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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 (P) Tj ET Q q 0 0 0 rg BT 277.59 632.23 Td (AR) Tj ET Q q 0 0 0 rg BT 291.48 632.23 Td (T) Tj ET Q q 0 0 0 rg BT 297.89 632.23 Td (II) 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 (P) Tj ET Q q 0 0 0 rg BT 275.64 496.23 Td (AR) Tj ET Q q 0 0 0 rg BT 289.53 496.23 Td (T) Tj ET Q q 0 0 0 rg BT 295.94 496.23 Td (III) 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 1) Tj ET Q q 0 0 0 rg BT 80.21 468.23 Td (1.) 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 (P) Tj ET Q q 0 0 0 rg BT 275.67 411.23 Td (AR) Tj ET Q q 0 0 0 rg BT 289.76 411.23 Td (T) Tj ET Q q 0 0 0 rg BT 296.25 411.23 Td (IV) 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 53.00 383.23 Td (Item 16.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 383.07 Td (Form 10-K Summary) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 355.23 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 83.93 355.23 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 341.23 Td (EX- 10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 341.07 Td (Form of Restricted Share ) Tj ET Q q 0 0 0 rg BT 216.76 341.07 Td (A) Tj ET Q q 0 0 0 rg BT 223.06 341.07 Td (ward ) Tj ET Q q 0 0 0 rg BT 245.00 341.07 Td (Agreement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 327.23 Td (EX- 21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 327.07 Td (List of Subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 313.23 Td (EX- 23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 313.07 Td (Consent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 299.23 Td (EX- 31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 299.07 Td (Certification) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 285.23 Td (EX- 31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 285.07 Td (Certification) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 271.23 Td (EX- 32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 271.07 Td (Certification of CEO & CFO pursuant to Section 906) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 257.23 Td (EX- 99.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 257.07 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 211.94 257.07 Td (V) Tj ET Q q 0 0 0 rg BT 218.52 257.07 Td (aluer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 243.23 Td (EX- 99.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 243.07 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 211.94 243.07 Td (V) Tj ET Q q 0 0 0 rg BT 218.52 243.07 Td (aluer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 229.23 Td (EX- 99.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 229.07 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 211.94 229.07 Td (V) Tj ET Q q 0 0 0 rg BT 218.52 229.07 Td (aluer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 215.23 Td (EX- 99.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 215.07 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 211.94 215.07 Td (V) Tj ET Q q 0 0 0 rg BT 218.52 215.07 Td (aluer) 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 (Instance 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 (Schema 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 (Calculation Linkbase Document) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 145.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 145.07 Td (Labels Linkbase Document) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 131.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 131.07 Td (Presentation Linkbase Document) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 117.23 Td (EX- 101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.00 117.07 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 (62) 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 (64) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 538.07 Td (95) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 524.07 Td (95) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 510.07 Td (97) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.00 482.07 Td (98) 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 (107) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.35 453.17 Td (1) Tj ET Q q 0 0 0 rg BT 548.98 453.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.70 439.07 Td (1) Tj ET Q q 0 0 0 rg BT 549.33 439.07 Td (1) Tj ET Q q 0 0 0 rg BT 553.96 439.07 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.35 425.07 Td (1) Tj ET Q q 0 0 0 rg BT 548.98 425.07 Td (15) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.35 397.07 Td (1) Tj ET Q q 0 0 0 rg BT 548.98 397.07 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 383.07 Td (121) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.00 355.07 Td (123) 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 (economic conditions that may impact our operations, our future leverage and financial position, our future capital expenditures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (future distributions, other developments and trends in the commercial real estate industry and our business strategy) Tj ET Q q 0 0 0 rg BT 509.23 646.25 Td (. Forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (looking statements are generally identifiable by the use of the words may) Tj ET Q q 0 0 0 rg BT 346.76 634.25 Td (, will, should, expect, could, intend, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (plan, anticipate, estimate, believe, continue, predict, potential or the negative of these words or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (comparable terminology) Tj ET Q q 0 0 0 rg BT 147.37 610.25 Td (. ) Tj ET Q q 0 0 0 rg BT 152.19 610.25 Td (These statements are not guarantees of future performance, and involve certain risks, uncertainties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (and assumptions that are dif) Tj ET Q q 0 0 0 rg BT 162.02 598.25 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 ($3.1 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, 2017) 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, 2017) 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 (34) 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 (14.1 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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.06 682.10 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.06 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.56 682.10 Td (investments\)) 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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 670.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.48 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.98 670.10 Td (investments\)) Tj ET Q BT /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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.83 658.10 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.83 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.33 658.10 Td (investments\)) 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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 646.10 Td (1) Tj ET Q q 0 0 0 rg BT 211.87 646.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.87 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.37 646.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (As part of our ongoing portfolio management, we continually evaluate the merits of selling certain assets based on their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (current and projected market valuations, property-specific leasing and other operational dynamics, and other portfolio and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (market considerations. ) Tj ET Q q 0 0 0 rg BT 144.98 598.10 Td (As a result, we strategically elected to sell two properties during 2016 \(@1377 and Komo Plaza\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (six properties during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.26 586.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.26 586.10 Td ( \(the Brindleyplace Project, ) Tj ET Q q 0 0 0 rg BT 267.17 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 273.65 586.10 Td (viva Coral Gables, Southpark, Mercedes Benz Bank, Hock Plaza, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Fifty South Sixth\).) 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 commenced the process of evaluating various strategic alternatives to execute a liquidity event \(i.e., a sale of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 138.40 538.10 Td (ger) Tj ET Q q 0 0 0 rg BT 150.77 538.10 Td (, a listing of our shares on a national securities exchange, a tender of) Tj ET Q q 0 0 0 rg BT 424.11 538.10 Td (fer for our shares, or another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (similar transaction\). ) Tj ET Q q 0 0 0 rg BT 134.79 526.10 Td (That process is ongoing and we are continuing to evaluate strategic alternatives. ) Tj ET Q q 0 0 0 rg BT 459.51 526.10 Td (There is no set timetable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (for the execution of such an event, and there is no assurance that any such event will occur) Tj ET Q q 0 0 0 rg BT 412.09 514.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 490.10 Td (e have no employees. Our business is managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 357.51 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.46 490.10 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 409.37 490.10 Td ( \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 498.87 490.10 Td (filiate of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (sponsor) Tj ET Q q 0 0 0 rg BT 80.71 478.10 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 50.00 466.10 Td (the Operating Partnership and the ) Tj ET Q q 0 0 0 rg BT 186.35 466.10 Td (Advisor \(the Advisory ) Tj ET Q q 0 0 0 rg BT 282.73 466.10 Td (Agreement\). ) Tj ET Q q 0 0 0 rg BT 339.37 466.10 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 50.00 454.10 Td (paid the ) Tj ET Q q 0 0 0 rg BT 83.88 454.10 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 515.71 454.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 548.30 454.10 Td () Tj ET Q q 0 0 0 rg BT 551.08 454.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (expenses incurred on our behalf in accordance with the advisory agreement. Hines or af) Tj ET Q q 0 0 0 rg BT 400.79 442.10 Td (filiates of Hines manage the leasing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (operations of most of the properties in which we invest and, accordingly) Tj ET Q q 0 0 0 rg BT 338.72 430.10 Td (, we pay property management and leasing fees in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 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 521.08 418.10 Td (frey C. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 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 292.44 406.10 Td (4,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.94 406.10 Td (employees have over 60years of experience in the areas of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 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 50.00 382.10 Td (disposition, finance, accounting and investor relations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.10 Td (Our of) Tj ET Q q 0 0 0 rg BT 94.20 358.10 Td (fice is located at 2800 Post Oak Boulevard, Suite5000, Houston, ) Tj ET Q q 0 0 0 rg BT 356.76 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 362.17 358.10 Td (exas 77056-61) Tj ET Q q 0 0 0 rg BT 420.40 358.10 Td (18. Our telephone number is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (1-888-220-6121. Our web site is www) Tj ET Q q 0 0 0 rg BT 203.77 346.10 Td (.HinesSecurities.com. ) Tj ET Q q 0 0 0 rg BT 293.57 346.10 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 50.00 334.10 Td (into this report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Primary Investment Objectives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td (Our primary investment objectives are to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 262.10 Td (preserve invested capital;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 244.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 244.10 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 59.00 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 226.10 Td (pay regular cash distributions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 208.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 208.10 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 59.00 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 190.10 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 50.00 166.10 Td (Acquisition and Investment Policies) 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 had invested all of the proceeds raised through our public of) Tj ET Q q 0 0 0 rg BT 323.88 142.10 Td (ferings by the end of 2015. ) Tj ET Q q 0 0 0 rg BT 433.95 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 442.59 142.10 Td (e have invested in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 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 50.00 118.10 Td (and internationally) Tj ET Q q 0 0 0 rg BT 124.60 118.10 Td (. Our principal tar) Tj ET Q q 0 0 0 rg BT 196.06 118.10 Td (geted assets have been investments in properties, and other real estate investments that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (relate to properties, that have quality construction and desirable locations which can attract quality tenants. ) Tj ET Q q 0 0 0 rg BT 479.39 106.10 Td (These types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (investments are generally located in central business districts or suburban markets of major metropolitan cities worldwide. ) Tj ET Q q 0 0 0 rg BT 542.18 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 550.82 94.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (have invested in a geographically diverse portfolio in order to reduce the risk of reliance on a particular market, a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (property and/or a particular tenant. ) Tj ET Q q 0 0 0 rg BT 191.43 70.10 Td (W) Tj ET Q q 0 0 0 rg BT 200.06 70.10 Td (e do not presently intend to make any additional property acquisitions. See Item 2. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Properties for additional information regarding our real estate portfolio.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Financing Strategy and Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 718.25 Td (e have 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 50.00 706.25 Td (inducements, tenant improvements, redemptions and other working capital needs. ) Tj ET Q q 0 0 0 rg BT 381.30 706.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.75 706.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.33 706.25 Td (, our portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 694.25 Td ( leveraged based on the values of our real estate investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (Our existing indebtedness and any additional indebtedness we incur will likely be subject to continuing covenants, and we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (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 50.00 646.25 Td (Moreover) Tj ET Q q 0 0 0 rg BT 89.03 646.25 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 50.00 634.25 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 50.00 622.25 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 50.00 610.25 Td (principal.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (Distribution Objectives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (In order to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 183.34 562.25 Td ( for federal income tax purposes, we generally must distribute at least 90% of our taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (income \(excluding capital gains\) to our stockholders. ) Tj ET Q q 0 0 0 rg BT 264.76 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 273.40 550.25 Td (e intend, although we are not legally obligated, to continue to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (regular 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 510.83 538.25 Td ( status ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (unless our results of operations, our general financial condition, general economic conditions or other factors inhibit us from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (doing so. Distributions are authorized at the discretion of our board of directors, which considers the requirements for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (qualification as a REIT) Tj ET Q q 0 0 0 rg BT 142.84 502.25 Td ( pursuant to 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 68.00 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 478.25 Td (e have declared distributions of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.91 478.25 Td ($0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.41 478.25 Td ( per share, per year for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 478.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.69 478.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.69 478.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.69 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 466.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 466.25 Td (. ) Tj ET Q q 0 0 0 rg BT 94.26 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 102.90 466.25 Td (e have also declared distributions for the months ofJanuary) Tj ET Q q 0 0 0 rg BT 340.79 466.25 Td (, February) Tj ET Q q 0 0 0 rg BT 381.24 466.25 Td (, and March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.78 466.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.78 466.25 Td (in an amount equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 454.25 Td ($0.0541667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.78 454.25 Td ( per share,per month, which is equal to an annualized distribution rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.69 454.25 Td ($0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.19 454.25 Td ( per share. Of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (amount,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.00 442.25 Td ($0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.50 442.25 Td (of the per share, per month distribution has been or will be designated by the Company as a return of a portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (of the stockholders) Tj ET Q q 0 0 0 rg BT 128.68 430.25 Td ( invested capital and, as such, will reduce the stockholders) Tj ET Q q 0 0 0 rg BT 364.81 430.25 Td ( remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 519.97 430.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 406.25 Td (, we declared a special distribution to stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.40 406.25 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.90 406.25 Td ( per share that was paid to all stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (record as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.70 394.25 Td (December30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.28 394.25 Td ( in January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.66 394.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.66 394.25 Td (. ) Tj ET Q q 0 0 0 rg BT 249.48 394.25 Td (This special distribution represented a return of a portion of our stockholders) Tj ET Q q 0 0 0 rg BT 559.48 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (invested capital from sales of investment property and, as such, reduced their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 513.67 382.25 Td (. ) Tj ET Q q 0 0 0 rg BT 518.49 382.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (special distribution represented a portion of the net proceeds received from the strategic sale of six assets during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.96 370.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.96 370.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.25 Td ( Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 358.01 346.25 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 535.31 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 543.95 346.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (have funded the remaining distributions from proceeds from the sales of our real estate investments in the current and prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (periods, as well as from cash flows from financing activities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 298.25 Td (ax Status) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 274.25 Td (e have elected to be treated as a REIT) Tj ET Q q 0 0 0 rg BT 227.49 274.25 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 50.00 262.25 Td (qualify for treatment as a REIT) Tj ET Q q 0 0 0 rg BT 175.05 262.25 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 50.00 250.25 Td (qualified as a REIT) Tj ET Q q 0 0 0 rg BT 127.85 250.25 Td ( for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 261.41 250.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 310.75 250.25 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 50.00 238.25 Td (the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 238.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 238.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 238.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.28 238.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 238.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.71 238.25 Td ( in the accompanying consolidated financial statements.Income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (expense recorded by the Company during each of these years was primarily comprised of foreign income taxes related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (operation of its international properties.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 166.25 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 50.00 154.25 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 50.00 142.25 Td (including, but not limited to, Hines Global Income ) Tj ET Q q 0 0 0 rg BT 254.79 142.25 Td (T) Tj ET Q q 0 0 0 rg BT 260.55 142.25 Td (rust, Inc. \(Hines Global Income ) Tj ET Q q 0 0 0 rg BT 393.94 142.25 Td (T) Tj ET Q q 0 0 0 rg BT 399.69 142.25 Td (rust\), and other real estate investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (vehicles sponsored by Hines. Many of these entities have significant financial and other resources, allowing them to compete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 118.25 Td (fectively with us. Principal factors of competition in our primary business of acquiring properties or making other real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (investments include access to capital, the quality of properties, leasing terms \(including rent and other char) Tj ET Q q 0 0 0 rg BT 477.18 106.25 Td (ges and allowances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (for inducements and tenant improvements\), the quality and breadth of tenant services provided, and reputation as an owner and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (operator of commercial real estate investments in the relevant market. ) Tj ET Q q 0 0 0 rg BT 331.27 82.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 381.18 82.25 Td (, our ability to compete depends upon, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (among other factors, trends of the global, national and local economies, investment alternatives, financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (operating results of current and prospective tenants, availability and cost of capital, taxes, governmental regulations, legislation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (and demographic trends.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 730.10 Td (e believe Hines) Tj ET Q q 0 0 0 rg BT 140.87 730.10 Td ( extensive real estate experience and depth and breadth of its or) Tj ET Q q 0 0 0 rg BT 394.19 730.10 Td (ganization of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.17 730.10 Td (4,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.67 730.10 Td (employees located in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.27 718.10 Td (100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.27 718.10 Td (cities across the United States and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.62 718.10 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.62 718.10 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 50.00 706.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 706.10 Td (, competition may increase our cost of acquisitions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 658.10 Td (e 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 50.00 646.10 Td (the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 646.10 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.78 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.28 646.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 646.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 646.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.28 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 646.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.71 646.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 310.38 646.10 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 50.00 634.10 Td (any individual tenant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.48 610.10 Td (vailable Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (Stockholders may obtain copies of our filings with the Securities and Exchange Commission \(SEC\), free of char) Tj ET Q q 0 0 0 rg BT 526.32 586.10 Td (ge from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (the website maintained by the SEC at www) Tj ET Q q 0 0 0 rg BT 223.48 574.10 Td (.sec.gov or from our website at www) Tj ET Q q 0 0 0 rg BT 371.13 574.10 Td (.HinesSecurities.com. Further) Tj ET Q q 0 0 0 rg BT 490.15 574.10 Td (, a copy of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (Annual Report on Form 10-K is located at the SEC) Tj ET Q q 0 0 0 rg BT 257.47 562.10 Td (s Public Reference Room at 100 F Street NE, ) Tj ET Q q 0 0 0 rg BT 441.14 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 449.78 562.10 Td (ashington, D.C. 20549. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Information on the operation of the Public Reference Room can be obtained by calling the SEC at 1-800-SEC-0330. Our filings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (will be available on our website as soon as reasonably practicable after we electronically file such materials with the SEC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 526.10 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 49.50 502.10 Td (Item1A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 91.71 502.10 Td (Risk Factors) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (Y) Tj ET Q q 0 0 0 rg BT 72.14 478.10 Td (ou should car) Tj ET Q q 0 0 0 rg BT 126.77 478.10 Td (efully r) Tj ET Q q 0 0 0 rg BT 155.00 478.10 Td (ead and consider the risks described below together with all other information in this r) Tj ET Q q 0 0 0 rg BT 502.94 478.10 Td (eport. If ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (certain of the following risks actually occur) Tj ET Q q 0 0 0 rg BT 223.37 466.10 Td (, our r) Tj ET Q q 0 0 0 rg BT 248.28 466.10 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 49.50 454.10 Td (materially) Tj ET Q q 0 0 0 rg BT 90.05 454.10 Td (, or could be eliminated entir) Tj ET Q q 0 0 0 rg BT 206.33 454.10 Td (ely) Tj ET Q q 0 0 0 rg BT 217.43 454.10 Td (. ) Tj ET Q q 0 0 0 rg BT 222.25 454.10 Td (As a r) Tj ET Q q 0 0 0 rg BT 245.77 454.10 Td (esult, the value of our common shar) Tj ET Q q 0 0 0 rg BT 388.99 454.10 Td (es may decline, and our stockholders ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (could lose all or part of the money they paid to buy our common shar) Tj ET Q q 0 0 0 rg BT 326.87 442.10 Td (es.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (Risks Related to Our) Tj ET Q q 0 0 0 rg BT 139.04 418.10 Td ( Business in General) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 394.10 Td (A) Tj ET Q q 0 0 0 rg BT 64.62 394.10 Td ( liquidity event is not guaranteed. If we do not successfully implement a liquidity event, investors may have to hold an ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 382.10 Td (investment for an indefinite period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 364.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 364.10 Td (e have commenced the process of evaluating various strategic alternatives to provide stockholders with liquidity of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (investment. ) Tj ET Q q 0 0 0 rg BT 97.83 352.10 Td (A) Tj ET Q q 0 0 0 rg BT 104.50 352.10 Td ( determination to pursue a liquidity event does not create an obligation to conclude the process within a set time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (For example, if we adopt a plan of liquidation or enter into a contract to sell or mer) Tj ET Q q 0 0 0 rg BT 381.44 340.10 Td (ge the Company) Tj ET Q q 0 0 0 rg BT 446.33 340.10 Td (, the timing of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (transactions may depend on real estate and financial markets, general or local economic conditions and federal income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 316.10 Td (fects on our stockholders. ) Tj ET Q q 0 0 0 rg BT 162.16 316.10 Td (W) Tj ET Q q 0 0 0 rg BT 170.80 316.10 Td (e 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 486.90 316.10 Td (ge the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (or otherwise complete a liquidity event on favorable terms, if at all. If we were to adopt a plan of liquidation, we would likely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (remain in existence until all our investments are liquidated. Similarly) Tj ET Q q 0 0 0 rg BT 325.45 292.10 Td (, if we determined to list our common stock on a national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (securities exchange, the timing would depend in part on the general economic conditions and volatility of the financial markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (If there are delays in pursuing a liquidity event due to market conditions or otherwise, our common stock may continue to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (illiquid and investors may) Tj ET Q q 0 0 0 rg BT 153.01 256.10 Td (, for an indefinite period of time, be unable to convert their shares to cash easily) Tj ET Q q 0 0 0 rg BT 471.97 256.10 Td (, if at all, and it could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 244.10 Td (fect their overall return. ) Tj ET Q q 0 0 0 rg BT 197.67 244.10 Td (There is no set timetable for the execution of a liquidity event and there is no assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (that any such event will occur) Tj ET Q q 0 0 0 rg BT 168.63 232.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 208.10 Td (A) Tj ET Q q 0 0 0 rg BT 64.62 208.10 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 517.23 208.10 Td (fect our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 196.10 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 73.50 178.10 Td (If disruptions in the capital and credit markets were to occur) Tj ET Q q 0 0 0 rg BT 314.13 178.10 Td (, they could adversely af) Tj ET Q q 0 0 0 rg BT 411.96 178.10 Td (fect our ability to obtain loans, credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (facilities, debt financing and other financing, or) Tj ET Q q 0 0 0 rg BT 239.59 166.10 Td (, when available, to obtain such financing on reasonable terms, which could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (negatively impact our ability to implement our investment strategy) Tj ET Q q 0 0 0 rg BT 316.01 154.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 130.10 Td (If these disruptions in the capital and credit markets should occur as a result of, among other factors, uncertainty) Tj ET Q q 0 0 0 rg BT 522.15 130.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (changing regulation, changes in trade agreements reduced alternatives or additional failures of significant financial institutions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (our access to liquidity could be significantly impacted. Prolonged disruptions could result in us taking measures to conserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (cash until the markets stabilize or until alternative credit arrangements or other funding for our business needs could be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (arranged. Such measures could include deferring investments, reducing or eliminating the number of shares redeemed under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (our share redemption program and reducing or eliminating distributions we make to our stockholders. ) 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 73.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 742.10 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 49.50 730.10 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 49.50 718.10 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 49.50 706.10 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 49.50 694.10 Td (expenditures, or reduced rental rates to maintain occupancies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 670.10 Td (Our operations could be negatively af) Tj ET Q q 0 0 0 rg BT 224.10 670.10 Td (fected to a greater extent if an economic downturn occurs, is prolonged or becomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (more severe, which could significantly harm our revenues, results of operations, financial condition, liquidity) Tj ET Q q 0 0 0 rg BT 486.23 658.10 Td (, business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (prospects and our ability to make distributions to our stockholders and may result in a decrease in the value of our stockholders) Tj ET Q q 0 0 0 rg BT 561.13 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (investment. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.10 Td (Y) Tj ET Q q 0 0 0 rg BT 64.06 610.10 Td (ields on and safety of deposits may be lower due to extensive declines in the financial markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 586.10 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 49.50 574.10 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 49.50 562.10 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 372.07 562.10 Td (, money market funds may experience intense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (redemption pressure in such years and have dif) Tj ET Q q 0 0 0 rg BT 237.31 550.10 Td (ficulty satisfying redemption requests. ) Tj ET Q q 0 0 0 rg BT 392.56 550.10 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 49.50 538.10 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 58.50 514.10 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 58.50 502.10 Td (distributions and make additional investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (The Federal Deposit Insurance Corporation only insures amounts up to $250,000 per depositor) Tj ET Q q 0 0 0 rg BT 446.04 478.10 Td (. It is likely that we will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 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 49.50 454.10 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 49.50 442.10 Td (over federally insured levels. ) Tj ET Q q 0 0 0 rg BT 167.88 442.10 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 49.50 430.10 Td (and could result in a decline in the value of our stockholders) Tj ET Q q 0 0 0 rg BT 293.41 430.10 Td ( investments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 406.10 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 67.50 382.10 Td (In order to maintain our qualification as a REIT) Tj ET Q q 0 0 0 rg BT 257.81 382.10 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 49.50 370.10 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 494.28 370.10 Td (, by which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 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 49.50 346.10 Td (ordinary income for that year) Tj ET Q q 0 0 0 rg BT 166.27 346.10 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 49.50 334.10 Td (income from prior years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 310.10 Td (e expect our income, if any) Tj ET Q q 0 0 0 rg BT 184.33 310.10 Td (, to consist principally of our share of the Operating Partnership) Tj ET Q q 0 0 0 rg BT 442.32 310.10 Td (s income, and the cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 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 49.50 286.10 Td (Operating Partnership and our other subsidiaries. ) Tj ET Q q 0 0 0 rg BT 247.51 286.10 Td (As the general partner of the Operating Partnership, we will determine the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (amount of any distributions made by the Operating Partnership. However) Tj ET Q q 0 0 0 rg BT 342.92 274.10 Td (, we must consider a number of factors in making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (such distributions, including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.10 Td (the amount of the cash available for distribution;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 226.10 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 58.50 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 214.10 Td (the Operating Partnership) Tj ET Q q 0 0 0 rg BT 182.03 214.10 Td (s financial condition;) 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 (the Operating Partnership) Tj ET Q q 0 0 0 rg BT 182.03 202.10 Td (s capital expenditure requirements and reserves therefor;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.10 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 558.67 190.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 166.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 80.65 166.10 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 49.50 154.10 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 451.69 154.10 Td (fect of nondeductible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 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 49.50 130.10 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 67.50 106.10 Td (In view of the foregoing, we may be unable to meet the REIT) Tj ET Q q 0 0 0 rg BT 313.63 106.10 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 94.10 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 94.10 Td ( minimum distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (requirement and/or avoid the 4% excise tax even if our management believes that the then prevailing market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (generally are not favorable for such borrowings or that such borrowings would not be advisable in the absence of such tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (considerations.) 