 467.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 467.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 467.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 467.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 467.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 467.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 467.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 467.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 467.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 438.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 438.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 438.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 438.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 438.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 438.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 438.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.75 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 408.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 408.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 408.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 408.75 68.00 -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 50.5 661.75 m 191.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 661.75 m 247.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 661.75 m 304.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 661.75 m 348.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 661.75 m 415.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 661.75 m 490.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 661.75 m 191.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 661.75 m 247.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 661.75 m 304.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 661.75 m 348.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 661.75 m 415.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 661.75 m 490.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 661.75 m 562.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 497.75 m 348.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 497.75 m 415.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 497.75 m 490.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 497.75 m 562.5 497.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 467.75 m 490.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 453.75 m 490.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 451.75 m 490.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 467.75 m 562.5 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 453.75 m 562.5 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 451.75 m 562.5 451.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 408.75 m 490.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 394.75 m 490.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 392.75 m 490.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 408.75 m 562.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 394.75 m 562.5 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 392.75 m 562.5 392.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.40 666.43 Td (Property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.90 686.43 Td (Original) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.90 676.43 Td (Funding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.00 666.43 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.05 676.43 Td (Maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.50 666.43 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.40 676.43 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.00 666.43 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.20 676.43 Td (T) Tj ET Q q 0 0 0 rg BT 365.95 676.43 Td (otal Loan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.15 666.43 Td (Commitment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.40 686.43 Td (Balance as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.40 676.43 Td (December) Tj ET Q q 0 0 0 rg BT 468.52 676.43 Td ( 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.50 666.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.90 686.43 Td (Balance as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.90 676.43 Td (December) Tj ET Q q 0 0 0 rg BT 542.02 676.43 Td ( 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 666.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 652.43 Td (Flagship Capital JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 637.42 Td (Houston Retail Portfolio ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 159.83 641.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.20 637.42 Td (8/2/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.70 637.42 Td (8/2/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 637.42 Td (7.60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 637.42 Td (11,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 637.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 637.42 Td (11,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 622.42 Td (Motor Circle ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 113.43 626.95 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.20 622.42 Td (12/28/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.70 622.42 Td (12/28/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 622.42 Td (8.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 622.42 Td (3,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 622.42 Td (2,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 607.42 Td (Falls of Kirkwood) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.20 607.42 Td (10/18/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.20 607.42 Td (8/15/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 607.42 Td (8.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 607.42 Td (6,300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 607.42 Td (4,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 607.42 Td (6,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 592.42 Td (Falls of Town Park Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.20 592.42 Td (12/30/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.70 592.42 Td (12/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 592.42 Td (7.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 592.42 Td (5,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 592.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 592.42 Td (5,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 577.42 Td (Precinct ) Tj ET Q q 0 0 0 rg BT 94.08 577.42 Td (V) Tj ET Q q 0 0 0 rg BT 100.70 577.42 Td (illages ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 129.31 581.95 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.70 577.42 Td (3/18/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.20 577.42 Td (3/17/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 577.42 Td (8.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 577.42 Td (2,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 577.42 Td (1,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 577.42 Td (1,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 562.42 Td (Manor Palms ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 115.11 566.95 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.70 562.42 Td (6/26/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.70 562.42 Td (12/25/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 562.42 Td (7.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 562.42 Td (4,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 562.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 562.42 Td (3,979) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 547.42 Td (Randalls) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.70 547.42 Td (7/28/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.20 547.42 Td (7/28/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 547.42 Td (6.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 547.42 Td (10,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 547.42 Td (8,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 547.42 Td (8,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 532.42 Td (Finesilver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.70 532.42 Td (7/31/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.20 532.42 Td (7/31/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 532.42 Td (6.45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 532.42 Td (7,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 532.42 Td (5,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 532.42 Td (5,165) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 517.42 Td (Dymaxion Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.20 517.42 Td (12/15/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.70 517.42 Td (12/15/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 517.42 Td (7.60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 517.42 Td (8,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 517.42 Td (8,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 517.42 Td (7,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 502.42 Td (Marbach Park Apartments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.20 502.42 Td (12/15/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.70 502.42 Td (12/15/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 502.42 Td (7.60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 502.42 Td (9,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 502.42 Td (9,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 502.42 Td (7,676) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 487.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.00 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 487.42 Td (7.22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 487.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 487.42 Td (69,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 487.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 487.42 Td (38,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 487.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 487.42 Td (59,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 472.42 Td (Less: Origination fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 472.47 Td (\(128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 472.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 472.47 Td (\(640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 472.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 457.43 Td (Total Flagship Capital JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 457.42 Td (38,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 457.42 Td (59,114) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 443.43 Td (Other Loans Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.42 Td (@1377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.70 428.42 Td (6/29/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.70 428.42 Td (7/1/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.55 428.42 Td (10.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 428.42 Td (3,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 428.42 Td (3,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 428.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 428.42 Td (3,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.42 Td (The Rim ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 90.77 417.95 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.20 413.42 Td (9/8/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.20 413.42 Td (9/30/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.05 413.42 Td (8.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 413.42 Td (20,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 413.42 Td (12,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 413.42 Td (11,324) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 398.43 Td (Total Real Estate Loans Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 398.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 398.42 Td (55,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 398.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 398.42 Td (74,400) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (In June 2015, the borrower repaid the outstanding principal balance of the loan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td (In March 2015, the borrower repaid the outstanding principal balance of the loan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (In March 2016, the borrower entered into an amendment to extend the maturity date of this loan to June 30, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (In July 2015, the borrower repaid the outstanding principal balance of the loan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (In December 2015, the borrower made a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.14 274.25 Td ($9.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.03 274.25 Td (, and entered into an amendment to extend the maturity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td (date of this loan to September 30, 2016 and to reduce the total loan commitment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.09 262.25 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.98 262.25 Td (. ) Tj ET Q endstream endobj 181 0 obj <> endobj 182 0 obj <> stream BT /F1 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 50.00 742.25 Td (6. DEBT) Tj ET Q q 0 0 0 rg BT 87.05 742.25 Td ( FINANCING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 718.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.47 718.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.47 718.25 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.51 718.25 Td ($2.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.62 718.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.06 718.25 Td ($2.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.17 718.25 Td ( of principal outstanding, respectively) Tj ET Q q 0 0 0 rg BT 550.87 718.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (with a weighted average years to maturity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.04 706.25 Td (3.3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.14 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.58 706.25 Td (2.8 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.68 706.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 375.34 706.25 Td (, and a weighted average interest rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.21 706.25 Td (2.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.04 706.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 694.25 Td (2.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.77 694.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 140.43 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 147.75 694.25 Td (The following table describes the Company) Tj ET Q q 0 0 0 rg BT 325.21 694.25 Td (s debt outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.20 694.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.78 694.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.22 694.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.22 694.25 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (thousands, except percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.75 148.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 614.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 614.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 614.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 614.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 614.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 614.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 614.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 614.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 614.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.75 148.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 590.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 590.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 590.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 590.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 590.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 590.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 590.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 590.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 590.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 590.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.75 148.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 566.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 566.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 566.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 566.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 566.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 566.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 566.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 566.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 566.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 566.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 566.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 566.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 148.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 535.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 535.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 535.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 535.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 535.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 535.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 535.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 535.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 535.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 535.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 535.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 535.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 504.75 148.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 504.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 504.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 504.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 504.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 504.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 504.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 504.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 504.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 504.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 504.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 504.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 504.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.75 148.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 472.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 472.75 48.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 472.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 472.75 41.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 472.75 13.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 472.75 64.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 472.75 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 472.75 58.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 472.75 15.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 472.75 53.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 472.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 472.75 54.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.75 148.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 433.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 433.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 433.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 433.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 433.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 433.75 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 433.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 433.75 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 433.75 15.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 433.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 433.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 433.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 402.75 148.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 402.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 402.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 402.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 402.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 402.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 402.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 402.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 402.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 402.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 402.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 402.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 402.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.75 148.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 371.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 371.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 371.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 371.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 371.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 371.75 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 371.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 371.75 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 371.75 15.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 371.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 371.75 4.00 -19.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 507.50 340.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 316.75 148.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 316.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 316.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 316.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 316.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 316.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 316.75 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 316.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 316.75 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 316.75 15.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 316.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 316.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 316.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.75 148.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 285.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 285.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 285.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 285.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 285.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 285.75 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 285.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 285.75 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 285.75 15.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 285.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 285.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 285.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 254.75 148.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 254.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 254.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 254.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 254.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 254.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 254.75 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 254.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 254.75 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 254.75 15.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 254.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 254.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 254.75 54.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 216.75 148.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 216.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 216.75 48.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 216.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 216.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 216.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 216.75 64.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 216.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 216.75 58.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 216.75 15.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 216.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 216.75 4.00 -19.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 198.50 153.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 153.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 153.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 153.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 153.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 153.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 153.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 153.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 153.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 153.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 153.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 153.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 129.75 148.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 129.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 129.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 129.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 129.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 129.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 129.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 129.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 129.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 129.75 54.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 104.75 148.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 104.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 104.75 48.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 104.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 104.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 104.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 104.75 64.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 104.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 104.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 104.75 15.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 104.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 104.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 104.75 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 50.5 626.75 m 198.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 626.75 m 250.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 626.75 m 295.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 626.75 m 372.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 626.75 m 377.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 626.75 m 435.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 626.75 m 503.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 626.75 m 561.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 177.75 m 503.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 177.75 m 561.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 141.75 m 503.5 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 141.75 m 561.5 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 129.75 m 503.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 129.75 m 561.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 104.75 m 503.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 104.75 m 561.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 92.75 m 503.5 92.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 81.75 m 503.5 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 79.75 m 503.5 79.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 92.75 m 561.5 92.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 81.75 m 561.5 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 79.75 m 561.5 79.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 630.98 Td (Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.95 654.98 Td (Origination) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.25 646.98 Td (or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 205.50 638.98 Td (Assumption) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 218.00 630.98 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.90 638.98 Td (Maturity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 266.50 630.98 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.70 638.98 Td (Interest Rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.20 630.98 Td (Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.70 654.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 400.88 654.98 Td (est Rate ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.10 646.98 Td (as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.75 638.98 Td (December) Tj ET Q q 0 0 0 rg BT 417.25 638.98 Td ( 31, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.00 630.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 630.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.70 662.98 Td (Principal ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.15 654.98 Td (Outstanding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.15 646.98 Td (at ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.25 638.98 Td (December) Tj ET Q q 0 0 0 rg BT 487.75 638.98 Td ( 31, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.50 630.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.20 662.98 Td (Principal ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.65 654.98 Td (Outstanding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.65 646.98 Td (at ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.75 638.98 Td (December) Tj ET Q q 0 0 0 rg BT 545.25 638.98 Td ( 31, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.00 630.98 Td (2014) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 618.87 Td (Secured Mortgage Debt) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 247.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 257.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 380.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 438.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 453.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 510.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 606.90 Td (Brindleyplace Project) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 606.90 Td (7/1/2010) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 261.15 606.90 Td (7/7/2016) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 298.00 610.74 Td (\(1\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.50 607.05 Td (Variable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 606.90 Td (2.01) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 606.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 453.00 606.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 476.10 606.90 Td (179,197) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 510.00 606.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 534.10 606.90 Td (188,034) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 594.90 Td (Hock Plaza) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 594.90 Td (9/8/2010) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 594.90 Td (12/6/2015) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 331.45 595.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 417.60 594.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 438.00 594.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 493.00 594.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 594.90 Td (75,657) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 582.90 Td (Southpark) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 208.90 582.90 Td (10/19/2010) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 582.90 Td (12/6/2016) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 331.45 583.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 582.90 Td (5.67) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 582.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 438.00 582.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 582.90 Td (18,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 582.90 Td (18,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 570.90 Td (Fifty South Sixth) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.90 570.90 Td (11/4/2010) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.40 570.90 Td (11/3/2018) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 298.00 574.74 Td (\(2\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.50 571.05 Td (Variable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 570.90 Td (1.84) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 570.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 476.10 570.90 Td (125,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 570.90 Td (95,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 558.90 Td (Gogolevsky 11) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.90 558.90 Td (8/25/2011) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 261.15 558.90 Td (4/7/2021) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.50 559.05 Td (Variable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 417.60 558.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 493.00 558.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 558.90 Td (35,100) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 539.90 Td (Flagship Capital JV) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 539.90 Td (7/2/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 261.15 539.90 Td (7/2/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 547.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 318.00 539.55 Td (floor of 4.25%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 539.90 Td (4.25) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 539.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 539.90 Td (14,943) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 539.90 Td (25,162) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 527.90 Td (100 Brookes) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 527.90 Td (7/13/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 527.90 Td (7/31/2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.50 528.05 Td (Variable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 527.90 Td (4.61) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 527.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 527.90 Td (31,546) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 527.90 Td (35,254) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 508.90 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 508.90 Td (8/2/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 508.90 Td (6/28/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 516.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 508.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 508.90 Td (2.00) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 508.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 508.90 Td (67,601) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 508.90 Td (76,797) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 496.90 Td (Minneapolis Retail Center) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 496.90 Td (8/2/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 496.90 Td (8/10/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 331.45 497.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 496.90 Td (3.50) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 496.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 496.90 Td (65,500) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 496.90 Td (65,500) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 476.90 Td (825 Ann) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 209.05 476.90 Td (11/16/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 257.55 476.90 Td (11/20/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 485.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 477.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 476.90 Td (2.88) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 476.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 476.90 Td (59,139) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 476.90 Td (66,091) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 456.90 Td (Mercedes Benz Bank) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 456.90 Td (2/7/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 257.40 456.90 Td (12/31/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 465.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 457.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 456.90 Td (1.52) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 456.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 456.90 Td (36,719) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 456.90 Td (41,346) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 437.90 Td (465 Victoria) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 437.90 Td (2/28/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 437.90 Td (12/2/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 445.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 437.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 437.90 Td (3.63) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 437.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 437.90 Td (38,831) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 437.90 Td (43,396) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 418.90 Td (New City) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 418.90 Td (3/28/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 418.90 Td (3/28/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 426.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 418.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 418.90 Td (2.30) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 418.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 418.90 Td (83,978) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 418.90 Td (95,934) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 406.90 Td (One Westferry Circus) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 406.90 Td (5/9/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 261.15 406.90 Td (5/5/2020) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 331.45 407.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 406.90 Td (3.30) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 406.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 406.90 Td (71,050) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 406.90 Td (74,554) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 394.90 Td (The Campus at Playa ) Tj ET Q q 0 0 0 rg BT 118.69 394.90 Td (V) Tj ET Q q 0 0 0 rg BT 123.65 394.90 Td (ista ) Tj ET Q BT /F1 7.50 Tf ET BT /F1 4.87 Tf ET q 0 0 0 rg BT 135.94 398.30 Td (\(3\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 394.90 Td (5/14/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 394.90 Td (12/1/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.50 395.05 Td (Variable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 394.90 Td (1.65) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 394.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 476.10 394.90 Td (150,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 534.10 394.90 Td (115,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 375.90 Td (Perspective Defense) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 375.90 Td (6/21/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 375.90 Td (7/25/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 383.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 375.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 375.90 Td (2.45) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 375.