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 58.50 742.25 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 58.50 730.25 Td (limit our ability to make distributions to our stockholders, to replace the ) Tj ET Q q 0 0 0 rg BT 355.65 730.25 Td (Advisor or to otherwise achieve our investment ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.25 Td (objectives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 700.25 Td (When providing financing, a lender may impose restrictions on us that af) Tj ET Q q 0 0 0 rg BT 359.46 700.25 Td (fect our distribution and operating policies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 688.25 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 49.50 676.25 Td (mortgage property) Tj ET Q q 0 0 0 rg BT 122.99 676.25 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 49.50 664.25 Td (of our loan agreements may deter us from replacing the ) Tj ET Q q 0 0 0 rg BT 273.31 664.25 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 49.50 652.25 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 534.76 652.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (These or other limitations may adversely af) Tj ET Q q 0 0 0 rg BT 223.15 640.25 Td (fect our flexibility and our ability to achieve our investment objectives. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 616.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 616.25 Td (e ) Tj ET Q q 0 0 0 rg BT 73.75 616.25 Td (have ) Tj ET Q q 0 0 0 rg BT 95.86 616.25 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 137.13 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.36 616.25 Td (may ) Tj ET Q q 0 0 0 rg BT 175.24 616.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 214.02 616.25 Td (to ) Tj ET Q q 0 0 0 rg BT 224.46 616.25 Td (acquire, ) Tj ET Q q 0 0 0 rg BT 260.74 616.25 Td (various ) Tj ET Q q 0 0 0 rg BT 293.96 616.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 333.86 616.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 385.43 616.25 Td (for ) Tj ET Q q 0 0 0 rg BT 400.32 616.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 439.66 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.65 616.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 496.66 616.25 Td (or ) Tj ET Q q 0 0 0 rg BT 508.22 616.25 Td (reducing ) Tj ET Q q 0 0 0 rg BT 547.55 616.25 Td (our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 604.25 Td (risks, ) Tj ET Q q 0 0 0 rg BT 82.95 604.25 Td (which ) Tj ET Q q 0 0 0 rg BT 110.46 604.25 Td (may ) Tj ET Q q 0 0 0 rg BT 130.18 604.25 Td (be ) Tj ET Q q 0 0 0 rg BT 142.12 604.25 Td (costly ) Tj ET Q q 0 0 0 rg BT 167.94 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.00 604.25 Td (inef) Tj ET Q q 0 0 0 rg BT 201.93 604.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 231.07 604.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.13 604.25 Td (may ) Tj ET Q q 0 0 0 rg BT 268.85 604.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 299.12 604.25 Td (our ) Tj ET Q q 0 0 0 rg BT 316.07 604.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 337.46 604.25 Td (available ) Tj ET Q q 0 0 0 rg BT 377.18 604.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.90 604.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 442.20 604.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.47 604.25 Td (our ) Tj ET Q q 0 0 0 rg BT 469.43 604.25 Td (stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 580.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 580.25 Td (e ) Tj ET Q q 0 0 0 rg BT 83.54 580.25 Td (may ) Tj ET Q q 0 0 0 rg BT 103.72 580.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 126.67 580.25 Td (into ) Tj ET Q q 0 0 0 rg BT 145.19 580.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 183.13 580.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 201.08 580.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 228.49 580.25 Td (and ) Tj ET Q q 0 0 0 rg BT 245.89 580.25 Td (caps ) Tj ET Q q 0 0 0 rg BT 266.62 580.25 Td (or ) Tj ET Q q 0 0 0 rg BT 277.92 580.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 308.65 580.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 343.83 580.25 Td (or ) Tj ET Q q 0 0 0 rg BT 355.13 580.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 398.07 580.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 448.80 580.25 Td (or ) Tj ET Q q 0 0 0 rg BT 460.09 580.25 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 519.42 580.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.16 580.25 Td (order ) Tj ET Q q 0 0 0 rg BT 554.22 580.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 83.05 568.25 Td (or ) Tj ET Q q 0 0 0 rg BT 93.83 568.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 129.05 568.25 Td (our ) Tj ET Q q 0 0 0 rg BT 144.83 568.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 162.29 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.07 568.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 211.62 568.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.85 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.52 568.25 Td (ef) Tj ET Q q 0 0 0 rg BT 244.11 568.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 265.44 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.22 568.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 313.65 568.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 348.31 568.25 Td (as ) Tj ET Q q 0 0 0 rg BT 359.09 568.25 Td (a ) Tj ET Q q 0 0 0 rg BT 365.98 568.25 Td (result ) Tj ET Q q 0 0 0 rg BT 390.65 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 401.43 568.25 Td (our ) Tj ET Q q 0 0 0 rg BT 417.22 568.25 Td (international ) Tj ET Q q 0 0 0 rg BT 470.21 568.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 522.93 568.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 559.50 568.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.25 Td (we ) Tj ET Q q 0 0 0 rg BT 63.03 556.25 Td (have, ) Tj ET Q q 0 0 0 rg BT 86.28 556.25 Td (and ) Tj ET Q q 0 0 0 rg BT 102.59 556.25 Td (may ) Tj ET Q q 0 0 0 rg BT 121.67 556.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 157.98 556.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.63 556.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 189.48 556.25 Td (into ) Tj ET Q q 0 0 0 rg BT 206.91 556.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 238.21 556.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 255.07 556.25 Td (swaps ) Tj ET Q q 0 0 0 rg BT 281.38 556.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.69 556.25 Td (caps, ) Tj ET Q q 0 0 0 rg BT 319.83 556.25 Td (or ) Tj ET Q q 0 0 0 rg BT 330.03 556.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 359.67 556.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 393.76 556.25 Td (or ) Tj ET Q q 0 0 0 rg BT 403.96 556.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 445.81 556.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 495.44 556.25 Td (or ) Tj ET Q q 0 0 0 rg BT 505.64 556.25 Td (arrangements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.64 544.25 Td (order ) Tj ET Q q 0 0 0 rg BT 83.11 544.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.25 544.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 126.71 544.25 Td (or ) Tj ET Q q 0 0 0 rg BT 137.41 544.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 172.54 544.25 Td (our ) Tj ET Q q 0 0 0 rg BT 188.24 544.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 205.60 544.25 Td (of ) Tj ET Q q 0 0 0 rg BT 216.30 544.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 254.76 544.25 Td (to ) Tj ET Q q 0 0 0 rg BT 264.91 544.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.49 544.25 Td (ef) Tj ET Q q 0 0 0 rg BT 287.08 544.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 308.32 544.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.02 544.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 350.82 544.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 368.17 544.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 402.74 544.25 Td (due ) Tj ET Q q 0 0 0 rg BT 419.54 544.25 Td (to ) Tj ET Q q 0 0 0 rg BT 429.69 544.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 464.26 544.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 496.06 544.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 513.41 544.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 532.99 544.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.35 544.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 532.25 Td (have.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 508.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 508.25 Td (e are dif) Tj ET Q q 0 0 0 rg BT 100.35 508.25 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 58.50 496.25 Td (of such investment vehicles may not be indicative of our future results. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 472.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 472.25 Td (e are one of three publicly-of) Tj ET Q q 0 0 0 rg BT 192.29 472.25 Td (fered real estate investment vehicles that have been sponsored by Hines. ) Tj ET Q q 0 0 0 rg BT 483.67 472.25 Td (W) Tj ET Q q 0 0 0 rg BT 492.31 472.25 Td (e collectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.25 Td (refer to real estate joint ventures, funds and programs as investment vehicles. ) Tj ET Q q 0 0 0 rg BT 359.96 460.25 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 49.50 448.25 Td (vehicles of Hines and its af) Tj ET Q q 0 0 0 rg BT 157.90 448.25 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 49.50 436.25 Td (commissions, fees and expenses associated with our public of) Tj ET Q q 0 0 0 rg BT 296.21 436.25 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 49.50 424.25 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 468.65 424.25 Td (s. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 400.25 Td (The past performance of other real estate investment vehicles sponsored by Hines or its af) Tj ET Q q 0 0 0 rg BT 427.20 400.25 Td (filiates may not be indicative of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (our future results, and we may not be able to successfully operate our business and implement our investment strategy) Tj ET Q q 0 0 0 rg BT 521.23 388.25 Td (, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (may be dif) Tj ET Q q 0 0 0 rg BT 92.08 376.25 Td (ferent in a number of respects from the operations previously conducted by Hines. In addition, a significant portion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (of Hines) Tj ET Q q 0 0 0 rg BT 86.25 364.25 Td ( other programs and investments involve development projects. ) Tj ET Q q 0 0 0 rg BT 342.02 364.25 Td (Although we have invested in development projects, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (they do not constitute a significant portion of our portfolio. ) Tj ET Q q 0 0 0 rg BT 287.52 352.25 Td (As a result of all of these factors, our stockholders should not rely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (on the past performance of other investment vehicles sponsored by Hines and its af) Tj ET Q q 0 0 0 rg BT 381.73 340.25 Td (filiates to predict, or as an indication of, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (future performance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 304.25 Td (Our success will be dependent on the performance of Hines as well as key employees of Hines. Certain other investment ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 292.25 Td (vehicles sponsored by Hines have experienced adverse developments in recent years and there is a risk that we may ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 280.25 Td (experience similar adverse developments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 256.25 Td (Our ability to achieve our investment objectives and to pay distributions is dependent upon the performance of Hines and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.25 Td (its af) Tj ET Q q 0 0 0 rg BT 69.04 244.25 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 49.50 232.25 Td (determination of any financing arrangements, the management of our assets and operation of our day-to-day activities. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (board of directors and the ) Tj ET Q q 0 0 0 rg BT 154.19 220.25 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 49.50 208.25 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 49.50 196.25 Td (our investments. ) Tj ET Q q 0 0 0 rg BT 117.92 196.25 Td (W) Tj ET Q q 0 0 0 rg BT 126.56 196.25 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 49.50 184.25 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 67.50 160.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 160.25 Td (e may not be able to retain our key employees. ) Tj ET Q q 0 0 0 rg BT 267.56 160.25 Td (T) Tj ET Q q 0 0 0 rg BT 272.97 160.25 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 49.50 148.25 Td (key employees that depart from the Company) Tj ET Q q 0 0 0 rg BT 231.58 148.25 Td (, our results of operations may be adversely impacted. Our of) Tj ET Q q 0 0 0 rg BT 476.32 148.25 Td (ficers and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (management of the ) Tj ET Q q 0 0 0 rg BT 128.08 136.25 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 49.50 124.25 Td (distracted by these other activities or suf) Tj ET Q q 0 0 0 rg BT 210.94 124.25 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 49.50 112.25 Td (unrelated to us, the ability of Hines and its af) Tj ET Q q 0 0 0 rg BT 229.28 112.25 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 49.50 100.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 100.25 Td (fected. If Hines is unable to allocate suf) Tj ET Q q 0 0 0 rg BT 215.74 100.25 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 88.25 Td (operations would be adversely impacted. ) Tj ET Q q 0 0 0 rg BT 215.38 88.25 Td (W) Tj ET Q q 0 0 0 rg BT 224.02 88.25 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 88.25 Td ( key employees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (Please see Risks Related to Potential Conflicts of Interest Employees of the ) Tj ET Q q 0 0 0 rg BT 382.77 76.25 Td (Advisor and Hines will face conflicts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.25 Td (relating to time management and allocation of resources and investment opportunities.) 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 67.50 742.10 Td (Certain other investment vehicles sponsored by Hines have experienced adverse developments in recent years. ) Tj ET Q q 0 0 0 rg BT 511.51 742.10 Td (Although it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (was re-opened with respect to ordinary redemption requests in ) Tj ET Q q 0 0 0 rg BT 300.81 730.10 Td (April 2013, in December 2009, Hines Real Estate Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 718.10 Td (rust, Inc. \(Hines REIT\) suspended its share redemption program, except with respect to redemptions in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (death or disability of a stockholder) Tj ET Q q 0 0 0 rg BT 188.08 706.10 Td (. During the five years prior to its adoption of a plan of liquidation and dissolution in 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (specifically in May 201) Tj ET Q q 0 0 0 rg BT 143.83 694.10 Td (1, November 2012, ) Tj ET Q q 0 0 0 rg BT 222.98 694.10 Td (April 2013, November 2013, December 2014 and September 2015, Hines REIT) Tj ET Q q 0 0 0 rg BT 545.41 694.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (board of directors determined an estimated per share NA) Tj ET Q q 0 0 0 rg BT 275.34 682.10 Td (V) Tj ET Q q 0 0 0 rg BT 282.39 682.10 Td ( of $7.78, $7.61, $6.75, $6.40, $6.50, and $6.65, respectively) Tj ET Q q 0 0 0 rg BT 525.32 682.10 Td (, each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (which was lower than the most recent primary of) Tj ET Q q 0 0 0 rg BT 245.37 670.10 Td (fering price of $10.08 per share. ) Tj ET Q q 0 0 0 rg BT 376.25 670.10 Td (The reduction in the estimated NA) Tj ET Q q 0 0 0 rg BT 513.53 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 520.57 670.10 Td ( between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (November 2012 and ) Tj ET Q q 0 0 0 rg BT 133.09 658.10 Td (April 2013 was due to Hines REIT) Tj ET Q q 0 0 0 rg BT 275.30 658.10 Td (s payment to its stockholders of special distributions in excess of $0.80 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (per share \(all of which represented a return of capital\). In addition, Hines REIT) Tj ET Q q 0 0 0 rg BT 366.14 646.10 Td ( decreased its distribution rate in July 2010 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (further decreased the rate in ) Tj ET Q q 0 0 0 rg BT 163.05 634.10 Td (April 2013. ) Tj ET Q q 0 0 0 rg BT 213.98 634.10 Td (The reduction in the NA) Tj ET Q q 0 0 0 rg BT 310.44 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 317.48 634.10 Td ( between September 2015 and December 2016 was due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (primarily to Hines REIT) Tj ET Q q 0 0 0 rg BT 150.32 622.10 Td (s payment to its stockholders of their initial liquidating distribution of $6.20 per share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 598.10 Td (In addition to Hines REIT) Tj ET Q q 0 0 0 rg BT 177.19 598.10 Td (, Hines Global Income ) Tj ET Q q 0 0 0 rg BT 270.04 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 275.79 598.10 Td (rust and HMS Income Fund, Inc. \(HMS\), Hines has sponsored more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (than 20 privately-of) Tj ET Q q 0 0 0 rg BT 128.74 586.10 Td (fered programs in the past ten years. Several of Hines) Tj ET Q q 0 0 0 rg BT 345.70 586.10 Td ( privately-of) Tj ET Q q 0 0 0 rg BT 395.22 586.10 Td (fered programs have experienced adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (economic developments due to the global financial crisis and deteriorating economic conditions in several European and South ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (American countries, Mexico and several U.S. markets between 2007 and 2009. ) Tj ET Q q 0 0 0 rg BT 368.39 562.10 Td (The adverse market conditions experienced by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (these programs may result in them altering their investment strategy) Tj ET Q q 0 0 0 rg BT 321.28 550.10 Td (, generating returns lower than originally expected, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (ultimately may cause them to incur losses. ) Tj ET Q q 0 0 0 rg BT 221.50 538.10 Td (There is a risk that we may experience similar adverse developments, as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (investment vehicle sponsored by Hines. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 Td (T) Tj ET Q q 0 0 0 rg BT 63.69 502.10 Td (errorist attacks and other acts of violence, civilian unrest or war may af) Tj ET Q q 0 0 0 rg BT 357.67 502.10 Td (fect the markets in which we operate our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 490.10 Td (operations and our profitability) Tj ET Q q 0 0 0 rg BT 187.31 490.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.91 466.10 Td (errorist attacks and other acts of violence, civilian unrest or war may negatively af) Tj ET Q q 0 0 0 rg BT 401.49 466.10 Td (fect our operations and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 102.63 454.10 Td ( investments in our shares. Certain of our real estate investments are located in areas that may be susceptible to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (attack. In addition, any kind of terrorist activity or violent criminal acts, including terrorist acts against public institutions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (buildings or modes of public transportation \(including airlines, trains or buses\) could have a negative ef) Tj ET Q q 0 0 0 rg BT 463.66 430.10 Td (fect on our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (These events may directly impact the value of our assets through damage, destruction, loss or increased security costs. ) Tj ET Q q 0 0 0 rg BT 525.01 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 533.65 418.10 Td (e may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (not be able to obtain insurance against the risk of terrorism because it may not be available or may not be available on terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (that are economically feasible. Further) Tj ET Q q 0 0 0 rg BT 203.20 394.10 Td (, even if we do obtain terrorism insurance, we may not be able to obtain suf) Tj ET Q q 0 0 0 rg BT 504.88 394.10 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (coverage to fund any losses we may incur) Tj ET Q q 0 0 0 rg BT 216.39 382.10 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 49.50 370.10 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 49.50 358.10 Td (casualty claims. ) Tj ET Q q 0 0 0 rg BT 115.32 358.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 165.22 358.10 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 49.50 346.10 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 67.50 322.10 Td (The consequences of any armed conflict are unpredictable, and we may not be able to foresee events that could have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.13 310.10 Td (fect on our business or our stockholders) Tj ET Q q 0 0 0 rg BT 252.13 310.10 Td ( investments in our shares. More generally) Tj ET Q q 0 0 0 rg BT 421.71 310.10 Td (, any terrorist attack, other act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (violence or war) Tj ET Q q 0 0 0 rg BT 111.29 298.10 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 49.50 286.10 Td (financial markets and economy) Tj ET Q q 0 0 0 rg BT 174.08 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 178.90 286.10 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 49.50 274.10 Td (States or abroad. Our revenues will be dependent upon the payment of rent and the return of our other investments which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (be particularly vulnerable to uncertainty in the local economy) Tj ET Q q 0 0 0 rg BT 295.42 262.10 Td (. Increased economic volatility could adversely af) Tj ET Q q 0 0 0 rg BT 494.33 262.10 Td (fect our tenants) Tj ET Q q 0 0 0 rg BT 558.56 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (ability to pay rent or the return on our other investments or our ability to borrow money or issue capital stock at acceptable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (prices and have a material adverse ef) Tj ET Q q 0 0 0 rg BT 197.01 238.10 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 49.50 226.10 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 58.50 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 202.10 Td (e may be subject to litigation which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 347.00 202.10 Td (fect on our business and financial condition. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 184.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 184.10 Td (e may be subject to litigation, including claims relating to our operations, of) Tj ET Q q 0 0 0 rg BT 379.78 184.10 Td (ferings, unrecognized pre-acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 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 49.50 160.10 Td (judgments against us, some of which are not, or cannot be, insured against. ) Tj ET Q q 0 0 0 rg BT 351.75 160.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.39 160.10 Td (e generally intend to vigorously defend ourselves; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (however) Tj ET Q q 0 0 0 rg BT 83.53 148.10 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 49.50 136.10 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 49.50 124.10 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 49.50 112.10 Td (of certain litigation may af) Tj ET Q q 0 0 0 rg BT 155.95 112.10 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 49.50 100.10 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 88.10 Td (attract of) Tj ET Q q 0 0 0 rg BT 85.13 88.10 Td (ficers and directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 64.10 Td (Our business could suf) Tj ET Q q 0 0 0 rg BT 153.07 64.10 Td (fer in the event the ) Tj ET Q q 0 0 0 rg BT 232.41 64.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 263.53 64.10 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 52.10 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 52.10 Td (.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 85.27 742.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 117.10 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 122.45 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 138.64 742.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 172.04 742.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 196.55 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.85 742.10 Td (other ) Tj ET Q q 0 0 0 rg BT 237.25 742.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 266.76 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 284.62 742.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 318.02 742.10 Td (us ) Tj ET Q q 0 0 0 rg BT 329.77 742.10 Td (with ) Tj ET Q q 0 0 0 rg BT 350.41 742.10 Td (services ) Tj ET Q q 0 0 0 rg BT 385.47 742.10 Td (essential ) Tj ET Q q 0 0 0 rg BT 422.76 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 433.40 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.59 742.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 494.10 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 509.17 742.10 Td (vulnerable ) Tj ET Q q 0 0 0 rg BT 554.23 742.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (damages ) Tj ET Q q 0 0 0 rg BT 88.28 730.10 Td (from ) Tj ET Q q 0 0 0 rg BT 111.51 730.10 Td (any ) Tj ET Q q 0 0 0 rg BT 129.74 730.10 Td (number ) Tj ET Q q 0 0 0 rg BT 164.08 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.21 730.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 212.49 730.10 Td (including ) Tj ET Q q 0 0 0 rg BT 254.06 730.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 295.61 730.10 Td (viruses, ) Tj ET Q q 0 0 0 rg BT 330.24 730.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 386.23 730.10 Td (access, ) Tj ET Q q 0 0 0 rg BT 418.06 730.10 Td (ener) Tj ET Q q 0 0 0 rg BT 435.09 730.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 448.88 730.10 Td (blackouts, ) Tj ET Q q 0 0 0 rg BT 493.50 730.10 Td (natural ) Tj ET Q q 0 0 0 rg BT 525.06 730.10 Td (disasters, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (terrorism, ) Tj ET Q q 0 0 0 rg BT 91.50 718.10 Td (war ) Tj ET Q q 0 0 0 rg BT 109.33 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.62 718.10 Td (telecommunication ) Tj ET Q q 0 0 0 rg BT 206.10 718.10 Td (failures. ) Tj ET Q q 0 0 0 rg BT 240.80 718.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 260.87 718.10 Td (system ) Tj ET Q q 0 0 0 rg BT 291.49 718.10 Td (failure ) Tj ET Q q 0 0 0 rg BT 320.43 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 331.60 718.10 Td (accident ) Tj ET Q q 0 0 0 rg BT 367.76 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 385.60 718.10 Td (causes ) Tj ET Q q 0 0 0 rg BT 414.54 718.10 Td (interruptions ) Tj ET Q q 0 0 0 rg BT 468.49 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.11 718.10 Td (our ) Tj ET Q q 0 0 0 rg BT 495.29 718.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 539.79 718.10 Td (could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (result ) Tj ET Q q 0 0 0 rg BT 72.99 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.03 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 87.74 706.10 Td (material ) Tj ET Q q 0 0 0 rg BT 121.77 706.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 163.59 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 172.64 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.24 706.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 227.12 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 233.79 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 235.06 706.10 Td (cyber ) Tj ET Q q 0 0 0 rg BT 258.53 706.10 Td (incident ) Tj ET Q q 0 0 0 rg BT 292.01 706.10 Td (is ) Tj ET Q q 0 0 0 rg BT 299.95 706.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 344.53 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 353.58 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 364.29 706.10 Td (any ) Tj ET Q q 0 0 0 rg BT 380.00 706.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 411.80 706.10 Td (event ) Tj ET Q q 0 0 0 rg BT 434.72 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 450.99 706.10 Td (threatens ) Tj ET Q q 0 0 0 rg BT 488.35 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.84 706.10 Td (confidentiality) Tj ET Q q 0 0 0 rg BT 559.50 706.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (integrity ) Tj ET Q q 0 0 0 rg BT 86.19 694.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.33 694.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 145.13 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.27 694.10 Td (information ) Tj ET Q q 0 0 0 rg BT 206.29 694.10 Td (resources. ) Tj ET Q q 0 0 0 rg BT 249.36 694.10 Td (More ) Tj ET Q q 0 0 0 rg BT 273.83 694.10 Td (specifically) Tj ET Q q 0 0 0 rg BT 319.27 694.10 Td (, ) Tj ET Q q 0 0 0 rg BT 324.58 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 331.83 694.10 Td (cyber ) Tj ET Q q 0 0 0 rg BT 356.84 694.10 Td (incident ) Tj ET Q q 0 0 0 rg BT 391.87 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 401.35 694.10 Td (an ) Tj ET Q q 0 0 0 rg BT 413.59 694.10 Td (intentional ) Tj ET Q q 0 0 0 rg BT 459.17 694.10 Td (attack ) Tj ET Q q 0 0 0 rg BT 485.85 694.10 Td (or ) Tj ET Q q 0 0 0 rg BT 497.00 694.10 Td (an ) Tj ET Q q 0 0 0 rg BT 509.24 694.10 Td (unintentional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (event ) Tj ET Q q 0 0 0 rg BT 73.12 682.10 Td (that ) Tj ET Q q 0 0 0 rg BT 90.08 682.10 Td (may ) Tj ET Q q 0 0 0 rg BT 109.26 682.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 143.16 682.10 Td (but ) Tj ET Q q 0 0 0 rg BT 157.90 682.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.54 682.10 Td (not ) Tj ET Q q 0 0 0 rg BT 181.28 682.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 211.57 682.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 223.81 682.10 Td (gaining ) Tj ET Q q 0 0 0 rg BT 255.77 682.10 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 309.94 682.10 Td (access ) Tj ET Q q 0 0 0 rg BT 337.44 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.19 682.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 380.82 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.56 682.10 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 420.30 682.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 466.42 682.10 Td (corrupt ) Tj ET Q q 0 0 0 rg BT 497.27 682.10 Td (data, ) Tj ET Q q 0 0 0 rg BT 518.39 682.10 Td (steal ) Tj ET Q q 0 0 0 rg BT 538.67 682.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.72 670.10 Td (misappropriate ) Tj ET Q q 0 0 0 rg BT 123.58 670.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 174.23 670.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 226.82 670.10 Td (such ) Tj ET Q q 0 0 0 rg BT 248.04 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 259.26 670.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 309.90 670.10 Td (stockholder ) Tj ET Q q 0 0 0 rg BT 359.44 670.10 Td (records. ) Tj ET Q q 0 0 0 rg BT 393.62 670.10 Td (As ) Tj ET Q q 0 0 0 rg BT 407.62 670.10 Td (reliance ) Tj ET Q q 0 0 0 rg BT 442.14 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 455.03 670.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 502.35 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.01 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 529.23 670.10 Td (industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.22 658.10 Td (increased, ) Tj ET Q q 0 0 0 rg BT 107.85 658.10 Td (so ) Tj ET Q q 0 0 0 rg BT 119.13 658.10 Td (have ) Tj ET Q q 0 0 0 rg BT 140.39 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.00 658.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 176.27 658.10 Td (posed ) Tj ET Q q 0 0 0 rg BT 201.99 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 212.15 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.87 658.10 Td (systems, ) Tj ET Q q 0 0 0 rg BT 264.42 658.10 Td (both ) Tj ET Q q 0 0 0 rg BT 284.59 658.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 317.51 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 334.34 658.10 Td (those ) Tj ET Q q 0 0 0 rg BT 357.83 658.10 Td (we ) Tj ET Q q 0 0 0 rg BT 371.88 658.10 Td (have ) Tj ET Q q 0 0 0 rg BT 393.14 658.10 Td (outsourced. ) Tj ET Q q 0 0 0 rg BT 441.90 658.10 Td (In ) Tj ET Q q 0 0 0 rg BT 452.62 658.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 490.27 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.88 658.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.26 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.98 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.80 658.10 Td (cyber ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (incident, ) Tj ET Q q 0 0 0 rg BT 85.97 646.10 Td (including ) Tj ET Q q 0 0 0 rg BT 125.49 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 137.25 646.10 Td (computer ) Tj ET Q q 0 0 0 rg BT 176.77 646.10 Td (hackers, ) Tj ET Q q 0 0 0 rg BT 211.56 646.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 242.19 646.10 Td (governments ) Tj ET Q q 0 0 0 rg BT 295.60 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 311.79 646.10 Td (cyber ) Tj ET Q q 0 0 0 rg BT 335.75 646.10 Td (terrorists, ) Tj ET Q q 0 0 0 rg BT 375.55 646.10 Td (has ) Tj ET Q q 0 0 0 rg BT 390.64 646.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 429.60 646.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 469.10 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 479.19 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.16 646.10 Td (number) Tj ET Q q 0 0 0 rg BT 523.31 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 527.56 646.10 Td (intensity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.85 634.10 Td (sophistication ) Tj ET Q q 0 0 0 rg BT 125.32 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.56 634.10 Td (attempted ) Tj ET Q q 0 0 0 rg BT 178.90 634.10 Td (attacks ) Tj ET Q q 0 0 0 rg BT 209.58 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.93 634.10 Td (instructions ) Tj ET Q q 0 0 0 rg BT 276.50 634.10 Td (from ) Tj ET Q q 0 0 0 rg BT 298.86 634.10 Td (around ) Tj ET Q q 0 0 0 rg BT 329.54 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.67 634.10 Td (world ) Tj ET Q q 0 0 0 rg BT 370.91 634.10 Td (have ) Tj ET Q q 0 0 0 rg BT 392.70 634.10 Td (increased. ) Tj ET Q q 0 0 0 rg BT 438.15 634.10 Td (The ) Tj ET Q q 0 0 0 rg BT 456.61 634.10 Td (remediation ) Tj ET Q q 0 0 0 rg BT 507.29 634.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 530.20 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 547.55 634.10 Td (lost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 87.01 622.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 137.28 622.10 Td (by ) Tj ET Q q 0 0 0 rg BT 149.25 622.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.65 622.10 Td (victim ) Tj ET Q q 0 0 0 rg BT 183.17 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.47 622.10 Td (a ) Tj ET Q q 0 0 0 rg BT 199.88 622.10 Td (cyber ) Tj ET Q q 0 0 0 rg BT 224.06 622.10 Td (incident ) Tj ET Q q 0 0 0 rg BT 258.24 622.10 Td (may ) Tj ET Q q 0 0 0 rg BT 277.42 622.10 Td (be ) Tj ET Q q 0 0 0 rg BT 288.83 622.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 333.01 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.42 622.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 393.60 622.10 Td (resources ) Tj ET Q q 0 0 0 rg BT 433.33 622.10 Td (may ) Tj ET Q q 0 0 0 rg BT 452.52 622.10 Td (be ) Tj ET Q q 0 0 0 rg BT 463.92 622.10 Td (required ) Tj ET Q q 0 0 0 rg BT 499.21 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 508.96 622.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 534.24 622.10 Td (system ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (damage, ) Tj ET Q q 0 0 0 rg BT 84.83 610.10 Td (protect ) Tj ET Q q 0 0 0 rg BT 114.34 610.10 Td (against ) Tj ET Q q 0 0 0 rg BT 144.40 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.36 610.10 Td (threat ) Tj ET Q q 0 0 0 rg BT 182.86 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.93 610.10 Td (future ) Tj ET Q q 0 0 0 rg BT 218.55 610.10 Td (security ) Tj ET Q q 0 0 0 rg BT 251.94 610.10 Td (breaches ) Tj ET Q q 0 0 0 rg BT 288.66 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 298.73 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 308.25 610.10 Td (alleviate ) Tj ET Q q 0 0 0 rg BT 343.85 610.10 Td (problems, ) Tj ET Q q 0 0 0 rg BT 385.31 610.10 Td (including ) Tj ET Q q 0 0 0 rg BT 424.82 610.10 Td (reputational ) Tj ET Q q 0 0 0 rg BT 474.32 610.10 Td (harm, ) Tj ET Q q 0 0 0 rg BT 499.11 610.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 516.41 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.48 610.10 Td (revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.56 598.10 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 105.79 598.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 134.62 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 146.24 598.10 Td (any ) Tj ET Q q 0 0 0 rg BT 162.30 598.10 Td (breaches. ) Tj ET Q q 0 0 0 rg BT 201.28 598.10 Td (There ) Tj ET Q q 0 0 0 rg BT 226.21 598.10 Td (also ) Tj ET Q q 0 0 0 rg BT 243.94 598.10 Td (may ) Tj ET Q q 0 0 0 rg BT 262.78 598.10 Td (be ) Tj ET Q q 0 0 0 rg BT 273.84 598.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 306.57 598.10 Td (for ) Tj ET Q q 0 0 0 rg BT 319.85 598.10 Td (any ) Tj ET Q q 0 0 0 rg BT 335.91 598.10 Td (stolen ) Tj ET Q q 0 0 0 rg BT 361.42 598.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 386.37 598.10 Td (or ) Tj ET Q q 0 0 0 rg BT 396.32 598.10 Td (misappropriated ) Tj ET Q q 0 0 0 rg BT 462.92 598.10 Td (confidential ) Tj ET Q q 0 0 0 rg BT 512.30 598.10 Td (information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 68.77 586.10 Td (material ) Tj ET Q q 0 0 0 rg BT 103.59 586.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 136.18 586.10 Td (ef) Tj ET Q q 0 0 0 rg BT 143.77 586.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 160.80 586.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 211.16 586.10 Td (by ) Tj ET Q q 0 0 0 rg BT 223.21 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.03 586.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 268.85 586.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.40 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 288.79 586.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 321.38 586.10 Td (agent ) Tj ET Q q 0 0 0 rg BT 345.08 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 361.58 586.10 Td (other ) Tj ET Q q 0 0 0 rg BT 384.18 586.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 412.88 586.10 Td (that ) Tj ET Q q 0 0 0 rg BT 429.93 586.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 462.53 586.10 Td (us ) Tj ET Q q 0 0 0 rg BT 473.48 586.10 Td (with ) Tj ET Q q 0 0 0 rg BT 493.31 586.10 Td (services ) Tj ET Q q 0 0 0 rg BT 527.57 586.10 Td (essential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.61 574.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 119.76 574.10 Td (could, ) Tj ET Q q 0 0 0 rg BT 146.98 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.26 574.10 Td (turn, ) Tj ET Q q 0 0 0 rg BT 178.37 574.10 Td (have ) Tj ET Q q 0 0 0 rg BT 199.74 574.10 Td (an ) Tj ET Q q 0 0 0 rg BT 211.68 574.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 244.72 574.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 274.43 574.10 Td (on ) Tj ET Q q 0 0 0 rg BT 286.93 574.10 Td (us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (Risks Related to Investments in Real Estate) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 526.10 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 58.50 514.10 Td (real estate markets of those areas.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 490.10 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 49.50 478.10 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 49.50 466.10 Td (changes af) Tj ET Q q 0 0 0 rg BT 91.79 466.10 Td (fecting the real estate markets in that area.) Tj ET Q q 0 0 0 rg BT 262.92 466.10 Td (Therefore, stockholders) Tj ET Q q 0 0 0 rg BT 360.47 466.10 Td ( investment in our common stock will be subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 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 49.50 442.10 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 401.33 442.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.92 442.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 430.10 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 352.49 430.10 Td (9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.82 430.10 Td ( of our portfolio consists of our property in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (Seattle, ) Tj ET Q q 0 0 0 rg BT 81.53 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 90.17 418.10 Td (ashington. Consequently) Tj ET Q q 0 0 0 rg BT 190.90 418.10 Td (, our financial condition and ability to make distributions could be materially and adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 406.10 Td (fected by any significant adverse developments in those markets. Please see Item2. Properties Market Concentration.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 382.10 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 58.50 370.10 Td (industries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 346.10 Td (In the event we have a concentration of tenants in a particular industry) Tj ET Q q 0 0 0 rg BT 348.41 346.10 Td (, our operating results and ability to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (distributions may be adversely af) Tj ET Q q 0 0 0 rg BT 182.06 334.10 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 49.50 322.10 Td (the extent that our tenants are not diversified by industry) Tj ET Q q 0 0 0 rg BT 275.18 322.10 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 49.50 310.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 310.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.91 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.91 310.10 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.24 310.10 Td ( of our space is leased to tenants in the transportation and warehousing industry) Tj ET Q q 0 0 0 rg BT 479.57 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.57 310.10 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.90 310.10 Td ( is leased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (tenants in the retail industry and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.58 298.10 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 298.10 Td ( is leased to tenants in the finance and insurance industry) Tj ET Q q 0 0 0 rg BT 420.97 298.10 Td (.Please see Item2. Properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (Industry Concentration.) 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 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 58.50 250.10 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 58.50 238.10 Td (space.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 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 49.50 202.10 Td (from tenants could adversely af) Tj ET Q q 0 0 0 rg BT 175.38 202.10 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 49.50 190.10 Td (a number of smaller tenants to meet their rental obligations would adversely af) Tj ET Q q 0 0 0 rg BT 364.22 190.10 Td (fect our income. ) Tj ET Q q 0 0 0 rg BT 431.79 190.10 Td (Therefore, our financial success ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 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 49.50 166.10 Td (loans we may own. ) Tj ET Q q 0 0 0 rg BT 129.03 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.44 166.10 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 49.50 154.10 Td (default and, in other circumstances, may not renew their leases or) Tj ET Q q 0 0 0 rg BT 311.22 154.10 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 49.50 142.10 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 371.43 142.10 Td (The weakening of the financial condition or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 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 49.50 118.10 Td (the expiration of leases, may adversely af) Tj ET Q q 0 0 0 rg BT 215.09 118.10 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 94.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 106.27 94.10 Td (, under U.S. bankruptcy law) Tj ET Q q 0 0 0 rg BT 218.10 94.10 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 82.10 Td (obligations under any unexpired lease for nonresidential real property) Tj ET Q q 0 0 0 rg BT 327.64 82.10 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 70.10 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 58.10 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 58.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (bankruptcy estate. ) Tj ET Q q 0 0 0 rg BT 124.20 46.10 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 46.10 Td (forded ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 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 49.50 730.10 Td (lease will be af) Tj ET Q q 0 0 0 rg BT 109.57 730.10 Td (forded general unsecured claim status \(absent collateral securing the claim\). Moreover) Tj ET Q q 0 0 0 rg BT 454.86 730.10 Td (, amounts owing under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 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 49.50 706.10 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 49.50 694.10 Td (of the bankruptcy laws of international jurisdictions may dif) Tj ET Q q 0 0 0 rg BT 289.82 694.10 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 49.50 682.10 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 49.50 670.10 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 67.50 646.10 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 413.13 646.10 Td (, may be suited to the particular or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (unique needs of such tenant. ) Tj ET Q q 0 0 0 rg BT 165.40 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 174.04 634.10 Td (e may have dif) Tj ET Q q 0 0 0 rg BT 233.00 634.10 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 49.50 622.10 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 49.50 610.10 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 521.17 610.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 580.10 Td (A) Tj ET Q q 0 0 0 rg BT 64.62 580.10 Td ( change in U.S. accounting standards regarding operating leases may make the leasing of our properties less attractive ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 568.10 Td (to our potential tenants, which could reduce overall demand for our leasing services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.10 Td (Under current authoritative accounting guidance for leases, a lease is classified by a tenant as a capital lease if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (significant risks and rewards of ownership are considered to reside with the tenant. Under capital lease accounting, both the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (leased asset and liability are reflected on the tenant) Tj ET Q q 0 0 0 rg BT 256.08 526.10 Td (s balance sheet. If the terms of the lease do not meet the criteria for a capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (lease, the lease is considered an operating lease and no leased asset or contractual lease obligation is recorded on the tenant) Tj ET Q q 0 0 0 rg BT 544.58 514.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (balance sheet. ) Tj ET Q q 0 0 0 rg BT 107.53 502.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 156.86 502.10 Td (, under the current accounting standards for leases, the entry into an operating lease with respect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (real property can appear to enhance a tenant) Tj ET Q q 0 0 0 rg BT 228.57 490.10 Td (s reported financial condition or results of operations in comparison to the tenant) Tj ET Q q 0 0 0 rg BT 554.59 490.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (direct ownership of the property) Tj ET Q q 0 0 0 rg BT 177.70 478.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 454.10 Td (In order to address concerns raised by the SEC regarding the transparency of contractual lease obligations under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (existing accounting standards for operating leases, the F) Tj ET Q q 0 0 0 rg BT 273.14 442.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 322.04 442.10 Td (ASU 2016-02 on February 25, 2016, which substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (changes the current lease accounting standards, primarily by significantly changing the concept of operating lease accounting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (As a result, a lease asset and obligation will be recorded on the tenant) Tj ET Q q 0 0 0 rg BT 330.52 418.10 Td (s balance sheet for all lease arrangements. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (ASU 2016-02 will impact the method in which contractual lease payments will be recorded. In order to mitigate the ef) Tj ET Q q 0 0 0 rg BT 522.51 406.10 Td (fect of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (the new lease accounting standards, tenants may seek to negotiate certain terms within new lease arrangements or modify terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (in existing lease arrangements, such as shorter lease terms, which would generally have less impact on their balance sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (Also, tenants may reassess their lease-versus-buy strategies. ) Tj ET Q q 0 0 0 rg BT 291.75 370.10 Td (This could result in a greater renewal risk or shorter lease terms, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (which may negatively impact our operations and our ability to pay distributions to our stockholders. ) Tj ET Q q 0 0 0 rg BT 452.02 358.10 Td (The new leasing standard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (is ef) Tj ET Q q 0 0 0 rg BT 66.26 346.10 Td (fective on January 1, 2019, with early adoption permitted.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 322.10 Td (e may suf) Tj ET Q q 0 0 0 rg BT 105.91 322.10 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 58.50 310.10 Td (proportion to our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 286.10 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 475.34 286.10 Td (, do not necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (fluctuate in proportion to changes in our rental revenue. ) Tj ET Q q 0 0 0 rg BT 274.43 274.10 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 49.50 262.10 Td (do. Similarly) Tj ET Q q 0 0 0 rg BT 101.07 262.10 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 49.50 250.10 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 49.50 238.10 Td (distributions to our stockholders.) 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 58.50 742.25 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 58.50 730.25 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 67.50 706.25 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 49.50 694.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 102.09 694.25 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 58.50 670.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.25 Td (changes in the general economic climate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 658.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.25 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 58.50 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.25 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 58.50 634.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 634.25 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 58.50 622.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 622.25 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 58.50 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.25 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 536.81 610.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.25 Td (natural disasters and acts of God, over) Tj ET Q q 0 0 0 rg BT 229.31 598.25 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 76.50 586.25 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 76.50 574.25 Td (domain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.25 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 49.50 538.25 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 58.50 514.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.25 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 76.50 502.25 Td (know about at the time of acquisition;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.25 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 76.50 478.25 Td (properties or the ef) Tj ET Q q 0 0 0 rg BT 152.12 478.25 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 67.50 454.25 Td (Any of these factors could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 279.72 454.25 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 49.50 442.25 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 58.50 418.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 418.25 Td (e may be adversely af) Tj ET Q q 0 0 0 rg BT 154.21 418.25 Td (fected by trends in the of) Tj ET Q q 0 0 0 rg BT 255.40 418.25 Td (fice real estate industry) Tj ET Q q 0 0 0 rg BT 350.85 418.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 394.25 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 49.50 382.25 Td (teleconferencing increasingly common. ) Tj ET Q q 0 0 0 rg BT 209.81 382.25 Td (These practices enable businesses to reduce their space requirements. ) Tj ET Q q 0 0 0 rg BT 489.14 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 495.81 382.25 Td ( continuation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (the movement towards these practices could over time erode the overall demand for of) Tj ET Q q 0 0 0 rg BT 395.58 370.25 Td (fice space and, in turn, place downward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (pressure on occupancy) Tj ET Q q 0 0 0 rg BT 139.92 358.25 Td (, rental rates and property valuations, each of which could have an adverse ef) Tj ET Q q 0 0 0 rg BT 448.23 358.25 Td (fect on our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (position, results of operations, cash flows and ability to make distributions to our stockholders.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 322.25 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 58.50 310.25 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 58.50 298.25 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 67.50 274.25 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 494.68 274.25 Td (fect occupancy) Tj ET Q q 0 0 0 rg BT 554.27 274.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 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 49.50 250.25 Td (impact on our cash flows, operating results and carrying value of investment property) Tj ET Q q 0 0 0 rg BT 391.25 250.25 Td (. For example, an economic recession or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (rise in interest rates could make it more dif) Tj ET Q q 0 0 0 rg BT 220.93 238.25 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 49.50 226.25 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 49.50 214.25 Td (decline in the value of our properties and make it more dif) Tj ET Q q 0 0 0 rg BT 282.29 214.25 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 49.50 202.25 Td (risks that may af) Tj ET Q q 0 0 0 rg BT 115.69 202.25 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 58.50 178.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 178.25 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 76.50 166.25 Td (properties in the area;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 154.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 154.25 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 67.50 130.25 Td (International, national, regional and local economic climates have been adversely af) Tj ET Q q 0 0 0 rg BT 403.29 130.25 Td (fected by the slow job growth of recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 75.42 118.25 Td (T) Tj ET Q q 0 0 0 rg BT 80.83 118.25 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 49.50 106.25 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 394.21 106.25 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 94.25 Td (may decline. ) Tj ET Q q 0 0 0 rg BT 102.91 94.25 Td (W) Tj ET Q q 0 0 0 rg BT 111.55 94.25 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 82.25 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 82.25 Td (Any of these factors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 70.25 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 58.25 Td (stockholders and the value of their investment.) 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 (Our use of borrowings to fund improvements on properties or other cash needs could result in foreclosures and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 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 58.50 718.25 Td (cash flow) Tj ET Q q 0 0 0 rg BT 97.30 718.25 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 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 49.50 682.25 Td (financing to fund the costs of any capital expenditures and other items. ) Tj ET Q q 0 0 0 rg BT 334.70 682.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 384.04 682.25 Td (, we are subject to the risks that our cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (flow will not be suf) Tj ET Q q 0 0 0 rg BT 127.64 670.25 Td (ficient to cover required debt service payments and that we will be unable to meet other covenants or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (requirements in the credit agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.25 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 49.50 622.25 Td (upon by) Tj ET Q q 0 0 0 rg BT 81.35 622.25 Td (, or otherwise transferred to, our lender) Tj ET Q q 0 0 0 rg BT 237.56 622.25 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 49.50 610.25 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 49.50 598.25 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 49.50 586.25 Td (basis in the property) Tj ET Q q 0 0 0 rg BT 130.22 586.25 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 49.50 574.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 574.25 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 49.50 562.25 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 442.42 562.25 Td (A) Tj ET Q q 0 0 0 rg BT 449.08 562.25 Td ( refinancing on such terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 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 49.50 538.25 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 49.50 526.25 Td (time when we would not otherwise do so.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 502.25 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 67.50 478.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 478.25 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 481.43 478.25 Td (, there are types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 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 49.50 454.25 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 49.50 442.25 Td (or environmental matters. ) Tj ET Q q 0 0 0 rg BT 154.84 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.48 442.25 Td (e may not have adequate coverage in the event we or our buildings suf) Tj ET Q q 0 0 0 rg BT 445.14 442.25 Td (fer casualty losses. If we do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 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 49.50 418.25 Td (uninsured losses. ) Tj ET Q q 0 0 0 rg BT 119.78 418.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 169.68 418.25 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 49.50 406.25 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 406.25 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 382.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 382.25 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 58.50 370.25 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 67.50 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 346.25 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 49.50 334.25 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 49.50 322.25 Td (risk may limit our ability to finance or refinance debt secured by our properties. ) Tj ET Q q 0 0 0 rg BT 370.23 322.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 420.13 322.25 Td (, we could default under debt or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 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 49.50 298.25 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 49.50 286.25 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 58.50 262.25 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 58.50 250.25 Td (consequences that could adversely af) Tj ET Q q 0 0 0 rg BT 210.52 250.25 Td (fect us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 226.25 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 49.50 214.25 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 502.52 214.25 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.21 202.25 Td (W) Tj ET Q q 0 0 0 rg BT 96.85 202.25 Td (e may be required to obtain licenses and permits with dif) Tj ET Q q 0 0 0 rg BT 323.83 202.25 Td (ferent governmental authorities in order to acquire and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (manage our assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 166.25 Td (In addition, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 182.02 166.25 Td (W) Tj ET Q q 0 0 0 rg BT 190.66 166.25 Td (all Street Reform and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 365.63 166.25 Td (Act \(the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 455.88 166.25 Td (Act\), which generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (took ef) Tj ET Q q 0 0 0 rg BT 77.37 154.25 Td (fect in 201) Tj ET Q q 0 0 0 rg BT 119.76 154.25 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 49.50 142.25 Td (provisions of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 170.05 142.25 Td (Act require extensive rulemaking by the SEC and the U.S. Commodity Futures ) Tj ET Q q 0 0 0 rg BT 488.70 142.25 Td (T) Tj ET Q q 0 0 0 rg BT 494.46 142.25 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (Commission, some of which remains ongoing. ) Tj ET Q q 0 0 0 rg BT 238.20 130.25 Td (Thus, the full impact of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 400.39 130.25 Td (Act on our business cannot be fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 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 94.25 Td (V) Tj ET Q q 0 0 0 rg BT 73.61 94.25 Td (arious rules currently in ef) Tj ET Q q 0 0 0 rg BT 178.95 94.25 Td (fect under the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 287.25 94.25 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 82.25 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 70.25 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 58.25 Td (enforcement provisions, and asset-backed securities. In February 2017, the U.S. President ordered the Secretary of the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 46.25 Td (reasury to review certain existing rules and regulations, such as those promulgated under the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 478.47 46.25 Td (Act; however) Tj ET Q q 0 0 0 rg BT 532.22 46.25 Td (, the ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (implications of that review are not yet known and none of the rules and regulations promulgated under the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 527.99 742.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (have been modified or rescinded as of the date of this report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 Td (For example, but not by way of limitation, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 305.24 706.10 Td (Act and the rules and regulations promulgated thereunder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (provides for significantly increased regulation of the derivatives markets and transactions that af) Tj ET Q q 0 0 0 rg BT 434.74 694.10 Td (fect our interest rate hedging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 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 49.50 670.10 Td (counterparties and execution on regulated exchanges or execution facilities, and \(iii\)mar) Tj ET Q q 0 0 0 rg BT 404.73 670.10 Td (gin and collateral requirements.) Tj ET Q q 0 0 0 rg BT 533.67 670.10 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (the full impact of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 186.69 658.10 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 49.50 646.10 Td (implementing rules and regulations are promulgated, the foregoing requirements may af) Tj ET Q q 0 0 0 rg BT 401.71 646.10 Td (fect our ability to enter into hedging or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 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 49.50 622.10 Td (into such transactions on less favorable terms than prior to the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 351.10 622.10 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 49.50 610.10 Td (users of swaps upon which we may seek to rely) Tj ET Q q 0 0 0 rg BT 243.52 610.10 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 49.50 598.10 Td (submitting them to a derivatives clearing or) Tj ET Q q 0 0 0 rg BT 223.72 598.10 Td (ganization. ) Tj ET Q q 0 0 0 rg BT 270.19 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 275.60 598.10 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 49.50 586.10 Td (required to, among other things, post mar) Tj ET Q q 0 0 0 rg BT 214.84 586.10 Td (gin in connection with such transactions. ) Tj ET Q q 0 0 0 rg BT 380.46 586.10 Td (The occurrence of any of the foregoing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (events may have an adverse ef) Tj ET Q q 0 0 0 rg BT 171.20 574.10 Td (fect on our business and our stockholders) Tj ET Q q 0 0 0 rg BT 339.31 574.10 Td ( return.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.10 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 49.50 538.10 Td (more restrictive manner) Tj ET Q q 0 0 0 rg BT 144.61 538.10 Td (, which may force companies in the real estate industry) Tj ET Q q 0 0 0 rg BT 364.44 538.10 Td (, including us, to spend funds to comply with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (these new rules. ) Tj ET Q q 0 0 0 rg BT 115.59 526.10 Td (Any such action on the part of public authorities may adversely af) Tj ET Q q 0 0 0 rg BT 379.50 526.10 Td (fect our results from operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 502.10 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 49.50 490.10 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 58.50 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 466.10 Td (e operate in a competitive business, and many of our competitors have significant resources and operating flexibility) Tj ET Q q 0 0 0 rg BT 544.33 466.10 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 454.10 Td (allowing them to compete ef) Tj ET Q q 0 0 0 rg BT 173.86 454.10 Td (fectively with us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 430.10 Td (Numerous real estate companies that operate in the markets in which we may operate will compete with us in acquiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 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 49.50 406.10 Td (investments. One such company with whom we may compete for tenants is Hines Global Income ) Tj ET Q q 0 0 0 rg BT 441.45 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 447.21 406.10 Td (rust. Such competition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (could adversely af) Tj ET Q q 0 0 0 rg BT 122.62 394.10 Td (fect our business. ) Tj ET Q q 0 0 0 rg BT 194.65 394.10 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 49.50 382.10 Td (U.S.institutional and foreign investors that will compete with us in seeking investments and tenants for properties. Many of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 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 49.50 358.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 358.10 Td (fectively with us. In addition, our ability to char) Tj ET Q q 0 0 0 rg BT 248.53 358.10 Td (ge premium rental rates to tenants may be negatively impacted. ) Tj ET Q q 0 0 0 rg BT 504.09 358.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 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 49.50 334.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 334.10 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 49.50 322.10 Td (investments in our assets, which may adversely af) Tj ET Q q 0 0 0 rg BT 249.27 322.10 Td (fect us. ) Tj ET Q q 0 0 0 rg BT 280.47 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 289.10 322.10 Td (e may also have dif) Tj ET Q q 0 0 0 rg BT 366.67 322.10 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 49.50 310.10 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 49.50 298.10 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 58.50 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 274.10 Td (e may have dif) Tj ET Q q 0 0 0 rg BT 126.17 274.10 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 58.50 262.10 Td (such sales to our stockholders may be limited.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 238.10 Td (Real estate investments are relatively illiquid. ) Tj ET Q q 0 0 0 rg BT 252.54 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 261.18 238.10 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 49.50 226.10 Td (economic or other conditions. ) Tj ET Q q 0 0 0 rg BT 171.23 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.87 226.10 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 49.50 214.10 Td (capital needs such as share redemptions. ) Tj ET Q q 0 0 0 rg BT 213.43 214.10 Td (W) Tj ET Q q 0 0 0 rg BT 222.07 214.10 Td (e expect to generally hold a real estate investment for the long term. ) Tj ET Q q 0 0 0 rg BT 496.23 214.10 Td (When we sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 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 49.50 190.10 Td (cash proceeds we receive from such sale. ) Tj ET Q q 0 0 0 rg BT 216.46 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 225.10 190.10 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 49.50 178.10 Td (stockholders. Rather) Tj ET Q q 0 0 0 rg BT 131.30 178.10 Td (, we may use such proceeds to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td () 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 (purchase additional real estate investments;) 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 (repay debt;) 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 (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 58.50 118.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 118.10 Td (purchase shares under our share redemption program;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 106.10 Td (create working capital reserves;or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 94.10 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 70.10 Td (The real estate market is af) Tj ET Q q 0 0 0 rg BT 175.32 70.10 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 58.10 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 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 387.86 58.10 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 46.10 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 46.10 Td (fered by a prospective purchaser ) 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 (would be acceptable to us. ) Tj ET Q q 0 0 0 rg BT 157.62 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.25 742.10 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 49.50 730.10 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 730.10 Td (. Real estate generally cannot be sold quickly) Tj ET Q q 0 0 0 rg BT 263.13 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.95 730.10 Td (Therefore, we may not be able to dispose of properties promptly) Tj ET Q q 0 0 0 rg BT 524.72 730.10 Td (, or on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 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 49.50 706.10 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 49.50 694.10 Td (before a property can be sold. ) Tj ET Q q 0 0 0 rg BT 170.66 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 179.29 694.10 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 49.50 682.10 Td (make such improvements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 658.10 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 49.50 646.10 Td (recognized by a REIT) Tj ET Q q 0 0 0 rg BT 137.34 646.10 Td ( from the sale of property characterized as dealer property) Tj ET Q q 0 0 0 rg BT 368.51 646.10 Td (. In order to avoid such characterization and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (take advantage of certain safe harbors under the Code, we may determine to hold our properties for a minimum period of at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (least two years, in addition to satisfying certain other requirements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 598.10 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 58.50 586.10 Td (through T) Tj ET Q q 0 0 0 rg BT 99.54 586.10 Td (axable REIT Subsidiaries \(TRSs\), 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 67.50 562.10 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 474.31 562.10 Td (Any inventory-like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (sales could be considered such a prohibited transaction. If we are deemed to have engaged in a prohibited transaction \(i.e., we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (sell a property held by us primarily for sale in the ordinary course of our trade or business\), all net gain that we derive from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (such sale would be subject to a 100% penalty tax. ) Tj ET Q q 0 0 0 rg BT 250.66 526.10 Td (The Code sets forth a safe harbor for REIT) Tj ET Q q 0 0 0 rg BT 421.57 526.10 Td (s that wish to sell property without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (risking the imposition of the 100% penalty tax. ) Tj ET Q q 0 0 0 rg BT 240.13 514.10 Td (The principal requirements of the safe harbor are that: \(i\) the REIT) Tj ET Q q 0 0 0 rg BT 507.33 514.10 Td ( must hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 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 49.50 490.10 Td (expenditures made by the REIT) Tj ET Q q 0 0 0 rg BT 175.94 490.10 Td (, or any partner of the REIT) Tj ET Q q 0 0 0 rg BT 286.55 490.10 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 49.50 478.10 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 49.50 466.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.54 466.10 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 49.50 454.10 Td (do not exceed 10% of the REIT) Tj ET Q q 0 0 0 rg BT 178.90 454.10 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 49.50 442.10 Td (\(c\) sales in the current year that do not exceed 20% of the REIT) Tj ET Q q 0 0 0 rg BT 307.45 442.10 Td (s assets as of the beginning of the year) Tj ET Q q 0 0 0 rg BT 460.90 442.10 Td (, and sales over a three-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (year period do not exceed, on average, 10% per annum of the REIT) Tj ET Q q 0 0 0 rg BT 322.73 430.10 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 49.50 418.10 Td (value or tax basis. Given our investment and operating strategy) Tj ET Q q 0 0 0 rg BT 301.56 418.10 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 49.50 406.10 Td (above prohibited transaction safe harbor) Tj ET Q q 0 0 0 rg BT 210.00 406.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 382.10 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 428.93 382.10 Td (, we may be able to avoid the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (prohibited transaction tax if we hold and sell the property through a ) Tj ET Q q 0 0 0 rg BT 322.02 370.10 Td (TRS. In that case, any gain would be taxable to the ) Tj ET Q q 0 0 0 rg BT 528.18 370.10 Td (TRS at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (regular corporate income tax rates. ) Tj ET Q q 0 0 0 rg BT 190.92 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.55 358.10 Td (e may decide to forego the use of a ) Tj ET Q q 0 0 0 rg BT 341.81 358.10 Td (TRS in a transaction that does not meet the safe harbor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 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 49.50 334.10 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 395.62 334.10 Td (fected through a ) Tj ET Q q 0 0 0 rg BT 462.91 334.10 Td (TRS, the Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 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 49.50 310.10 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 49.50 298.10 Td (to make cash distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (As a REIT) Tj ET Q q 0 0 0 rg BT 109.53 274.10 Td (, the value of our ownership interests held in our ) Tj ET Q q 0 0 0 rg BT 305.69 274.10 Td (TRSs may not exceed 20% of the value of all of our assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (the end of any calendar quarter) Tj ET Q q 0 0 0 rg BT 173.05 262.10 Td (. If the IRS were to determine that the value of our interests in all of our ) Tj ET Q q 0 0 0 rg BT 462.78 262.10 Td (TRSs exceeded 20% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (the value of our total assets at the end of any calendar quarter) Tj ET Q q 0 0 0 rg BT 294.55 250.10 Td (, then we could fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 454.32 250.10 Td (. If we determine it to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (in our best interest to own a substantial number of our properties through one or more ) Tj ET Q q 0 0 0 rg BT 394.80 238.10 Td (TRSs, then it is possible that the IRS may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (conclude that the value of our interests in our ) Tj ET Q q 0 0 0 rg BT 232.87 226.10 Td (TRSs exceeds 20% of the value of our total assets at the end of any calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (quarter and therefore cause us to fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 278.39 214.10 Td (. ) Tj ET Q q 0 0 0 rg BT 282.83 214.