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 375.90 Td (76,342) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 375.90 Td (85,085) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 356.90 Td (Fiege Mega Centre) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 208.90 356.90 Td (10/18/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 257.40 356.90 Td (10/18/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 364.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 356.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 356.90 Td (1.66) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 356.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 356.90 Td (25,135) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 356.90 Td (28,373) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 344.90 Td (55 M Street) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 344.90 Td (12/9/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 344.90 Td (12/9/2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.50 345.05 Td (Variable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 344.90 Td (1.88) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 344.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 344.90 Td (72,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 344.90 Td (72,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 332.90 Td (25 Cabot Square) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 332.90 Td (3/26/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 332.90 Td (3/26/2020) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 331.45 333.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 332.90 Td (3.50) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 332.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 476.10 332.90 Td (183,175) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 534.10 332.90 Td (192,209) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 320.90 Td (Simon Hegele Logistics) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 320.90 Td (4/28/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 320.90 Td (6/15/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 331.45 321.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 320.90 Td (1.90) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 320.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 320.90 Td (38,940) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 320.90 Td (26,106) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 301.90 Td (818 Bourke) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 208.90 301.90 Td (10/31/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 257.40 301.90 Td (10/31/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 309.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 301.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 301.90 Td (2.86) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 301.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 301.90 Td (64,952) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 301.90 Td (74,627) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 289.90 Td (The Summit) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 289.90 Td (3/4/2015) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 261.15 289.90 Td (3/4/2022) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.50 289.90 Td (Variable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 289.90 Td (1.80) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 289.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 476.10 289.90 Td (170,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 289.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 270.90 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 212.65 270.90 Td (4/1/2015) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 270.90 Td (2/28/2021) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 278.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 270.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 270.90 Td (0.95) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 270.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 270.90 Td (76,106) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 551.00 270.90 Td () Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 258.87 Td (Other Notes Payable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 247.00 258.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 292.00 258.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 432.00 258.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 453.00 258.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 510.00 258.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 247.05 Td (JPMor) Tj ET Q q 0 0 0 rg BT 72.87 247.05 Td (gan Chase Revolving ) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 239.55 Td (Credit Facility) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 239.90 Td (4/13/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 239.90 Td (6/29/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 247.05 Td (V) Tj ET Q q 0 0 0 rg BT 315.73 247.05 Td (ariable, subject to ) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 312.45 239.55 Td (interest rate cap ) Tj ET Q BT /F1 7.50 Tf ET BT /F1 4.87 Tf ET q 0 0 0 rg BT 361.80 242.95 Td (\(4\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 239.90 Td (1.99) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 239.90 Td (%) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 438.00 243.74 Td (\(5\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 476.10 239.90 Td (327,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 534.10 239.90 Td (122,894) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 228.05 Td (JPMorgan Chase Revolving Credit Facility -) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 220.55 Td (Term Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 220.90 Td (5/22/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 220.90 Td (6/29/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 228.05 Td (V) Tj ET Q q 0 0 0 rg BT 315.73 228.05 Td (ariable, subject to ) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 312.45 220.55 Td (interest rate cap ) Tj ET Q BT /F1 7.50 Tf ET BT /F1 4.87 Tf ET q 0 0 0 rg BT 361.80 223.95 Td (\(4\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 220.90 Td (1.98) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 220.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 476.10 220.90 Td (495,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 534.10 220.90 Td (378,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 201.90 Td (WaterWall Place Construction Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 201.90 Td (6/29/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 261.15 201.90 Td (5/8/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 209.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 201.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 201.90 Td (2.02) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 201.90 Td (%) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 438.00 205.74 Td (\(5\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 201.90 Td (44,897) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 201.90 Td (44,092) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 181.90 Td (Aviva Coral Gables JV Construction Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 181.90 Td (5/10/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 181.90 Td (5/10/2017) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 311.15 190.05 Td (Variable, subject to) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 316.25 182.55 Td (interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.60 181.90 Td (2.66) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 428.75 181.90 Td (%) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 438.00 185.74 Td (\(5\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 479.85 181.90 Td (42,693) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 181.90 Td (38,431) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 59.00 169.87 Td (Total Principal Outstanding) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 292.00 169.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 380.00 169.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 453.00 169.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 470.50 169.90 Td (2,557,744) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 510.00 169.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 528.50 169.90 Td (2,112,642) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 157.90 Td (Unamortized Premium/ \(Discount\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 247.00 157.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 257.00 157.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 380.00 157.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 489.25 157.90 Td (105) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 544.75 157.90 Td (\(283) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 558.50 157.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 145.90 Td (Unamortized Deferred Financing Fees) Tj ET Q BT /F1 7.50 Tf ET BT /F1 4.87 Tf ET q 0 0 0 rg BT 168.17 149.30 Td ( \(6\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 477.35 145.90 Td (\(12,193) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 500.50 145.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 535.35 145.90 Td (\(11,421) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 558.50 145.90 Td (\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 59.00 133.87 Td (Notes Payable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 257.00 133.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 380.00 133.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 453.00 133.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 470.50 133.90 Td (2,545,656) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 510.00 133.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 528.50 133.90 Td (2,100,938) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 121.87 Td (Notes Payable to Affiliates) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 108.90 Td (Aviva Coral Gables Construction Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 210.75 108.90 Td (7/13/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 259.25 108.90 Td (7/13/2015) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 327.50 108.90 Td (Variable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 417.60 108.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 493.00 108.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 108.90 Td (17,601) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 59.00 96.87 Td (Total Notes Payable to Affiliates) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 453.00 96.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 493.00 96.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 510.00 96.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 537.85 96.90 Td (17,601) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 453.00 84.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 470.50 84.90 Td (2,545,656) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 510.00 84.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 528.50 84.90 Td (2,118,539) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 183 0 obj <> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (During 2015, the Company entered into various amendments and exercised extensions, which extended the maturity date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (from July 7, 2015 to July 7, 2016. ) Tj ET Q q 0 0 0 rg BT 208.38 730.10 Td (The interest rate swaps related to this loan expired in July 2015, resulting in the loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (bearing interest at a variable rate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (In November 2015, the Company entered into an amendment to the Fifty South Sixth loan, resulting in a new loan amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.83 682.10 Td ($125.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.72 682.10 Td ( and a maturity date of November 3, 2018, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.28 682.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.28 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.78 682.10 Td (twelve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.43 682.10 Td (-month extensions at the Company) Tj ET Q q 0 0 0 rg BT 537.63 682.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (option and subject to the satisfaction of certain conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (In November 2015, the Company entered into an amendment to the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 410.24 646.10 Td (V) Tj ET Q q 0 0 0 rg BT 416.86 646.10 Td (ista loan, resulting in a new loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.33 634.10 Td ($150.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.22 634.10 Td ( and a maturity date of December 1, 2018, subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 634.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 634.10 Td (twelve) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 634.10 Td (-month extensions at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.67 622.10 Td (s option and subject to the satisfaction of certain conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (In March 2015, the Company executed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.56 598.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.56 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.06 598.10 Td ($250 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.46 598.10 Td ( interest rate cap corridor agreements as economic hedges against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (the variability of future interest rates on its revolving credit facility with JPMor) Tj ET Q q 0 0 0 rg BT 384.96 586.10 Td (gan Chase that cap the interest rate on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (borrowings at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.77 574.10 Td (0.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.60 574.10 Td ( - ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.93 574.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.76 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 193.08 574.10 Td (The Company has not designated any of these derivatives as hedges for accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.10 Td (Represents the weighted average interest rate as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.91 538.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.50 538.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 77.26 514.10 Td (fective December 31, 2015, we adopted ) Tj ET Q q 0 0 0 rg BT 238.31 514.10 Td (ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Amounts for prior years were reclassified to conform to the presentation for the current year) Tj ET Q q 0 0 0 rg BT 438.70 502.10 Td (. See Note 2 Summary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 113.83 490.10 Td (Accounting Policies for additional information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 466.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 466.10 Td (, the fixed rate debt includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.82 466.10 Td ($236.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.71 466.10 Td ( of variable rate debt economically fixed through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (use of interest rate swaps. ) Tj ET Q q 0 0 0 rg BT 157.84 454.10 Td (The variable rate debt has variable interest rates ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.62 454.10 Td (LIBOR, EURIBOR or the BBSY) Tj ET Q q 0 0 0 rg BT 539.31 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (screen rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.02 442.10 Td ( plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 442.10 Td (0.70%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.52 442.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.30 442.10 Td (2.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.13 442.10 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 231.06 442.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 280.97 442.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.63 442.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.21 442.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.21 442.10 Td ($982.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.10 442.10 Td ( of our variable rate debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (was capped at strike rates ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.66 430.10 Td (1.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.49 430.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.27 430.10 Td (4.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.10 430.10 Td (. See Note 7 Derivative Instruments for more information regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (our interest rate contracts.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (JP) Tj ET Q q 0 0 0 rg BT 78.37 394.10 Td ( Mor) Tj ET Q q 0 0 0 rg BT 97.72 394.10 Td (gan Chase Revolving Cr) Tj ET Q q 0 0 0 rg BT 195.39 394.10 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 370.10 Td (April 2012, the Operating Partnership entered into a credit agreement \(the Credit ) Tj ET Q q 0 0 0 rg BT 407.89 370.10 Td (Agreement\) with JPMor) Tj ET Q q 0 0 0 rg BT 509.35 370.10 Td (gan Chase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 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 393.25 358.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 444.99 358.10 Td (The Company refers to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Revolving Loan Commitment and ) Tj ET Q q 0 0 0 rg BT 189.25 346.10 Td (T) Tj ET Q q 0 0 0 rg BT 194.66 346.10 Td (erm Loan Commitment collectively as the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 471.72 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 483.48 346.10 Td (The borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (under the Revolving Loan Commitment may be denominated in U.S. dollars, British pound sterling, Euros, ) Tj ET Q q 0 0 0 rg BT 481.06 334.10 Td (Australian dollars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (or Canadian dollars with aggregate foreign currency commitments constituting up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.74 322.10 Td ($212.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.63 322.10 Td ( of the maximum amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (available under the Revolving Loan Commitment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 286.10 Td (April 2014, the Company entered into an amendment to its Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 417.85 286.10 Td (, resulting in the following changes: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 256.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 256.10 Td (an increase of the term loan commitment \(the T) Tj ET Q q 0 0 0 rg BT 280.22 256.10 Td (erm Loan Commitment\) from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.30 256.10 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.19 256.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.97 256.10 Td ($378.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.86 256.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 241.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 241.10 Td (an increase of the foreign currency commitments under the revolving loan commitment \(the Revolving Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 229.10 Td (Commitment\) to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.33 229.10 Td ($400.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.22 229.10 Td (; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (the removal of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.53 214.10 Td ($750.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.42 214.10 Td ( maximum under the Revolving Loan Commitment and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.10 214.10 Td ($250.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.99 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (maximum under the ) Tj ET Q q 0 0 0 rg BT 168.86 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 174.27 202.10 Td (erm Loan Commitment. ) Tj ET Q q 0 0 0 rg BT 275.09 202.10 Td (As a result of this amendment, the Company may request increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (each commitment so long as the aggregate commitments do not exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.41 190.10 Td ($1.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.53 190.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 163.10 Td (In June 2015, the Company entered into an additional amendment to its Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 458.11 163.10 Td (, which resulted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (following changes:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 127.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 127.10 Td (an increase in total commitments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.96 127.10 Td ($920.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.85 127.10 Td (, consisting of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.68 127.10 Td ($495.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.57 127.10 Td ( increase to the ) Tj ET Q q 0 0 0 rg BT 477.14 127.10 Td (T) Tj ET Q q 0 0 0 rg BT 482.55 127.10 Td (erm Loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 115.10 Td (Commitment and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.16 115.10 Td ($425.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.05 115.10 Td ( increase to the Revolving Loan Commitment,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 100.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 100.10 Td (the future ability to increase the maximum amount available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.81 100.10 Td ($1.25 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.92 100.10 Td (, subject to the Company) Tj ET Q q 0 0 0 rg BT 493.41 100.10 Td (s satisfaction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 88.10 Td (certain conditions, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 73.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 73.10 Td (extended the maturity date to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.13 73.10 Td (June29, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.96 73.10 Td (, subject to an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.49 73.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.93 73.10 Td (-year extension at the Company) Tj ET Q q 0 0 0 rg BT 505.89 73.10 Td (s option and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 61.10 Td (subject to the satisfaction of certain conditions. ) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (For the period from January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.69 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.69 742.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.80 742.10 Td (December 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.38 742.10 Td (, the Company made draws of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.11 742.10 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.23 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.66 730.10 Td ($891.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.55 730.10 Td ( under the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 304.59 730.10 Td (, and incurred a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.83 730.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.73 730.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.83 730.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 718.10 Td ( related to its borrowings on its loans denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 357.61 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.56 718.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 414.46 718.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 718.10 Td (January 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 718.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 718.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (March28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 706.10 Td (, the Company made draws of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.33 706.10 Td ($34.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.22 706.10 Td ( and payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.31 706.10 Td ($15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.21 706.10 Td ( under the Revolving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Credit Facility resulting in an outstanding principal balance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.33 694.10 Td ($841.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.22 694.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.38 694.10 Td (March28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.98 694.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (Notes Payable to ) Tj ET Q q 0 0 0 rg BT 138.64 670.10 Td (Affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (In July 2012, the ) Tj ET Q q 0 0 0 rg BT 137.17 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 143.64 646.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 229.28 646.10 Td ( entered into an agreement for a variable interest rate construction loan with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (maximum principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.42 634.10 Td ($20.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.31 634.10 Td ( with an af) Tj ET Q q 0 0 0 rg BT 270.62 634.10 Td (filiate of Hines related to the development of a multi-family project in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Miami, Florida. In July 2015, the Company repaid the outstanding principal balance of this note payable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (Financial Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (The Company's mortgage agreements and other loan documents for the debt described in the table above contain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (customary events of default, with corresponding grace periods, including payment defaults, cross-defaults to other agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (and bankruptcy-related defaults, and customary covenants, including limitations on liens and indebtedness and maintenance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (certain financial ratios. In addition, the Company has executed customary recourse carve-out guarantees of certain obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (under its mortgage agreements and the other loan documents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.76 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.58 526.10 Td (The Company is not aware of any instances of noncompliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (with financial covenants on any of its loans as of December31, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.31 514.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Principal Payments on Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td () Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.30 454.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 454.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.99 454.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.99 454.10 Td ( and for the period thereafter) Tj ET Q q 0 0 0 rg BT 387.10 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 391.55 454.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.10 422.28 Td (Payments due by Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 408.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.00 408.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.50 408.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.50 408.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 408.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 408.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.60 408.28 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.17 Td (Principal payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.00 394.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 394.17 Td (204,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.00 394.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.10 394.17 Td (154,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 394.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 394.17 Td (527,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.00 394.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.60 394.17 Td (1,175,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.00 394.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 394.17 Td (255,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 394.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 394.17 Td (240,359) Tj ET Q BT /F1 10.00 Tf ET BT /F2 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 /F1 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 318.10 Td (fectively fixed the interest 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 515.26 318.10 Td (fectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (limited the interest rate on the loans to which they relate.) Tj ET Q q 0 0 0 rg BT 284.75 306.10 Td (The Company has not designated any of these derivatives as hedges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (for accounting purposes. See Note 1) Tj ET Q q 0 0 0 rg BT 199.59 294.10 Td (1 Fair ) Tj ET Q q 0 0 0 rg BT 238.02 294.10 Td (V) Tj ET Q q 0 0 0 rg BT 244.13 294.10 Td (alue Measurements for additional information regarding the fair value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (interest rate contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 258.10 Td (The Company has also entered into foreign currency forward contracts as economic hedges against the variability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (foreign exchange rates on future international investments. ) Tj ET Q q 0 0 0 rg BT 290.01 246.10 Td (These forward contracts economically fixed the currency exchange ) Tj ET Q BT /F1 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. ) Tj ET Q q 0 0 0 rg BT 271.97 234.10 Td (The Company did not designate any of these contracts as fair value or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (cash flow hedges for accounting purposes. See Note 1) Tj ET Q q 0 0 0 rg BT 268.46 222.10 Td (1 Fair ) Tj ET Q q 0 0 0 rg BT 306.88 222.10 Td (V) Tj ET Q q 0 0 0 rg BT 313.00 222.10 Td (alue Measurements for additional information regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (fair value of our foreign currency forwards. ) Tj ET Q q 0 0 0 rg BT 228.91 210.10 Td (The Company had only interest rate cap contracts active as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.98 210.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.56 210.10 Td (.) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The table below provides additional information regarding these interest rate cap contracts \(in thousands, except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (percentages\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 670.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 670.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 670.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 670.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 670.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 670.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 640.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 640.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 640.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 640.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 640.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 640.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 610.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 610.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 610.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 610.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 610.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 610.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 580.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 580.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 580.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 580.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 580.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 580.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 580.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.60 129.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 540.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 540.60 88.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 540.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 540.60 85.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 540.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 540.60 58.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 540.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 540.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 540.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 540.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 540.60 15.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 500.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 500.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 500.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 500.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 500.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 500.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 500.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 500.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 500.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 500.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 500.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 470.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 470.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 470.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 470.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 470.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 470.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 470.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 470.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 420.60 129.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 420.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 420.60 88.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 420.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 420.60 85.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 420.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 420.60 58.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 420.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 420.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 420.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 420.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 547.50 420.60 15.00 -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 50.5 704.6 m 179.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 704.6 m 183.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 704.6 m 271.5 704.6 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 179.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 670.6 m 271.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 670.6 m 360.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 670.6 m 422.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 670.6 m 483.5 670.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 670.6 m 547.5 670.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 709.28 Td (Interest Rate Cap Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.00 709.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 709.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 709.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 675.28 Td (Property) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.85 675.28 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.15 675.28 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 685.28 Td (Notional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.45 675.28 Td (Amount ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 407.95 679.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.90 695.28 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.50 685.28 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 675.28 Td (Received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.05 685.28 Td (Pay Rate /) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.70 675.28 Td (Strike Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 660.27 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.30 660.27 Td (August 2, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.55 660.27 Td (June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 660.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 660.27 Td (51,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 660.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 660.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 660.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.27 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.60 645.27 Td (October 9, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.55 645.27 Td (June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 645.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 645.27 Td (10,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 645.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 645.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 645.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.27 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.05 630.27 Td (June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.55 630.27 Td (June 28, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 630.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 630.27 Td (58,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 630.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 630.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 630.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.27 Td (WaterWall Place) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.20 615.27 Td (January 7, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.55 615.27 Td (June 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 615.27 Td (45,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 615.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 615.27 Td (1.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 615.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.27 Td (Mercedes Benz Bank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.35 600.27 Td (March 11, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.70 600.27 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 600.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 600.27 Td (36,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 600.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 600.27 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 600.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.27 Td (465 ) Tj ET Q q 0 0 0 rg BT 70.32 585.27 Td (V) Tj ET Q q 0 0 0 rg BT 76.94 585.27 Td (ictoria ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 104.98 589.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.20 585.27 Td (March 20, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.70 585.27 Td (February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 585.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 585.27 Td (20,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 585.27 Td (BBSW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 585.27 Td (4.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 585.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.27 Td (825 Ann) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.90 570.27 Td (July 30, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 570.27 Td (April 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 570.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 570.27 Td (44,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 570.27 Td (BBSW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 570.27 Td (4.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 570.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 545.27 Td (825 Ann) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 545.27 Td (April 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 555.27 Td (November 20,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 545.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 545.27 Td (29,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 545.27 Td (BBSW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 545.27 Td (3.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 545.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.27 Td (New City) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.85 530.72 Td (April 1) Tj ET Q q 0 0 0 rg BT 226.09 530.72 Td (1, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.55 520.72 Td (May 6, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.70 520.27 Td (March 16, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 520.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 520.27 Td (58,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 520.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 520.27 Td (2.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 520.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.27 Td (Perspective Defense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.90 505.27 Td (July 25, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.40 505.27 Td (July 25, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 505.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 505.27 Td (76,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 505.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 505.27 Td (1.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 505.27 Td (%) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 550.00 510.43 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 490.27 Td (Fiege Mega Centre) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.10 490.27 Td (October 18, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 490.27 Td (October 18, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 490.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 490.27 Td (25,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 490.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 490.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 490.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.27 Td (Aviva Coral Gables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.35 475.27 Td (September 5, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.70 475.27 Td (December 5, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 475.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 475.27 Td (46,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 475.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 475.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 475.27 Td (%) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 550.00 480.43 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.27 Td (818 Bourke) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.10 460.27 Td (November 27, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 460.27 Td (October 27, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 460.27 Td (33,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.60 460.27 Td (BBSY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 460.27 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 460.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 445.27 Td (JP Morgan Chase Revolving) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.27 Td (Credit Facility - Revolving) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 425.27 Td (Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.20 425.27 Td (March 27, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.20 425.27 Td (December 27, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 425.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 425.27 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 425.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 425.27 Td (2.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 425.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 410.27 Td (JP Morgan Chase Revolving) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 400.27 Td (Credit Facility - Term Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.20 400.27 Td (March 27, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.20 400.27 Td (December 27, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 400.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 400.27 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 400.27 Td (LIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 400.27 Td (2.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 400.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 385.27 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.20 385.27 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.70 385.27 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 385.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.15 385.27 Td (34,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.55 385.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.15 385.27 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.65 385.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 357.10 Td (For notional amounts denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 293.12 357.10 Td (, amounts have been translated at a rate based on the exchange rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 345.10 Td (in ef) Tj ET Q q 0 0 0 rg BT 85.87 345.10 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.85 345.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.44 345.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 321.10 Td (The Company entered into a new interest rate cap contract in February 2016 with an expiration date of November 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 309.10 Td (2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 285.10 Td (Beginning in July 2016, the strike rate of this interest rate cap will increase to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.70 285.10 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.53 285.10 Td ( for the remaining term of the interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 273.10 Td (rate cap.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 249.10 Td (Beginning in January 2016, the strike rate of this interest rate cap increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.07 249.10 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.90 249.10 Td ( for the remaining term.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 225.10 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 539.08 225.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (on its consolidated balance sheets the fair value amounts recorded for derivative instruments. ) Tj ET Q q 0 0 0 rg BT 427.20 213.10 Td (The table below presents the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (value of the Company) Tj ET Q q 0 0 0 rg BT 141.37 201.10 Td (s derivative instruments included in AssetsDerivative Instruments and LiabilitiesDerivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (Instruments on the Company) Tj ET Q q 0 0 0 rg BT 173.04 189.10 Td (s consolidated balance sheets, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.60 189.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.19 189.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.62 189.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.21 189.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 113.60 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 113.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 113.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 113.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 113.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 113.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 83.60 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 83.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 83.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 83.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 83.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 83.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 83.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 83.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 83.60 70.00 -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 269.5 152.60000000000002 m 339.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 152.60000000000002 m 343.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 152.60000000000002 m 413.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 152.60000000000002 m 487.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 152.60000000000002 m 491.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 152.60000000000002 m 561.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 152.60000000000002 m 339.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 128.60000000000002 m 339.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 152.60000000000002 m 343.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 152.60000000000002 m 413.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 128.60000000000002 m 413.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 128.60000000000002 m 487.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 152.60000000000002 m 561.5 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 128.60000000000002 m 561.5 128.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 68.60000000000002 m 339.5 68.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 54.60000000000002 m 339.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 52.60000000000002 m 339.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 68.60000000000002 m 413.5 68.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 54.60000000000002 m 413.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 52.60000000000002 m 413.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 68.60000000000002 m 487.5 68.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 54.60000000000002 m 487.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 52.60000000000002 m 487.5 52.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 68.60000000000002 m 561.5 68.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 54.60000000000002 m 561.5 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 52.60000000000002 m 561.5 52.60000000000002 l s BT /F2 1.00 Tf ET q 0 0 0 rg BT 52.00 155.32 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 266.00 155.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.45 157.28 Td (Derivative Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 157.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.10 157.28 Td (Derivative Liabilities) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 52.00 131.32 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 266.00 131.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.90 143.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.00 133.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.90 143.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.00 133.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 133.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.90 143.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.00 133.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 133.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.90 143.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 133.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 118.27 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 266.00 116.36 Td () Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 416.00 116.36 Td () Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 490.00 116.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 103.27 Td ( Interest rate swaps) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 266.00 101.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.00 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 103.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 103.27 Td () Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 416.00 101.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 103.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 103.32 Td (\(2,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 103.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 88.27 Td ( Interest rate caps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 88.27 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 88.27 Td (345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 88.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 88.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 73.27 Td ( Foreign currency forward contracts) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 266.00 71.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 73.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 73.27 Td (14,316) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 416.00 71.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 73.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 73.32 Td (\(7,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 73.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 58.27 Td (Total derivatives) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 266.00 56.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.00 58.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 58.27 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 58.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 58.27 Td (14,661) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 416.00 56.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 58.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 58.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 58.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 58.32 Td (\(9,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 58.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (The table below presents the ef) Tj ET Q q 0 0 0 rg BT 192.49 730.10 Td (fects of the changes in fair value of our derivative instruments in the Company) Tj ET Q q 0 0 0 rg BT 509.90 730.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (consolidated statements of operations and comprehensive income \(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.24 718.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.83 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.33 718.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.91 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.91 718.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.91 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.35 718.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.35 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.60 286.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 627.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 627.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 627.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 627.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 627.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 627.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 597.60 286.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 597.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 597.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 597.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 597.60 65.00 -15.00 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642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 642.6 m 491.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 642.6 m 562.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 582.6 m 420.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 568.6 m 420.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 566.6 m 420.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 582.6 m 491.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 568.6 m 491.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 566.6 m 491.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 582.6 m 562.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 568.6 m 562.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 566.6 m 562.5 566.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.25 685.28 Td (Gain \(Loss\) on Derivative Instruments) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 669.32 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 339.00 669.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.40 671.28 Td (Year Ended) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 645.32 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 339.00 645.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.40 657.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.50 647.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 647.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.40 657.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 647.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.40 657.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 647.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.27 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 339.00 630.36 Td () Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 423.00 630.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 617.27 Td ( Interest rate swaps) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 339.00 615.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 617.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 617.27 Td (2,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 617.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 617.27 Td (4,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 617.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 617.27 Td (5,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.27 Td ( Interest rate caps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 602.32 Td (\(2,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 602.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 602.32 Td (\(4,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 602.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 602.32 Td (\(828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 602.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 587.27 Td ( Foreign currency forward contracts) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 339.00 585.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 587.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 587.27 Td (7,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 587.27 Td (4,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 572.27 Td (Total gain \(loss\) on derivatives) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 339.00 570.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 572.27 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 572.27 Td (7,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 572.27 Td (9,909) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (8.DISTRIBUTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 520.10 Td (The Company has declared distributions for the months of January 2013 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.49 520.10 Td (March 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.09 520.10 Td ( at an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td ($0.0017808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 508.10 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 170.42 508.10 Td (. ) Tj ET Q q 0 0 0 rg BT 177.37 508.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 227.28 508.10 Td (, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 316.51 508.10 Td ( declared distributions in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.20 508.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.09 508.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.09 508.10 Td ($4.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 496.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 496.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.22 496.10 Td ( to Moorfield/Laser for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.88 496.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.47 496.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.47 496.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.47 496.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.91 496.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.91 496.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 502.57 496.10 Td (, related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (operations of the Brindleyplace Project.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 460.10 Td (The table below outlines the Company) Tj ET Q q 0 0 0 rg BT 225.47 460.10 Td (s total distributions declared to stockholders and noncontrolling interests for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 448.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 448.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.56 448.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.56 448.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 448.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 448.10 Td (, including the breakout between the distributions declared in cash and those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (reinvested pursuant to the Company) Tj ET Q q 0 0 0 rg BT 197.19 436.10 Td (s distribution reinvestment plan \(in thousands\). ) Tj ET Q q 0 0 0 rg BT 390.32 436.10 Td (The Company declares distributions to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 424.10 Td (s stockholders as of daily record dates and aggregates and pays such distributions monthly) Tj ET Q q 0 0 0 rg BT 452.32 424.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.60 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 359.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 359.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 359.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 359.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 359.60 69.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 345.60 264.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 314.50 345.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 318.50 345.60 59.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 377.50 345.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 381.50 345.60 59.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 440.50 345.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 444.50 345.60 45.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 489.50 345.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 493.50 345.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 331.60 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 331.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 331.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 331.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 331.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 331.60 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 318.5 390.6 m 377.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 390.6 m 381.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 390.6 m 440.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 390.6 m 444.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 390.6 m 489.5 390.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 390.6 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 50.5 359.6 m 314.5 359.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 359.6 m 377.5 359.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 359.6 m 440.5 359.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 359.6 m 489.5 359.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 359.6 m 562.5 359.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 359.6 m 314.5 359.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 395.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.45 395.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.55 404.05 Td (Noncontrolling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.80 395.05 Td (Interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 364.05 Td (Distributions for the Years Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.70 373.05 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.20 364.05 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.20 373.05 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.50 364.05 Td (Reinvested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.65 373.05 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.30 364.05 Td (Declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.35 364.05 Td (Total Declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 350.06 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 350.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 350.06 Td (83,481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 350.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 350.06 Td (93,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 350.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 350.06 Td (177,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 350.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 350.06 Td (4,221) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 336.06 Td (December 31, 2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 336.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 336.06 Td (79,555) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 336.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 336.06 Td (91,530) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 336.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 336.06 Td (171,085) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 336.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 336.06 Td (4,668) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 322.06 Td (December 31, 2013) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 321.00 322.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 349.25 322.06 Td (56,702) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.00 322.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 412.25 322.06 Td (63,062) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.00 322.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 322.06 Td (119,764) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 496.00 322.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 322.06 Td (3,331) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 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 50.00 742.25 Td (9.RELA) Tj ET Q q 0 0 0 rg BT 89.54 742.25 Td (TED P) Tj ET Q q 0 0 0 rg BT 117.97 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 132.06 742.25 Td (TY) Tj ET Q q 0 0 0 rg BT 145.58 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.90 742.25 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The table below outlines feesand expense reimbursements incurred that are payable by the Company to Hines 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0 rg BT 333.15 602.42 Td (1,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 602.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 602.42 Td (7,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 602.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 602.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 587.42 Td (Acquisition Fee ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 119.10 591.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.68 587.42 Td (- the ) Tj ET Q q 0 0 0 rg BT 146.68 587.42 Td (Advisor and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.42 Td (af) Tj ET Q q 0 0 0 rg BT 60.59 577.42 Td (filiates of Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 577.42 Td (8,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 577.42 Td (18,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 577.42 Td 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10.00 Tf ET q 0 0 0 rg BT 224.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 537.42 Td (309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 537.42 Td (2,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 537.42 Td (309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.42 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 78.27 526.95 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.85 522.42 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 522.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 522.42 Td (6,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 522.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 522.42 Td (6,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 522.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 522.42 Td (5,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 522.42 Td (1,574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 522.42 Td (1,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 507.42 Td (Property Management Fee- Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 507.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 507.42 Td (7,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 507.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 507.42 Td (6,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 507.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 507.42 Td (5,599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 507.47 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 507.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 507.42 Td (159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.42 Td (Development/ Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.42 Td (Management Fee- Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 482.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 482.42 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 482.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 482.42 Td (2,556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 482.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 482.42 Td (4,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 482.42 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 482.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.42 Td (Leasing Fee - Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 467.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 467.42 Td (4,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 467.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 467.42 Td (2,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 467.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 467.42 Td (3,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 467.42 Td (3,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 467.42 Td (1,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 452.42 Td (Redevelopment Construction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.42 Td (Management- Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 442.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 442.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 442.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 442.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.42 Td (Expense Reimbursement- Hines \(with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 417.42 Td (respect to management and operations of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 407.42 Td (the Companys properties\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 407.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 407.42 Td (11,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.00 407.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 407.42 Td (10,777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.00 407.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 407.42 Td (7,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 407.42 Td (661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 407.42 Td (998) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 392.43 Td (Due to Affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.00 392.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 392.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 392.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.00 392.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 392.42 Td (14,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 392.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 392.42 Td (14,106) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 364.25 Td (As described below) Tj ET Q q 0 0 0 rg BT 146.22 364.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 158.81 364.25 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 209.62 364.25 Td (April 1, 2015, the Company) Tj ET Q q 0 0 0 rg BT 321.18 364.25 Td (, the Operating Partnership and the ) Tj ET Q q 0 0 0 rg BT 462.53 364.25 Td (Advisor amended the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 352.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 107.17 352.25 Td (Agreement in order to reduce the acquisition fee rate paid to the ) Tj ET Q q 0 0 0 rg BT 364.85 352.25 Td (Advisor from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.51 352.25 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.34 352.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.11 352.25 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.94 352.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 328.25 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 154.93 328.25 Td (Advisor paid on behalf of the Company such as general and administrative expenses and acquisition-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 316.25 Td (related expenses.) Tj ET Q q 0 0 0 rg BT 141.12 316.25 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 330.22 316.25 Td (Advisor during the month following the period in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 304.25 Td (they are incurred.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 280.25 Td (Notes Payable to ) Tj ET Q q 0 0 0 rg BT 139.00 280.25 Td (Af) Tj ET Q q 0 0 0 rg BT 148.82 280.25 Td (filiates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 256.25 Td (The ) Tj ET Q q 0 0 0 rg BT 85.50 256.25 Td (A) Tj ET Q q 0 0 0 rg BT 91.97 256.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 177.61 256.25 Td ( entered into a separate construction loan with an af) Tj ET Q q 0 0 0 rg BT 383.74 256.25 Td (filiate of Hines related to the development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (of its multi-family project in Miami, Florida. ) Tj ET Q q 0 0 0 rg BT 234.24 244.25 Td (This loan was repaid in July 2015. See Note 6 Debt Financing for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (information regarding these construction loans. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 208.25 Td (@1377 Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 184.25 Td (In June 2012, the Company entered into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.68 184.25 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.57 184.25 Td ( mezzanine loan commitment plus accrued interest to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (construction financing to the @1377 development, which is being developed by an af) Tj ET Q q 0 0 0 rg BT 392.00 172.25 Td (filiate of Hines. ) Tj ET Q q 0 0 0 rg BT 458.93 172.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.37 172.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.95 172.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 160.25 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.52 160.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.52 160.25 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.41 160.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.85 160.25 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.74 160.25 Td (, respectively were outstanding under the mezzanine loan, respectively) Tj ET Q q 0 0 0 rg BT 549.76 160.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (See Note 1 Or) Tj ET Q q 0 0 0 rg BT 119.25 148.25 Td (ganization for additional information concerning the @1377 development and the mezzanine loan.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 124.25 Td (Dealer Manager ) Tj ET Q q 0 0 0 rg BT 138.18 124.25 Td (Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 100.25 Td (In connection with the Company) Tj ET Q q 0 0 0 rg BT 201.86 100.25 Td (s two prior public of) Tj ET Q q 0 0 0 rg BT 283.34 100.25 Td (ferings of primary shares, the second of which closed in ) Tj ET Q q 0 0 0 rg BT 509.11 100.25 Td (April 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (the Dealer Manager received a selling commission of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.81 88.25 Td (7.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.64 88.25 Td ( of gross of) Tj ET Q q 0 0 0 rg BT 354.73 88.25 Td (fering proceeds and a dealer manager fee of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.83 76.25 Td ( of gross of) Tj ET Q q 0 0 0 rg BT 115.92 76.25 Td (fering proceeds, both of which were recorded as an of) Tj ET Q q 0 0 0 rg BT 331.21 76.25 Td (fset to additional paid-in-capital in the Company) Tj ET Q q 0 0 0 rg BT 528.38 76.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (financial statements. Pursuant to separately negotiated agreements, the Dealer Manager reallowed up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.79 64.25 Td (7.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.62 64.25 Td ( of gross proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (as a selling commission and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.49 52.25 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.32 52.25 Td ( of gross proceeds from its dealer manager fee as a marketing fee to broker) Tj ET Q q 0 0 0 rg BT 507.43 52.25 Td (-dealers ) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (participating in the Company) Tj ET Q q 0 0 0 rg BT 169.70 742.10 Td (s public of) Tj ET Q q 0 0 0 rg BT 211.73 742.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 244.32 742.10 Td (The Dealer Manager paid broker) Tj ET Q q 0 0 0 rg BT 375.17 742.10 Td (-dealers up to an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.52 742.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.35 742.10 Td ( of the gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 730.10 Td (fering proceeds as reimbursements for distribution and marketing-related costs and expenses. No selling commissions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (dealer manager fees were or will be paid for sales under the Company) Tj ET Q q 0 0 0 rg BT 332.67 718.10 Td (s distribution reinvestment plan.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 106.24 694.10 Td (Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 129.94 670.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 169.11 670.10 Td (Agreement, the Company is required to pay the following fees and expense reimbursements:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Acquisition Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.04 646.10 Td ( Prior to ) Tj ET Q q 0 0 0 rg BT 173.26 646.10 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 236.04 646.10 Td (Advisor received an acquisition fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.58 646.10 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.41 646.10 Td ( of \(i\) the purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (each real estate investment the Company acquired or originated, including any debt attributable to such investments or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (principal amounts of any loans originated directly by the Company and \(ii\) with respect to indirect investments through another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (entity) Tj ET Q q 0 0 0 rg BT 72.12 610.10 Td (, such entity) Tj ET Q q 0 0 0 rg BT 123.51 610.10 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 473.58 610.10 Td (. In March 2012, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 89.17 598.10 Td (Agreement was amended to increase the acquisition fee to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.36 598.