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 332.74 214.10 Td (, as a REIT) Tj ET Q q 0 0 0 rg BT 376.98 214.10 Td (, generally no more than 25% of our gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (income with respect to any year may be from sources other than real estate. Distributions paid to us from a ) Tj ET Q q 0 0 0 rg BT 478.36 202.10 Td (TRS are considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (to be non-real estate income. ) Tj ET Q q 0 0 0 rg BT 167.05 190.10 Td (Therefore, we may fail to qualify as a REIT) Tj ET Q q 0 0 0 rg BT 342.07 190.10 Td ( if distributions from all of the Company) Tj ET Q q 0 0 0 rg BT 507.33 190.10 Td (s ) Tj ET Q q 0 0 0 rg BT 513.54 190.10 Td (TRSs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (when aggregated with all other non-real estate income with respect to any one year) Tj ET Q q 0 0 0 rg BT 380.91 178.10 Td (, are more than 25% of the Company) Tj ET Q q 0 0 0 rg BT 531.42 178.10 Td (s gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (income with respect to such year) Tj ET Q q 0 0 0 rg BT 180.29 166.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 142.10 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 502.75 142.10 Td (fect our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 130.10 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 106.10 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 94.10 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 82.10 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 82.10 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 82.10 Td (, the presence of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (such hazardous or toxic substances.) 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 67.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 742.10 Td (e have invested in properties historically used for industrial, manufacturing and commercial purposes. ) Tj ET Q q 0 0 0 rg BT 486.11 742.10 Td (These properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (are more likely to contain, or may have contained, under) Tj ET Q q 0 0 0 rg BT 275.62 730.10 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 49.50 718.10 Td (hazardous or toxic substances. ) Tj ET Q q 0 0 0 rg BT 173.08 718.10 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 49.50 706.10 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 49.50 694.10 Td (us to be subject to increased risk of liabilities under environmental laws and regulations. ) Tj ET Q q 0 0 0 rg BT 405.06 694.10 Td (The presence of hazardous or toxic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (substances, or the failure to properly remediate these substances, may adversely af) Tj ET Q q 0 0 0 rg BT 378.92 682.10 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 49.50 670.10 Td (property as collateral for future borrowings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 646.10 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 49.50 634.10 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 49.50 622.10 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 49.50 610.10 Td (sanctions in the event of noncompliance and may be enforced by governmental agencies or) Tj ET Q q 0 0 0 rg BT 413.69 610.10 Td (, in certain circumstances, by private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 80.97 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.61 598.10 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 49.50 586.10 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 49.50 574.10 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 49.50 562.10 Td (that releases of hazardous or toxic substances have occurred to the environment. ) Tj ET Q q 0 0 0 rg BT 372.81 562.10 Td (The cost of defending against claims of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (liability) Tj ET Q q 0 0 0 rg BT 79.96 550.10 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 49.50 538.10 Td (substantial and require a material portion of our cash flow) Tj ET Q q 0 0 0 rg BT 280.72 538.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 526.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 514.10 Td (e ) Tj ET Q q 0 0 0 rg BT 73.59 514.10 Td (face ) Tj ET Q q 0 0 0 rg BT 93.29 514.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 128.57 514.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 150.53 514.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 195.24 514.10 Td (with ) Tj ET Q q 0 0 0 rg BT 215.53 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.81 514.10 Td (physical ) Tj ET Q q 0 0 0 rg BT 267.20 514.10 Td (ef) Tj ET Q q 0 0 0 rg BT 274.78 514.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 296.16 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.99 514.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 339.48 514.10 Td (change.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 490.10 Td (e ) Tj ET Q q 0 0 0 rg BT 83.21 490.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 112.49 490.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 142.89 490.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.30 490.10 Td (certainty ) Tj ET Q q 0 0 0 rg BT 200.91 490.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 235.75 490.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 267.81 490.10 Td (change ) Tj ET Q q 0 0 0 rg BT 298.75 490.10 Td (is ) Tj ET Q q 0 0 0 rg BT 308.05 490.10 Td (occurring ) Tj ET Q q 0 0 0 rg BT 349.00 490.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 368.57 490.10 Td (if ) Tj ET Q q 0 0 0 rg BT 377.31 490.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 391.33 490.10 Td (at ) Tj ET Q q 0 0 0 rg BT 401.18 490.10 Td (what ) Tj ET Q q 0 0 0 rg BT 423.25 490.10 Td (rate. ) Tj ET Q q 0 0 0 rg BT 443.36 490.10 Td (However) Tj ET Q q 0 0 0 rg BT 479.61 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 484.74 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.59 490.10 Td (physical ) Tj ET Q q 0 0 0 rg BT 535.55 490.10 Td (ef) Tj ET Q q 0 0 0 rg BT 543.14 490.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.57 478.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 92.75 478.10 Td (change ) Tj ET Q q 0 0 0 rg BT 123.80 478.10 Td (could ) Tj ET Q q 0 0 0 rg BT 148.76 478.10 Td (have ) Tj ET Q q 0 0 0 rg BT 170.38 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.57 478.10 Td (material ) Tj ET Q q 0 0 0 rg BT 213.07 478.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 246.35 478.10 Td (ef) Tj ET Q q 0 0 0 rg BT 253.94 478.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 271.66 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 284.41 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 300.48 478.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 345.71 478.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 390.11 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 407.29 478.10 Td (business. ) Tj ET Q q 0 0 0 rg BT 446.23 478.10 Td (T) Tj ET Q q 0 0 0 rg BT 451.64 478.10 Td (o ) Tj ET Q q 0 0 0 rg BT 459.38 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.34 478.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 501.52 478.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 533.69 478.10 Td (change ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (causes ) Tj ET Q q 0 0 0 rg BT 77.79 466.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 112.19 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.16 466.10 Td (weather ) Tj ET Q q 0 0 0 rg BT 156.00 466.10 Td (patterns, ) Tj ET Q q 0 0 0 rg BT 192.34 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 207.86 466.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 241.71 466.10 Td (could ) Tj ET Q q 0 0 0 rg BT 266.12 466.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 311.61 466.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 350.45 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 360.42 466.10 Td (storm ) Tj ET Q q 0 0 0 rg BT 385.39 466.10 Td (intensity) Tj ET Q q 0 0 0 rg BT 419.18 466.10 Td (, ) Tj ET Q q 0 0 0 rg BT 423.87 466.10 Td (such ) Tj ET Q q 0 0 0 rg BT 444.39 466.10 Td (as ) Tj ET Q q 0 0 0 rg BT 454.92 466.10 Td (those ) Tj ET Q q 0 0 0 rg BT 478.21 466.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 528.71 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 538.68 466.10 Td (Super ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (Storm ) Tj ET Q q 0 0 0 rg BT 76.85 454.10 Td (Sandy ) Tj ET Q q 0 0 0 rg BT 104.75 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.43 454.10 Td (October ) Tj ET Q q 0 0 0 rg BT 150.54 454.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 173.44 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.78 454.10 Td (Hurricane ) Tj ET Q q 0 0 0 rg BT 233.66 454.10 Td (Harvey ) Tj ET Q q 0 0 0 rg BT 265.99 454.10 Td (in ) Tj ET Q q 0 0 0 rg BT 276.67 454.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 302.07 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 319.41 454.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 345.09 454.10 Td (sea-levels. ) Tj ET Q q 0 0 0 rg BT 389.92 454.10 Td (Over ) Tj ET Q q 0 0 0 rg BT 412.81 454.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 435.99 454.10 Td (these ) Tj ET Q q 0 0 0 rg BT 459.44 454.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 504.00 454.10 Td (could ) Tj ET Q q 0 0 0 rg BT 529.12 454.10 Td (result ) Tj ET Q q 0 0 0 rg BT 554.24 454.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 89.33 442.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 123.60 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 137.88 442.10 Td (of) Tj ET Q q 0 0 0 rg BT 146.03 442.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 163.63 442.10 Td (space ) Tj ET Q q 0 0 0 rg BT 188.45 442.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.84 442.10 Td (our ) Tj ET Q q 0 0 0 rg BT 214.79 442.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 254.63 442.10 Td (or ) Tj ET Q q 0 0 0 rg BT 265.58 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.41 442.10 Td (inability ) Tj ET Q q 0 0 0 rg BT 316.36 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 327.31 442.10 Td (us ) Tj ET Q q 0 0 0 rg BT 338.81 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.21 442.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 381.25 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.08 442.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 435.92 442.10 Td (at ) Tj ET Q q 0 0 0 rg BT 445.76 442.10 Td (all. ) Tj ET Q q 0 0 0 rg BT 460.87 442.10 Td (Climate ) Tj ET Q q 0 0 0 rg BT 495.14 442.10 Td (change ) Tj ET Q q 0 0 0 rg BT 526.08 442.10 Td (may ) Tj ET Q q 0 0 0 rg BT 545.91 442.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (have ) Tj ET Q q 0 0 0 rg BT 71.98 430.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 106.12 430.10 Td (ef) Tj ET Q q 0 0 0 rg BT 113.71 430.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 136.18 430.10 Td (on ) Tj ET Q q 0 0 0 rg BT 149.78 430.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.71 430.10 Td (business ) Tj ET Q q 0 0 0 rg BT 204.21 430.10 Td (by ) Tj ET Q q 0 0 0 rg BT 217.81 430.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 262.50 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.32 430.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 298.03 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 309.96 430.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 325.22 430.10 Td (making ) Tj ET Q q 0 0 0 rg BT 358.81 430.10 Td (unavailable\) ) Tj ET Q q 0 0 0 rg BT 411.83 430.10 Td (property ) Tj ET Q q 0 0 0 rg BT 449.31 430.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 491.22 430.10 Td (on ) Tj ET Q q 0 0 0 rg BT 504.82 430.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 530.64 430.10 Td (we ) Tj ET Q q 0 0 0 rg BT 545.90 430.10 Td (find ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (acceptable, ) Tj ET Q q 0 0 0 rg BT 96.26 418.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 139.43 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 153.73 418.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 171.91 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.32 418.10 Td (ener) Tj ET Q q 0 0 0 rg BT 199.35 418.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 211.42 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.94 418.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 271.11 418.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.40 418.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 303.59 418.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.99 418.10 Td (snow ) Tj ET Q q 0 0 0 rg BT 337.18 418.10 Td (removal ) Tj ET Q q 0 0 0 rg BT 372.02 418.10 Td (at ) Tj ET Q q 0 0 0 rg BT 381.32 418.10 Td (our ) Tj ET Q q 0 0 0 rg BT 396.72 418.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 441.14 418.10 Td (There ) Tj ET Q q 0 0 0 rg BT 466.53 418.10 Td (can ) Tj ET Q q 0 0 0 rg BT 482.48 418.10 Td (be ) Tj ET Q q 0 0 0 rg BT 494.00 418.10 Td (no ) Tj ET Q q 0 0 0 rg BT 506.07 418.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 547.02 418.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (climate ) Tj ET Q q 0 0 0 rg BT 81.43 406.10 Td (change ) Tj ET Q q 0 0 0 rg BT 112.24 406.10 Td (will ) Tj ET Q q 0 0 0 rg BT 130.30 406.10 Td (not ) Tj ET Q q 0 0 0 rg BT 145.58 406.10 Td (have ) Tj ET Q q 0 0 0 rg BT 166.96 406.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.89 406.10 Td (material ) Tj ET Q q 0 0 0 rg BT 209.15 406.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 242.19 406.10 Td (ef) Tj ET Q q 0 0 0 rg BT 249.78 406.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 267.26 406.10 Td (on ) Tj ET Q q 0 0 0 rg BT 279.76 406.10 Td (our ) Tj ET Q q 0 0 0 rg BT 295.59 406.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 340.58 406.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 384.73 406.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.56 406.10 Td (business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 382.10 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 473.03 382.10 Td (fect our cash flow) Tj ET Q q 0 0 0 rg BT 546.27 382.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 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 49.50 346.10 Td (properties are assessed or reassessed by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 285.08 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 293.72 346.10 Td (e anticipate that most of our leases will generally provide that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (property taxes or increases therein, are char) Tj ET Q q 0 0 0 rg BT 223.40 334.10 Td (ged to the lessees as an expense related to the properties that they occupy) Tj ET Q q 0 0 0 rg BT 515.70 334.10 Td (. ) Tj ET Q q 0 0 0 rg BT 520.14 334.10 Td (As the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (owner of the properties, however) Tj ET Q q 0 0 0 rg BT 181.55 322.10 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 49.50 310.10 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 49.50 298.10 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 49.50 286.10 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 49.50 274.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 103.85 274.10 Td (, any tax increases may adversely af) Tj ET Q q 0 0 0 rg BT 247.77 274.10 Td (fect our results of operations at such properties.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 250.10 Td (Our costs associated with complying with the ) Tj ET Q q 0 0 0 rg BT 245.65 250.10 Td (Americans with Disabilities ) Tj ET Q q 0 0 0 rg BT 361.13 250.10 Td (Act of 1990, or the ) Tj ET Q q 0 0 0 rg BT 439.64 250.10 Td (ADA, may af) Tj ET Q q 0 0 0 rg BT 493.07 250.10 Td (fect cash ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 238.10 Td (available for distributions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (Any domestic properties we acquire will generally be subject to the ) Tj ET Q q 0 0 0 rg BT 339.36 214.10 Td (ADA. Under the ) Tj ET Q q 0 0 0 rg BT 407.68 214.10 Td (ADA, all places of public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 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 498.88 202.10 Td (The ) Tj ET Q q 0 0 0 rg BT 516.38 202.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 537.49 202.10 Td ( has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 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 49.50 178.10 Td (buildings and services be made accessible and available to people with disabilities. ) Tj ET Q q 0 0 0 rg BT 383.39 178.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.88 178.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 421.44 178.10 Td () Tj ET Q q 0 0 0 rg BT 424.22 178.10 Td (s requirements could require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 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 458.97 166.10 Td (, in some cases, an award ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (of damages. ) Tj ET Q q 0 0 0 rg BT 100.13 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.77 154.10 Td (e may not acquire properties that comply with the ) Tj ET Q q 0 0 0 rg BT 309.55 154.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 330.66 154.10 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 49.50 142.10 Td (or other third-party) Tj ET Q q 0 0 0 rg BT 125.49 142.10 Td (, such as a tenant, to ensure compliance with the ) Tj ET Q q 0 0 0 rg BT 320.43 142.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 341.55 142.10 Td ( in all cases. Foreign jurisdictions may have similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (requirements and any funds we use for ) Tj ET Q q 0 0 0 rg BT 206.40 130.10 Td (ADA) Tj ET Q q 0 0 0 rg BT 227.51 130.10 Td ( or similar compliance may af) Tj ET Q q 0 0 0 rg BT 347.01 130.10 Td (fect cash available for distributions and the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (of distributions to you. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 94.10 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 94.10 Td (fects and costs of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 82.10 Td (remediating the problem.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 58.10 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 46.10 Td (remove the mold. Mold growth may occur when moisture accumulates in buildings or on building materials. Some molds may ) 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 (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 49.50 730.10 Td (cause a variety of adverse health ef) Tj ET Q q 0 0 0 rg BT 189.80 730.10 Td (fects and symptoms, including aller) Tj ET Q q 0 0 0 rg BT 332.09 730.10 Td (gic or other reactions. ) Tj ET Q q 0 0 0 rg BT 421.59 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.23 730.10 Td (e may become liable to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 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 49.50 706.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 706.10 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 49.50 694.10 Td (stockholders and the value of their investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 670.10 Td (If we set aside insuf) Tj ET Q q 0 0 0 rg BT 139.99 670.10 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 58.50 658.10 Td (improvements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td (If we do not establish suf) Tj ET Q q 0 0 0 rg BT 168.13 634.10 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 49.50 622.10 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 49.50 610.10 Td (the applicable properties may decline in value, it may be more dif) Tj ET Q q 0 0 0 rg BT 312.00 610.10 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 49.50 598.10 Td (the amount of rent we can char) Tj ET Q q 0 0 0 rg BT 173.15 598.10 Td (ge at such properties may decrease.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 574.10 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 58.50 562.10 Td (may seek to purchase or adversely af) Tj ET Q q 0 0 0 rg BT 209.40 562.10 Td (fect the value of the properties we own. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 538.10 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 49.50 526.10 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 49.50 514.10 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 49.50 502.10 Td (could rise significantly) Tj ET Q q 0 0 0 rg BT 140.50 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 144.94 502.10 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 49.50 490.10 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 523.90 490.10 Td (fect lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (rates and occupancy) Tj ET Q q 0 0 0 rg BT 129.92 478.10 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 58.50 454.10 Td (Retail properties depend on anchor tenants to attract shoppers and could be adversely af) Tj ET Q q 0 0 0 rg BT 421.38 454.10 Td (fected by the loss of a key anchor ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.10 Td (tenant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 418.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 418.10 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 49.50 406.10 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 469.92 406.10 Td (A) Tj ET Q q 0 0 0 rg BT 476.59 406.10 Td ( lease termination by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (a tenant that occupies a lar) Tj ET Q q 0 0 0 rg BT 155.66 394.10 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 49.50 382.10 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 49.50 370.10 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 49.50 358.10 Td (to pay rent. ) Tj ET Q q 0 0 0 rg BT 96.71 358.10 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 49.50 346.10 Td (expense recoveries. ) Tj ET Q q 0 0 0 rg BT 129.74 346.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 179.64 346.10 Td (, major tenant closures may result in decreased customer traf) Tj ET Q q 0 0 0 rg BT 422.15 346.10 Td (fic, which could lead to decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 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 49.50 322.10 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 58.50 298.10 Td (Leases with retail properties) Tj ET Q q 0 0 0 rg BT 176.92 298.10 Td ( tenants may restrict us from re-leasing space.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 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 49.50 262.10 Td (merchandise or provide specific types of services within the particular retail center) Tj ET Q q 0 0 0 rg BT 379.65 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 384.47 262.10 Td (These provisions may limit the number and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (types of prospective tenants interested in leasing space in a particular retail property) Tj ET Q q 0 0 0 rg BT 384.84 250.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 226.10 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 58.50 214.10 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 67.50 190.10 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 49.50 178.10 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 49.50 166.10 Td (fallen relative to their post-recession peaks in late 2009. ) Tj ET Q q 0 0 0 rg BT 277.85 166.10 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 49.50 154.10 Td (pursuing high-quality) Tj ET Q q 0 0 0 rg BT 135.23 154.10 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 49.50 142.10 Td (which match our investment strategy) Tj ET Q q 0 0 0 rg BT 196.59 142.10 Td (.) Tj ET Q q 0 0 0 rg BT 203.91 142.10 Td (This may continue to drive prices higher) Tj ET Q q 0 0 0 rg BT 365.69 142.10 Td (, resulting in lower cap rates and returns. ) Tj ET Q q 0 0 0 rg BT 531.01 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 539.65 142.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 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 49.50 118.10 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 49.50 106.10 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 94.10 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 94.10 Td (fected, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (the value of our stockholders) Tj ET Q q 0 0 0 rg BT 168.17 82.10 Td ( investment may be lower) Tj ET Q q 0 0 0 rg BT 270.92 82.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 58.10 Td (e depend on the availability of public utilities and services, especially for water and electric power) Tj ET Q q 0 0 0 rg BT 466.60 58.10 Td (. ) Tj ET Q q 0 0 0 rg BT 471.23 58.10 Td (Any reduction, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 46.10 Td (interruption or cancellation of these services may adversely af) Tj ET Q q 0 0 0 rg BT 313.29 46.10 Td (fect us.) 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 67.50 730.10 Td (Public utilities, especially those that provide water and electric power) Tj ET Q q 0 0 0 rg BT 345.34 730.10 Td (, are fundamental for the operation of our assets. ) Tj ET Q q 0 0 0 rg BT 541.48 730.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (delayed delivery or any material reduction or prolonged interruption of these services could result in tenants terminating their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (leases or result in an increase in our costs, as we may be forced to use backup generators, which also could be insuf) Tj ET Q q 0 0 0 rg BT 510.84 706.10 Td (ficient to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (fully operate our properties. ) Tj ET Q q 0 0 0 rg BT 163.07 694.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 212.41 694.10 Td (, any interruption or limitation in the provision of these essential services may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 682.10 Td (fect us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Risks Related to International Investments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 622.10 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 67.50 598.10 Td (Many of the properties in our portfolio are located outside the United States. ) Tj ET Q q 0 0 0 rg BT 375.57 598.10 Td (These investments may be af) Tj ET Q q 0 0 0 rg BT 491.46 598.10 Td (fected by factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (particular to the laws and business practices of the jurisdictions in which the properties are located. ) Tj ET Q q 0 0 0 rg BT 447.81 586.10 Td (These laws and business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (practices may expose us to risks that are dif) Tj ET Q q 0 0 0 rg BT 223.71 574.10 Td (ferent from and in addition to those commonly found in the United States. Foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (investments pose the following risks:) 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 (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 58.50 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 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 76.50 514.10 Td (laws or changes in such environmental laws;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.10 Td (existing or new laws relating to the foreign ownership of real property or loans and laws restricting the ability of foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.10 Td (persons or companies to remove profits earned from activities within the country to the person) Tj ET Q q 0 0 0 rg BT 456.95 490.10 Td (s or company) Tj ET Q q 0 0 0 rg BT 513.61 490.10 Td (s country of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 478.10 Td (origin;) 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 (the potential for expropriation;) 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 (possible currency transfer restrictions;) 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 (imposition of adverse or confiscatory taxes;) 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 (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 58.50 418.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.10 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 58.50 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.10 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 76.50 394.10 Td (conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td (the willingness of domestic or foreign lenders to make loans in certain countries and changes in the availability) Tj ET Q q 0 0 0 rg BT 520.45 382.10 Td (, cost and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.10 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 58.50 358.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 358.10 Td (general political and economic instability in certain regions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 346.10 Td (the potential dif) Tj ET Q q 0 0 0 rg BT 139.63 346.10 Td (ficulty of enforcing obligations in other countries;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 334.10 Td (Hines) Tj ET Q q 0 0 0 rg BT 102.42 334.10 Td ( limited experience and expertise in foreign countries relative to its experience and expertise in the United States.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 310.10 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 58.50 298.10 Td (which may adversely af) Tj ET Q q 0 0 0 rg BT 154.69 298.10 Td (fect distributions and our REIT status.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 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 49.50 262.10 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 484.85 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.67 262.10 Td (Therefore, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 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 49.50 238.10 Td (rates between foreign currencies and the U.S.dollar) Tj ET Q q 0 0 0 rg BT 256.37 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.81 238.10 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 49.50 226.10 Td (U.S.dollar may af) Tj ET Q q 0 0 0 rg BT 122.91 226.10 Td (fect our revenues, operating mar) Tj ET Q q 0 0 0 rg BT 252.40 226.10 Td (gins and distributions and may also af) Tj ET Q q 0 0 0 rg BT 403.86 226.10 Td (fect the book value of our assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (the amount of stockholders) Tj ET Q q 0 0 0 rg BT 160.68 214.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 187.52 214.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 190.10 Td (Changes in foreign currency exchange rates used to value a REIT) Tj ET Q q 0 0 0 rg BT 332.40 190.10 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 49.50 178.10 Td (of the REIT) Tj ET Q q 0 0 0 rg BT 100.04 178.10 Td (s assets. ) Tj ET Q q 0 0 0 rg BT 134.58 178.10 Td (These changes may adversely af) Tj ET Q q 0 0 0 rg BT 263.79 178.10 Td (fect our status as a REIT) Tj ET Q q 0 0 0 rg BT 361.62 178.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 395.66 178.10 Td (, bank accounts in foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (which are not considered cash or cash equivalents may adversely af) Tj ET Q q 0 0 0 rg BT 319.77 166.10 Td (fect our status as a REIT) Tj ET Q q 0 0 0 rg BT 417.61 166.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 742.25 Td (The United Kingdom) Tj ET Q q 0 0 0 rg BT 147.76 742.25 Td (s determination to exit the European Union could adversely af) Tj ET Q q 0 0 0 rg BT 403.98 742.25 Td (fect market rental rates and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.25 Td (commercial real estate values in the United Kingdom and Europe.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.25 Td (On June 23, 2016, the United Kingdom held a non-binding referendum in which a majority of voters voted in favor of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (United Kingdom) Tj ET Q q 0 0 0 rg BT 119.77 694.25 Td (s exit from the European Union. On March 29, 2017, the United Kingdom gave formal notice of its exit from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (the European Union and commenced the two-year period of negotiations to determine the terms of the United Kingdom) Tj ET Q q 0 0 0 rg BT 531.31 682.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (relationship with the European Union after the exit, including, among other things, the terms of trade between the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (Kingdom and the European Union. ) Tj ET Q q 0 0 0 rg BT 192.07 658.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 217.70 658.25 Td (fects of the exit will depend on any agreements the United Kingdom makes to retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (access to European Union markets either during a transitional period or more permanently) Tj ET Q q 0 0 0 rg BT 409.84 646.25 Td (. ) Tj ET Q q 0 0 0 rg BT 414.66 646.25 Td (The announcement of the Brexit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (vote caused significant volatility in global stock markets and currency exchange rate fluctuations that resulted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (strengthening of the U.S. dollar against foreign currencies in which we conduct business. In addition, the uncertainty caused by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (the Brexit vote and the notice of departure may:) 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 (adversely af) Tj ET Q q 0 0 0 rg BT 124.90 586.25 Td (fect European and worldwide economic and market conditions;) 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 (adversely af) Tj ET Q q 0 0 0 rg BT 124.90 574.25 Td (fect commercial property market rental rates in the United Kingdom and continental Europe;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 562.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 562.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 124.90 562.25 Td (fect commercial property market values in the United Kingdom and continental Europe;) 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 (adversely af) Tj ET Q q 0 0 0 rg BT 124.90 550.25 Td (fect the availability of financing for commercial properties in the United Kingdom and continental Europe, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.25 Td (which could reduce the price for which we are able to sell properties we have acquired in such geographic locations; and) 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 (create further instability in global financial and foreign exchange markets, including volatility in the value of the sterling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.25 Td (and euro.) 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 418.25 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 491.41 418.25 Td (fect on our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 406.25 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 382.25 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 49.50 370.25 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 49.50 358.25 Td (significant negative ef) Tj ET Q q 0 0 0 rg BT 138.17 358.25 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 498.16 358.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (introduction of governmental policies to curb inflation can have an adverse ef) Tj ET Q q 0 0 0 rg BT 360.04 346.25 Td (fect on our business. High inflation in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 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 49.50 322.25 Td (pass these increased costs on to our tenants.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 298.25 Td (Lack of compliance with the United States Foreign Corrupt Practices ) Tj ET Q q 0 0 0 rg BT 345.91 298.25 Td (Act \(FCP) Tj ET Q q 0 0 0 rg BT 389.33 298.25 Td (A\) could subject us to penalties and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 286.25 Td (other adverse consequences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 262.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 262.25 Td (e are subject to the FCP) Tj ET Q q 0 0 0 rg BT 170.48 262.25 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 49.50 250.25 Td (prohibited payments to foreign of) Tj ET Q q 0 0 0 rg BT 183.73 250.25 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 49.50 238.25 Td (potential competitors, are not subject to these prohibitions. Fraudulent practices, including corruption, extortion, bribery) Tj ET Q q 0 0 0 rg BT 529.29 238.25 Td (, pay-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 226.25 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 49.50 214.25 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 49.50 202.25 Td (may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 173.42 202.25 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 49.50 190.25 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 49.50 166.25 Td (Risks Related to Organizational Structur) Tj ET Q q 0 0 0 rg BT 224.87 166.25 Td (e) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 142.25 Td (Any interest in Hines Global will be diluted by the Special OP) Tj ET Q q 0 0 0 rg BT 311.74 142.25 Td ( Units and any other OP) Tj ET Q q 0 0 0 rg BT 411.66 142.25 Td ( Units in the Operating Partnership, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 130.25 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 67.50 106.25 Td (Hines Global owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 106.25 Td (99.99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.98 106.25 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 424.34 106.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.92 106.25 Td (. ) Tj ET Q q 0 0 0 rg BT 507.37 106.25 Td (Af) Tj ET Q q 0 0 0 rg BT 517.74 106.25 Td (filiates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (Hines owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.25 94.25 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.08 94.25 Td ( interest in the Operating Partnership. Hines Global REIT) Tj ET Q q 0 0 0 rg BT 418.12 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 420.07 94.25 Td (Associates Limited Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (owns the special units of the Operating Partnership \(the Special OP) Tj ET Q q 0 0 0 rg BT 322.95 82.25 Td ( Units\), which were issued as consideration for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (obligation by Hines and its af) Tj ET Q q 0 0 0 rg BT 167.36 70.25 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 58.25 Td (these interests will reduce the amount of distributions that would otherwise be payable to our stockholders in the future. ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Stockholders do not have preemptive rights to acquire any shares issued by us in the future. ) Tj ET Q q 0 0 0 rg BT 435.84 742.10 Td (Therefore, investors may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (experience dilution of their equity investment ifwe:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 706.10 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 58.50 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 694.10 Td (sell securities that are convertible into shares, such as units of the Operating Partnership \(OP) Tj ET Q q 0 0 0 rg BT 450.75 694.10 Td ( Units\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 682.10 Td (at the option of the ) Tj ET Q q 0 0 0 rg BT 153.99 682.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 185.81 682.10 Td (, issue OP) Tj ET Q q 0 0 0 rg BT 225.72 682.10 Td (Units to pay for certain fees; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 Td (issue OP) Tj ET Q q 0 0 0 rg BT 111.41 670.10 Td (Units or common shares to the ) Tj ET Q q 0 0 0 rg BT 238.34 670.10 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 291.48 670.10 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 58.50 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.10 Td (issue shares in a private of) Tj ET Q q 0 0 0 rg BT 182.12 658.10 Td (fering; or ) 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 (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 76.50 634.10 Td (Operating Partnership.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.10 Td (The repurchase of interests in the Operating Partnership held by Hines and its af) Tj ET Q q 0 0 0 rg BT 392.51 610.10 Td (filiates \(including the Special OP) Tj ET Q q 0 0 0 rg BT 528.81 610.10 Td ( Units ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 598.10 Td (and other OP) Tj ET Q q 0 0 0 rg BT 113.69 598.10 Td ( Units\) as required in our ) Tj ET Q q 0 0 0 rg BT 220.57 598.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 258.80 598.10 Td (Agreement may discourage a takeover attempt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 574.10 Td (Under certain circumstances, including a mer) Tj ET Q q 0 0 0 rg BT 248.91 574.10 Td (ger) Tj ET Q q 0 0 0 rg BT 261.28 574.10 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 49.50 562.10 Td (transaction, a transaction pursuant to which a majority of our board of directors then in of) Tj ET Q q 0 0 0 rg BT 407.55 562.10 Td (fice are replaced or removed, or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (termination or non-renewal of our ) Tj ET Q q 0 0 0 rg BT 187.51 550.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 226.68 550.10 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 49.50 538.10 Td (election of Hines or its af) Tj ET Q q 0 0 0 rg BT 150.68 538.10 Td (filiates, required to purchase the Special OP) Tj ET Q q 0 0 0 rg BT 326.08 538.10 Td (Units and any OP) Tj ET Q q 0 0 0 rg BT 399.04 538.10 Td (Units that Hines or its af) Tj ET Q q 0 0 0 rg BT 499.40 538.10 Td (filiates own for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (cash \(or) Tj ET Q q 0 0 0 rg BT 81.03 526.10 Td (, in certain cases, a promissory note\) or our shares, at the election of the holder) Tj ET Q q 0 0 0 rg BT 395.37 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 400.19 526.10 Td (These rights may deter these types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 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 49.50 502.10 Td (otherwise exist if an investor attempted to acquireus.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 478.10 Td (Hines) Tj ET Q q 0 0 0 rg BT 85.54 478.10 Td ( ability to cause the Operating Partnership to purchase the Special OP) Tj ET Q q 0 0 0 rg BT 374.34 478.10 Td ( Units and any other OP) Tj ET Q q 0 0 0 rg BT 474.26 478.10 Td ( Units that it or its ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 466.10 Td (af) Tj ET Q q 0 0 0 rg BT 66.65 466.10 Td (filiates hold in connection with the termination of our ) Tj ET Q q 0 0 0 rg BT 290.48 466.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 328.72 466.10 Td (Agreement may deter us from terminating our ) Tj ET Q q 0 0 0 rg BT 520.86 466.10 Td (Advisory ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 454.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 430.10 Td (Under certain circumstances, if we are not advised by an entity af) Tj ET Q q 0 0 0 rg BT 329.43 430.10 Td (filiated with Hines, Hines or its af) Tj ET Q q 0 0 0 rg BT 465.06 430.10 Td (filiates may cause the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (Operating Partnership to purchase some or all of the Special OP) Tj ET Q q 0 0 0 rg BT 305.17 418.10 Td (Units or any other OP) Tj ET Q q 0 0 0 rg BT 395.07 418.10 Td (Units then held by such entities. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (these circumstances if the amount necessary to purchase Hines) Tj ET Q q 0 0 0 rg BT 303.11 406.10 Td ( and its af) Tj ET Q q 0 0 0 rg BT 342.08 406.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 371.88 406.10 Td ( interests in the Operating Partnership is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (substantial, these rights could discourage or deter us from terminating our ) Tj ET Q q 0 0 0 rg BT 346.65 394.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 385.82 394.10 Td (Agreement under circumstances in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (we would otherwise doso.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 358.10 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 523.12 358.10 Td (fect the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 346.10 Td (holders of our common shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 322.10 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 49.50 310.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 310.10 Td (fect the holders of our common shares. Upon the af) Tj ET Q q 0 0 0 rg BT 303.22 310.10 Td (firmative vote of a majority of our directors \(including, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (case of preferred shares, a majority of our independent directors\), our articles authorize our board of directors \(without any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (further action by our stockholders\) 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 49.50 274.10 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 49.50 262.10 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 49.50 250.10 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 49.50 238.10 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 49.50 226.10 Td (distributions on the common shares. Further) Tj ET Q q 0 0 0 rg BT 225.75 226.10 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 49.50 214.10 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 49.50 202.10 Td (amount common stockholders would otherwise receive upon such an occurrence. ) Tj ET Q q 0 0 0 rg BT 376.72 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 385.35 202.10 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 49.50 190.10 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 49.50 178.10 Td (or a separate class or series of common shares may render more dif) Tj ET Q q 0 0 0 rg BT 318.10 178.10 Td (ficult or tend to discourage:) 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 (a mer) Tj ET Q q 0 0 0 rg BT 98.80 154.10 Td (ger) Tj ET Q q 0 0 0 rg BT 111.17 154.10 Td (, tender of) Tj ET Q q 0 0 0 rg BT 151.81 154.10 Td (fer or proxy contest;) 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 (the assumption of control by a holder of a lar) Tj ET Q q 0 0 0 rg BT 256.55 142.10 Td (ge block of our securities; and/or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 130.10 Td (the removal of incumbent management.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 106.10 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 94.10 Td (stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 70.10 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 58.10 Td (growth, debt capitalization, REIT) Tj ET Q q 0 0 0 rg BT 183.45 58.10 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 46.10 Td (these and other policies without a vote of the stockholders. Under the Maryland General Corporation Law and our articles, our ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (stockholders have a right to vote only on limited matters. Our board of directors) Tj ET Q q 0 0 0 rg BT 372.01 742.10 Td ( broad discretion in setting policies and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 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 49.50 718.10 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 58.50 694.10 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 67.50 670.10 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 49.50 658.10 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 49.50 646.10 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 49.50 634.10 Td (class or series of our outstanding securities. ) Tj ET Q q 0 0 0 rg BT 225.95 634.10 Td (This ownership limit may deter tender of) Tj ET Q q 0 0 0 rg BT 389.61 634.10 Td (fers for our common shares, which of) Tj ET Q q 0 0 0 rg BT 539.67 634.10 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 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 49.50 610.10 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 49.50 598.10 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 49.50 586.10 Td (whichever is more restrictive, of the outstanding common shares or otherwise to ef) Tj ET Q q 0 0 0 rg BT 380.61 586.10 Td (fect a change of control in us.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 562.10 Td (e will not be af) Tj ET Q q 0 0 0 rg BT 127.02 562.10 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 67.50 538.10 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 49.50 526.10 Td (directors is obtained before the person seeking the combination became an interested stockholder) Tj ET Q q 0 0 0 rg BT 437.85 526.10 Td (, with:) 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 (any person who beneficially owns 10% or more of the voting power of our outstanding voting shares \(an interested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 490.10 Td (stockholder\);) 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 (any of our af) Tj ET Q q 0 0 0 rg BT 127.69 478.10 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 76.50 466.10 Td (beneficial owner of 10% or more of the voting power of our then outstanding shares \(also an interested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 454.10 Td (stockholder\);or) 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 (an af) Tj ET Q q 0 0 0 rg BT 96.03 442.10 Td (filiate of an interested stockholder) Tj ET Q q 0 0 0 rg BT 232.09 442.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 418.10 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 49.50 406.10 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 49.50 394.10 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 454.24 394.10 Td (Therefore, we will not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 382.10 Td (forded the protections of this statute and, accordingly) Tj ET Q q 0 0 0 rg BT 269.71 382.10 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 49.50 370.10 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 49.50 358.10 Td (interested stockholder) Tj ET Q q 0 0 0 rg BT 136.98 358.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 332.60 Td (W) Tj ET Q q 0 0 0 rg BT 69.65 332.60 Td (e are not registered as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 394.28 332.60 Td (Act of 1940, as amended \(the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 320.60 Td (Investment Company ) Tj ET Q q 0 0 0 rg BT 156.13 320.60 Td (Act\), 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 61.50 308.60 Td (by the Investment Company ) Tj ET Q q 0 0 0 rg BT 178.35 308.60 Td (Act which may limit or otherwise af) Tj ET Q q 0 0 0 rg BT 324.84 308.60 Td (fect our investment choices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 284.60 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 49.50 272.60 Td (required to register as investment companies under the Investment Company ) Tj ET Q q 0 0 0 rg BT 367.19 272.60 Td (Act. ) Tj ET Q q 0 0 0 rg BT 386.07 272.60 Td (Although we could modify our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.60 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 49.50 248.60 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 49.50 236.60 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 67.50 215.60 Td (Companies subject to the Investment Company ) Tj ET Q q 0 0 0 rg BT 258.58 215.60 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 49.50 203.60 Td (as requirements relating to: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 182.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 182.60 Td (limitations on the capital structure of the entity; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 170.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 170.60 Td (restrictions on certain investments; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 158.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 158.60 Td (prohibitions on transactions with af) Tj ET Q q 0 0 0 rg BT 217.96 158.60 Td (filiated entities; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 146.60 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 146.60 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 76.50 134.60 Td (and regulations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 113.60 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 49.50 101.60 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 89.60 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 77.60 Td (investment company) Tj ET Q q 0 0 0 rg BT 131.89 77.60 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 65.60 Td (Act. ) 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 67.50 742.10 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 510.82 742.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 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 49.50 718.10 Td (subject to regulation as an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 369.71 718.10 Td (Act. So long as Hines Global conducts its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 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 49.50 694.10 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 49.50 682.10 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 49.50 670.10 Td (have to register) Tj ET Q q 0 0 0 rg BT 110.59 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 115.41 670.10 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 49.50 658.10 Td (Section 3\(c\)\(1\) or Section 3\(c\)\(7\) of the Investment Company ) Tj ET Q q 0 0 0 rg BT 299.15 658.10 Td (Act, together with any other investment securities \(as used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (the Investment Company ) Tj ET Q q 0 0 0 rg BT 151.99 646.10 Td (Act\) 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 49.50 634.10 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 49.50 622.10 Td (than 40% of an entity) Tj ET Q q 0 0 0 rg BT 138.37 622.10 Td (s assets, the entity will not be required to register as an investment company) Tj ET Q q 0 0 0 rg BT 442.09 622.10 Td (. If an entity held investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 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 49.50 598.10 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 440.68 598.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 577.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 577.10 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 49.50 565.10 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 49.50 553.10 Td (calculated under the Investment Company ) Tj ET Q q 0 0 0 rg BT 220.28 553.10 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 49.50 541.10 Td (required to conduct its business in a manner that takes account of these provisions. ) Tj ET Q q 0 0 0 rg BT 382.29 541.10 Td (W) Tj ET Q q 0 0 0 rg BT 390.93 541.10 Td (e, our Operating Partnership, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 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 49.50 517.10 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 523.63 517.10 Td (go ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.10 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 49.50 493.10 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 49.50 481.10 Td (For example, these restrictions will limit the ability of our subsidiaries to invest directly in mortgage-backed securities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.10 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 49.50 457.10 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 67.50 433.10 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 49.50 421.10 Td (term is defined under the Investment Company ) Tj ET Q q 0 0 0 rg BT 239.73 421.10 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 49.50 409.10 Td (entity could be deemed to be an investment company) Tj ET Q q 0 0 0 rg BT 261.57 409.10 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 49.50 397.10 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 465.40 397.10 Td (. Certain of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 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 49.50 373.10 Td (under the Investment Company ) Tj ET Q q 0 0 0 rg BT 177.25 373.10 Td (Act pursuant to Section 3\(c\)\(5\)\(C\) of that ) Tj ET Q q 0 0 0 rg BT 345.27 373.10 Td (Act, which is available for) Tj ET Q q 0 0 0 rg BT 450.66 373.10 Td (, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 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 49.50 349.10 Td (real estate. ) Tj ET Q q 0 0 0 rg BT 99.01 349.10 Td (This exemption generally requires that at least 55% of an entity) Tj ET Q q 0 0 0 rg BT 355.59 349.10 Td (s portfolio must be comprised of qualifying assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (and at least another 25% of such entity) Tj ET Q q 0 0 0 rg BT 207.51 337.10 Td (s portfolio must be comprised of real estate-related assets \(as such terms are used under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 325.10 Td (the Investment Company ) Tj ET Q q 0 0 0 rg BT 151.99 325.10 Td (Act\) and no more than 20% of such entity) Tj ET Q q 0 0 0 rg BT 322.50 325.10 Td (s portfolio may be comprised of miscellaneous assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.10 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 49.50 301.10 Td (mortgage backed securities \(RMBS\) that the SEC staf) Tj ET Q q 0 0 0 rg BT 273.98 301.10 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 49.50 289.10 Td (equivalent of mortgage loans for the purposes of the Investment Company ) Tj ET Q q 0 0 0 rg BT 348.60 289.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 367.85 289.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.49 289.10 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 49.50 277.10 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 49.50 265.10 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 49.50 253.10 Td (assets consist of qualifying assets and/or real estate-related assets. ) 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 67.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 742.10 Td (e may in the future or) Tj ET Q q 0 0 0 rg BT 162.31 742.10 Td (ganize one or more subsidiaries that seek to rely on the Investment Company ) Tj ET Q q 0 0 0 rg BT 472.51 742.10 Td (Act exemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (provided to certain structured financing vehicles by Rule 3a-7. ) Tj ET Q q 0 0 0 rg BT 302.01 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 307.42 730.10 Td (o the extent that we or) Tj ET Q q 0 0 0 rg BT 396.38 730.10 Td (ganize subsidiaries that rely on Rule 3a-7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (under the Investment Company ) Tj ET Q q 0 0 0 rg BT 177.25 718.10 Td (Act for an exemption from the Investment Company ) Tj ET Q q 0 0 0 rg BT 389.43 718.10 Td (Act, these subsidiaries will need to comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 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 471.07 706.10 Td (Act issuers that limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (their activities as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 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 58.50 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.10 Td (the securities sold are fixed income securities rated investment grade by at least one rating agency \(fixed income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.10 Td (securities which are unrated or rated below investment grade may be sold to institutional accredited investors and any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 634.10 Td (securities may be sold to qualified institutional buyers and to persons involved in the or) Tj ET Q q 0 0 0 rg BT 435.13 634.10 Td (ganization or operation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 622.10 Td (issuer\); ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.10 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 76.50 598.10 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 505.40 598.10 Td () Tj ET Q q 0 0 0 rg BT 508.18 598.10 Td (s fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 586.10 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 76.50 574.10 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 58.50 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 562.10 Td (unless the issuer is issuing only commercial paper) Tj ET Q q 0 0 0 rg BT 276.34 562.10 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 76.50 550.10 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 76.50 538.10 Td (requirements for commingling of cash flows. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 517.10 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 49.50 505.10 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 49.50 493.10 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 49.50 481.10 Td (occur) Tj ET Q q 0 0 0 rg BT 71.31 481.10 Td (, and on the level of transactions that may occur) Tj ET Q q 0 0 0 rg BT 262.36 481.10 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 49.50 469.10 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 49.50 457.10 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 67.50 436.10 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 49.50 424.10 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 49.50 412.10 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 49.50 400.10 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 49.50 388.10 Td (company and the registration requirements under the Investment Company ) Tj ET Q q 0 0 0 rg BT 350.81 388.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 367.10 Td (There can be no assurance that the laws and regulations governing the Investment Company ) Tj ET Q q 0 0 0 rg BT 437.94 367.10 Td (Act status of REIT) Tj ET Q q 0 0 0 rg BT 512.51 367.10 Td (s, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 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 423.13 355.10 Td (ferent guidance regarding these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.10 Td (exemptions, will not change in a manner that adversely af) Tj ET Q q 0 0 0 rg BT 280.35 343.10 Td (fects our operations. ) Tj ET Q q 0 0 0 rg BT 364.04 343.10 Td (T) Tj ET Q q 0 0 0 rg BT 369.45 343.10 Td (o the extent that the SEC staf) Tj ET Q q 0 0 0 rg BT 485.91 343.10 Td (f provides more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 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 49.50 319.10 Td (definition of an investment company under the Investment Company ) Tj ET Q q 0 0 0 rg BT 326.94 319.10 Td (Act upon which we may rely) Tj ET Q q 0 0 0 rg BT 442.09 319.10 Td (, we may be required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (adjust our strategy accordingly) Tj ET Q q 0 0 0 rg BT 172.42 307.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 283.10 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 58.50 271.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 100.08 271.10 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 58.50 259.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 112.76 259.10 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 67.50 235.10 Td (If we were required to register as an investment company) Tj ET Q q 0 0 0 rg BT 296.48 235.10 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 49.50 223.10 Td (business, criminal and civil actions could be brought against us, some of our contracts might be unenforceable, unless a court ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (were to direct enforcement, and a court could appoint a receiver to take control of us and liquidate our business.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 187.10 Td (If we internalize our management functions, we could incur adverse ef) Tj ET Q q 0 0 0 rg BT 349.72 187.10 Td (fects on our business and financial condition, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 175.10 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 58.50 163.10 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 67.50 139.10 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 49.50 127.10 Td (internalizing the functions performed for us by the ) Tj ET Q q 0 0 0 rg BT 253.33 127.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 285.00 127.10 Td (. ) Tj ET Q q 0 0 0 rg BT 289.45 127.10 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 49.50 115.10 Td (hire our own group of executives and other employees or we may acquire the ) Tj ET Q q 0 0 0 rg BT 360.51 115.10 Td (Advisor or its respective assets including its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (existing workforce. ) Tj ET Q q 0 0 0 rg BT 129.20 103.10 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 91.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.67 91.10 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 79.10 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 67.10 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 55.10 Td (\(ii\)our inability to ef) Tj ET Q q 0 0 0 rg BT 133.74 55.10 Td (fectively integrate a new staf) Tj ET Q q 0 0 0 rg BT 249.06 55.10 Td (f of managers and employees; or \(iii\)our inability to properly replicate the ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (services provided previously by the ) Tj ET Q q 0 0 0 rg BT 193.64 742.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 258.72 742.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 290.38 742.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 340.29 742.10 Td (, internalization transactions have also, in some cases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 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 49.50 718.10 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 49.50 706.10 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 49.50 694.10 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 49.50 670.10 Td (Risks Related to Potential Conflicts of Inter) Tj ET Q q 0 0 0 rg BT 235.41 670.10 Td (est) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 646.10 Td (e may compete with other investment vehicles af) Tj ET Q q 0 0 0 rg BT 264.49 646.10 Td (filiated with Hines for tenants.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 129.80 622.10 Td (filiates are not prohibited from engaging, directly or indirectly) Tj ET Q q 0 0 0 rg BT 378.24 622.10 Td (, in any other business or from possessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 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 49.50 598.10 Td (ownership, management, leasing or sale of real estate projects. Hines or its af) Tj ET Q q 0 0 0 rg BT 358.38 598.10 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 49.50 586.10 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 396.13 586.10 Td (Therefore, our properties compete for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (tenants with other properties owned and/or managed by Hines and its af) Tj ET Q q 0 0 0 rg BT 336.74 574.10 Td (filiates. Hines may face conflicts of interest when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (evaluating tenant opportunities for our properties and other properties owned and/or managed by Hines and its af) Tj ET Q q 0 0 0 rg BT 501.41 562.10 Td (filiates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 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 58.50 526.10 Td (Employees of the ) Tj ET Q q 0 0 0 rg BT 131.17 526.10 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 58.50 514.10 Td (resources.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 490.10 Td (e do not have employees. Pursuant to a contract with Hines, we rely on employees of Hines and its af) Tj ET Q q 0 0 0 rg BT 481.13 490.10 Td (filiates to manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (and operate our business and they are contractually bound to devote the time and attention reasonably necessary to conduct our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (business in an appropriate manner) Tj ET Q q 0 0 0 rg BT 185.57 466.10 Td (. Our of) Tj ET Q q 0 0 0 rg BT 216.78 466.10 Td (ficers and the of) Tj ET Q q 0 0 0 rg BT 281.29 466.10 Td (ficers and employees of the ) Tj ET Q q 0 0 0 rg BT 393.19 466.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 425.01 466.10 Td (, Hines and its af) Tj ET Q q 0 0 0 rg BT 492.32 466.10 Td (filiates hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (similar positions in numerous entities and they may from time to time allocate more of their time to service the needs of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 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 49.50 430.10 Td (leasing or selling real estate through entities other than us and Hines will continue to be actively involved in real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 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 49.50 406.10 Td (own properties in many of the markets in which we will seek to invest. Hines spends a material amount of time managing these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (properties and other assets unrelated to our business. ) Tj ET Q q 0 0 0 rg BT 262.32 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 270.96 394.10 Td (e lack the ability to manage it without the time and attention of Hines) Tj ET Q q 0 0 0 rg BT 550.97 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (employees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 129.80 358.10 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 49.50 346.10 Td (legal and financial obligations similar to ours. Because Hines and its af) Tj ET Q q 0 0 0 rg BT 333.69 346.10 Td (filiates have interests in other investment vehicles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (also engage in other business activities, they may have conflicts of interest in allocating their time and resources among our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (business and these other activities. Our of) Tj ET Q q 0 0 0 rg BT 216.22 322.10 Td (ficers and directors, as well as those of the ) Tj ET Q q 0 0 0 rg BT 387.83 322.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 419.66 322.10 Td (, own equity interests in entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 310.10 Td (filiated with Hines from which we may buy properties. ) Tj ET Q q 0 0 0 rg BT 279.08 310.10 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 49.50 298.10 Td (such transactions, which could result in conflicts of interest. ) Tj ET Q q 0 0 0 rg BT 293.89 298.10 Td (As a result of these interests, they could pursue transactions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (may not be in our best interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 274.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 262.10 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 67.50 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 238.10 Td (e may in the future sell properties to Hines and af) Tj ET Q q 0 0 0 rg BT 273.67 238.10 Td (filiates of Hines. Hines, its af) Tj ET Q q 0 0 0 rg BT 392.91 238.10 Td (filiates and its employees \(including our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 226.10 Td (ficers and directors\) may make substantial profits in connection with such transactions. ) Tj ET Q q 0 0 0 rg BT 410.71 226.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.34 226.10 Td (e must follow certain procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (when selling assets to Hines and its af) Tj ET Q q 0 0 0 rg BT 201.24 214.10 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 49.50 202.10 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 49.50 190.10 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 49.50 178.10 Td (third party) Tj ET Q q 0 0 0 rg BT 90.78 178.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 154.10 Td (Hines ) Tj ET Q q 0 0 0 rg BT 85.64 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.89 154.10 Td (its ) Tj ET Q q 0 0 0 rg BT 116.02 154.10 Td (af) Tj ET Q q 0 0 0 rg BT 124.17 154.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 154.63 154.10 Td (may ) Tj ET Q q 0 0 0 rg BT 174.54 154.10 Td (face ) Tj ET Q q 0 0 0 rg BT 194.43 154.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 232.12 154.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.13 154.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 276.38 154.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 307.40 154.10 Td (by ) Tj ET Q q 0 0 0 rg BT 319.52 154.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 379.44 154.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 439.36 154.10 Td (with ) Tj ET Q q 0 0 0 rg BT 459.83 154.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 474.47 154.10 Td (which ) Tj ET Q q 0 0 0 rg BT 502.17 154.10 Td (could ) Tj ET Q q 0 0 0 rg BT 527.64 154.10 Td (result ) Tj ET Q q 0 0 0 rg BT 553.67 154.10 Td (in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 142.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 90.45 142.10 Td (that ) Tj ET Q q 0 0 0 rg BT 109.07 142.10 Td (are ) Tj ET Q q 0 0 0 rg BT 124.90 142.10 Td (not ) Tj ET Q q 0 0 0 rg BT 140.74 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.58 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.53 142.10 Td (stockholders) Tj ET Q q 0 0 0 rg BT 222.79 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.29 142.10 Td (best ) Tj ET Q q 0 0 0 rg BT 243.90 142.10 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.10 Td (Hines, ) Tj ET Q q 0 0 0 rg BT 95.16 118.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.81 118.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 142.86 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.14 118.10 Td (their ) Tj ET Q q 0 0 0 rg BT 179.29 118.10 Td (af) Tj ET Q q 0 0 0 rg BT 186.88 118.10 Td (filiates ) Tj ET Q q 0 0 0 rg BT 215.93 118.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 246.62 118.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 291.23 118.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 309.16 118.10 Td (from ) Tj ET Q q 0 0 0 rg BT 330.44 118.10 Td (us ) Tj ET Q q 0 0 0 rg BT 341.16 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.77 118.10 Td (return ) Tj ET Q q 0 0 0 rg BT 376.48 118.10 Td (for ) Tj ET Q q 0 0 0 rg BT 389.98 118.10 Td (their ) Tj ET Q q 0 0 0 rg BT 410.13 118.10 Td (services ) Tj ET Q q 0 0 0 rg BT 444.18 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.45 118.10 Td (these ) Tj ET Q q 0 0 0 rg BT 482.83 118.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 500.76 118.10 Td (could ) Tj ET Q q 0 0 0 rg BT 524.81 118.10 Td (influence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.67 106.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 96.26 106.10 Td () Tj ET Q q 0 0 0 rg BT 99.04 106.10 Td (s ) Tj ET Q q 0 0 0 rg BT 105.43 106.10 Td (advice ) Tj ET Q q 0 0 0 rg BT 134.02 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.30 106.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 157.64 106.10 Td (Among ) Tj ET Q q 0 0 0 rg BT 190.14 106.10 Td (other ) Tj ET Q q 0 0 0 rg BT 213.19 106.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 247.62 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.34 106.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 320.38 106.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 376.74 106.10 Td (could ) Tj ET Q q 0 0 0 rg BT 401.46 106.10 Td (af) Tj ET Q q 0 0 0 rg BT 409.05 106.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 426.53 106.10 Td (their ) Tj ET Q q 0 0 0 rg BT 447.36 106.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 487.63 106.10 Td (with ) Tj ET Q q 0 0 0 rg BT 507.91 106.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 538.72 106.10 Td (to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 82.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 82.10 Td (Property dispositions in circumstances where Hines or an af) Tj ET Q q 0 0 0 rg BT 325.26 82.10 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 70.10 Td (fees for managing the property; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 58.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 58.10 Td (V) Tj ET Q q 0 0 0 rg BT 91.61 58.10 Td (arious liquidity events and whether to pursue a liquidity event at all.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Asset management fees paid to the ) Tj ET Q q 0 0 0 rg BT 208.57 742.10 Td (Advisor and property management and leasing fees paid to Hines and its af) Tj ET Q q 0 0 0 rg BT 508.86 742.10 Td (filiates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (would be paid irrespective of the quality of the underlying real estate or property management services during the term of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (related agreement. ) Tj ET Q q 0 0 0 rg BT 125.66 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 143.16 718.10 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 49.50 706.10 Td (disposition. ) Tj ET Q q 0 0 0 rg BT 98.22 706.10 Td (This fee may incentivize the ) Tj ET Q q 0 0 0 rg BT 213.45 706.10 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 49.50 694.10 Td (mer) Tj ET Q q 0 0 0 rg BT 64.87 694.10 Td (ger) Tj ET Q q 0 0 0 rg BT 77.23 694.10 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 49.50 682.10 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 440.11 682.10 Td (. Moreover) Tj ET Q q 0 0 0 rg BT 484.13 682.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 503.30 682.10 Td (Advisor has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (considerable discretion with respect to the terms and timing of disposition and leasing transactions. In evaluating investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (and other management strategies, the opportunity to earn these fees may lead the ) Tj ET Q q 0 0 0 rg BT 374.39 658.10 Td (Advisor to place undue emphasis on criteria ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (relating to its and its af) Tj ET Q q 0 0 0 rg BT 141.24 646.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 171.04 646.10 Td ( compensation at the expense of other criteria, such as preservation of capital, in order to achieve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (higher short-term compensation. Considerations relating to compensation from us to the ) Tj ET Q q 0 0 0 rg BT 403.88 634.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 475.07 634.10 Td (filiates could result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (decisions that are not in the best interests of our stockholders, which could hurt our ability to pay our stockholders distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (or result in a decline in the value of our stockholders) Tj ET Q q 0 0 0 rg BT 262.58 610.10 Td ( investment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 586.10 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 58.50 574.10 Td (enforcement of agreements between Hines and its af) Tj ET Q q 0 0 0 rg BT 274.13 574.10 Td (filiates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.10 Td (Hines and the ) Tj ET Q q 0 0 0 rg BT 124.43 550.10 Td (Advisor manage our day-to-day operations and properties pursuant to an advisory agreement. ) Tj ET Q q 0 0 0 rg BT 500.53 550.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (agreement was not negotiated at arm) Tj ET Q q 0 0 0 rg BT 199.16 538.10 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 49.50 526.10 Td (performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 502.10 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 129.80 502.10 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 49.50 490.10 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 49.50 478.10 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 49.50 466.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 466.10 Td (filiates of Hines. ) Tj ET Q q 0 0 0 rg BT 125.78 466.10 Td (These fees may be higher than fees char) Tj ET Q q 0 0 0 rg BT 285.80 466.10 Td (ged by third parties in an arm) Tj ET Q q 0 0 0 rg BT 406.32 466.10 Td (s-length transaction as a result of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (conflicts.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 430.10 Td (Certain of our of) Tj ET Q q 0 0 0 rg BT 128.05 430.10 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 67.50 406.10 Td (All of our of) Tj ET Q q 0 0 0 rg BT 117.59 406.10 Td (ficers and non-independent directors are also of) Tj ET Q q 0 0 0 rg BT 307.89 406.10 Td (ficers and directors of the ) Tj ET Q q 0 0 0 rg BT 412.01 406.10 Td (Advisor and/or other entities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (controlled by Hines, such as the advisor to Hines REIT) Tj ET Q q 0 0 0 rg BT 269.27 394.10 Td (, the advisor to Hines Global Income ) Tj ET Q q 0 0 0 rg BT 419.06 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 424.81 394.10 Td (rust and the advisor to HMS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (Income Fund, Inc. Some of these entities may compete with us for investment and leasing opportunities. ) Tj ET Q q 0 0 0 rg BT 469.51 382.10 Td (These personnel owe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (fiduciary duties to these other entities and their security holders and these duties may from time to time conflict with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (fiduciary duties such individuals owe to us and our stockholders. For example, conflicts of interest adversely af) Tj ET Q q 0 0 0 rg BT 494.76 358.10 Td (fecting our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (investment decisions could arise in decisions or activities related to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 322.10 Td (the allocation of 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 58.50 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.10 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 58.50 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 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 58.50 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 286.10 Td (investments with Hines and af) Tj ET Q q 0 0 0 rg BT 197.41 286.10 Td (filiates of Hines;) 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 (the compensation paid to the ) Tj ET Q q 0 0 0 rg BT 193.42 274.10 Td (Advisor;and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 262.10 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 67.50 238.10 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 49.50 226.10 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 49.50 214.10 Td (greater remuneration in the event an investment opportunity is presented to a Hines af) Tj ET Q q 0 0 0 rg BT 392.82 214.10 Td (filiate rather than us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 202.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 190.10 Td (Our of) Tj ET Q q 0 0 0 rg BT 85.82 190.10 Td (ficers and directors have limited liability) Tj ET Q q 0 0 0 rg BT 251.27 190.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 166.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 106.27 166.10 Td (, we are obligated under our articles to indemnify our of) Tj ET Q q 0 0 0 rg BT 330.19 166.10 Td (ficers and directors against certain liabilities incurred in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (connection with their services. ) Tj ET Q q 0 0 0 rg BT 174.00 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.64 154.10 Td (e have entered into indemnification agreements with each of our of) Tj ET Q q 0 0 0 rg BT 450.69 154.10 Td (ficers and directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (Pursuant to these indemnification agreements, we have generally agreed to indemnify our of) Tj ET Q q 0 0 0 rg BT 418.92 142.10 Td (ficers and directors for any such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (liabilities that they incur) Tj ET Q q 0 0 0 rg BT 146.42 130.10 Td (. ) Tj ET Q q 0 0 0 rg BT 151.24 130.10 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 49.50 118.10 Td (limit our ability and the ability of our stockholders to ef) Tj ET Q q 0 0 0 rg BT 272.05 118.10 Td (fectively take action against our of) Tj ET Q q 0 0 0 rg BT 410.43 118.10 Td (ficers and directors arising from their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 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 94.10 Td (associated with insurance or payments of a defense, settlement or claim.) 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 /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 the amount of cash available for distribution to our stockholders.) 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 (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 the REIT) Tj ET Q q 0 0 0 rg BT 452.32 646.25 Td ( stock ownership tests, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 634.25 Td (we are not operated in such a manner as to otherwise avoid treatment of such income or gain as unrelated business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 622.25 Td (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 and 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\(c\)\(7\), \(9\) or \(17\), 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 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 ( \(unless our common shares were traded on an established securities market and the foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (investor did not at any time during a specified testing period directly or indirectly own more than 10% of the value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (outstanding common shares\).Our common shares are not currently traded on an established securities market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 250.25 Td (In ) Tj ET Q q 0 0 0 rg BT 70.89 250.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 102.71 250.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 167.03 250.25 Td (we ) Tj ET Q q 0 0 0 rg BT 181.07 250.25 Td (may ) Tj ET Q q 0 0 0 rg BT 201.22 250.25 Td (be ) Tj ET Q q 0 0 0 rg BT 213.60 250.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 245.42 250.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.13 250.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 290.44 250.25 Td (state, ) Tj ET Q q 0 0 0 rg BT 314.76 250.25 Td (local ) Tj ET Q q 0 0 0 rg BT 337.69 250.25 Td (or ) Tj ET Q q 0 0 0 rg BT 349.52 250.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 382.46 250.25 Td (income ) Tj ET Q q 0 0 0 rg BT 415.38 250.25 Td (or ) Tj ET Q q 0 0 0 rg BT 427.21 250.25 Td (other ) Tj ET Q q 0 0 0 rg BT 451.82 250.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 478.36 250.25 Td (which ) Tj ET Q q 0 0 0 rg BT 506.30 250.25 Td (would ) Tj ET Q q 0 0 0 rg BT 534.25 250.25 Td (reduce ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 238.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.45 238.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 96.84 238.25 Td (available ) Tj ET Q q 0 0 0 rg BT 136.56 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 146.83 238.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 163.77 238.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 217.96 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 228.24 238.25 Td (our ) Tj ET Q q 0 0 0 rg BT 245.19 238.25 Td (stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.25 Td (Even ) Tj ET Q q 0 0 0 rg BT 90.59 214.25 Td (if ) Tj ET Q q 0 0 0 rg BT 99.24 214.25 Td (we ) Tj ET Q q 0 0 0 rg BT 113.44 214.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 144.31 214.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.29 214.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 198.83 214.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.70 214.25 Td (status ) Tj ET Q q 0 0 0 rg BT 240.02 214.25 Td (as ) Tj ET Q q 0 0 0 rg BT 250.89 214.25 Td (a ) Tj ET Q q 0 0 0 rg BT 257.88 214.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 279.35 214.25 Td (, ) Tj ET Q q 0 0 0 rg BT 284.39 214.25 Td (we ) Tj ET Q q 0 0 0 rg BT 298.60 214.25 Td (may ) Tj ET Q q 0 0 0 rg BT 318.36 214.25 Td (be ) Tj ET Q q 0 0 0 rg BT 330.34 214.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 361.21 214.25 Td (to ) Tj ET Q q 0 0 0 rg BT 371.53 214.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 401.27 214.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 434.07 214.25 Td (state, ) Tj ET Q q 0 0 0 rg BT 457.44 214.25 Td (local ) Tj ET Q q 0 0 0 rg BT 479.41 214.25 Td (or ) Tj ET Q q 0 0 0 rg BT 490.29 214.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 521.71 214.25 Td (income ) Tj ET Q q 0 0 0 rg BT 553.68 214.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (other ) Tj ET Q q 0 0 0 rg BT 72.59 202.25 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 98.17 202.25 Td (For ) Tj ET Q q 0 0 0 rg BT 114.61 202.25 Td (example, ) Tj ET Q q 0 0 0 rg BT 153.52 202.25 Td (if ) Tj ET Q q 0 0 0 rg BT 162.17 202.25 Td (we ) Tj ET Q q 0 0 0 rg BT 176.37 202.25 Td (have ) Tj ET Q q 0 0 0 rg BT 197.79 202.25 Td (net ) Tj ET Q q 0 0 0 rg BT 212.54 202.25 Td (income ) Tj ET Q q 0 0 0 rg BT 244.52 202.25 Td (from ) Tj ET Q q 0 0 0 rg BT 266.50 202.25 Td (a ) Tj ET Q q 0 0 0 rg BT 273.48 202.25 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 321.56 202.25 Td (transaction, ) Tj ET Q q 0 0 0 rg BT 374.91 202.25 Td (such ) Tj ET Q q 0 0 0 rg BT 395.78 202.25 Td (income ) Tj ET Q q 0 0 0 rg BT 427.75 202.25 Td (will ) Tj ET Q q 0 0 0 rg BT 445.85 202.25 Td (be ) Tj ET Q q 0 0 0 rg BT 457.83 202.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 488.70 202.25 Td (to ) Tj ET Q q 0 0 0 rg BT 499.02 202.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.99 202.25 Td (100% ) Tj ET Q q 0 0 0 rg BT 531.86 202.25 Td (tax. ) Tj ET Q q 0 0 0 rg BT 548.94 202.25 Td (W) Tj ET Q q 0 0 0 rg BT 557.58 202.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (may ) Tj ET Q q 0 0 0 rg BT 68.82 190.25 Td (not ) Tj ET Q q 0 0 0 rg BT 83.69 190.25 Td (be ) Tj ET Q q 0 0 0 rg BT 95.23 190.25 Td (able ) Tj ET Q q 0 0 0 rg BT 113.99 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 123.87 190.25 Td (make ) Tj ET Q q 0 0 0 rg BT 147.62 190.25 Td (suf) Tj ET Q q 0 0 0 rg BT 159.66 190.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 187.30 190.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 239.41 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 249.29 190.25 Td (avoid ) Tj ET Q q 0 0 0 rg BT 273.60 190.25 Td (paying ) Tj ET Q q 0 0 0 rg BT 302.92 190.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 332.77 190.25 Td (income ) Tj ET Q q 0 0 0 rg BT 364.30 190.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 378.62 190.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 406.27 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 420.58 190.25 Td (4% ) Tj ET Q q 0 0 0 rg BT 436.01 190.25 Td (excise ) Tj ET Q q 0 0 0 rg BT 463.10 190.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 477.42 190.25 Td (that ) Tj ET Q q 0 0 0 rg BT 494.51 190.25 Td (applies ) Tj ET Q q 0 0 0 rg BT 524.93 190.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.81 190.25 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.31 178.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 115.89 178.25 Td (by ) Tj ET Q q 0 0 0 rg BT 128.27 178.25 Td (a ) Tj ET Q q 0 0 0 rg BT 135.08 178.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 156.56 178.25 Td (. ) Tj ET Q q 0 0 0 rg BT 161.26 178.25 Td (W) Tj ET Q q 0 0 0 rg BT 169.90 178.25 Td (e ) Tj ET Q q 0 0 0 rg BT 176.71 178.25 Td (may ) Tj ET Q q 0 0 0 rg BT 196.31 178.25 Td (also ) Tj ET Q q 0 0 0 rg BT 214.79 178.25 Td (decide ) Tj ET Q q 0 0 0 rg BT 243.26 178.25 Td (to ) Tj ET Q q 0 0 0 rg BT 253.42 178.25 Td (retain ) Tj ET Q q 0 0 0 rg BT 278.56 178.25 Td (income ) Tj ET Q q 0 0 0 rg BT 310.37 178.25 Td (that ) Tj ET Q q 0 0 0 rg BT 327.74 178.25 Td (we ) Tj ET Q q 0 0 0 rg BT 341.78 178.25 Td (earn ) Tj ET Q q 0 0 0 rg BT 361.36 178.25 Td (from ) Tj ET Q q 0 0 0 rg BT 383.18 178.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.77 178.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 415.70 178.25 Td (or ) Tj ET Q q 0 0 0 rg BT 426.40 178.25 Td (other ) Tj ET Q q 0 0 0 rg BT 449.33 178.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 495.60 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 506.31 178.25 Td (our ) Tj ET Q q 0 0 0 rg BT 522.02 178.25 Td (properties ) 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 66.71 166.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 83.92 166.25 Td (income ) Tj ET Q q 0 0 0 rg BT 116.13 166.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 131.12 166.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 164.44 166.25 Td (on ) Tj ET Q q 0 0 0 rg BT 177.21 166.25 Td (such ) Tj ET Q q 0 0 0 rg BT 198.31 166.25 Td (income. ) Tj ET Q q 0 0 0 rg BT 233.02 166.25 Td (In ) Tj ET Q q 0 0 0 rg BT 244.12 166.25 Td (that ) Tj ET Q q 0 0 0 rg BT 261.89 166.25 Td (event, ) Tj ET Q q 0 0 0 rg BT 288.82 166.25 Td (our ) Tj ET Q q 0 0 0 rg BT 304.92 166.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 358.25 166.25 Td (would ) Tj ET Q q 0 0 0 rg BT 386.02 166.25 Td (be ) Tj ET Q q 0 0 0 rg BT 398.23 166.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 428.21 166.25 Td (as ) Tj ET Q q 0 0 0 rg BT 439.31 166.25 Td (if ) Tj ET Q q 0 0 0 rg BT 448.19 166.25 Td (they ) Tj ET Q q 0 0 0 rg BT 468.18 166.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 497.60 166.25 Td (that ) Tj ET Q q 0 0 0 rg BT 515.37 166.25 Td (income ) Tj ET Q q 0 0 0 rg BT 547.58 166.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 69.01 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 83.53 154.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 98.04 154.25 Td (on ) Tj ET Q q 0 0 0 rg BT 110.34 154.25 Td (it ) Tj ET Q q 0 0 0 rg BT 118.19 154.25 Td (directly) Tj ET Q q 0 0 0 rg BT 148.08 154.25 Td (. ) Tj ET Q q 0 0 0 rg BT 152.88 154.25 Td (However) Tj ET Q q 0 0 0 rg BT 189.13 154.25 Td (, ) Tj ET Q q 0 0 0 rg BT 193.92 154.25 Td (stockholders ) Tj ET Q q 0 0 0 rg BT 246.77 154.25 Td (that ) Tj ET Q q 0 0 0 rg BT 264.06 154.25 Td (are ) Tj ET Q q 0 0 0 rg BT 278.56 154.25 Td (tax-exempt, ) Tj ET Q q 0 0 0 rg BT 328.34 154.25 Td (such ) Tj ET Q q 0 0 0 rg BT 348.97 154.25 Td (as ) Tj ET Q q 0 0 0 rg BT 359.59 154.25 Td (charities ) Tj ET Q q 0 0 0 rg BT 395.76 154.25 Td (or ) Tj ET Q q 0 0 0 rg BT 406.39 154.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 444.23 154.25 Td (pension ) Tj ET Q q 0 0 0 rg BT 477.63 154.25 Td (plans, ) Tj ET Q q 0 0 0 rg BT 503.54 154.25 Td (would ) Tj ET Q q 0 0 0 rg BT 530.83 154.25 Td (have ) Tj ET Q q 0 0 0 rg BT 552.00 154.25 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 79.36 142.25 Td (from ) Tj ET Q q 0 0 0 rg BT 100.90 142.25 Td (their ) Tj ET Q q 0 0 0 rg BT 121.32 142.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 154.52 142.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 191.05 142.25 Td (of ) Tj ET Q q 0 0 0 rg BT 201.48 142.25 Td (such ) Tj ET Q q 0 0 0 rg BT 221.91 142.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 236.22 142.25 Td (liability) Tj ET Q q 0 0 0 rg BT 266.68 142.25 Td (. ) Tj ET Q q 0 0 0 rg BT 271.13 142.25 Td (W) Tj ET Q q 0 0 0 rg BT 279.76 142.25 Td (e ) Tj ET Q q 0 0 0 rg BT 286.30 142.25 Td (may ) Tj ET Q q 0 0 0 rg BT 305.62 142.25 Td (also ) Tj ET Q q 0 0 0 rg BT 323.82 142.25 Td (be ) Tj ET Q q 0 0 0 rg BT 335.36 142.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 365.78 142.25 Td (to ) Tj ET Q q 0 0 0 rg BT 375.66 142.25 Td (state ) Tj ET Q q 0 0 0 rg BT 396.09 142.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.62 142.25 Td (local ) Tj ET Q q 0 0 0 rg BT 434.15 142.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 456.80 142.25 Td (on ) Tj ET Q q 0 0 0 rg BT 468.90 142.25 Td (our ) Tj ET Q q 0 0 0 rg BT 484.33 142.25 Td (income ) Tj ET Q q 0 0 0 rg BT 515.86 142.25 Td (or ) Tj ET Q q 0 0 0 rg BT 526.29 142.25 Td (property) Tj ET Q q 0 0 0 rg BT 559.52 142.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (either ) Tj ET Q q 0 0 0 rg BT 75.19 130.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 108.65 130.25 Td (or ) Tj ET Q q 0 0 0 rg BT 119.90 130.25 Td (at ) Tj ET Q q 0 0 0 rg BT 130.04 130.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.18 130.25 Td (level ) Tj ET Q q 0 0 0 rg BT 167.53 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.78 130.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.92 130.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 236.83 130.25 Td (Partnership ) Tj ET Q q 0 0 0 rg BT 285.30 130.25 Td (or ) Tj ET Q q 0 0 0 rg BT 296.55 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 307.80 130.25 Td (other ) Tj ET Q q 0 0 0 rg BT 331.27 130.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 363.07 130.25 Td (through ) Tj ET Q q 0 0 0 rg BT 397.10 130.25 Td (which ) Tj ET Q q 0 0 0 rg BT 424.46 130.25 Td (we ) Tj ET Q q 0 0 0 rg BT 439.04 130.25 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 480.28 130.25 Td (own ) Tj ET Q q 0 0 0 rg BT 500.43 130.25 Td (our ) Tj ET Q q 0 0 0 rg BT 516.68 130.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 544.78 130.25 Td (Any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 72.55 118.25 Td (that ) Tj ET Q q 0 0 0 rg BT 90.04 118.25 Td (we ) Tj ET Q q 0 0 0 rg BT 104.20 118.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 121.14 118.25 Td (will ) Tj ET Q q 0 0 0 rg BT 139.20 118.25 Td (reduce ) Tj ET Q q 0 0 0 rg BT 168.34 118.25 Td (our ) Tj ET Q q 0 0 0 rg BT 184.17 118.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 204.44 118.25 Td (available ) Tj ET Q q 0 0 0 rg BT 243.03 118.25 Td (for ) Tj ET Q q 0 0 0 rg BT 257.19 118.25 Td (distribution ) Tj ET Q q 0 0 0 rg BT 305.80 118.25 Td (to ) Tj ET Q q 0 0 0 rg BT 316.08 118.25 Td (our ) Tj ET Q q 0 0 0 rg BT 331.91 118.25 Td (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 (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 160.48 658.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 203.17 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.55 658.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 234.07 658.25 Td (s ) Tj ET Q q 0 0 0 rg BT 239.56 658.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 278.37 658.25 Td (exclude ) Tj ET Q q 0 0 0 rg BT 311.06 658.25 Td (any ) Tj ET Q q 0 0 0 rg BT 327.10 658.25 Td (income ) Tj ET Q q 0 0 0 rg BT 358.14 658.25 Td (or ) Tj ET Q q 0 0 0 rg BT 368.07 658.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 386.89 658.25 Td (from ) Tj ET Q q 0 0 0 rg BT 407.94 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 413.98 658.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 447.80 658.25 Td (or ) Tj ET Q q 0 0 0 rg BT 457.73 658.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 487.11 658.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 532.58 658.25 Td (entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (into ) Tj ET Q q 0 0 0 rg BT 67.53 646.25 Td (by ) Tj ET Q q 0 0 0 rg BT 80.01 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.70 646.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 116.74 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 119.21 646.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 158.90 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.15 646.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 202.72 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.42 646.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 234.89 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.70 646.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 280.11 646.25 Td (rate, ) Tj ET Q q 0 0 0 rg BT 300.07 646.25 Td (price ) Tj ET Q q 0 0 0 rg BT 322.53 646.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 357.21 646.25 Td (or ) Tj ET Q q 0 0 0 rg BT 368.02 646.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 405.47 646.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 455.15 646.25 Td (with ) Tj ET Q q 0 0 0 rg BT 475.41 646.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 506.20 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 516.45 646.25 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (made ) Tj ET Q q 0 0 0 rg BT 74.11 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 85.40 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 96.13 634.25 Td (be ) Tj ET Q q 0 0 0 rg BT 108.52 634.25 Td (made ) Tj ET Q q 0 0 0 rg BT 133.14 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.87 634.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 176.25 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 187.53 634.25 Td (carry ) Tj ET Q q 0 0 0 rg BT 211.03 634.25 Td (real ) Tj ET Q q 0 0 0 rg BT 228.97 634.25 Td (estate ) Tj ET Q q 0 0 0 rg BT 254.69 634.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 280.97 634.25 Td (orto ) Tj ET Q q 0 0 0 rg BT 302.54 634.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 336.59 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.76 634.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 369.71 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 381.00 634.25 Td (currency ) Tj ET Q q 0 0 0 rg BT 418.93 634.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 469.10 634.25 Td (with ) Tj ET Q q 0 0 0 rg BT 489.83 634.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 521.10 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 531.84 634.25 Td (an ) Tj ET Q q 0 0 0 rg BT 544.23 634.25 Td (item ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (ofincome ) Tj ET Q q 0 0 0 rg BT 92.80 622.25 Td (or ) Tj ET Q q 0 0 0 rg BT 104.16 622.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 124.41 622.25 Td (that ) Tj ET Q q 0 0 0 rg BT 142.44 622.25 Td (would ) Tj ET Q q 0 0 0 rg BT 170.48 622.25 Td (be ) Tj ET Q q 0 0 0 rg BT 182.95 622.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 227.09 622.25 Td (income ) Tj ET Q q 0 0 0 rg BT 259.56 622.25 Td (under ) Tj ET Q q 0 0 0 rg BT 285.36 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.61 622.25 Td (75% ) Tj ET Q q 0 0 0 rg BT 321.98 622.25 Td (or ) Tj ET Q q 0 0 0 rg BT 333.34 622.25 Td (95% ) Tj ET Q q 0 0 0 rg BT 354.71 622.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 378.86 622.25 Td (income ) Tj ET Q q 0 0 0 rg BT 411.32 622.25 Td (test\(or ) Tj ET Q q 0 0 0 rg BT 442.41 622.25 Td (any ) Tj ET Q q 0 0 0 rg BT 459.88 622.25 Td (property ) Tj ET Q q 0 0 0 rg BT 496.79 622.25 Td (which ) Tj ET Q q 0 0 0 rg BT 524.26 622.25 Td (generates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (such ) Tj ET Q q 0 0 0 rg BT 70.37 610.25 Td (income ) Tj ET Q q 0 0 0 rg BT 102.33 610.25 Td (or ) Tj ET Q q 0 0 0 rg BT 113.20 610.25 Td (gain\), ) Tj ET Q q 0 0 0 rg BT 138.78 610.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 176.87 610.25 Td (that ) Tj ET Q q 0 0 0 rg BT 194.40 610.25 Td (we ) Tj ET Q q 0 0 0 rg BT 208.59 610.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 245.00 610.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 278.64 610.25 Td (such ) Tj ET Q q 0 0 0 rg BT 299.51 610.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 329.81 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 346.79 610.25 Td (other ) Tj ET Q q 0 0 0 rg BT 369.87 610.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 420.17 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 430.48 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.24 610.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 477.76 610.25 Td (required ) Tj ET Q q 0 0 0 rg BT 513.61 610.25 Td (by ) Tj ET Q q 0 0 0 rg BT 526.14 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.90 610.25 Td (Code ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.80 598.25 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 114.46 598.25 Td (T) Tj ET Q q 0 0 0 rg BT 119.87 598.25 Td (o ) Tj ET Q q 0 0 0 rg BT 126.74 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.82 598.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 167.11 598.25 Td (that ) Tj ET Q q 0 0 0 rg BT 183.97 598.25 Td (we ) Tj ET Q q 0 0 0 rg BT 197.49 598.25 Td (do ) Tj ET Q q 0 0 0 rg BT 209.36 598.25 Td (not ) Tj ET Q q 0 0 0 rg BT 224.00 598.25 Td (properly ) Tj ET Q q 0 0 0 rg BT 259.74 598.25 Td (identify ) Tj ET Q q 0 0 0 rg BT 292.70 598.25 Td (such ) Tj ET Q q 0 0 0 rg BT 312.90 598.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 362.52 598.25 Td (as ) Tj ET Q q 0 0 0 rg BT 372.71 598.25 Td (hedges ) Tj ET Q q 0 0 0 rg BT 402.35 598.25 Td (or ) Tj ET Q q 0 0 0 rg BT 412.54 598.25 Td (we ) Tj ET Q q 0 0 0 rg BT 426.06 598.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 451.80 598.25 Td (with ) Tj ET Q q 0 0 0 rg BT 471.44 598.25 Td (other ) Tj ET Q q 0 0 0 rg BT 493.85 598.25 Td (types ) Tj ET Q q 0 0 0 rg BT 516.82 598.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.02 598.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 100.72 586.25 Td (or ) Tj ET Q q 0 0 0 rg BT 111.11 586.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 137.04 586.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 158.54 586.25 Td (values ) Tj ET Q q 0 0 0 rg BT 186.14 586.25 Td (or ) Tj ET Q q 0 0 0 rg BT 196.53 586.25 Td (other ) Tj ET Q q 0 0 0 rg BT 219.13 586.25 Td (types ) Tj ET Q q 0 0 0 rg BT 242.30 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.69 586.25 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 308.90 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.17 586.25 Td (income ) Tj ET Q q 0 0 0 rg BT 354.66 586.25 Td (from ) Tj ET Q q 0 0 0 rg BT 376.16 586.25 Td (those ) Tj ET Q q 0 0 0 rg BT 399.33 586.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 449.15 586.25 Td (is ) Tj ET Q q 0 0 0 rg BT 457.87 586.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 482.70 586.25 Td (to ) Tj ET Q q 0 0 0 rg BT 492.54 586.25 Td (be ) Tj ET Q q 0 0 0 rg BT 504.03 586.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 533.29 586.25 Td (as ) Tj ET Q q 0 0 0 rg BT 543.68 586.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (qualifying ) Tj ET Q q 0 0 0 rg BT 92.86 574.25 Td (income ) Tj ET Q q 0 0 0 rg BT 124.55 574.25 Td (for ) Tj ET Q q 0 0 0 rg BT 138.46 574.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 176.27 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 186.86 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.33 574.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 224.70 574.25 Td (income ) Tj ET Q q 0 0 0 rg BT 256.39 574.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 276.42 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.12 574.25 Td (may ) Tj ET Q q 0 0 0 rg BT 312.59 574.25 Td (af) Tj ET Q q 0 0 0 rg BT 320.18 574.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 337.42 574.25 Td (our ) Tj ET Q q 0 0 0 rg BT 353.01 574.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 380.81 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 390.85 574.25 Td (qualify ) Tj ET Q q 0 0 0 rg BT 421.43 574.25 Td (as ) Tj ET Q q 0 0 0 rg BT 432.01 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 438.71 574.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 460.18 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 464.94 574.25 Td (In ) Tj ET Q q 0 0 0 rg BT 475.53 574.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 513.05 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 523.09 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.56 574.25 Td (extent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (that ) Tj ET Q q 0 0 0 rg BT 66.84 562.25 Td (our ) Tj ET Q q 0 0 0 rg BT 82.51 562.25 Td (position ) Tj ET Q q 0 0 0 rg BT 117.07 562.25 Td (in ) Tj ET Q q 0 0 0 rg BT 127.19 562.25 Td (a ) Tj ET Q q 0 0 0 rg BT 133.97 562.25 Td (hedging ) Tj ET Q q 0 0 0 rg BT 168.53 562.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 214.74 562.25 Td (has ) Tj ET Q q 0 0 0 rg BT 230.41 562.25 Td (positive ) Tj ET Q q 0 0 0 rg BT 264.42 562.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 290.91 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.47 562.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 350.58 562.25 Td (may ) Tj ET Q q 0 0 0 rg BT 370.14 562.25 Td (be ) Tj ET Q q 0 0 0 rg BT 381.92 562.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 411.46 562.25 Td (as ) Tj ET Q q 0 0 0 rg BT 422.13 562.25 Td (a ) Tj ET Q q 0 0 0 rg BT 428.91 562.25 Td (non-qualifying ) Tj ET Q q 0 0 0 rg BT 490.68 562.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 512.46 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 526.46 562.25 Td (purposes ) 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 60.33 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 550.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 98.66 550.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 120.60 550.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 140.88 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 151.16 550.25 Td (which ) Tj ET Q q 0 0 0 rg BT 178.09 550.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 199.61 550.25 Td (s ) Tj ET Q q 0 0 0 rg BT 206.00 550.25 Td (are ) Tj ET Q q 0 0 0 rg BT 220.71 550.25 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 may be subject to foreign taxes, notwithstanding our status ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 514.25 Td (as a REIT) Tj ET Q q 0 0 0 rg BT 99.81 514.25 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 may be subject to income taxation by jurisdictions in which such assets are located. Our cash available for distribution to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (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 may hold real property which is leased back to the person from whom we acquired it. ) Tj ET Q q 0 0 0 rg BT 426.96 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 435.60 322.25 Td (e will use commercially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (reasonable ef) Tj ET Q q 0 0 0 rg BT 102.34 310.25 Td (forts to structure any such sale-leaseback transaction such that the lease will be characterized as a true lease, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (thereby allowing us to be treated as the owner of the property for federal income tax purposes, but cannot assure our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (stockholders that the IRS 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 relating to such property would be disallowed. ) Tj ET Q q 0 0 0 rg BT 289.53 262.25 Td (W) Tj ET Q q 0 0 0 rg BT 298.17 262.25 Td (e might fail to satisfy the REIT) Tj ET Q q 0 0 0 rg BT 422.41 262.25 Td ( qualification asset tests or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (income tests and, consequently) Tj ET Q q 0 0 0 rg BT 182.14 250.25 Td (, lose our REIT) Tj ET Q q 0 0 0 rg BT 243.62 250.25 Td ( status ef) Tj ET Q q 0 0 0 rg BT 278.98 250.25 Td (fective with the year of recharacterization if a sale-leaseback ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (transaction were so recharacterized. ) Tj ET Q q 0 0 0 rg BT 194.70 238.25 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 246.80 238.25 Td (, the amount of our REIT) Tj ET Q q 0 0 0 rg BT 347.71 238.25 Td ( taxable income could be recalculated which might ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (also cause us to fail to meet the distribution requirement for a taxable year) Tj ET Q q 0 0 0 rg BT 345.79 226.25 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 63.00 202.25 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 we distribute to our stockholders and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (the ownership of shares of our common stock. ) Tj ET Q q 0 0 0 rg BT 239.28 154.25 Td (W) Tj ET Q q 0 0 0 rg BT 247.92 154.25 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 527.28 142.25 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 /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 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 /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 20% \(the limit was 25% prior to January 1, 2018\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (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 416.68 718.10 Td ( subsidiaries. If we fail to comply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (with these requirements at the end of any calendar quarter) Tj ET Q q 0 0 0 rg BT 280.95 706.10 Td (, we must correct such failure within 30days after the end of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (calendar quarter in order to avoid losing our REIT) Tj ET Q q 0 0 0 rg BT 250.36 694.10 Td ( status and suf) Tj ET Q q 0 0 0 rg BT 307.12 694.10 Td (fering adverse tax consequences. ) Tj ET Q q 0 0 0 rg BT 440.68 694.10 Td (As a result, we may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (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 may continue to occur in the future and may be given retroactive or prospective ef) Tj ET Q q 0 0 0 rg BT 423.90 610.10 Td (fect, and we cannot assure our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (stockholders that any such changes will not adversely af) Tj ET Q q 0 0 0 rg BT 274.26 598.10 Td (fect how we are taxed or the taxation of our stockholders. ) Tj ET Q q 0 0 0 rg BT 506.40 598.10 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 538.10 Td (The T) Tj ET Q q 0 0 0 rg BT 82.30 538.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 155.28 538.10 Td (Act, which made significant changes to the U.S. federal income tax rules for taxation of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 526.10 Td (individuals and corporations, including REIT) Tj ET Q q 0 0 0 rg BT 246.24 526.10 Td (s and their stockholders, was signed into law on December 22, 2017 and the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 514.10 Td (precise application of all facets of the legislation is unclear) Tj ET Q q 0 0 0 rg BT 300.43 514.10 Td (. In addition, as a result of these changes, we may be limited in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 502.10 Td (our ability to deduct interest expense, or be required to spread depreciation deductions over longer periods of time and we ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 490.10 Td (may be limited in our ability to utilize losses incurred in earlier years to of) Tj ET Q q 0 0 0 rg BT 362.21 490.10 Td (fset income generated in subsequent years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 466.10 Td (The ) Tj ET Q q 0 0 0 rg BT 91.37 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.78 466.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 166.22 466.10 Td (Act made significant changes to the U.S. federal income tax rules for taxation of individuals and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (corporations, including REIT) Tj ET Q q 0 0 0 rg BT 166.28 454.10 Td (s and their stockholders. In the case of individuals, the tax brackets were adjusted, the top federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (income rate was reduced to 37%, special rules reduce taxation of certain income earned through pass-through entities and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (reduce the top ef) Tj ET Q q 0 0 0 rg BT 116.23 430.10 Td (fective rate applicable to ordinary dividends from REIT) Tj ET Q q 0 0 0 rg BT 338.50 430.10 Td (s to 29.6% \(through a 20% deduction for ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.54 418.10 Td ( dividends received that are not capital gain dividends or qualified dividend income, subject to complex limitations\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (and various deductions were eliminated or limited, including limiting the deduction for state and local taxes to $10,000 per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.16 394.10 Td (. Most of the changes applicable to individuals are temporary and apply only to taxable years beginning after December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (2017 and before January 1, 2026. ) Tj ET Q q 0 0 0 rg BT 187.89 382.10 Td (The top corporate income tax rate was reduced to 21%. ) Tj ET Q q 0 0 0 rg BT 413.73 382.10 Td (There are only minor changes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (tax rules applicable to REIT) Tj ET Q q 0 0 0 rg BT 161.54 370.10 Td (s \(other than the 20% deduction applicable to individuals for ordinary REIT) Tj ET Q q 0 0 0 rg BT 464.89 370.10 Td ( dividends received\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 358.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.78 358.