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.19 598.10 Td ( of these amounts. Ef) Tj ET Q q 0 0 0 rg BT 437.21 598.10 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 488.02 598.10 Td (April 1, 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 89.17 586.10 Td (Agreement was further amended in order to reduce the acquisition fee paid to the ) Tj ET Q q 0 0 0 rg BT 415.71 586.10 Td (Advisor from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.37 586.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.20 586.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.98 586.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.81 586.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (these amounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Asset Management Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.30 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.12 550.10 Td (The ) Tj ET Q q 0 0 0 rg BT 188.62 550.10 Td (Advisor receives an asset management fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.20 550.10 Td (0.125%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.03 550.10 Td ( per month of the net equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 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 415.18 538.10 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 477.95 538.10 Td (Advisor agreed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (waive the asset management fee otherwise payable to it pursuant to the ) Tj ET Q q 0 0 0 rg BT 336.02 526.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 375.19 526.10 Td (Agreement for each quarter in 2012 and 2013, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (to the extent that the Company) Tj ET Q q 0 0 0 rg BT 175.81 514.10 Td (s modified funds from operations \(MFFO\) for a particular quarter) Tj ET Q q 0 0 0 rg BT 446.71 514.10 Td (, as disclosed in each of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (quarterly reports, amounts to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.24 502.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.57 502.10 Td ( of the aggregate distributions declared for such quarter) Tj ET Q q 0 0 0 rg BT 449.60 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 456.55 502.10 Td (As a result of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (waivers, the ) Tj ET Q q 0 0 0 rg BT 100.26 490.10 Td (Advisor waived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.36 490.10 Td ($12.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.25 490.10 Td ( of asset management fees payable to it for these periods, in aggregate. ) Tj ET Q q 0 0 0 rg BT 505.24 490.10 Td (These fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (waivers are not deferrals and accordingly) Tj ET Q q 0 0 0 rg BT 214.55 478.10 Td (, these fees will not be paid to the ) Tj ET Q q 0 0 0 rg BT 350.63 478.10 Td (Advisor in cash at any time in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 454.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 137.07 454.10 Td (Advisor agreed to waive asset management fees otherwise payable to it for the years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (2015 and 2014, respectively) Tj ET Q q 0 0 0 rg BT 162.10 442.10 Td (, to the extent that our MFFO for the years ended December 31, 2014 and 2015, as disclosed in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Annual Report on Form 10-K for such years, amounted to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.89 430.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.22 430.10 Td ( of the aggregate distributions declared to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (stockholders for such years. However) Tj ET Q q 0 0 0 rg BT 200.39 418.10 Td (, because MFFO exceeded distributions declared to the Company) Tj ET Q q 0 0 0 rg BT 464.49 418.10 Td (s stockholders for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (years ended December 31, 2015 and 2014, the ) Tj ET Q q 0 0 0 rg BT 237.16 406.10 Td (Advisor did not waive any asset management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 382.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.11 382.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 382.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 382.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.54 382.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.54 382.10 Td (, the Company incurred asset management fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.42 382.10 Td ($35.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 370.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 370.10 Td ($34.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.78 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.22 370.10 Td ($20.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.11 370.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 263.77 370.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (Disposition Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.60 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.42 346.10 Td (The ) Tj ET Q q 0 0 0 rg BT 158.92 346.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 224.01 346.10 Td (filiates also will be paid a disposition fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.91 346.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.74 346.10 Td ( of the sales price of any real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (estate investments sold or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.54 334.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.37 334.10 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 246.08 334.10 Td (s pro rata share of the sales price with respect to the Company) Tj ET Q q 0 0 0 rg BT 497.11 334.10 Td (s indirect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (investments. ) Tj ET Q q 0 0 0 rg BT 107.22 322.10 Td (As of December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.25 322.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.25 322.10 Td (, the Company incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.17 322.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.06 322.10 Td ( in disposition fees as a result of its dispositions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (144 Montague and Stonecutter Court. ) Tj ET Q q 0 0 0 rg BT 205.25 310.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.70 310.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.28 310.10 Td (, the Company incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.20 310.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.09 310.10 Td ( in disposition fees as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (result of its disposition of 17600 Gillette. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (Special OP) Tj ET Q q 0 0 0 rg BT 113.08 274.10 Td ( Units ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 274.10 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 222.34 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 224.28 274.10 Td (Associates Limited Partnership, an af) Tj ET Q q 0 0 0 rg BT 373.79 274.10 Td (filiate of Hines, owns the special units of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Operating Partnership \(Special OP) Tj ET Q q 0 0 0 rg BT 192.65 262.10 Td ( Units\), which entitle them to receive distributions in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.80 262.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.13 262.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (distributions, including from sales of real estate investments, refinancings and other sources, but only after the Company) Tj ET Q q 0 0 0 rg BT 535.16 250.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (stockholders have received, or are deemed to have received, in the aggregate, cumulative distributions equal to their invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (capital plus an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 226.10 Td (8.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.09 226.10 Td ( cumulative, non-compounded annual pre-tax return on such invested capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (At the sole discretion of the ) Tj ET Q q 0 0 0 rg BT 180.75 202.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 212.58 202.10 Td (, the acquisition fees, asset management fees, debt financing fees and disposition fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (are payable, in whole or in part, in cash or units of the Operating Partnership \(OP) Tj ET Q q 0 0 0 rg BT 379.26 190.10 Td ( Units\). For the purposes of the payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (these fees, each OP) Tj ET Q q 0 0 0 rg BT 127.37 178.10 Td ( Unit will be valued at the per) Tj ET Q q 0 0 0 rg BT 246.30 178.10 Td (-share of) Tj ET Q q 0 0 0 rg BT 281.38 178.10 Td (fering price of the Company) Tj ET Q q 0 0 0 rg BT 397.46 178.10 Td (s common stock in its most recent public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 166.10 Td (fering less selling commissions and dealer manager fees. Upon the ) Tj ET Q q 0 0 0 rg BT 326.69 166.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 359.28 166.10 Td () Tj ET Q q 0 0 0 rg BT 362.06 166.10 Td (s request, each OP) Tj ET Q q 0 0 0 rg BT 435.56 166.10 Td ( unit can be repurchased for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (cash or can be converted into one share of the Company) Tj ET Q q 0 0 0 rg BT 277.14 154.10 Td (s common stock. ) Tj ET Q q 0 0 0 rg BT 346.96 154.10 Td (The decision to redeem each OP) Tj ET Q q 0 0 0 rg BT 476.26 154.10 Td ( unit for cash or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (shares is at the Company) Tj ET Q q 0 0 0 rg BT 152.76 142.10 Td (s option except in certain circumstances such as the Company) Tj ET Q q 0 0 0 rg BT 402.96 142.10 Td (s decision to list its shares on a national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (securities exchange, a liquidation event or upon termination or nonrenewal of the ) Tj ET Q q 0 0 0 rg BT 376.84 130.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 416.01 130.10 Td (Agreement for any reason other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (than bythe ) Tj ET Q q 0 0 0 rg BT 96.38 118.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 128.05 118.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.87 118.10 Td (The Company will recognize the expense related to these OP) Tj ET Q q 0 0 0 rg BT 376.59 118.10 Td ( Units as the related service is performed, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (each OP) Tj ET Q q 0 0 0 rg BT 83.23 106.10 Td ( Unit will be fully vested upon issuance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.98 82.10 Td (Advisor for all expenses paid or incurred by the ) Tj ET Q q 0 0 0 rg BT 380.98 82.10 Td (Advisor in connection with the services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (provided to the Company) Tj ET Q q 0 0 0 rg BT 151.28 70.10 Td (, subject to the limitation that the Company will not reimburse the ) Tj ET Q q 0 0 0 rg BT 417.07 70.10 Td (Advisor for any amount by which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (its operating expenses \(including the asset management fee\) at the end of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.61 58.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.27 58.10 Td ( preceding fiscal quarters exceeds the greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (of: \(A\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.99 46.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.32 46.10 Td ( of its average invested assets, or \(B\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 46.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.33 46.10 Td ( of its net income determined without reduction for any additions to ) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 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 549.83 742.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (assets for that period. Notwithstanding the above, the Company may reimburse the ) Tj ET Q q 0 0 0 rg BT 383.26 730.10 Td (Advisor for expenses in excess of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (limitation if a majority of the independent directors determines that such excess expenses are justified.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (In addition, as described in Note2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 313.51 694.10 Td (Accounting Policies Issuer Costs, the Company reimburses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 682.10 Td (Advisor for any issuer costs paid on its behalf. However) Tj ET Q q 0 0 0 rg BT 288.72 682.10 Td (, the total compensation related to issuer costs, selling commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and dealer manager fees may not exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.63 670.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.96 670.10 Td ( of gross proceeds from the Of) Tj ET Q q 0 0 0 rg BT 354.97 670.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Property Management and Leasing ) Tj ET Q q 0 0 0 rg BT 215.96 646.10 Td (Agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (The Company pays Hines fees for the management and leasing of some of its properties. Property management fees are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (management fees recoverable from tenants of the properties managed by Hines under their leases.In addition, if Hines provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (leasing services with respect to a property) Tj ET Q q 0 0 0 rg BT 217.07 586.10 Td (, the Company will pay Hines leasing fees which are usual and customary for that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (type of property in that geographic area. ) Tj ET Q q 0 0 0 rg BT 213.09 574.10 Td (The Company generally will be required to reimburse Hines for certain operating costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (incurred in providing property management and leasing services pursuant to the property management and leasing agreements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (located at the property as well as of) Tj ET Q q 0 0 0 rg BT 191.71 538.10 Td (f-site personnel located in Hines) Tj ET Q q 0 0 0 rg BT 323.70 538.10 Td ( headquarters and regional of) Tj ET Q q 0 0 0 rg BT 440.14 538.10 Td (fices, to the extent the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (relate to or support the performance of Hines) Tj ET Q q 0 0 0 rg BT 232.80 526.10 Td ( duties under the agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Hines may perform construction management services for the Company for both re-development activities and tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 104.25 490.10 Td (These fees are considered incremental to the construction ef) Tj ET Q q 0 0 0 rg BT 343.96 490.10 Td (fort and will be capitalized to the associated real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (redevelopment activities will be depreciated over the estimated useful life of the associated project. Leasing activities will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (generally be performed by Hines on the Company) Tj ET Q q 0 0 0 rg BT 253.00 454.10 Td (s behalf. Leasing fees will be capitalized and amortized over the life of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (related lease. Generally) Tj ET Q q 0 0 0 rg BT 145.96 442.10 Td (, as compensation for providing development management services, Hines will be paid a fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.33 430.10 Td ( of the development project costs and as compensation for providing construction management services, an af) Tj ET Q q 0 0 0 rg BT 501.90 430.10 Td (filiate of Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (also will be paid a contractor) Tj ET Q q 0 0 0 rg BT 166.16 418.10 Td () Tj ET Q q 0 0 0 rg BT 168.94 418.10 Td (s fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.87 418.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.20 418.10 Td ( of the total construction costs of the project.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (10.NONCONTROLLING INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td (In December 2012, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 231.65 370.10 Td ( issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 370.10 Td (2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.54 370.10 Td ( Series B3 Convertible Preferred Equity Certificates \(CPEC\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to Moorfield as a result of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.47 358.10 Td (2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.36 358.10 Td ( contribution \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.57 358.10 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.46 358.10 Td ( based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 463.05 358.10 Td (fect on the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (contribution\). Each CPEC is convertible into one capital share of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 399.17 346.10 Td ( at any time. ) Tj ET Q q 0 0 0 rg BT 450.92 346.10 Td (The CPECs may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (redeemed at the option of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 238.92 334.10 Td ( any time prior to the earlier of the liquidation of the Brindleyplace Project or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (their expiration on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.37 322.10 Td (July7, 2059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.54 322.10 Td (. If redeemed, they will be redeemed at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.60 322.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.60 322.10 Td ( per CPEC, plus any accrued and unpaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (distributions thereon. However) Tj ET Q q 0 0 0 rg BT 173.74 310.10 Td (, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 262.98 310.10 Td ( may elect to satisfy any redemption request through the issuance of one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (capital share per CPEC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (In December 2013, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 231.65 274.10 Td ( issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 274.10 Td (1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.54 274.10 Td ( Series B3 CPEC to Moorfield as a result of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.13 274.10 Td (1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.02 274.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (contribution \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.71 262.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.60 262.10 Td ( based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 284.19 262.10 Td (fect on the date of contribution\). In December 2014, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 119.52 250.10 Td ( issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.52 250.10 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.41 250.10 Td ( Series B3 CPEC to Moorfield as a result of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 250.10 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.89 250.10 Td ( contribution \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.10 250.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.99 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (based on the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 178.09 238.10 Td (fect on the date of contribution\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (Distributions are declared and paid quarterly to Moorfield/Laser based on the distributable income of the Brindleyplace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Project 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 529.14 202.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.52 190.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.11 190.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.11 190.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.11 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.54 190.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.54 190.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 341.21 190.10 Td (, the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 430.44 190.10 Td ( declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.31 190.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.20 190.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.20 190.10 Td ($4.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 178.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 178.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.22 178.10 Td ( of preferred dividends to Moorfield/Laser related to the CPECs. ) Tj ET Q q 0 0 0 rg BT 407.80 178.10 Td (These amounts were included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (net \(income\) loss attributable to noncontrolling interests in the accompanying consolidated statements of operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (comprehensive income \(loss\) and of) Tj ET Q q 0 0 0 rg BT 194.78 154.10 Td (fsets net income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.09 154.10 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.98 154.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.42 154.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.31 154.10 Td ( and net losses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.68 154.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.58 154.10 Td ( that was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (attributable to Moorfield/Laser during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 142.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.23 142.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.23 142.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.23 142.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.17 142.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.17 142.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 467.83 142.10 Td (, related to the results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (of operations of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 198.95 130.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 106.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.11 106.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.54 106.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.54 106.10 Td ( the noncontrolling interest partner in the Flagship JV) Tj ET Q q 0 0 0 rg BT 494.66 106.10 Td (, contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 94.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 94.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.22 94.10 Td ( respectively to the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 323.68 94.10 Td (. In accordance with the partnership agreement that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (governs the joint venture, distributions are declared and paid when the joint venture has available cash \(all cash held by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (joint venture less what is reasonably needed to reserve or satisfy cash needs\) with respect to an investment made by the joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (venture. ) Tj ET Q q 0 0 0 rg BT 87.30 58.10 Td (The Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 184.61 58.10 Td ( declared distributions to the noncontrolling interest partner for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.96 58.10 Td (December 31, ) Tj ET Q endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 742.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 742.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.94 742.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.27 742.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.16 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.16 742.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.05 742.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.99 742.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.88 742.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 376.54 742.10 Td (. See Note 1 Or) Tj ET Q q 0 0 0 rg BT 455.79 742.10 Td (ganization for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (information regarding the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 233.40 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.63 706.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 706.10 Td (, the noncontrolling interest partner contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.10 706.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 706.10 Td ( to the ) Tj ET Q q 0 0 0 rg BT 505.94 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 512.42 706.10 Td (viva Coral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Gables JV) Tj ET Q q 0 0 0 rg BT 90.09 694.10 Td (, for the funding of the repayment of the construction loan to Hines. ) Tj ET Q q 0 0 0 rg BT 365.95 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 383.45 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 389.93 694.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 475.56 694.10 Td ( declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (distributions to the noncontrolling interest partner for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.59 682.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.18 682.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.51 682.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.40 682.10 Td ( See Note 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Or) Tj ET Q q 0 0 0 rg BT 60.37 670.10 Td (ganization for additional information regarding the ) Tj ET Q q 0 0 0 rg BT 265.86 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 272.34 670.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 356.87 670.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (During the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.21 646.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 646.10 Td (, the noncontrolling interest partner) Tj ET Q q 0 0 0 rg BT 379.16 646.10 Td (, an af) Tj ET Q q 0 0 0 rg BT 403.69 646.10 Td (filiate of Hines, contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.71 646.10 Td ($1.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 634.10 Td ( to the ) Tj ET Q q 0 0 0 rg BT 106.21 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 114.84 634.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 138.47 634.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 184.94 634.10 Td (, for the funding of the repayment of the construction loan to Hines. See Note 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (Or) Tj ET Q q 0 0 0 rg BT 60.37 622.10 Td (ganization for additional information regarding the ) Tj ET Q q 0 0 0 rg BT 266.24 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.87 622.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 298.50 622.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 344.97 622.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 598.10 Td (1.F) Tj ET Q q 0 0 0 rg BT 72.31 598.10 Td (AIR ) Tj ET Q q 0 0 0 rg BT 92.97 598.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.90 598.10 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (Fair values determined by Level 1 inputs utilize quoted prices \(unadjusted\)in active markets for identical assets or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (liabilities the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (prices included in Level 1 that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 326.47 550.10 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 438.28 550.10 Td (. Level 2 inputs include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices observable for the asset or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 526.10 Td (, such as interest rates and yield curves observable at commonly quoted intervals. Level 3 inputs are unobservable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 169.05 514.10 Td (, and include situations where there is little, if any) Tj ET Q q 0 0 0 rg BT 368.07 514.10 Td (, market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 527.93 514.10 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (instances in which the inputs used to measure fair value may fall into dif) Tj ET Q q 0 0 0 rg BT 340.02 502.10 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 494.84 502.10 Td (, the level in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (fair value hierarchy within which the fair value measurement in its entirety has been determined is based on the lowest level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (input significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 291.23 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 296.04 478.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 355.76 478.10 Td (s assessment of the significance of a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 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 535.87 466.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (Financial Instruments Measured on a Recurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (As described in Note 7 Derivative Instruments, the Company entered into several interest rate contracts as economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (hedges against the variability of future interest rates on its variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 418.87 406.10 Td (The valuation of these derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (instruments is determined based on assumptions that management believes market participants would use in pricing, using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (derivative.) Tj ET Q q 0 0 0 rg BT 94.80 370.10 Td (This analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 469.04 370.10 Td (, and uses observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (market-based inputs, including interest rate curves and implied volatilities.) Tj ET Q q 0 0 0 rg BT 351.13 358.10 Td (The fair values of interest rate contracts have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (determined using the market standard methodology of netting the discounted future fixed cash receipts \(or payments\) and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (discounted expected variable cash payments \(or receipts\).) Tj ET Q q 0 0 0 rg BT 283.06 334.10 Td (The variable cash payments \(or receipts\) are based on an expectation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (of future interest rates \(forward curves\) derived from observable market interest rate curves. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 153.18 286.10 Td (, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties, Landesbank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (Baden-Wrttember) Tj ET Q q 0 0 0 rg BT 127.01 262.10 Td (g, Commonwealth Bank of ) Tj ET Q q 0 0 0 rg BT 237.28 262.10 Td (Australia, Deutsche Pfandbriefbank ) Tj ET Q q 0 0 0 rg BT 382.23 262.10 Td (AG, Crdit ) Tj ET Q q 0 0 0 rg BT 428.62 262.10 Td (Agricole, SMBC Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Markets, BMO Capital Markets, ING Capital Markets, and the ) Tj ET Q q 0 0 0 rg BT 302.73 250.10 Td (Australia and New Zealand Banking Group Limited. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (adjusting the fair values of its derivative contracts for the ef) Tj ET Q q 0 0 0 rg BT 288.62 238.10 Td (fect of nonperformance risk, the Company has considered the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. However) Tj ET Q q 0 0 0 rg BT 539.43 226.10 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 214.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.41 214.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.85 214.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.85 214.10 Td (, the Company has assessed the significance of the impact of the credit valuation adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (the overall valuations of its derivatives. ) Tj ET Q q 0 0 0 rg BT 209.68 190.10 Td (As a result, the Company has determined its derivative valuations are classified in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 185.95 178.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 154.10 Td (, as described in Note 7 Derivative Instruments, the Company has entered into several foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 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 542.70 142.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (valuation of these forward contracts is determined based on assumptions that management believes market participants would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (use in pricing, using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (of each derivative.) Tj ET Q q 0 0 0 rg BT 126.45 106.10 Td (This analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 500.68 106.10 Td (, and uses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (observable market-based inputs, including currency exchange rate curves and implied volatilities. ) Tj ET Q q 0 0 0 rg BT 442.74 94.10 Td (The Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 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 82.10 Td (, as they are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (based on observable inputs but are not traded in active markets.) Tj ET Q endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (The following table sets forth the Company) Tj ET Q q 0 0 0 rg BT 245.19 742.10 Td (s derivatives which are measured at fair value on a recurring basis, by level ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (within the fair value hierarchy as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.22 730.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.80 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.24 730.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.83 730.10 Td ( \(all amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 624.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 624.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 624.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 624.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 594.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 594.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 594.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 594.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 594.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 564.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 564.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 564.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 564.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 564.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 534.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 534.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 534.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 534.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 534.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 504.60 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 504.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 504.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 504.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 504.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 504.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 504.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 504.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 504.60 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 329.5 692.6 m 404.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 692.6 m 408.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 692.6 m 483.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 692.6 m 487.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 692.6 m 562.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 638.6 m 246.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 638.6 m 325.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 638.6 m 404.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 638.6 m 483.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 638.6 m 562.5 638.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 638.6 m 246.5 638.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 697.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 697.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.90 697.28 Td (Basis of Fair Value Measurements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 643.28 Td (Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.80 663.28 Td (Fair Value of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.15 653.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.75 643.28 Td (\(Liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.35 683.28 Td (Quoted Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 673.28 Td (In Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.90 663.28 Td (Markets for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.40 653.28 Td (Identical Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.75 643.28 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.40 673.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 663.28 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.05 653.28 Td (Observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.60 643.28 Td (Inputs \(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.40 663.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.05 653.28 Td (Unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.60 643.28 Td (Inputs \(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 629.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.50 629.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.50 629.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.50 629.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.50 629.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 614.27 Td (Interest rate swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 614.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 614.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 614.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 614.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 614.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 599.27 Td (Interest rate caps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 599.27 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 599.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 599.27 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 599.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 599.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 584.27 Td (Foreign currency forwards - Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 584.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 584.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 584.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 584.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 584.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 584.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 584.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 584.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 569.27 Td (Foreign currency forwards - Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 569.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 554.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 554.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 554.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 554.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 554.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 539.27 Td (Interest rate swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 539.32 Td (\(2,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 539.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 539.32 Td (\(2,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 539.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 539.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 524.27 Td (Interest rate caps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 524.27 Td (345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 524.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 524.27 Td (345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 524.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 509.27 Td (Foreign currency forwards - Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 509.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 509.27 Td (14,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 509.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 509.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 509.27 Td (14,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 509.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 494.27 Td (Foreign currency forwards - Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.00 494.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 494.32 Td (\(7,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 494.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 494.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 494.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 494.32 Td (\(7,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 494.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 494.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Financial Instruments Fair V) Tj ET Q q 0 0 0 rg BT 184.38 466.10 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 242.62 466.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 442.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 442.10 Td (, the Company estimated that the fair value of its notes payable, which had a book value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (\(excluding any unamortized discount or premium and deferred financing costs\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.17 430.10 Td ($2.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.28 430.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.34 430.10 Td ($2.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.45 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.90 430.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (December31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 418.10 Td (, the Company estimated that the fair value of its notes payable, which had a book value \(excluding any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (unamortized discount or premium\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.46 406.10 Td ($2.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.57 406.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.63 406.10 Td ($2.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.74 406.10 Td (. Management has utilized available market information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (such as interest rate and spread assumptions of notes payable with similar terms and remaining maturities, to estimate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 186.08 382.10 Td (Although the Company has determined the majority of the inputs used to value its notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (payable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 263.42 370.10 Td (, the credit quality adjustments associated with its fair value of notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (payable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 212.05 358.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.71 358.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.29 358.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.73 358.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.73 358.10 Td (, the Company has assessed the significance of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (impact of the credit quality adjustments on the overall valuations of its fair market value of notes payable and has determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (that they are not significant.) Tj ET Q q 0 0 0 rg BT 163.86 334.10 Td (As a result, the Company has determined these financial instruments utilize Level 2 inputs. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (such amounts are estimates that are based on limited available market information for similar transactions, there can be no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (assurance that the disclosed values could be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 286.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 286.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.47 286.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.47 286.10 Td (, the Company estimated that the book values of its real estate loans receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (approximated their fair values. ) Tj ET Q q 0 0 0 rg BT 177.18 274.10 Td (Although the Company has determined the majority of the inputs used to value its real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (notes receivable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 297.02 262.10 Td (, the credit quality adjustments associated with its fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (real estate notes receivable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 285.89 250.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.55 250.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.13 250.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.57 250.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.57 250.10 Td (, the Company has assessed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (receivable and has determined that they are not significant.) Tj ET Q q 0 0 0 rg BT 287.69 226.10 Td (As a result, the Company has determined these financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (instruments utilize Level 2 inputs. Since such amounts are estimates that are based on limited available market information for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (similar transactions, there can be no assurance that the disclosed values could be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td (Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 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 452.43 166.10 Td (filiates and distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 88.41 154.10 Td (The carrying value of these items reasonably approximates their fair value based on their highly-liquid nature and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (short-term maturities. Due to the short-term nature of these instruments, Level 1 inputs are utilized to estimate the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (the cash and cash equivalents and restricted cash and Level 2 inputs are utilized to estimate the fair value of the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (financial instruments.) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (98) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Financial Instruments Measured on a Nonrecurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Certain long-lived assets are measured at fair value on a non-recurring basis. ) Tj ET Q q 0 0 0 rg BT 376.87 718.25 Td (These assets are not measured at fair value on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 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 464.42 706.25 Td (The fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 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 453.53 694.25 Td (Accounting Policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Investment Property and Lease Intangibles.) Tj ET Q q 0 0 0 rg BT 228.38 682.25 Td (The inputs associated with the valuation of long-lived assets are generally included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (in Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 196.23 670.25 Td (.) Tj ET Q q 0 0 0 rg BT 203.54 670.25 Td (There were no events during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.14 670.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.72 670.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.22 670.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.22 670.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.66 670.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.66 670.25 Td ( which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (indicated that fair value adjustments of our long-lived assets were necessary) Tj ET Q q 0 0 0 rg BT 353.69 658.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (12. REPOR) Tj ET Q q 0 0 0 rg BT 99.65 634.25 Td (T) Tj ET Q q 0 0 0 rg BT 105.58 634.25 Td (ABLE SEGMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 610.25 Td (s real estate investments are geographically diversified and management evaluates the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 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 504.66 598.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (has aggregated all of its operating segments into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.50 586.25 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.16 586.25 Td ( reportable segments based on the location of the segment and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (underlying asset class. Management has aggregated the Company) Tj ET Q q 0 0 0 rg BT 317.98 574.25 Td (s investments that are not of) Tj ET Q q 0 0 0 rg BT 430.27 574.25 Td (fice properties in other based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (on the geographic location of the investment due to the Company) Tj ET Q q 0 0 0 rg BT 314.38 562.25 Td (s ownership of interests in various dif) Tj ET Q q 0 0 0 rg BT 464.73 562.25 Td (ferent types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (investments that do not stand alone as their own reportable segment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 526.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 526.25 Td (of) Tj ET Q q 0 0 0 rg BT 125.97 526.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 143.46 526.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.73 526.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.06 526.25 Td (1) Tj ET Q q 0 0 0 rg BT 201.69 526.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.69 526.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.19 526.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 514.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 514.25 Td (other ) Tj ET Q q 0 0 0 rg BT 140.87 514.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.15 514.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 514.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.48 514.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.98 514.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 502.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 502.25 Td (of) Tj ET Q q 0 0 0 rg BT 138.74 502.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.22 502.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 206.50 502.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.83 502.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.83 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.33 502.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 490.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 490.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.64 490.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.91 490.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 490.25 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.24 490.25 Td ( ) Tj ET Q q 0 0 0 rg BT 219.74 490.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 466.25 Td (s segments, geographic location and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 174.14 454.25 Td (s net loss, as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 347.69 454.25 Td (Accounts includes amounts incurred by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (corporate-level entities which are not allocated to any of the reportable segments \(all amounts are in thousands, except for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 374.75 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 374.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 374.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 374.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 374.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 374.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 344.75 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 344.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 344.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 344.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 344.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 344.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 314.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 314.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 314.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 314.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 314.75 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 359.5 404.75 m 424.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 404.75 m 428.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 404.75 m 493.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 404.75 m 497.5 404.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 404.75 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 359.5 389.75 m 424.5 389.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 389.75 m 493.5 389.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 389.75 m 562.5 389.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 314.75 m 424.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 300.75 m 424.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 298.75 m 424.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 314.75 m 493.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 300.75 m 493.5 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 298.75 m 493.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 314.75 m 562.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 300.75 m 562.5 300.75 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 409.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.10 409.43 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 394.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 394.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 394.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 394.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 379.43 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 379.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 379.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 379.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 364.42 Td (Domestic office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 364.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 364.42 Td (168,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 364.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 364.42 Td (145,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 364.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 364.42 Td (114,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 349.42 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 349.42 Td (119,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 349.42 Td (104,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 349.42 Td (62,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 334.42 Td (International office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 334.42 Td (123,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 334.42 Td (140,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 334.42 Td (90,415) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.00 319.42 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 319.42 Td (65,818) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 319.42 Td (65,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 319.42 Td (55,560) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 304.43 Td (Total Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 304.42 Td (476,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 304.42 Td (456,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 304.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 304.42 Td (322,862) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 276.25 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 276.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 276.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.67 276.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 276.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.11 276.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.11 276.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 353.49 276.25 Td (s total revenue was attributable to the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.25 Td (countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 223.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 223.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 223.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 223.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 223.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 223.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 193.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 193.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 193.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 193.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 193.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 193.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 163.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 163.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 163.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 163.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 163.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 163.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 133.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 133.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 133.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 133.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 133.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 133.75 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 358.5 238.75 m 423.5 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 238.75 m 427.5 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 238.75 m 492.5 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 238.75 m 496.5 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 238.75 m 561.5 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 223.75 m 423.5 223.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 223.75 m 492.5 223.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 223.75 m 561.5 223.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 223.75 m 492.5 223.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 223.75 m 561.5 223.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.10 243.43 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 228.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 228.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 228.43 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 213.42 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 213.42 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 213.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 213.42 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 213.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 213.42 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 213.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 198.42 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 198.42 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 198.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 198.42 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 198.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 198.42 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 198.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 183.42 Td (Australia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 183.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 183.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 183.42 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 183.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 183.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 183.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 168.42 Td (Poland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 168.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 168.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 168.42 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 168.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 168.42 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 168.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 153.42 Td (Russia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 153.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 153.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 153.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 153.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 153.42 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 153.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 138.42 Td (France) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 138.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 138.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 138.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 138.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 138.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 138.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 123.42 Td (Germany) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 123.42 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 123.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 123.42 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 123.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 123.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 123.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 203 0 obj <> endobj 204 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 742.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.67 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.11 742.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.11 742.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 353.49 742.10 Td (s property revenues in excess of expenses by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (segment was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 674.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 674.60 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 674.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 674.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 674.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 674.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 644.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 644.60 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 644.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 644.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 644.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 644.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 614.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 614.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 614.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 614.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 614.60 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 358.5 704.6 m 423.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 704.6 m 427.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 704.6 m 492.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 704.6 m 496.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 689.6 m 423.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 689.6 m 492.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 689.6 m 561.5 689.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 614.6 m 423.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 600.6 m 423.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 598.6 m 423.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 614.6 m 492.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 600.6 m 492.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 598.6 m 492.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 614.6 m 561.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 600.6 m 561.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 598.6 m 561.5 598.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 709.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.10 709.28 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 694.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 694.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.50 694.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 694.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 694.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 679.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.37 679.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 96.89 679.28 Td (evenues in excess of expenses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 220.21 683.81 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 679.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 679.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 664.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 664.27 Td (Domestic office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 664.27 Td (107,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 664.27 Td (91,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 664.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 664.27 Td (72,547) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 649.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 649.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 649.27 Td (76,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 649.27 Td (67,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 649.27 Td (39,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 634.27 Td (International office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 634.27 Td (97,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 634.27 Td (114,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 634.27 Td (73,226) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 619.27 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 619.27 Td (45,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 619.27 Td (45,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 619.27 Td (35,583) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 604.28 Td (Total property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 604.27 Td (327,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 604.27 Td (319,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 604.27 Td (220,769) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 576.10 Td (Revenues less property operating expenses, real property taxes and property management fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 552.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 552.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 552.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 552.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 552.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 328.49 552.10 Td (s total assets by segment was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 484.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 484.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 484.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 484.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 454.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 454.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 454.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 454.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 454.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 424.60 20.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 69.50 424.60 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 424.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 424.60 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 427.5 514.6 m 492.5 514.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 514.6 m 496.5 514.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 514.6 m 561.5 514.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 499.6 m 492.5 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 499.6 m 561.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 409.6 m 492.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 395.6 m 492.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 393.6 m 492.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 409.6 m 561.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 395.6 m 561.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 393.6 m 561.5 393.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 519.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.60 519.28 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 504.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 504.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 504.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 504.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 489.28 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 489.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 489.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 474.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 474.27 Td (Domestic office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 474.27 Td (1,503,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 474.27 Td (1,225,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 459.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 459.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 459.27 Td (1,082,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 459.27 Td (1,039,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 444.27 Td (International office investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 444.27 Td (1,090,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 444.27 Td (1,232,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 429.27 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 429.27 Td (650,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 429.27 Td (555,636) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 414.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 414.27 Td (Corporate-level accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 414.27 Td (46,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 414.27 Td (61,336) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 399.28 Td (Total Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 399.27 Td (4,372,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 399.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 399.27 Td (4,115,173) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 371.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 371.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 371.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 371.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 371.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 328.49 371.10 Td (s total assets were attributable to the following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 318.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 318.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 318.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 318.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 288.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 288.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 288.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 258.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 258.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 258.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 258.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 228.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 228.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 228.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 228.60 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 427.5 333.6 m 492.5 333.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 333.6 m 496.5 333.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 333.6 m 561.5 333.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 318.6 m 492.5 318.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 318.6 m 561.5 318.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 318.6 m 561.5 318.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.60 338.28 Td (Years Ended December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 323.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.50 323.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 308.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 308.27 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 308.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 308.27 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 308.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 293.27 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 293.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 293.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 293.27 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 293.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 278.27 Td (Australia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 278.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 278.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 278.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 278.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 263.27 Td (Poland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 263.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 263.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 263.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 263.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 248.27 Td (Russia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 248.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 248.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 248.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 248.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 233.27 Td (France) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 233.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 233.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 233.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 233.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 218.27 Td (Germany) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 218.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 218.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 218.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 218.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 205 0 obj <> endobj 206 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 742.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.67 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.11 742.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.11 742.10 Td ( the Company) Tj ET Q q 0 0 0 rg BT 350.99 742.10 Td (s reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 481.52 742.10 Td (s net loss is as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 677.60 309.00 -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 50.50 537.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 537.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 537.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 537.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 537.60 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 359.5 522.6 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 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 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 359.5 508.6 m 424.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 506.6 m 424.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 508.6 m 493.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 506.6 m 493.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 508.6 m 562.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 506.6 m 562.5 506.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 710.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.10 710.28 Td (Years Ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 696.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 696.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 696.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 696.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 682.28 Td (Reconciliation to net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 682.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 682.17 Td () Tj ET Q BT /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 668.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 668.17 Td (327,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 668.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 668.17 Td (319,163) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 668.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 668.17 Td (220,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 654.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.80 654.22 Td (\(186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 654.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 654.22 Td (\(193,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 654.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 654.22 Td (\(140,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 654.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 640.17 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 640.22 Td (\(10,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 640.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 640.22 Td (\(29,278) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 640.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 640.22 Td (\(42,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 640.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.17 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 626.22 Td (\(44,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 626.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 626.22 Td (\(53,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 626.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 626.22 Td (\(60,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 626.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.17 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 612.22 Td (\(8,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 612.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 612.22 Td (\(6,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 612.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 612.22 Td (\(5,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 612.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.17 Td (Gain \(loss\) on derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 598.17 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 598.17 Td (7,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 598.17 Td (9,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.17 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 584.17 Td (14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 584.17 Td (64,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 584.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.17 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 570.22 Td (\(21,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 570.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 570.22 Td (\(13,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 570.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 570.22 Td (\(6,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 570.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 556.22 Td (\(71,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 556.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 556.22 Td (\(78,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 556.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 556.22 Td (\(60,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 556.