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 142.22 358.10 Td (Act makes numerous other lar) Tj ET Q q 0 0 0 rg BT 262.56 358.10 Td (ge and small changes to the tax rules that do not af) Tj ET Q q 0 0 0 rg BT 464.82 358.10 Td (fect REIT) Tj ET Q q 0 0 0 rg BT 503.83 358.10 Td (s directly but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (may af) Tj ET Q q 0 0 0 rg BT 76.80 346.10 Td (fect our stockholders and may indirectly af) Tj ET Q q 0 0 0 rg BT 248.23 346.10 Td (fect us. For example, the ) Tj ET Q q 0 0 0 rg BT 351.91 346.10 Td (T) Tj ET Q q 0 0 0 rg BT 357.32 346.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 426.77 346.10 Td (Act amended the rules for accrual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (of income so that income is taken into account no later than when it is taken into account on applicable financial statements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (even if financial statements take such income into account before it would accrue under the original issue discount rules, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (market discount rules or other rules in the Code. Such rule may cause us to recognize income before receiving any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (corresponding receipt of cash, which may make it more likely that we could be required to borrow funds or take other action to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (satisfy the REIT) Tj ET Q q 0 0 0 rg BT 114.86 286.10 Td ( distribution requirements for the taxable year in which such income is recognized, although the precise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (application of this rule is unclear at this time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 250.10 Td (In addition, per the ) Tj ET Q q 0 0 0 rg BT 151.91 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 157.32 250.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 226.77 250.10 Td (Act, the amount of business interest expense that we may deduct may be limited to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (the sum of 30% of our adjusted taxable income for the tax year and our business interest income for the tax year) Tj ET Q q 0 0 0 rg BT 497.42 238.10 Td (. Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (interest expense generally is interest paid or accrued with respect to indebtedness allocable to a trade or business. It does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (include investment interest. ) Tj ET Q q 0 0 0 rg BT 161.70 214.10 Td (Adjusted taxable income generally means taxable income from trade or business activities before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (any deductions for interest, net operating losses, or the new deduction for pass-through business income provided for in the ) Tj ET Q q 0 0 0 rg BT 545.04 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 550.45 202.10 Td (ax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 107.01 190.10 Td (Act. In taxable years beginning before January 1, 2022, adjusted taxable income is also computed before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (deducting depreciation and amortization expense. Interest expense that is disallowed may be carried forward indefinitely) Tj ET Q q 0 0 0 rg BT 531.73 178.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (Businesses with average annual gross receipts of $25 million or less \(determined by taking into account businesses operated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (certain af) Tj ET Q q 0 0 0 rg BT 86.79 154.10 Td (filiated entities\) are exempt from this limitation. ) Tj ET Q q 0 0 0 rg BT 281.18 154.10 Td (A) Tj ET Q q 0 0 0 rg BT 287.85 154.10 Td ( real property trade or business may elect to not be subject to this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (limit. ) Tj ET Q q 0 0 0 rg BT 72.84 142.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.51 142.10 Td ( real property trade or business is any real property development, redevelopment, construction, reconstruction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business. ) Tj ET Q q 0 0 0 rg BT 432.16 130.10 Td (An electing real property trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (or business must use longer alternative depreciation system periods prospectively for all real estate, including real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (acquired prior to the election. ) Tj ET Q q 0 0 0 rg BT 169.83 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 178.46 106.10 Td (e have not yet determined whether the new limitation will af) Tj ET Q q 0 0 0 rg BT 419.87 106.10 Td (fect us or any of our subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (or whether we and our subsidiaries are eligible to make and will make this election. Once made, this election is irrevocable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 82.10 Td (, under the ) Tj ET Q q 0 0 0 rg BT 123.34 82.10 Td (T) Tj ET Q q 0 0 0 rg BT 128.75 82.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 198.20 82.10 Td (Act, for taxable years beginning after December 31, 2017, a company) Tj ET Q q 0 0 0 rg BT 480.04 82.10 Td (s ability to deduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (net operating losses is generally limited to 80% of taxable income \(prior to the application of the dividends paid deduction\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (which may limit our ability or the ability of our subsidiaries to derive tax benefits in a later year from losses incurred and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (carried forward from a prior year) Tj ET Q q 0 0 0 rg BT 181.38 46.10 Td (. ) Tj ET Q q 0 0 0 rg BT 185.82 46.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 235.73 46.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 255.26 46.10 Td (T) Tj ET Q q 0 0 0 rg BT 260.67 46.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 330.12 46.10 Td (Act reduced individual taxpayers) Tj ET Q q 0 0 0 rg BT 465.16 46.10 Td ( ability to deduct state ) 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 (and local taxes, including property taxes further limited their ability to deduct mortgage interest expense, such that interest is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (only deductible with respect to up to a total of $750,000 of mortgages and the legislation does not permit deduction of interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (on home equity loans \(after grandfathering all existing mortgages\). ) Tj ET Q q 0 0 0 rg BT 322.29 718.10 Td (These changes may potentially \(and negatively\) af) Tj ET Q q 0 0 0 rg BT 523.70 718.10 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (markets in which we may invest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 682.10 Td (Stockholders are ur) Tj ET Q q 0 0 0 rg BT 151.07 682.10 Td (ged to consult with their tax advisors with respect to the ) Tj ET Q q 0 0 0 rg BT 377.24 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 382.65 682.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 452.09 682.10 Td (Act and any other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (regulatory or administrative developments and proposals, including their potential impact on stockholders) Tj ET Q q 0 0 0 rg BT 475.88 670.10 Td ( investment in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (Risks Related to ERISA) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 610.10 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 433.39 610.10 Td (Act of 1974, as amended, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 598.10 Td (\(ERISA\), the ) Tj ET Q q 0 0 0 rg BT 124.53 598.10 Td (Advisor and the fiduciaries of investing ERISA) Tj ET Q q 0 0 0 rg BT 317.89 598.10 Td ( plans may be exposed to liabilities under T) Tj ET Q q 0 0 0 rg BT 495.30 598.10 Td (itleI of ERISA) Tj ET Q q 0 0 0 rg BT 556.70 598.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 586.10 Td (and the Internal Revenue Code.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 562.10 Td (In some circumstances where an ERISA) Tj ET Q q 0 0 0 rg BT 228.29 562.10 Td ( plan holds an interest in an entity) Tj ET Q q 0 0 0 rg BT 362.89 562.10 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 49.50 550.10 Td (attributable to that interest are deemed to be ERISA) Tj ET Q q 0 0 0 rg BT 256.10 550.10 Td ( plan assets unless an exception applies. ) Tj ET Q q 0 0 0 rg BT 418.10 550.10 Td (This is known as the look-through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 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 49.50 526.10 Td (administrators, and of parties in interest and disqualified persons, under ) Tj ET Q q 0 0 0 rg BT 338.14 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 343.89 526.10 Td (itleI of ERISA) Tj ET Q q 0 0 0 rg BT 404.17 526.10 Td ( and Section4975 of the Code, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 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 449.66 514.10 Td ( and the Code. ) Tj ET Q q 0 0 0 rg BT 509.74 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.38 514.10 Td (e believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 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 446.99 502.10 Td (fered securities that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 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 427.54 490.10 Td (T) Tj ET Q q 0 0 0 rg BT 433.30 490.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 462.08 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.90 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 475.54 490.10 Td (e note, however) Tj ET Q q 0 0 0 rg BT 538.72 490.10 Td (, that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 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 476.68 478.10 Td (, and perhaps for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (other reasons, it is possible that this exemption may not apply) Tj ET Q q 0 0 0 rg BT 295.76 466.10 Td (. If that is the case, and if the ) Tj ET Q q 0 0 0 rg BT 415.72 466.10 Td (Advisor or we are exposed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (liability under ERISA) Tj ET Q q 0 0 0 rg BT 136.72 454.10 Td ( or the Code, our performance and results of operations could be adversely af) Tj ET Q q 0 0 0 rg BT 445.32 454.10 Td (fected. In addition, if that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (were the case, an investment in our common shares might constitute an inef) Tj ET Q q 0 0 0 rg BT 352.29 442.10 Td (fective delegation of fiduciary responsibility to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.32 430.10 Td (, and expose the fiduciary of the benefit plan to co-fiduciary liability under ERISA) Tj ET Q q 0 0 0 rg BT 411.22 430.10 Td ( for any breach by the ) Tj ET Q q 0 0 0 rg BT 500.63 430.10 Td (Advisor of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 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 49.50 406.10 Td (and other advisors concerning the impact of ERISA) Tj ET Q q 0 0 0 rg BT 255.84 406.10 Td ( and the Code on such investors) Tj ET Q q 0 0 0 rg BT 385.63 406.10 Td ( investment and our performance. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 382.10 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 49.50 370.10 Td (investing in our common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 346.10 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 49.50 334.10 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 58.50 310.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.10 Td (their investment is consistent with their fiduciary obligations under ERISA) Tj ET Q q 0 0 0 rg BT 375.62 310.10 Td ( and the Code;) 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 (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 76.50 286.10 Td (plan) Tj ET Q q 0 0 0 rg BT 96.50 286.10 Td (s investment policy;) 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 (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 76.50 262.10 Td (ERISA;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 250.10 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 58.50 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.10 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 58.50 226.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 226.10 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 408.90 226.10 Td ( requirements;and) 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 will not constitute a prohibited transaction under Section406 of ERISA) Tj ET Q q 0 0 0 rg BT 429.77 214.10 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 49.50 730.25 Td (Investment Risks ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 706.25 Td (There is no public market for our common shares; therefore, it will be dif) Tj ET Q q 0 0 0 rg BT 360.55 706.25 Td (ficult for our stockholders to sell their shares ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 694.25 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 58.50 682.25 Td (per share net asset value of our common shares is an amount that is less than the price some stockholders paid for their ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 670.25 Td (shares in our prior public of) Tj ET Q q 0 0 0 rg BT 174.74 670.25 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 67.50 646.25 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 421.01 646.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 470.91 646.25 Td (, our charter contains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 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 49.50 622.25 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 49.50 610.25 Td (paid. ) Tj ET Q q 0 0 0 rg BT 71.54 610.25 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 49.50 598.25 Td (pay certain up-front fees and expenses, including or) Tj ET Q q 0 0 0 rg BT 256.47 598.25 Td (ganization and of) Tj ET Q q 0 0 0 rg BT 325.71 598.25 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 49.50 586.25 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 408.63 586.25 Td (ferings. Unless our aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 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 462.29 574.25 Td (, it is unlikely that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 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 49.50 550.25 Td (losses if we dispose of our assets or in connection with a liquidation event. ) Tj ET Q q 0 0 0 rg BT 350.65 550.25 Td (W) Tj ET Q q 0 0 0 rg BT 359.29 550.25 Td (e cannot assure stockholders that their shares will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (ever appreciate in value to equal the price they paid for their shares. ) Tj ET Q q 0 0 0 rg BT 323.08 538.25 Td (Thus, stockholders should consider our common shares as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 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 49.50 514.25 Td (February26, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.10 514.25 Td (, our board of directors established a per share NA) Tj ET Q q 0 0 0 rg BT 323.41 514.25 Td (V) Tj ET Q q 0 0 0 rg BT 330.45 514.25 Td ( of our common stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.54 514.25 Td ($9.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.04 514.25 Td (, when adjusted for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (special distribution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.21 502.25 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.71 502.25 Td ( per share \(which represented a return of capital\) declared on December 30, 2017, is lower than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td ($10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 490.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.44 490.25 Td ($10.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.94 490.25 Td ( per share primary of) Tj ET Q q 0 0 0 rg BT 207.61 490.25 Td (fering prices in our second public of) Tj ET Q q 0 0 0 rg BT 352.39 490.25 Td (fering. For a discussion of how the per share NA) Tj ET Q q 0 0 0 rg BT 546.05 490.25 Td (V) Tj ET Q q 0 0 0 rg BT 553.09 490.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (was determined, see Item 5. Market for Registrant) Tj ET Q q 0 0 0 rg BT 257.48 478.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 329.62 478.25 Td (, Related Stockholder Matters and Issuer Purchases of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (Equity SecuritiesMarket Information.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 442.25 Td (The of) Tj ET Q q 0 0 0 rg BT 85.26 442.25 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 58.50 430.25 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 548.99 430.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 406.25 Td (The of) Tj ET Q q 0 0 0 rg BT 93.70 406.25 Td (fering price for shares of our common stock under our distribution reinvestment plan is equal to the per share NA) Tj ET Q q 0 0 0 rg BT 545.89 406.25 Td (V) Tj ET Q q 0 0 0 rg BT 552.93 406.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 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 444.65 394.25 Td (s Common Equity) Tj ET Q q 0 0 0 rg BT 516.79 394.25 Td (, Related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (Stockholder Matters and Issuer Purchases of Equity Securities Market Information. ) Tj ET Q q 0 0 0 rg BT 402.01 382.25 Td (The per share NA) Tj ET Q q 0 0 0 rg BT 472.08 382.25 Td (V) Tj ET Q q 0 0 0 rg BT 479.12 382.25 Td ( was calculated as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (a moment in time, and the value of our shares will fluctuate over time as a result of, among other things, developments related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (to individual assets and changes in the real estate and capital markets. ) Tj ET Q q 0 0 0 rg BT 330.61 358.25 Td (Therefore, the actual value of your investment may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (substantially less than what you pay for shares of our common stock under our distribution reinvestment plan. ) Tj ET Q q 0 0 0 rg BT 491.46 346.25 Td (The of) Tj ET Q q 0 0 0 rg BT 517.65 346.25 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (price is not indicative of either the price at which our shares would trade if they were listed on an exchange or actively traded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (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 67.50 298.25 Td (Because we are conducting an ongoing of) Tj ET Q q 0 0 0 rg BT 234.48 298.25 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 49.50 286.25 Td (information about our net tangible book value per share. ) Tj ET Q q 0 0 0 rg BT 279.16 286.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.60 286.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.19 286.25 Td (, our net tangible book value per share was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 274.25 Td (5.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 274.25 Td (, which is less than the of) Tj ET Q q 0 0 0 rg BT 173.19 274.25 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 49.50 262.25 Td (value is a rough approximation of value calculated simply as total book value of assets minus total liabilities \(all of which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (adjusted for noncontrolling interests\). 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 49.50 238.25 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 49.50 226.25 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 49.50 214.25 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 49.50 202.25 Td (Company in accordance with our investment objectives. However) Tj ET Q q 0 0 0 rg BT 312.91 202.25 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 49.50 190.25 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 49.50 178.25 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 49.50 166.25 Td (paid in connection with our two prior public of) Tj ET Q q 0 0 0 rg BT 237.06 166.25 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 49.50 154.25 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 525.42 154.25 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (and its af) Tj ET Q q 0 0 0 rg BT 85.97 142.25 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 67.50 130.25 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 the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (ended December 31, 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 453.86 574.25 Td (Annual Report on Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (10-K for those years, amounted to less than 100% of the aggregate distributions declared to our stockholders for such year) Tj ET Q q 0 0 0 rg BT 538.25 562.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (However) Tj ET Q q 0 0 0 rg BT 85.75 550.25 Td (, because MFFO exceeded distributions declared to our stockholders during those years, the ) Tj ET Q q 0 0 0 rg BT 454.83 550.25 Td (Advisor did not waive any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (asset management fees for such periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 514.25 Td (Although the ) Tj ET Q q 0 0 0 rg BT 121.94 514.25 Td (Advisor agreed to these waivers in prior years, the ) Tj ET Q q 0 0 0 rg BT 325.21 514.25 Td (Advisor and af) Tj ET Q q 0 0 0 rg BT 384.46 514.25 Td (filiates are under no obligation to advance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 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 49.50 490.25 Td (than cash flows from operations. For example, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.22 490.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.22 490.25 Td (, after application of our cash flows from operations, which accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.66 478.25 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.99 478.25 Td ( of the operating distributions, the remaining distributions were funded using proceeds from the sales of our real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (investments in the current and prior periods, and cash flows from financing activities. ) Tj ET Q q 0 0 0 rg BT 393.95 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 402.59 466.25 Td (e have not placed a cap on the amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (of our distributions that may be paid from sources other than cash flows from operations, including proceeds from the sales of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (our real estate investments, proceeds from our debt financings, proceeds from our public of) Tj ET Q q 0 0 0 rg BT 414.48 442.25 Td (ferings, cash advances by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (Advisor and cash resulting from a waiver or deferral of fees. ) Tj ET Q q 0 0 0 rg BT 293.67 430.25 Td (When we pay distributions in excess of earnings and we use cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (flows from financing activities, including of) Tj ET Q q 0 0 0 rg BT 225.95 418.25 Td (fering proceeds and borrowings, to fund distributions, then we will have less funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (available for operations and for acquiring properties and other investments, which could adversely impact our ability to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (distributions in future periods, our stockholders overall return may be reduced and it may result in the dilution of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (stockholders) Tj ET Q q 0 0 0 rg BT 102.63 382.25 Td ( investment. In addition, the ) Tj ET Q q 0 0 0 rg BT 216.79 382.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 281.87 382.25 Td (filiates could choose to receive shares of our common stock or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (interests in the Operating Partnership in lieu of cash or deferred fees or the repayment of advances to which they are entitled, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (and the issuance of such securities may dilute our stockholders) Tj ET Q q 0 0 0 rg BT 303.41 358.25 Td ( interest in us. Furthermore, to the extent distributions exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (cash flows from operations, a stockholder) Tj ET Q q 0 0 0 rg BT 217.05 346.25 Td () Tj ET Q q 0 0 0 rg BT 219.83 346.25 Td (s basis in our stock will be reduced and, to the extent distributions exceed a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (stockholder) Tj ET Q q 0 0 0 rg BT 96.53 334.25 Td () Tj ET Q q 0 0 0 rg BT 99.30 334.25 Td (s basis, the stockholder may recognize capital gain. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 310.25 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 58.50 298.25 Td (current rate or at all.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.25 Td (Commencing with distributions from January 2012 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.31 274.25 Td (December 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.89 274.25 Td (, as a result of market conditions and our goal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (of increasing our distribution coverage, our board of directors authorized distributions in an amount equal to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td ($0.65 per share, per year) Tj ET Q q 0 0 0 rg BT 147.79 250.25 Td (. ) Tj ET Q q 0 0 0 rg BT 152.61 250.25 Td (This amount, which we have continued to declare on a monthly basis from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 250.25 Td (January 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.24 250.25 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (March 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.10 238.25 Td (, was a decrease from the distribution amount of approximately $0.70 per share, per year) Tj ET Q q 0 0 0 rg BT 452.30 238.25 Td (, which had been declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (by our board of directors since October of 2009. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 202.25 Td (Payments to the holder of the Special OP) Tj ET Q q 0 0 0 rg BT 227.28 202.25 Td ( Units or holders of any other OP) Tj ET Q q 0 0 0 rg BT 364.43 202.25 Td ( Units will reduce cash available for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 190.25 Td (distribution to our stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 166.25 Td (An af) Tj ET Q q 0 0 0 rg BT 89.81 166.25 Td (filiate of Hines has received OP) Tj ET Q q 0 0 0 rg BT 216.89 166.25 Td (Units in return for its $190,000 contribution to the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 515.56 166.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 114.59 154.25 Td (filiates may also choose to receive OP) Tj ET Q q 0 0 0 rg BT 266.95 154.25 Td (Units in lieu of certain fees. ) Tj ET Q q 0 0 0 rg BT 382.84 154.25 Td (The holders of all OP) Tj ET Q q 0 0 0 rg BT 468.56 154.25 Td (Units will be entitled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 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 49.50 130.25 Td (OP) Tj ET Q q 0 0 0 rg BT 61.91 130.25 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 479.97 130.25 Td ( ) Tj ET Q q 0 0 0 rg BT 481.92 130.25 Td (Associates Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (Partnership, the holder of the Special OP) Tj ET Q q 0 0 0 rg BT 212.70 118.25 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 49.50 106.25 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 94.25 Td (our stockholders and may negatively af) Tj ET Q q 0 0 0 rg BT 206.77 94.25 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 82.25 Td (the Special OP) Tj ET Q q 0 0 0 rg BT 108.56 82.25 Td (Units and any other OP) Tj ET Q q 0 0 0 rg BT 204.57 82.25 Td (Units held by Hines or its af) Tj ET Q q 0 0 0 rg BT 319.65 82.25 Td (filiates are required to be repurchased, in cash at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (holder) Tj ET Q q 0 0 0 rg BT 75.42 70.25 Td () Tj ET Q q 0 0 0 rg BT 78.20 70.25 Td (s election and there may not be suf) Tj ET Q q 0 0 0 rg BT 217.14 70.25 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 58.25 Td (from operations, borrowings, or other sources to make the payment, which will reduce cash available for distribution to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (stockholders.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 730.10 Td (Our stockholders) Tj ET Q q 0 0 0 rg BT 131.93 730.10 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 58.50 718.10 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 58.50 706.10 Td (current market value of the shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 682.10 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 49.50 670.10 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 49.50 658.10 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 49.50 646.10 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 49.50 634.10 Td (received from the prior month) Tj ET Q q 0 0 0 rg BT 172.79 634.10 Td (s distribution reinvestment plan may be used in the subsequent month to redeem shares. Further) Tj ET Q q 0 0 0 rg BT 557.87 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (our share redemption program limits the number of shares that may be redeemed in any consecutive twelve month period to no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (more than 5% of the number of shares outstanding at the beginning of that period, which we refer to as the 5% limitation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (Our board of directors may terminate, suspend or amend the share redemption program upon 30days) Tj ET Q q 0 0 0 rg BT 456.97 598.10 Td ( written notice without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (stockholder approval. ) Tj ET Q q 0 0 0 rg BT 138.46 586.10 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 49.50 574.10 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 49.50 562.10 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 49.50 550.10 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 /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 526.10 Td (For the months of January and February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.52 526.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.52 526.10 Td (, we received requests to redeem shares in excess of the 5% limitation. Based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (on the application of the 5% limitation, we redeemed, on a pro rata basis, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.94 514.10 Td (68%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.27 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.71 514.10 Td (29%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.04 514.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 513.70 514.10 Td (, of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (shares each stockholder requested to be redeemed for the months of January and February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 502.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 502.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 484.81 502.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 466.10 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 58.50 454.10 Td (pay) Tj ET Q q 0 0 0 rg BT 72.57 454.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 430.10 Td (Under our share redemption program, after shares have been held by a stockholder for at least one year) Tj ET Q q 0 0 0 rg BT 479.16 430.10 Td (, shares generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (may be redeemed at a price equal to the per share NA) Tj ET Q q 0 0 0 rg BT 262.83 418.10 Td (V) Tj ET Q q 0 0 0 rg BT 269.87 418.10 Td ( of our common stock most recently announced by us in a public filing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (with the SEC as of the applicable date of the redemption. ) Tj ET Q q 0 0 0 rg BT 280.36 406.10 Td (The per share NA) Tj ET Q q 0 0 0 rg BT 350.43 406.10 Td (V) Tj ET Q q 0 0 0 rg BT 357.47 406.10 Td ( may not accurately represent the current value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (our assets per share of our common stock at any particular time and may be higher or lower than the actual value of our assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (per share at such time. ) Tj ET Q q 0 0 0 rg BT 141.14 382.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 190.47 382.10 Td (, stockholders should not assume that they will be able to sell all or any portion of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (shares back to us pursuant to our share redemption program at a price that reflects the then-current market value of the shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (In addition, as we consider strategic alternatives for a potential liquidity event, our stockholders should be aware of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (possibility that the amount they may receive if their shares of our common stock are redeemed may be higher or lower than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (amount they may receive if we execute a liquidity event. However) Tj ET Q q 0 0 0 rg BT 317.33 334.10 Td (, there is no set timetable for the execution of such an event ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (and there is no assurance that any such event will occur) Tj ET Q q 0 0 0 rg BT 271.09 322.10 Td (. If, at the time of redemption, the actual value of the shares is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (the redemption price, then it would cause the redemption to be dilutive to our remaining stockholders. ) Tj ET Q q 0 0 0 rg BT 459.40 310.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 511.51 310.10 Td (, if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (actual value of the shares that we redeem is equal to or more than the most recently announced per share NA) Tj ET Q q 0 0 0 rg BT 483.04 298.10 Td (V) Tj ET Q q 0 0 0 rg BT 488.98 298.10 Td (, then a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (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 58.50 262.10 Td (There is no separate counsel for us and our af) Tj ET Q q 0 0 0 rg BT 248.62 262.10 Td (filiates, which could result in conflicts of interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 244.10 Td (Greenber) Tj ET Q q 0 0 0 rg BT 104.52 244.10 Td (g ) Tj ET Q q 0 0 0 rg BT 111.84 244.10 Td (T) Tj ET Q q 0 0 0 rg BT 117.59 244.10 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 163.88 244.10 Td ( acts as legal counsel to us and also represents the ) Tj ET Q q 0 0 0 rg BT 364.65 244.10 Td (Advisor and some of its af) Tj ET Q q 0 0 0 rg BT 470.29 244.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 502.32 244.10 Td (There is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 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 49.50 220.10 Td (responsibility of the legal profession, Greenber) Tj ET Q q 0 0 0 rg BT 237.60 220.10 Td (g ) Tj ET Q q 0 0 0 rg BT 244.92 220.10 Td (T) Tj ET Q q 0 0 0 rg BT 250.68 220.10 Td (raurig, LLP) Tj ET Q q 0 0 0 rg BT 296.96 220.10 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 49.50 208.10 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 421.90 208.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 486.99 208.10 Td (filiates, additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 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 49.50 184.10 Td (us incurring additional fees and expenses. 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 136.10 Td (The fees we pay and the agreements entered into with Hines and its af) Tj ET Q q 0 0 0 rg BT 346.37 136.10 Td (filiates were not determined on an arm) Tj ET Q q 0 0 0 rg BT 508.41 136.10 Td (s-length ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 124.10 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 410.34 124.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 100.10 Td (The compensation paid to the ) Tj ET Q q 0 0 0 rg BT 187.75 100.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 219.57 100.10 Td (, Hines and other af) Tj ET Q q 0 0 0 rg BT 297.97 100.10 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 88.10 Td (arm) Tj ET Q q 0 0 0 rg BT 67.83 88.10 Td (s-length basis. ) Tj ET Q q 0 0 0 rg BT 126.99 88.10 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 88.10 Td (filiates, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (Advisor and us, were not negotiated at arm) Tj ET Q q 0 0 0 rg BT 224.45 76.10 Td (s-length. Such agreements include our ) Tj ET Q q 0 0 0 rg BT 379.41 76.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 418.58 76.10 Td (Agreement, and property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (management and leasing agreements. ) Tj ET Q q 0 0 0 rg BT 200.83 64.10 Td (A) Tj ET Q q 0 0 0 rg BT 207.50 64.10 Td ( third party unaf) Tj ET Q q 0 0 0 rg BT 272.02 64.10 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 52.10 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 58.50 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 730.10 Td (e pay substantial compensation to Hines, the ) Tj ET Q q 0 0 0 rg BT 252.41 730.10 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 334.74 730.10 Td (filiates, which may be increased by our independent ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 718.10 Td (directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 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 49.50 682.10 Td (payments payable to Hines, the ) Tj ET Q q 0 0 0 rg BT 176.69 682.10 Td (Advisor and their af) Tj ET Q q 0 0 0 rg BT 256.77 682.10 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 49.50 670.10 Td (independent directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 66.65 646.10 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 67.50 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.14 622.10 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 49.50 610.10 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 49.50 598.10 Td (relative to publicly traded companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Item1B.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.66 574.10 Td (Unresolved Staf) Tj ET Q q 0 0 0 rg BT 157.31 574.10 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.00 526.10 Td (Item2.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 83.99 526.10 Td (Properties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 502.10 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 36.00 490.10 Td (other entities. ) Tj ET Q q 0 0 0 rg BT 92.38 490.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.82 490.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.40 490.10 Td (, we owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.83 490.10 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.83 490.10 Td ( real estate investments which contain, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.58 490.10 Td (14.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 574.47 490.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 478.10 Td (square feet of leasable space that was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.87 478.10 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.20 478.10 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 (2017) 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 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147.60000000000002 m 518.