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.17 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 542.17 Td (427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 542.17 Td (506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 542.17 Td (454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.27 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 527.32 Td (\(4,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 527.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 527.32 Td (\(5,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 527.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 527.32 Td (\(701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 527.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 512.32 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 512.27 Td (10,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 512.32 Td (\(85,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 512.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (13. SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 132.60 484.10 Td (AL) Tj ET Q q 0 0 0 rg BT 145.94 484.10 Td ( CASH FLOW) Tj ET Q q 0 0 0 rg BT 209.10 484.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 460.10 Td (Supplemental cash flow disclosures for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.38 460.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.96 460.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.96 460.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.96 460.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.90 460.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.90 460.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 419.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 419.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 419.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 419.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 419.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 419.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 389.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 389.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 389.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 389.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 389.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 389.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 359.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 359.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 359.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 359.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 359.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 329.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 329.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 329.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 329.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 329.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 329.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 299.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 299.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 299.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 299.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 299.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 299.60 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 359.5 434.6 m 424.5 434.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 434.6 m 493.5 434.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 434.6 m 562.5 434.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 439.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.50 439.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.50 439.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 439.28 Td (2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 424.28 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 424.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.27 Td (Cash paid for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 409.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 409.27 Td (66,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 409.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 409.27 Td (66,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 409.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 409.27 Td (53,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.27 Td (Cash paid for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 394.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 394.27 Td (6,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 394.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 394.27 Td (4,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 394.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 394.27 Td (4,742) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 379.28 Td (Supplemental Schedule of Non-Cash Activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 362.00 379.28 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 431.00 379.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.27 Td (Distributions declared and unpaid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 364.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 364.27 Td (19,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 364.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 364.27 Td (17,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 364.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 364.27 Td (14,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 349.27 Td (Other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 349.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 349.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 349.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 349.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 349.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 349.27 Td (5,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 334.27 Td (Distributions reinvested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 334.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 334.27 Td (93,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 334.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 334.27 Td (90,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 334.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 334.27 Td (60,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 319.27 Td (Shares tendered for redemption) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 319.27 Td (5,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 319.27 Td (5,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 319.27 Td (2,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.27 Td (Non-cash net liabilities acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 304.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 304.27 Td (10,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 304.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 304.27 Td (2,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 304.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 304.27 Td (12,867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 289.27 Td (Accrued additions to investment property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 289.27 Td (883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 289.27 Td (2,373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 289.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 289.27 Td (8,538) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (14. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 146.95 261.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 237.10 Td (In November 2013, Dorsey & ) Tj ET Q q 0 0 0 rg BT 190.02 237.10 Td (Whitney LLP) Tj ET Q q 0 0 0 rg BT 244.36 237.10 Td ( signed a lease renewal for its space in 50 South Sixth located in Minneapolis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.10 Td (Minnesota. In connection with this renewal, the Company committed to fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.27 225.10 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.16 225.10 Td ( of tenant improvements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (leasing commissions related to its space, to be paid in future periods. ) Tj ET Q q 0 0 0 rg BT 329.66 213.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.11 213.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.69 213.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.69 213.10 Td ($1) Tj ET Q q 0 0 0 rg BT 447.32 213.10 Td (1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.21 213.10 Td ( of the ) Tj ET Q BT /F1 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 commitment remained unfunded and is recorded in accounts payable and accrued expenses in the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (consolidated balance sheet. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 165.10 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 528.81 165.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 226.12 153.10 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 511.48 153.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 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 412.46 141.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 141.10 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (financial statements.) Tj ET Q endstream endobj 207 0 obj <> endobj 208 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (101) Tj ET Q BT /F2 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 /F1 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 706.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 706.25 Td (2014) Tj ET Q BT /F1 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 50.50 653.75 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 653.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 653.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 653.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 653.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 653.75 90.00 -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 50.50 613.75 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 613.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 613.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 613.75 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 613.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 573.75 139.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 573.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 573.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 573.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 573.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 573.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 573.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 573.75 91.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 523.75 139.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 523.75 373.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.75 139.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 473.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 473.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 473.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 473.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 473.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 473.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 473.75 91.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.75 139.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 433.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 433.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 433.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 433.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 433.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 433.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 433.75 91.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 383.75 139.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 383.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 383.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 383.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 383.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 383.75 90.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 383.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 383.75 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 189.5 668.75 m 279.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 668.75 m 283.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 668.75 m 373.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 668.75 m 377.5 668.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 668.75 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 189.5 653.75 m 279.5 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 653.75 m 373.5 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 653.75 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 189.5 653.75 m 279.5 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 503.75 m 279.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.5 503.75 m 283.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 503.75 m 373.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 503.75 m 377.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 503.75 m 467.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 503.75 m 471.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 503.75 m 562.5 503.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 488.75 m 279.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 488.75 m 373.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 488.75 m 467.5 488.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 488.75 m 562.5 488.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.90 673.43 Td (Quarters Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.90 658.43 Td (March 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.95 658.43 Td (June 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 658.43 Td (September 30, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 658.43 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 643.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.15 643.42 Td (113,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 643.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 643.42 Td (119,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 643.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 643.42 Td (119,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 643.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 643.42 Td (124,578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.42 Td (Gain \(loss\) on sale of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.42 Td (investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 618.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.80 618.42 Td (\(1,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 618.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 618.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 618.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 618.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 618.42 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 618.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 618.42 Td (15,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 603.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.80 603.42 Td (\(13,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.30 603.47 Td (\(420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 603.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 603.42 Td (2,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 603.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 603.42 Td (7,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.42 Td (Net \(income\) loss attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 578.42 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.80 578.42 Td (\(1,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 578.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 578.47 Td (\(2,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 578.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 578.47 Td (\(1,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 578.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 578.47 Td (\(1,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 578.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 564.32 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 554.32 Td (common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.80 553.42 Td (\(15,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 553.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 553.47 Td (\(2,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 553.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 553.42 Td (1,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 553.42 Td (5,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.42 Td (Income \(loss\) per common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 528.42 Td (share, basic and diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 528.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.80 528.42 Td (\(0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 528.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 528.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 528.47 Td (\(0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 528.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 528.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 528.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 528.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 528.42 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.90 508.43 Td (Quarters Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.90 493.43 Td (March 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.95 493.43 Td (June 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 493.43 Td (September 30, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 493.43 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 479.32 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 478.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.15 478.42 Td (105,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 478.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 478.42 Td (117,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 478.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.15 478.42 Td (117,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 478.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 478.42 Td (115,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.42 Td (Gain \(loss\) on sale of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 453.42 Td (investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 453.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 453.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 453.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.65 453.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 453.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 453.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 453.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 453.42 Td (64,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 438.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.80 438.42 Td (\(35,442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 438.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 438.47 Td (\(9,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 438.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 438.42 Td (4,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 438.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 438.42 Td (51,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 423.42 Td (Net \(income\) loss attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.42 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.30 413.42 Td (\(947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 413.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 413.47 Td (\(1,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 413.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 413.47 Td (\(964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 413.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 413.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 413.47 Td (\(2,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 413.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.32 Td (Net income \(loss\) attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 389.32 Td (common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 388.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.80 388.42 Td (\(36,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 388.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 388.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 388.47 Td (\(10,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 388.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 388.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 388.42 Td (3,214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 388.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 388.42 Td (48,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 373.42 Td (Income \(loss\) per common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.42 Td (share, basic and diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.00 363.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.80 363.42 Td (\(0.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.65 363.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 363.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.80 363.47 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.65 363.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.00 363.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 363.42 Td (0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.00 363.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 363.42 Td (0.18) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (Item9.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 335.25 Td (Changes in and Disagreements ) Tj ET Q q 0 0 0 rg BT 215.94 335.25 Td (W) Tj ET Q q 0 0 0 rg BT 224.46 335.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 237.71 335.25 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 304.58 335.25 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 311.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (Item9A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 87.21 287.25 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 263.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 263.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 263.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 263.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 239.25 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 187.94 239.25 Td (Act Rules13a-15 and 15d-15, we carried out an evaluation, under the supervision and with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.34 227.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.90 227.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 448.81 227.25 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 486.95 227.25 Td (fectiveness of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 203.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 203.25 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 483.73 203.25 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 191.25 Td (, to provide reasonable assurance that information required to be disclosed in our reports filed or submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (under the Exchange ) Tj ET Q q 0 0 0 rg BT 131.36 179.25 Td (Act is \(i\)recorded, processed, summarized and reported within the time periods specified in the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (and Exchange Commission) Tj ET Q q 0 0 0 rg BT 162.21 167.25 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 155.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 155.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 155.25 Td (, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q endstream endobj 209 0 obj <> endobj 210 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Management) Tj ET Q q 0 0 0 rg BT 109.06 742.25 Td (s Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 223.87 742.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 255.63 742.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.25 Td (\(i\)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (dispositions of our assets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.25 Td (\(ii\)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (only in accordance with authorizations of our management and directors;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.25 Td (\(iii\)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (disposition of our assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 262.26 562.25 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 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 536.20 538.25 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 187.27 526.25 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.25 Td (Our management) Tj ET Q q 0 0 0 rg BT 139.92 490.25 Td (s assessment of the ef) Tj ET Q q 0 0 0 rg BT 226.38 490.25 Td (fectiveness of our internal control system as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.77 490.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.36 490.25 Td ( was based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (the framework for ef) Tj ET Q q 0 0 0 rg BT 132.83 478.25 Td (fective internal control over financial reporting described in the 2013 Internal Control Integrated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Framework issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 269.52 466.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 342.92 466.25 Td (T) Tj ET Q q 0 0 0 rg BT 348.68 466.25 Td (readway Commission \(COSO\). Based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (assessment, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 454.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.68 454.25 Td (, our system of internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 448.03 454.25 Td (fective at the reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (assurance level.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.25 Td (This annual report does not include an attestation report of the Company) Tj ET Q q 0 0 0 rg BT 360.98 418.25 Td (s independent registered public accounting firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (regarding control over financial reporting. Management) Tj ET Q q 0 0 0 rg BT 276.03 406.25 Td (s report was not subject to attestation by the company) Tj ET Q q 0 0 0 rg BT 493.48 406.25 Td (s independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (registered public accounting firm pursuant to Section 989G of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 366.69 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 375.33 394.25 Td (all Street and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 517.25 394.25 Td (Act, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 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 501.23 382.25 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (March28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 358.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 158.99 334.25 Td (ols) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (No changes have occurred in our internal controls over financial reporting \(asdefined in Rule13a-15\(f\) of the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Act\) during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.79 298.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.37 298.25 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 335.82 298.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 517.24 298.25 Td (fect, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (internal controls over financial reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Item9B.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.66 262.25 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 226.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 226.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 226.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 226.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (Item10.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 202.25 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 186.73 202.25 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 166.25 Td (April 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.38 166.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.38 166.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 76.94 142.25 Td (1.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.44 142.25 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 106.25 Td (April 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.38 106.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.38 106.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (Item12.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 82.25 Td (Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.25 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 46.25 Td (April 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.38 46.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.38 46.25 Td (.) Tj ET Q endstream endobj 211 0 obj <> endobj 212 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (103) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Item13.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 730.10 Td (Certain Relationships and Related T) Tj ET Q q 0 0 0 rg BT 239.64 730.10 Td (ransactions, and Director Independence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 694.10 Td (April 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.38 694.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.38 694.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Item14.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 670.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 130.45 670.10 Td (Accounting Fees and Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (SEC no later than ) Tj ET Q q 0 0 0 rg BT 122.77 634.10 Td (April 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.38 634.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.38 634.10 Td (.) Tj ET Q endstream endobj 213 0 obj <> endobj 214 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (104) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.05 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 292.92 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.01 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.50 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Item 15. Exhibits, Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (\(a\)\(1\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.26 694.25 Td (Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 132.06 670.25 Td (, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Consolidated Financial Statements as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.06 658.25 Td (December) Tj ET Q q 0 0 0 rg BT 281.19 658.25 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.69 658.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.81 658.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.81 658.25 Td ( and for) Tj ET Q q 0 0 0 rg BT 393.52 658.25 Td ( the ) Tj ET Q q 0 0 0 rg BT 411.48 658.25 Td (Y) Tj ET Q q 0 0 0 rg BT 417.59 658.25 Td (ears Ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 658.25 Td (December) Tj ET Q q 0 0 0 rg BT 511.28 658.25 Td (31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.78 658.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 646.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.62 646.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.75 482.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 623.75 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.75 482.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 593.75 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.75 482.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 563.75 30.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 482.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 532.50 533.75 30.00 -15.00 re f /GS0 gs BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.87 Td (Report of Independent Registered Public Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.42 Td (AuditedConsolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 583.87 Td (Consolidated Balance Sheets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 568.87 Td (Consolidated Statements of Operations and Comprehensive Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 553.87 Td (Consolidated Statements of Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 538.87 Td (Consolidated Statements of CashFlows) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 523.87 Td (Notes to Consolidated Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 495.25 Td (\(2\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.16 495.25 Td (Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 471.25 Td (Schedule II ) Tj ET Q q 0 0 0 rg BT 128.63 471.25 Td (V) Tj ET Q q 0 0 0 rg BT 134.75 471.25 Td (aluation and Qualifying ) Tj ET Q q 0 0 0 rg BT 231.67 471.25 Td (Accounts is set forth beginning on page 104 hereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 447.25 Td (ScheduleIII Real Estate ) Tj ET Q q 0 0 0 rg BT 179.35 447.25 Td (Assets and ) Tj ET Q q 0 0 0 rg BT 224.35 447.25 Td (Accumulated Depreciation is set forth beginning on page105 hereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 423.25 Td (Schedule IV) Tj ET Q q 0 0 0 rg BT 117.53 423.25 Td ( Mortgage Loans on Real Estate is set forth beginning on page 108 hereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 399.25 Td (All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.25 Td (the related instructions or are not applicable and therefore have been omitted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 363.25 Td (\(b\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.16 363.25 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 339.25 Td (Reference is made to the Index beginning on page1) Tj ET Q q 0 0 0 rg BT 275.61 339.25 Td (1) Tj ET Q q 0 0 0 rg BT 280.24 339.25 Td (1 for a list of all exhibits filed as a part of this report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.75 315.25 Td (* * * * * *) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 613.87 Td (66) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 583.87 Td (67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 568.87 Td (68) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 553.87 Td (69) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 538.87 Td (70) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 523.87 Td (71) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 215 0 obj <> endobj 216 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (105) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.25 742.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 336.31 742.25 Td (, Inc.) 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rg /GS0 gs 313.50 319.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 319.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 319.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 319.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 319.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 319.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 319.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 319.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 319.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 319.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 281.75 97.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 281.75 6.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 281.75 78.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 281.75 51.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 281.75 33.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 281.75 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 281.75 36.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 281.75 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 281.75 33.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 281.75 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 281.75 36.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 281.75 56.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 281.75 46.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 281.75 50.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 281.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 236.75 97.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 236.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 236.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 236.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 236.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 236.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 236.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 236.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 236.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 236.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 236.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 236.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 236.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 236.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 236.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 198.75 97.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 198.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 198.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 198.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 198.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 198.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 198.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 198.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 198.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 198.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 198.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 198.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 198.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 198.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 198.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 160.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 160.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 160.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 160.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 160.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 160.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 160.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 160.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 160.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 160.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 160.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 160.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 160.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 160.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 160.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 129.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 129.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 129.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 129.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 129.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 129.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 129.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 129.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 129.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 129.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 129.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 129.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 129.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 129.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 129.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 105.75 97.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 105.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 105.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 105.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 105.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 105.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 105.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 105.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 105.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 105.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 105.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 105.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 105.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 105.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 105.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 67.75 97.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 67.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 67.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 67.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 67.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 67.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 67.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 67.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 67.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 67.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 67.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 67.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 67.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 67.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 67.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 67.75 4.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 506.75 m 309.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 506.75 m 313.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 506.75 m 363.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 506.75 m 367.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 506.75 m 403.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 506.75 m 494.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 506.75 m 498.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 506.75 m 548.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 548.5 506.75 m 552.5 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 506.75 m 588.5 506.75 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 133.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 473.75 m 217.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 473.75 m 272.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 473.75 m 309.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 473.75 m 363.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 473.75 m 403.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 473.75 m 457.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 473.75 m 494.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 473.75 m 548.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 473.75 m 588.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 473.75 m 648.5 473.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 652.5 473.75 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 752.5 473.75 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 510.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 510.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 224.00 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 319.00 510.81 Td (Initial Cost ) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 354.39 513.98 Td (\(b\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 410.00 510.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.00 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 471.80 517.81 Td (Gross Amount at Which Carried at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 508.55 510.81 Td (12/31/2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 595.00 510.81 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 675.00 510.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 705.00 510.80 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 63.65 477.81 Td (Description ) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 100.01 480.98 Td (\(a\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 164.75 477.81 Td (Location) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 224.10 477.81 Td (Encumbrances) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 284.50 477.81 Td (Land) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 317.25 484.81 Td (Buildings and) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.25 477.81 Td (Improvements) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 377.30 477.81 Td (Total) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 423.80 498.81 Td (Costs ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.85 491.81 Td (Capitalized ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 410.85 484.81 Td (Subsequent to ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 411.45 477.81 Td (Acquisition ) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 447.43 480.98 Td (\(c\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 460.00 477.81 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 469.50 477.81 Td (Land) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 502.25 484.81 Td (Buildings and) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.25 477.81 Td (Improvements) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 558.65 477.81 Td (T) Tj ET Q q 0 0 0 rg BT 562.68 477.81 Td (otal ) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 575.70 480.98 Td (\(d\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 600.15 484.81 Td (Accumulated ) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 597.40 477.81 Td (Depr) Tj ET Q q 0 0 0 rg BT 612.44 477.81 Td (eciation ) Tj ET Q BT /F2 7.00 Tf ET BT /F2 4.55 Tf ET q 0 0 0 rg BT 637.51 480.98 Td (\(e\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 664.20 484.81 Td (Date of) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 655.35 477.81 Td (Construction) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 705.35 477.81 Td (Date Acquired) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 445.80 Td (Brindleyplace Project) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 452.80 Td (Birmingham, United) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 445.80 Td (Kingdom) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.90 445.80 Td (179,197) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 445.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 445.80 Td (207,592) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 445.80 Td (207,592) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 435.40 445.80 Td (13,962) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 445.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 445.80 Td (221,554) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 445.80 Td (221,554) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 445.80 Td (\(29,490) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 445.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 658.05 445.80 Td (1997 - 2000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 714.75 445.80 Td (July - 10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 433.80 Td (Hock Plaza) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 433.80 Td (Durham, North Carolina) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 433.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 433.80 Td (1,220) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 433.80 Td (69,704) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 433.80 Td (70,924) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 433.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 433.80 Td (1,220) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 433.80 Td (69,704) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 433.80 Td (70,924) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 433.80 Td (\(9,262) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 433.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 433.80 Td (2004) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 705.60 433.80 Td (September - 10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 421.80 Td (Southpark) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 421.80 Td (Austin, Texas) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 421.80 Td (18,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 421.80 Td (3,920) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 421.80 Td (20,507) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 421.80 Td (24,427) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 421.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 421.80 Td (3,920) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 421.80 Td (20,507) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 421.80 Td (24,427) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 421.80 Td (\(2,667) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 421.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 421.80 Td (2001) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.30 421.80 Td (October - 10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 402.80 Td (Fifty South Sixth) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 402.80 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.90 402.80 Td (125,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 402.80 Td (1,390) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 402.80 Td (134,262) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 402.80 Td (135,652) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 444.15 402.80 Td (670) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 402.80 Td (1,390) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 402.80 Td (134,932) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 402.80 Td (136,322) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 402.80 Td (\(17,434) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 402.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 402.80 Td (2001) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 705.80 402.80 Td (November - 10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 390.80 Td (FM Logistic) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 390.80 Td (Moscow, Russia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 390.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 390.80 Td (5,320) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 390.80 Td (51,588) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 390.80 Td (56,908) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 390.85 Td (\(34,076) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 390.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 390.80 Td (2,127) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 390.80 Td (20,705) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 390.80 Td (22,832) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 390.80 Td (\(2,419) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 390.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 658.05 390.80 Td (1998 - 2004) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 713.30 390.80 Td (April - 11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 378.80 Td (Gogolevsky 11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 378.80 Td (Moscow, Russia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 378.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 378.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 378.80 Td (85,126) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 378.80 Td (85,126) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 378.85 Td (\(49,664) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 378.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 378.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 378.80 Td (35,462) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 378.80 Td (35,462) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 378.80 Td (\(4,375) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 378.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 378.80 Td (1996) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.60 378.80 Td (August - 11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 366.80 Td (250 Royall) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 366.80 Td (Canton, Massachusetts) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 366.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 366.80 Td (8,910) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 366.80 Td (22,860) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 366.80 Td (31,770) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 366.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 366.80 Td (8,910) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 366.80 Td (22,860) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 366.80 Td (31,770) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 366.80 Td (\(2,464) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 366.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 366.80 Td (2005) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 705.70 366.80 Td (September - 11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 347.80 Td (Campus at Marlborough) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 354.80 Td (Marlborough,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 347.80 Td (Massachusetts) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 347.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 347.80 Td (23,790) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 347.80 Td (54,230) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 347.80 Td (78,020) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 347.80 Td (1,335) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 347.80 Td (23,310) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 347.80 Td (56,045) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 347.80 Td (79,355) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 347.80 Td (\(5,799) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 347.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 347.80 Td (1999) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.40 347.80 Td (October - 11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 335.80 Td (Komo Plaza) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 335.80 Td (Seattle, Washington) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 335.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 335.80 Td (19,560) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 335.80 Td (111,182) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 335.80 Td (130,742) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 335.80 Td (4,507) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 335.80 Td (19,560) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 335.80 Td (115,689) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 335.80 Td (135,249) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 335.80 Td (\(11,640) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 335.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 658.05 335.80 Td (2000 - 2003) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.30 335.80 Td (December - 11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 323.80 Td (9320 Excelsior) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 323.80 Td (Hopkins, Minnesota) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 323.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 323.80 Td (2,730) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 323.80 Td (51,110) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 323.80 Td (53,840) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 323.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 323.80 Td (2,730) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 323.80 Td (51,110) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 323.80 Td (53,840) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 323.80 Td (\(5,128) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 323.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 323.80 Td (2010) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.30 323.80 Td (December - 11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 304.80 Td (WaterWall Place) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 304.80 Td (Houston, Texas) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 304.80 Td (44,897) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 304.80 Td (8,229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 304.80 Td (54,825) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 304.80 Td (63,054) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 451.15 304.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 304.80 Td (8,229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 304.80 Td (54,826) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 304.80 Td (63,055) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 304.80 Td (\(2,854) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 304.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 304.80 Td (2012) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.30 304.80 Td (December - 11) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 285.80 Td (Aviva Coral Gables) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 285.80 Td (Miami, Florida) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 285.80 Td (42,693) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 285.80 Td (12,112) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 285.80 Td (48,892) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 285.80 Td (61,004) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 285.80 Td (1,016) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 285.80 Td (12,326) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 285.80 Td (49,694) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 285.80 Td (62,020) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 285.80 Td (\(1,410) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 285.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 285.80 Td (2012) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 714.75 285.80 Td (July - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 259.80 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 266.80 Td (Upper Silesia, Warsaw) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 259.80 Td (and Wroclaw, Poland) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 259.80 Td (67,601) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 259.80 Td (25,893) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 259.80 Td (97,627) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 259.80 Td (123,520) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 259.85 Td (\(20,531) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 259.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 259.80 Td (20,720) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 259.80 Td (82,269) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 259.80 Td (102,989) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 259.80 Td (\(7,423) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 259.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 658.05 259.80 Td (1995 - 2009) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.85 266.80 Td (March - 12 &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.30 259.80 Td (October - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 240.80 Td (100 Brookes Street) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 240.80 Td (Brisbane, Australia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 240.80 Td (31,546) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 240.80 Td (8,600) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 240.80 Td (41,404) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 240.80 Td (50,004) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 240.85 Td (\(14,054) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 240.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 240.80 Td (6,174) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 240.80 Td (29,776) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 240.80 Td (35,950) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 240.80 Td (\(2,580) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 240.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 240.80 Td (2008) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 714.75 240.80 Td (July - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 221.80 Td (Minneapolis Retail Center) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 221.80 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 221.80 Td (65,500) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 221.80 Td (30,792) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 221.80 Td (78,711) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 221.80 Td (109,503) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 221.80 Td (1,970) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 221.80 Td (30,792) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 221.80 Td (80,681) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 221.80 Td (111,473) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 221.80 Td (\(6,803) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 221.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 221.80 Td (1974) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.85 228.80 Td (August - 12 &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.20 221.80 Td (December - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 202.80 Td (550 Terry Francois) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 202.80 Td (San Francisco, California) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 202.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 202.80 Td (41,270) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 202.80 Td (109,760) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 202.80 Td (151,030) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 202.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 202.80 Td (41,270) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 202.80 Td (109,760) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 202.80 Td (151,030) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 202.80 Td (\(9,182) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 202.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 202.80 Td (2002) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.45 202.80 Td (August - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 183.80 Td (Mercedes Benz Bank) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 183.80 Td (Stuttgart, Germany) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 183.80 Td (36,719) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 183.80 Td (11,953) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 183.80 Td (47,643) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 183.80 Td (59,596) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 183.85 Td (\(11,351) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 183.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 183.80 Td (9,630) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 183.80 Td (38,615) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 183.80 Td (48,245) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 183.80 Td (\(2,798) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 183.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 183.80 Td (2003) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.90 183.80 Td (February - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 164.80 Td (One Westferry Circus) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 164.80 Td (London, England) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 164.80 Td (71,050) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 164.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 164.80 Td (48,874) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 164.80 Td (48,874) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 441.80 164.85 Td (\(468) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 164.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 164.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 164.80 Td (48,406) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 164.80 Td (48,406) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 164.80 Td (\(3,467) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 164.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 164.80 Td (1992) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.90 164.80 Td (February - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 152.80 Td (465 Victoria) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 152.80 Td (Sydney, Australia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 152.80 Td (38,831) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 152.80 Td (26,566) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 152.80 Td (48,788) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 152.80 Td (75,354) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 152.85 Td (\(21,364) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 152.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 152.80 Td (18,930) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 152.80 Td (35,060) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 152.80 Td (53,990) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 152.80 Td (\(2,480) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 152.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 152.80 Td (1995) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.90 152.80 Td (February - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 133.80 Td (Riverside Center) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 133.80 Td (Boston, Massachusetts) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 133.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 133.80 Td (45,888) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 133.80 Td (125,014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 133.80 Td (170,902) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 444.15 133.80 Td (288) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 133.80 Td (45,888) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 133.80 Td (125,302) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 133.80 Td (171,190) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 133.80 Td (\(8,647) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 133.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 133.80 Td (2000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 711.40 133.80 Td (March - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 121.80 Td (New City) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 121.80 Td (Warsaw, Poland) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 121.80 Td (83,978) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 121.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 121.80 Td (115,208) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 121.80 Td (115,208) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 121.85 Td (\(19,330) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 121.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 121.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 121.80 Td (95,878) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 121.80 Td (95,878) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 121.80 Td (\(6,624) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 121.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 121.80 Td (2010) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 711.40 121.80 Td (March - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 109.80 Td (825 Ann) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 109.80 Td (Brisbane, Australia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 109.80 Td (59,139) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 109.80 Td (20,669) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 109.80 Td (83,802) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 109.80 Td (104,471) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 109.85 Td (\(30,530) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 109.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 109.80 Td (14,611) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 109.80 Td (59,330) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 109.80 Td (73,941) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 109.80 Td (\(3,953) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 109.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 109.80 Td (2013) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 713.15 109.80 Td (April - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 90.80 Td (The Campus at Playa Vista) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 90.80 Td (Los Angeles, California) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.90 90.80 Td (150,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 90.80 Td (41,160) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 90.80 Td (125,567) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 90.80 Td (166,727) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 90.80 Td (65) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 90.80 Td (41,160) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 90.80 Td (125,632) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 90.80 Td (166,792) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 90.80 Td (\(8,411) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 90.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 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re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 457.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 457.50 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 457.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 457.50 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 457.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 457.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 457.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 419.50 97.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 419.50 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 419.50 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 419.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 419.50 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 419.50 4.00 -19.00 re f /GS0 gs 0.8 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381.50 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 381.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 381.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 381.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 381.50 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 381.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 381.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 381.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 381.50 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 381.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 381.50 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 381.50 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 381.50 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 381.50 4.00 -12.00 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1 rg /GS0 gs 592.50 357.50 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 357.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 357.50 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 357.50 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 357.50 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 357.50 4.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 339.5 m 272.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 337.5 m 272.5 337.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 339.5 m 309.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 337.5 m 309.5 337.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 339.5 m 363.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 337.5 m 363.5 337.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 339.5 m 457.5 339.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 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0 d 0 J 0 j 3 M 313.5 338.5 m 363.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 327.5 m 363.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 325.5 m 363.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 338.5 m 403.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 327.5 m 403.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 325.5 m 403.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 338.5 m 457.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 327.5 m 457.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 325.5 m 457.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 338.5 m 494.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 327.5 m 494.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 325.5 m 494.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 338.5 m 548.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 327.5 m 548.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 325.5 m 548.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 338.5 m 588.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 327.5 m 588.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 325.5 m 588.5 325.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 338.5 m 648.5 338.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 327.5 m 648.5 327.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 325.5 m 648.5 325.5 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 505.55 Td (The Avenue) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 505.55 Td (Nashville, Tennessee) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 505.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 505.55 Td (54,940) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 505.55 Td (71,990) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 505.55 Td (126,930) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 505.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 505.55 Td (54,940) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 505.55 Td (71,990) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 505.55 Td (126,930) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 505.55 Td (\(4,300) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 505.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 505.55 Td (2007) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.45 505.55 Td (August - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 480.55 Td (2300 Main) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 480.55 Td (Irvine, California) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 480.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 480.55 Td (3,570) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 480.55 Td (27,940) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 480.55 Td (31,510) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 480.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 480.55 Td (3,570) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 480.55 Td (27,940) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 480.55 Td (31,510) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 480.55 Td (\(1,636) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 480.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 480.55 Td (2002) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.45 480.55 Td (August - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 461.55 Td (Fiege Mega Centre) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 461.55 Td (Erfurt, Germany) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 461.55 Td (25,135) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 461.55 Td (10,107) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 461.55 Td (36,005) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 461.55 Td (46,112) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 436.55 461.60 Td (\(9,320) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 461.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 461.55 Td (8,060) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 461.55 Td (28,732) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 461.55 Td (36,792) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 461.55 Td (\(1,586) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 461.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 461.55 Td (1995) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.30 461.55 Td (October - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 449.55 Td (55 M Street) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 449.55 Td (Washington, D.C.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 449.55 Td (72,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 449.55 Td (24,810) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 449.55 Td (85,277) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 449.55 Td (110,087) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 444.15 449.55 Td (541) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 449.55 Td (24,810) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 449.55 Td (85,818) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 449.55 Td (110,628) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 449.55 Td (\(4,432) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 449.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 449.55 Td (2009) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.20 449.55 Td (December - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 423.55 Td (The Rim) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 423.55 Td (San Antonio, Texas) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 423.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 423.55 Td (85,240) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 423.55 Td (132,855) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 423.55 Td (218,095) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 423.55 Td (3,146) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 423.55 Td (85,240) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 423.55 Td (136,001) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 423.55 Td (221,241) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 423.55 Td (\(4,911) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 423.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 659.80 423.55 Td (2006-2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.05 437.55 Td (February - 14,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 708.70 430.55 Td (April - 15, &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.20 423.55 Td (December - 15) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 404.55 Td (25 Cabot Square) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 404.55 Td (London, England) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.90 404.55 Td (183,175) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 404.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 404.55 Td (165,121) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 404.55 Td (165,121) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 404.60 Td (\(14,056) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 404.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 404.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 404.55 Td (151,065) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 404.55 Td (151,065) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 404.55 Td (\(6,525) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 404.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 404.55 Td (1991) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 711.40 404.55 Td (March - 14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 385.55 Td (Simon Hegele Logistics) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 385.55 Td (Forchheim, Germany) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 385.55 Td (38,940) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 385.55 Td (13,245) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 385.55 Td (56,428) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 385.55 Td (69,673) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 385.60 Td (\(11,053) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 385.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 385.55 Td (11,113) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 385.55 Td (47,507) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 385.55 Td (58,620) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 385.55 Td (\(1,590) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 385.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 659.80 385.55 Td (2012-2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.55 392.55 Td (June - 14 &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.65 385.55 Td (January - 15) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 373.55 Td (818 Bourke) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 373.55 Td (Melbourne, Australia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 373.55 Td (64,952) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 373.55 Td (36,487) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 373.55 Td (82,867) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 373.55 Td (119,354) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 373.60 Td (\(21,267) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 373.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 373.55 Td (29,930) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 373.55 Td (68,157) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 373.55 Td (98,087) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 373.55 Td (\(1,984) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 373.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 373.55 Td (2008) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.30 373.55 Td (October - 14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 361.55 Td (Summit) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 361.55 Td (Bellevue, Washington) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.90 361.55 Td (170,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 361.55 Td (68,090) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 361.55 Td (217,974) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 361.55 Td (286,064) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 444.15 361.55 Td (210) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 361.55 Td (68,089) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 361.55 Td (218,185) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 361.55 Td (286,274) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 361.55 Td (\(4,645) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 361.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 659.25 361.55 Td (2002, 2005) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 711.40 361.55 Td (March - 15) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 342.55 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 349.55 Td (Nuremberg, Karlsdorf,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 342.55 Td (and Duisburg, Germany) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 342.55 Td (76,106) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 342.55 Td (16,362) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 342.55 Td (89,368) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 342.55 Td (105,730) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 342.55 Td (1,002) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 342.55 Td (16,512) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 342.55 Td (90,220) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 342.55 Td (106,732) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 632.80 342.55 Td (\(845) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 342.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 658.35 349.55 Td (2003, 2010,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 342.55 Td (2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.55 349.55 Td (April - 15 &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.20 342.55 Td (December - 15) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 330.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 330.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 224.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.65 330.55 Td (1,720,801) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 283.85 330.55 Td (733,992) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 332.65 330.55 Td (2,985,872) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 372.60 330.55 Td (3,719,864) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 410.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.55 330.60 Td (\(251,676) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 330.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.00 330.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 468.85 330.55 Td (691,448) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 517.65 330.55 Td (2,776,740) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 555.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 557.60 330.55 Td (3,468,188) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 595.00 330.55 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 620.55 330.55 Td (\(200,311) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 330.55 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 675.00 330.55 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 705.00 330.55 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 303.00 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 303.00 Td (Assets consist of quality of) Tj ET Q q 0 0 0 rg BT 162.14 303.00 Td (fice, mixed-use and retail properties, industrial/distribution facilities and multi-family development.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 285.00 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 285.00 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 /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 267.00 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 267.00 Td (Includes the ef) Tj ET Q q 0 0 0 rg BT 112.68 267.00 Td (fect of changes in the exchange rate between the date of acquisition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.28 267.00 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.86 267.00 Td ( for properties that are denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 709.28 267.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 249.00 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 249.00 Td (The aggregate cost for federal income tax purposes is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.30 249.00 Td ($3.6 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.42 249.00 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.58 249.00 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.16 249.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 231.00 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 231.00 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 536.16 231.00 Td (The estimated useful lives for computing depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 219.00 Td (are generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.41 219.00 Td (10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.01 219.00 Td ( for furniture and fixtures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.64 219.00 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.64 219.00 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.97 219.00 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.97 219.00 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.10 219.00 Td (40 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.70 219.00 Td ( for buildings. ) Tj ET Q endstream endobj 221 0 obj <> endobj 222 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 33.60 Td (108) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 560.25 Td (The changes in total r) Tj ET Q q 0 0 0 rg BT 128.60 560.25 Td (eal estate assets for) Tj ET Q q 0 0 0 rg BT 209.77 560.25 Td ( the years ended December) Tj ET Q q 0 0 0 rg BT 324.56 560.25 Td ( 31, \(in thousands\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 507.75 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 507.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 507.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 507.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 507.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 507.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 477.75 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 477.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 477.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 477.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 477.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 477.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 447.75 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 447.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 447.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 447.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 447.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 447.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 417.75 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 417.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 417.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 417.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 417.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 417.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 387.75 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 387.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 387.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 387.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 387.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 387.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 357.75 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 357.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 357.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 357.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 357.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 357.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 327.75 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 327.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 327.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 327.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 327.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 327.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 297.75 517.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 297.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 297.75 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 297.75 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 553.5 522.75 m 618.5 522.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 522.75 m 687.5 522.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 522.75 m 756.5 522.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 402.75 m 618.5 402.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 402.75 m 687.5 402.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 402.75 m 756.5 402.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 388.75 m 618.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 386.75 m 618.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 388.75 m 687.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 386.75 m 687.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 388.75 m 756.5 388.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 386.75 m 756.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 298.75 m 618.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 296.75 m 618.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 298.75 m 687.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 296.75 m 687.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 298.75 m 756.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 296.75 m 756.5 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 283.75 m 618.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 281.75 m 618.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 283.75 m 687.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 281.75 m 687.5 281.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 283.75 m 756.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 281.75 m 756.5 281.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 527.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 575.50 527.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 644.50 527.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 713.50 527.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 512.43 Td (Gross real estate assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.00 512.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 625.00 512.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 512.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 497.42 Td (Balance, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.00 497.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 574.65 497.42 Td (3,103,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 625.00 497.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 643.65 497.42 Td (2,894,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 497.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 497.42 Td (1,529,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 482.42 Td (Additions during the period:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 615.00 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.00 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 753.00 482.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 467.42 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.15 467.42 Td (479,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 651.15 467.42 Td (484,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 467.42 Td (1,322,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 452.42 Td (Other additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 587.15 452.42 Td (10,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 656.15 452.42 Td (45,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 725.15 452.42 Td (61,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 437.42 Td (Disposals of fully-depreciated assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 333.75 14.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 333.75 59.00 -45.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 265.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 122.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 126.50 265.75 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.50 265.75 37.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 265.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 265.75 91.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 265.75 29.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 265.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 265.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 265.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 265.75 59.00 -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 35.5 661.75 m 122.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 661.75 m 224.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 661.75 m 265.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 661.75 m 319.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 661.75 m 414.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 661.75 m 447.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 661.75 m 502.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 661.75 m 575.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 631.75 m 122.5 631.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 453.75 m 122.5 453.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 35.5 378.75 m 122.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 266.75 m 447.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 264.75 m 447.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 266.75 m 502.5 266.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 264.75 m 502.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 266.75 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 516.5 264.75 m 575.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 265.75 m 447.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 251.75 m 447.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 249.75 m 447.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 265.75 m 502.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 251.75 m 502.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 249.75 m 502.5 249.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 265.75 m 575.5 265.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 251.75 m 575.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 249.75 m 575.5 249.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.25 666.20 Td (Description) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 157.95 666.20 Td (Location) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 231.55 675.20 Td (Interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.50 666.20 Td (Rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.95 684.20 Td (Final) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 276.50 675.20 Td (Maturity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.00 666.20 Td (Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.35 675.20 Td (Periodic Payment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.40 666.20 Td (Terms) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.30 675.20 Td (Prior) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.95 666.20 Td (Liens) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.50 684.20 Td (Face) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.85 675.20 Td (Amount of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.00 666.20 Td (Mortgages) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 527.75 684.20 Td (Carrying ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 524.85 675.20 Td (Amount of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.45 666.20 Td (Mortgages ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 563.68 670.28 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 651.43 Td (Construction Loans:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 636.43 Td (Multi-family) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 615.21 Td (@1377) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.25 615.21 Td (Atlanta, GA) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.35 615.21 Td (10.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.50 615.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.95 615.21 Td (7/1/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.50 623.00 Td (Monthly interest- only) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.15 615.00 Td (payments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 615.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 615.21 Td (3,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 615.21 Td (3,962) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 578.21 Td (Falls of Kirkwood) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 151.55 578.21 Td (Houston, TX) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.85 578.21 Td (8.00) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.50 578.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.45 578.21 Td (8/15/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.05 602.00 Td (Monthly payments of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.70 594.00 Td (principal and interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.40 586.00 Td (based on a 30-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.25 578.00 Td (amortization schedule) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 578.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 578.21 Td (6,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 578.21 Td (4,964) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 542.21 Td (Dymaxion) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 533.21 Td (Apartments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 144.45 533.21 Td (San Antonio, TX) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.85 533.21 Td (7.60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.50 533.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.95 533.21 Td (12/15/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.50 565.00 Td (Monthly interest- only) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.05 557.00 Td (payments for first year;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.15 549.00 Td (then amortizes based on a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.05 541.00 Td (25-year amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 533.00 Td (schedule.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 533.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 533.21 Td (8,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 533.21 Td (8,288) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 497.21 Td (Marbach Park) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 488.21 Td (Apartments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 144.45 488.21 Td (San Antonio, TX) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.85 488.21 Td (7.60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.50 488.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 274.95 488.21 Td (12/15/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.50 520.00 Td (Monthly interest- only) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.05 512.00 Td (payments for first year;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.15 504.00 Td (then amortizes based on a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.05 496.00 Td (25-year amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 488.00 Td (schedule.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 488.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 488.21 Td (9,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 488.21 Td (9,319) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 458.43 Td (Office) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 413.21 Td (Finesilver) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 144.45 413.21 Td (San Antonio, TX) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.85 413.21 Td (6.45) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.50 413.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.45 413.21 Td (7/31/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.50 445.00 Td (Monthly interest- only) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.05 437.00 Td (payments for first year;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.15 429.00 Td (then amortizes based on a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.05 421.00 Td (25-year amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 413.00 Td (schedule.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 413.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 413.21 Td (7,233) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 413.21 Td (5,684) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 38.00 383.43 Td (Shopping Centers) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 338.21 Td (Precinct Villages) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 129.05 338.21 Td (North Richland Hills, TX) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.85 338.21 Td (8.50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.50 338.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.45 338.21 Td (3/17/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.50 370.00 Td (Monthly interest- only) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.05 362.00 Td (payments for first year;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.15 354.00 Td (then amortizes based on a) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.05 346.00 Td (25-year amortization) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.50 338.00 Td (schedule.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 338.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.75 338.21 Td (2,595) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 338.21 Td (1,793) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 293.21 Td (Randalls) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 150.60 302.21 Td (Pasadena and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 143.30 293.21 Td (Friendswood, TX) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.85 293.21 Td (6.25) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.50 293.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.45 293.21 Td (7/28/2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.50 325.00 Td (Monthly interest- only) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.70 317.00 Td (payments for first 18-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 331.15 309.00 Td (months; then amortizes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.40 301.00 Td (based on a 25-year) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.25 293.00 Td (amortization schedule.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 293.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 293.21 Td (10,939) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 551.75 293.21 Td (8,747) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 38.00 270.21 Td (The Rim) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 144.45 270.21 Td (San Antonio, TX) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.85 270.21 Td (8.50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 257.50 270.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.45 270.21 Td (9/30/2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.50 278.00 Td (Monthly interest- only) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.15 270.00 Td (payments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 270.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 270.21 Td (20,750) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 505.00 274.85 Td (\(b\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 270.21 Td (12,651) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.00 255.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 435.00 255.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.00 255.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.25 255.21 Td (69,779) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 519.00 255.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.25 255.21 Td (55,408) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 227.25 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 227.25 Td (The aggregate cost for federal income tax purposes is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.30 227.25 Td ($55.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.20 227.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.36 227.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.94 227.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 209.25 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 209.25 Td (In December 2015, the borrower made a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.14 209.25 Td ($9.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.03 209.25 Td (, and entered into an amendment to extend the maturity date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 197.25 Td (this loan to September 30, 2016 and to reduce the total loan commitment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.10 197.25 Td ($20.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.99 197.25 Td (. ) Tj ET Q endstream endobj 225 0 obj <> endobj 226 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 33.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 740.10 Td (Changes in mortgage loans on real estate are summarized below \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 715.60 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 715.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 715.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 715.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 715.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 715.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 715.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 687.60 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 687.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 687.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 687.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 687.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 659.60 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 659.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 659.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 659.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 631.60 363.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 631.60 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 631.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 631.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 631.60 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 402.5 715.6 m 456.5 715.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 715.6 m 515.5 715.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 715.6 m 575.5 715.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 617.6 m 456.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 604.6 m 456.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 602.6 m 456.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 617.6 m 515.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 604.6 m 515.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 602.6 m 515.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 617.6 m 575.5 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 604.6 m 575.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 602.6 m 575.5 602.6 l s BT 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Mitchell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 196.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 196.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 182.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 182.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.32 Td (/s/ John S. Moody) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 168.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.70 168.32 Td (March 28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 154.32 Td (John S. Moody) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 154.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 154.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 140.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 140.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 140.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 126.32 Td (/s/ Peter Shaper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.80 126.32 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.70 126.32 Td (March 28, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 112.32 Td (Peter Shaper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 112.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 112.32 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 229 0 obj <> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 24.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 24.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.15 749.25 Td (INDEX ) Tj ET Q q 0 0 0 rg BT 290.70 749.25 Td (T) Tj ET Q q 0 0 0 rg BT 297.19 749.25 Td (O EXHIBITS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 704.75 38.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 704.75 6.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 704.75 478.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 649.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 649.75 6.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 649.75 478.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 601.75 38.00 -63.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 601.75 6.00 -63.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 601.75 478.00 -63.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 503.75 38.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 503.75 6.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 503.75 478.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 463.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 463.75 6.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 463.75 478.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 426.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 426.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 426.75 478.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 380.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 380.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 380.75 478.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 347.75 38.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 347.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 347.75 478.00 -19.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 718.75 m 83.5 718.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 718.75 m 89.5 718.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 718.75 m 567.5 718.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.70 730.15 Td (Exhibit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.35 721.20 Td (No.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.75 723.20 Td (Description) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 696.01 Td (3.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 696.01 Td (Articles of Amendment and Restatement of Hines Global REIT, Inc. \(filed as Exhibit 3.1 to Pre-Effective Amendment No. 3 to the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 687.01 Td (Registrants Registration Statement on Form S-11, SEC File No. 333-156742 \(the Registration Statement\), on August 3, 2009) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 678.01 Td (and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 664.01 Td (3.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 664.01 Td (Bylaws of Hines Global REIT, Inc. \(filed as Exhibit 3.2 to Pre-Effective Amendment No. 1 to the Registration Statement on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 655.01 Td (March 18, 2009 and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 641.01 Td (3.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 641.01 Td (Amendment No. 1 to Bylaws of Hines Global REIT, Inc. \(filed as Exhibit 3.1 to the Registrants Current Report on Form 8-K on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 632.01 Td (September 21, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 618.01 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 618.01 Td (Hines Global REIT, Inc. Distribution Reinvestment Plan \(included as Appendix A to the Prospectus contained in the Registrants) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 609.01 Td (Registration Statement on Form S-3 \(File No. 333-195478\) filed on April 24, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.25 593.01 Td (10.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 593.01 Td (Amended and Restated Credit Agreement, dated as of June 29, 2015, among Hines Global REIT Properties, L.P. and the Lenders) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 584.01 Td (party thereto, JP Morgan Chase Bank, National Association, as Administrative Agent, J.P. Morgan Europe Limited, as) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 575.01 Td (Administrative Agent for Foreign Currencies, Bank of America, N.A., as Syndication Agent, and Bank of Montreal, Chicago) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 566.01 Td (Branch, Regions Bank and U.S. Bank National Association, as Co-Documentation Agents, J.P. Morgan Securities LLC and Merrill) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 557.01 Td (Lynch, Pierce, Fenner & Smith Incorporated, as Joint Bookrunners and Joint Lead Arrangers \(filed as Exhibit 10.1 to the) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 548.01 Td (Registrants Quarterly Report on Form 10-Q on August 13, 2015, and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.25 530.01 Td (10.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 530.01 Td (Seventh Amendment to Advisory Agreement among Hines Global REIT Advisors LP, Hines Global REIT Properties LP and Hines) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 521.01 Td (Global REIT, Inc., dated May 11, 2015 \(filed as Exhibit 10.2 to the Registrants Quarterly Report on Form 10-Q on August 13,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 512.01 Td (2015, and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.25 495.01 Td (10.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 495.01 Td (Form of Restricted Share Award Agreement \(filed as Exhibit 10.1 to the Registrants Quarterly Report on Form 10-Q on) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 486.01 Td (November 16, 2015, and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 469.01 Td (21.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 469.01 Td (List of Subsidiaries of Hines Global REIT, Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 455.01 Td (23.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 455.01 Td (Consent of Independent Registered Public Accounting Firm of Hines Global REIT, Inc. and subsidiaries, Deloitte & Touche LLP) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 432.01 Td (31.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 432.01 Td (Certification) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 418.01 Td (31.2*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 418.01 Td (Certification) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 404.01 Td (32.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 404.01 Td (Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18U.S.C., Section 1350, as adopted pursuant to) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 395.01 Td (Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to SEC Release 34-47551 this Exhibit is furnished to the SEC and shall) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 386.01 Td (not be deemed to be filed.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 372.01 Td (99.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 372.01 Td (Consent of Independent Valuer, Cushman & Wakefield, Inc.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 353.01 Td (99.2*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 352.21 Td (Consent of Independent Valuer, Knight Frank, LLP) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 339.01 Td (99.3*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 333.21 Td (Consent of Independent Valuer, Jones Lang LaSalle) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 320.01 Td (101*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 320.01 Td (The following materials from Hines Global REIT, Inc.s Annual Report on Form 10-K for the year ended December 31, 2015,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 311.01 Td (filed on March 28, 2016, are formatted in XBRL \(eXtensible Business Reporting Language\): \(i\) Consolidated Balance Sheets, \(ii\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 302.01 Td (Consolidated Statements of Operations and Comprehensive Income \(Loss\), \(iii\) Statements of Equity, \(iv\) of Cash Flows, and \(v\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 293.01 Td (Notes to the Consolidated Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 276.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 264.25 Td (* ) Tj ET Q q 0 0 0 rg BT 81.00 264.25 Td (Filed herewith) Tj ET Q endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 21.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.10 718.25 Td (LIST) Tj ET Q q 0 0 0 rg BT 272.71 718.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 288.73 718.25 Td ( SUBSIDIARIES) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 684.75 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 684.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 684.75 114.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 656.75 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 656.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 656.75 114.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 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