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 147.60000000000002 m 548.5 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 135.60000000000002 m 518.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 133.60000000000002 m 518.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 135.60000000000002 m 548.5 135.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 133.60000000000002 m 548.5 133.60000000000002 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 (T) Tj ET Q q 0 0 0 rg BT 290.64 693.83 Td (ype) 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 (Squar) Tj ET Q q 0 0 0 rg BT 491.83 693.83 Td (e Feet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.45 701.83 Td (Per) Tj ET Q q 0 0 0 rg BT 542.29 701.83 Td (cent) 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 (250 Royall) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 667.85 Td (Canton, Massachusetts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 667.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 667.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.40 667.85 Td (9/201) Tj ET Q q 0 0 0 rg BT 359.47 667.85 Td (1; $57.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 667.85 Td (9.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 667.85 Td (185,171) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 667.85 Td (100) 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 39.00 646.85 Td (Campus at Marlborough) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 654.85 Td (Marlborough,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 646.85 Td (Massachusetts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 646.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 646.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.40 646.85 Td (10/201) Tj ET Q q 0 0 0 rg BT 359.47 646.85 Td (1; $103.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 646.85 Td (8.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 646.85 Td (532,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 646.85 Td (78) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 646.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 646.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 633.85 Td (9320 Excelsior) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 633.85 Td (Hopkins, Minnesota) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 633.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 633.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.40 633.85 Td (12/201) Tj ET Q q 0 0 0 rg BT 361.47 633.85 Td (1; $69.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 633.85 Td (6.2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 633.85 Td (254,915) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 633.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 633.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 633.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 620.85 Td (550 ) Tj ET Q q 0 0 0 rg BT 52.93 620.85 Td (T) Tj ET Q q 0 0 0 rg BT 57.46 620.85 Td (erry Francois) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 620.85 Td (San Francisco, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 620.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 620.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 620.85 Td (8/2012; $180.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 620.85 Td (8.2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 620.85 Td (289,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 620.85 Td (100) 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 39.00 607.85 Td (Riverside Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 607.85 Td (Boston, Massachusetts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 607.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 607.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 607.85 Td (3/2013; $197.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 607.85 Td (5.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 607.85 Td (509,702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 607.85 Td (88) 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 39.00 594.85 Td (The Campus at Playa ) Tj ET Q q 0 0 0 rg BT 109.13 594.85 Td (V) Tj ET Q q 0 0 0 rg BT 114.60 594.85 Td (ista) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 594.85 Td (Los ) Tj ET Q q 0 0 0 rg BT 185.78 594.85 Td (Angeles, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 594.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 594.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 594.85 Td (5/2013; $216.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 594.85 Td (5.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 594.85 Td (324,955) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 594.85 Td (99) 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 (2300 Main) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 581.85 Td (Irvine, California) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 581.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 581.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 581.85 Td (8/2013; $39.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 581.85 Td (6.4%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 581.85 Td (132,064) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 581.85 Td (100) 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 (55 M Street) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 568.85 Td (W) Tj ET Q q 0 0 0 rg BT 179.23 568.85 Td (ashington, D.C.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 568.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 568.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 568.85 Td (12/2013; $140.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 568.85 Td (4.8%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 568.85 Td (267,915) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 568.85 Td (95) 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 (The Summit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 555.85 Td (Bellevue, ) Tj ET Q q 0 0 0 rg BT 204.36 555.85 Td (W) Tj ET Q q 0 0 0 rg BT 211.52 555.85 Td (ashington) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 555.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 555.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 555.85 Td (3/2015; $316.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 555.85 Td (5.6%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 555.85 Td (524,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 555.85 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 555.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 542.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.97 542.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.63 542.83 Td ( Domestic Office Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 542.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 542.85 Td (3,020,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 542.85 Td (93) 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 562.00 542.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 523.83 Td (Domestic Other) Tj ET Q q 0 0 0 rg BT 92.91 523.83 Td ( Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.50 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.00 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.00 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 523.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 502.85 Td (Minneapolis Retail Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 502.85 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.40 502.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.05 510.85 Td (8/2012 & 12/2012;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 502.85 Td ($130.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 502.85 Td (6.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 502.85 Td (401,397) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 502.85 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 502.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 502.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 489.85 Td (The Markets at ) Tj ET Q q 0 0 0 rg BT 89.35 489.85 Td (T) Tj ET Q q 0 0 0 rg BT 93.89 489.85 Td (own Center) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 489.85 Td (Jacksonville, Florida) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.40 489.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 489.85 Td (7/2013; $135.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 489.85 Td (5.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 489.85 Td (317,477) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 489.85 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 489.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 476.85 Td (The ) Tj ET Q q 0 0 0 rg BT 53.22 476.85 Td (A) Tj ET Q q 0 0 0 rg BT 58.48 476.85 Td (venue at Murfreesboro) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 476.85 Td (Nashville, ) Tj ET Q q 0 0 0 rg BT 206.59 476.85 Td (T) Tj ET Q q 0 0 0 rg BT 211.12 476.85 Td (ennessee) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.40 476.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 476.85 Td (8/2013; $163.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 476.85 Td (6.4%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 476.85 Td (766,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 476.85 Td (89) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 476.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 447.85 Td (The Rim) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 447.85 Td (San ) Tj ET Q q 0 0 0 rg BT 185.78 447.85 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 215.71 447.85 Td (T) Tj ET Q q 0 0 0 rg BT 220.24 447.85 Td (exas) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.40 447.85 Td (Retail) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.25 463.85 Td (2/2014, 4/2015,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.05 455.85 Td (12/2015, & 12/2016:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 447.85 Td ($285.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 447.85 Td (5.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 447.85 Td (1,055,375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 447.85 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 447.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 434.85 Td (W) Tj ET Q q 0 0 0 rg BT 46.23 434.85 Td (aterW) Tj ET Q q 0 0 0 rg BT 65.13 434.85 Td (all Place) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 434.85 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 203.04 434.85 Td (T) Tj ET Q q 0 0 0 rg BT 207.58 434.85 Td (exas) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.85 435.55 Td (Residential/) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.30 427.60 Td (Living) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 434.85 Td (7/2014; $64.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.45 434.85 Td (7.8%) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 438.11 438.48 Td ( \(4\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 434.85 Td (316,299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 434.85 Td (91) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 434.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 421.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.97 421.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.63 421.83 Td ( Domestic Other) Tj ET Q q 0 0 0 rg BT 124.47 421.83 Td ( Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 421.85 Td (2,857,482) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 421.85 Td (93) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 421.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 402.83 Td (International Office Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 402.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 402.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 389.85 Td (Gogolevsky 1) Tj ET Q q 0 0 0 rg BT 83.52 389.85 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 389.85 Td (Moscow) Tj ET Q q 0 0 0 rg BT 199.29 389.85 Td (, Russia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 389.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 389.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.40 389.85 Td (8/201) Tj ET Q q 0 0 0 rg BT 359.47 389.85 Td (1; $96.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 389.85 Td (8.9%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.25 389.85 Td (94,240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 389.85 Td (94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 389.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 376.85 Td (100 Brookes St.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 376.85 Td (Brisbane, ) Tj ET Q q 0 0 0 rg BT 204.22 376.85 Td (Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 376.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 376.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 376.85 Td (7/2012; $67.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.15 376.85 Td (10.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 376.85 Td (105,636) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 376.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 376.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 363.85 Td (465 ) Tj ET Q q 0 0 0 rg BT 52.93 363.85 Td (V) Tj ET Q q 0 0 0 rg BT 58.39 363.85 Td (ictoria) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 363.85 Td (Sydney) Tj ET Q q 0 0 0 rg BT 195.74 363.85 Td (, ) Tj ET Q q 0 0 0 rg BT 199.26 363.85 Td (Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 363.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 363.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.25 363.85 Td (2/2013; $90.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 363.85 Td (8.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 363.85 Td (169,472) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 363.85 Td (76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 363.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 350.85 Td (One ) Tj ET Q q 0 0 0 rg BT 54.18 350.85 Td (W) Tj ET Q q 0 0 0 rg BT 61.09 350.85 Td (estferry Circus ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 110.41 354.48 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 350.85 Td (London, England) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 350.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 350.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 350.85 Td (2/2013; $124.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 350.85 Td (7.4%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 350.85 Td (221,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 350.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 350.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 337.85 Td (New City) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 337.85 Td (W) Tj ET Q q 0 0 0 rg BT 179.23 337.85 Td (arsaw) Tj ET Q q 0 0 0 rg BT 197.31 337.85 Td (, Poland) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 337.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 337.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 337.85 Td (3/2013; $163.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 337.85 Td (7.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 337.85 Td (484,182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 337.85 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 337.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 324.85 Td (825 ) Tj ET Q q 0 0 0 rg BT 52.78 324.85 Td (Ann) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 324.85 Td (Brisbane, ) Tj ET Q q 0 0 0 rg BT 204.22 324.85 Td (Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 324.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 324.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 324.85 Td (4/2013; $128.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 324.85 Td (8.0%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 324.85 Td (206,505) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 324.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 324.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 311.85 Td (Perspective Defense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 311.85 Td (Paris, France) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 311.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 311.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 311.85 Td (6/2013; $165.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 311.85 Td (8.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 311.85 Td (289,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 311.85 Td (47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 311.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 298.85 Td (25 Cabot Square) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 298.85 Td (London, England) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 298.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 298.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 298.85 Td (3/2014; $371.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 298.85 Td (6.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 298.85 Td (455,712) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 298.85 Td (59) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 298.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 285.85 Td (818 Bourke) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 285.85 Td (Melbourne, ) Tj ET Q q 0 0 0 rg BT 210.88 285.85 Td (Australia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.85 285.85 Td (Of) Tj ET Q q 0 0 0 rg BT 292.22 285.85 Td (fice) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 285.85 Td (10/2014; $135.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 285.85 Td (7.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 285.85 Td (259,007) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 285.85 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 285.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 272.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.97 272.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.63 272.83 Td ( International Office Pr) Tj ET Q q 0 0 0 rg BT 149.13 272.83 Td (operties) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 272.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 272.85 Td (2,285,436) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 272.85 Td (79) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 272.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 272.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 253.83 Td (International Other) Tj ET Q q 0 0 0 rg BT 106.70 253.83 Td ( Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 253.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 253.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 240.85 Td (FM Logistic) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 240.85 Td (Moscow) Tj ET Q q 0 0 0 rg BT 199.29 240.85 Td (, Russia) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 240.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 342.50 240.85 Td (4/201) Tj ET Q q 0 0 0 rg BT 360.57 240.85 Td (1 $70.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.15 240.85 Td (1) Tj ET Q q 0 0 0 rg BT 427.15 240.85 Td (1.2%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 240.85 Td (748,578) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 240.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 240.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 240.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 219.85 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 219.85 Td (Poland ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 196.22 223.48 Td (\(5\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 219.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.05 227.85 Td (3/2012 & 10/2012;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 219.85 Td ($157.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 219.85 Td (8.1%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 219.85 Td (2,365,225) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 219.85 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 219.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 219.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 206.85 Td (Fiege Mega Centre) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 206.85 Td (Erfurt, Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 206.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.25 206.85 Td (10/2013; $53.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 206.85 Td (7.7%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 206.85 Td (952,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 206.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 206.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 185.85 Td (Simon Hegele Logistics) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 185.85 Td (Forchheim, Germany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 185.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.05 193.85 Td (6/2014 & 1/2015;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.50 185.85 Td ($78.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 185.85 Td (7.5%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.25 185.85 Td (615,555) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 185.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 185.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 39.00 164.85 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 172.00 164.85 Td (Germany ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 203.77 168.48 Td (\(6\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 278.65 164.85 Td (Industrial) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.05 172.85 Td (4/2015 & 12/2015;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 164.85 Td ($126.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.15 164.85 Td (7.3%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 164.85 Td (1,287,065) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.30 164.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 164.85 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 151.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.97 151.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.63 151.83 Td ( International Other) Tj ET Q q 0 0 0 rg BT 138.26 151.83 Td ( Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 151.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.25 151.85 Td (5,968,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 151.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 151.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 556.50 151.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 39.00 138.83 Td (T) Tj ET Q q 0 0 0 rg BT 43.60 138.83 Td (otal for) Tj ET Q q 0 0 0 rg BT 68.56 138.83 Td ( ) Tj ET Q q 0 0 0 rg BT 70.12 138.83 Td (All Investments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.00 138.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.25 138.85 Td (14,132,387) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.30 138.85 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 138.85 Td (%) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 551.00 142.96 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 111.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 111.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.72 111.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.31 111.10 Td (, the Company ef) Tj ET Q q 0 0 0 rg BT 216.00 111.10 Td (fectively owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.58 111.10 Td (99.99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.41 111.10 Td ( interest in the properties listed, with the exception of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 99.10 Td (W) Tj ET Q q 0 0 0 rg BT 62.64 99.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 86.26 99.10 Td (all Place, through the ownership interest in the Operating Partnership as its sole general partner) Tj ET Q q 0 0 0 rg BT 466.43 99.10 Td (. ) Tj ET Q q 0 0 0 rg BT 470.88 99.10 Td (Af) Tj ET Q q 0 0 0 rg BT 481.25 99.10 Td (filiates of Hines owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 87.10 Td (the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.76 87.10 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.59 87.10 Td ( interest in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 289.87 87.10 Td (W) Tj ET Q q 0 0 0 rg BT 298.51 87.10 Td (e own a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.11 87.10 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.44 87.10 Td ( interest in ) Tj ET Q q 0 0 0 rg BT 394.97 87.10 Td (W) Tj ET Q q 0 0 0 rg BT 403.60 87.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 427.23 87.10 Td (all Place through our investment in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 75.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.54 75.10 Td (W) Tj ET Q q 0 0 0 rg BT 77.17 75.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 100.80 75.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 147.27 75.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 51.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 51.10 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 257.74 51.10 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 51.10 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 39.10 Td (acquisition date.) Tj ET Q 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 (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 737.10 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 54.00 725.10 Td (in excess of expenses for the first fiscal year following the date of acquisition by the net purchase price \(excluding closing costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 713.10 Td (and taxes\). Property revenues in excess of expenses includes all projected operating revenues \(rental income, tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 701.10 Td (reimbursements, parking and any other property-related income\) less all projected operating expenses \(property operating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 689.10 Td (maintenance expenses, property taxes, insurance and property management fees\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 665.10 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 54.00 653.10 Td (performance of the property) Tj ET Q q 0 0 0 rg BT 165.80 653.10 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 534.91 653.10 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 641.10 Td (materially from the amounts used in calculating the estimated going-in capitalization rate. ) Tj ET Q q 0 0 0 rg BT 415.65 641.10 Td (These include assumptions, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 629.10 Td (respect to each property) Tj ET Q q 0 0 0 rg BT 149.14 629.10 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 54.00 617.10 Td (following our acquisition of the property) Tj ET Q q 0 0 0 rg BT 216.37 617.10 Td (.In addition, with respect to the Poland Logistics Portfolio, the Minneapolis Retail ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 605.10 Td (Center) Tj ET Q q 0 0 0 rg BT 80.25 605.10 Td (, 465 ) Tj ET Q q 0 0 0 rg BT 102.57 605.10 Td (V) Tj ET Q q 0 0 0 rg BT 109.20 605.10 Td (ictoria, One ) Tj ET Q q 0 0 0 rg BT 158.72 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.35 605.10 Td (estferry Circus, Riverside Center) Tj ET Q q 0 0 0 rg BT 298.58 605.10 Td (, 825 ) Tj ET Q q 0 0 0 rg BT 320.53 605.10 Td (Ann, the Campus at Playa ) Tj ET Q q 0 0 0 rg BT 427.00 605.10 Td (V) Tj ET Q q 0 0 0 rg BT 433.62 605.10 Td (ista, the Markets at ) Tj ET Q q 0 0 0 rg BT 512.03 605.10 Td (T) Tj ET Q q 0 0 0 rg BT 517.44 605.10 Td (own Center) Tj ET Q q 0 0 0 rg BT 563.41 605.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 68.17 593.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.64 593.10 Td (venue at Murfreesboro, 55 M Street, 818 Bourke, and ) Tj ET Q q 0 0 0 rg BT 291.63 593.10 Td (The Summit, the projected property revenues in excess of expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 581.10 Td (include assumptions concerning estimates of 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 36.00 557.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 557.10 Td (Construction has been completed for this residential/living development property) Tj ET Q q 0 0 0 rg BT 378.27 557.10 Td (. ) Tj ET Q q 0 0 0 rg BT 383.09 557.10 Td (The estimated going-in capitalization rate is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 545.10 Td (based on the projected revenues in excess of expenses once the property) Tj ET Q q 0 0 0 rg BT 345.28 545.10 Td (s operations have stabilized divided by the construction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.10 Td (cost of the property) Tj ET Q q 0 0 0 rg BT 131.38 533.10 Td (. ) Tj ET Q q 0 0 0 rg BT 136.20 533.10 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 54.00 521.10 Td (the actual future performance of the property) Tj ET Q q 0 0 0 rg BT 233.26 521.10 Td (, and the actual economic performance of the property for our period of ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.10 Td (may dif) Tj ET Q q 0 0 0 rg BT 84.64 509.10 Td (fer materially from the amounts used in calculating the estimated going-in capitalization rate. ) Tj ET Q q 0 0 0 rg BT 459.89 509.10 Td (These include assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 497.10 Td (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 54.00 485.10 Td (will continue to perform under their lease agreements during the 12 months following stabilization of the property) Tj ET Q q 0 0 0 rg BT 509.90 485.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 461.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 461.10 Td (The Poland Logistics Portfolio is comprised of five industrial parks located in ) Tj ET Q q 0 0 0 rg BT 367.65 461.10 Td (W) Tj ET Q q 0 0 0 rg BT 376.29 461.10 Td (arsaw) Tj ET Q q 0 0 0 rg BT 398.96 461.10 Td (, ) Tj ET Q q 0 0 0 rg BT 403.78 461.10 Td (W) Tj ET Q q 0 0 0 rg BT 412.82 461.10 Td (roclaw and Upper Silesia, Poland. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 437.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 437.10 Td (The Harder Logistics Portfolio is comprised of three logistic buildings located in Nurember) Tj ET Q q 0 0 0 rg BT 419.84 437.10 Td (g, Karlsdorf, and Duisbur) Tj ET Q q 0 0 0 rg BT 522.14 437.10 Td (g, Germany) Tj ET Q q 0 0 0 rg BT 568.70 437.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 413.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 413.10 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 486.45 413.10 Td (The percentage leased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 401.10 Td (based on our ef) Tj ET Q q 0 0 0 rg BT 115.19 401.10 Td (fective ownership interest in each property is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.62 401.10 Td (92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.95 401.10 Td (.) 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, retail, industrial and residential/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 713.25 Td (living properties. ) Tj ET Q q 0 0 0 rg BT 106.64 713.25 Td (The following chart depicts the percentage of our portfolio) Tj ET Q q 0 0 0 rg BT 344.33 713.25 Td (s investment types based on our pro rata share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 701.25 Td (estimated value of each of our investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.21 701.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.80 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 314.62 701.25 Td (The estimated values of our real estate property investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 689.25 Td (were based on their appraised values as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.04 689.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.63 689.25 Td (.) Tj ET Q /GS0 gs q 381.00 0 0 154.00 124.50 506.25 cm /I20 Do Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 36.00 499.25 Td (Lease Expirations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 475.25 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 36.00 463.25 Td (ending December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.30 463.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.30 463.25 Td ( through December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.99 463.25 Td (2027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.99 463.25 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 36.00 451.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.58 451.25 Td (. ) Tj ET Q q 0 0 0 rg BT 119.40 451.25 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 542.29 455.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.87 451.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 382.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 382.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 382.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 382.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 382.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 382.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 382.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 382.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 382.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 382.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 382.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 354.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 354.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 354.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 354.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 354.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 354.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 354.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 326.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 326.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 326.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 326.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 326.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 326.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 326.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 326.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 326.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 326.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 326.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 298.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 298.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 298.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 298.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 298.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 298.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 298.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 298.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 298.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 298.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 298.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 270.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 270.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 270.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 270.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 270.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 270.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 270.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 270.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 270.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 270.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 270.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 242.75 110.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 242.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.50 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 242.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 242.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 242.75 82.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 242.75 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 236.5 414.75 m 318.5 414.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 414.75 m 322.5 414.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 414.75 m 404.5 414.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 382.75 m 146.5 382.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 382.75 m 232.5 382.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236.5 382.75 m 318.5 382.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 382.75 m 404.5 382.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 382.75 m 490.5 382.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 382.75 m 576.5 382.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 419.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 153.00 419.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 292.70 419.20 Td (Leasable ) Tj ET Q q 0 0 0 rg BT 328.70 419.20 Td (Ar) Tj ET Q q 0 0 0 rg BT 338.87 419.20 Td (ea) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 419.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 419.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 82.05 387.20 Td (Y) Tj ET Q q 0 0 0 rg BT 88.05 387.20 Td (ear) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 156.30 387.20 Td (Number) Tj ET Q q 0 0 0 rg BT 188.22 387.20 Td ( of Leases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 251.55 396.20 Td (Appr) Tj ET Q q 0 0 0 rg BT 271.97 396.20 Td (oximate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.95 387.20 Td (Squar) Tj ET Q q 0 0 0 rg BT 277.38 387.20 Td (e Feet) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.55 396.20 Td (Per) Tj ET Q q 0 0 0 rg BT 345.96 396.20 Td (cent of ) Tj ET Q q 0 0 0 rg BT 373.78 396.20 Td (T) Tj ET Q q 0 0 0 rg BT 379.29 396.20 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.70 387.20 Td (Leasable ) Tj ET Q q 0 0 0 rg BT 371.70 387.20 Td (Ar) Tj ET Q q 0 0 0 rg BT 381.87 387.20 Td (ea) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.60 405.20 Td (Annual Base) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.00 396.20 Td (Rental Income of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.10 387.20 Td (Expiring Leases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.55 405.20 Td (Per) Tj ET Q q 0 0 0 rg BT 517.87 405.20 Td (cent of ) Tj ET Q q 0 0 0 rg BT 545.70 405.20 Td (T) Tj ET Q q 0 0 0 rg BT 550.88 405.20 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 510.60 396.20 Td (Annual Base) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.85 387.20 Td (Rental Income) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 373.21 Td (V) Tj ET Q q 0 0 0 rg BT 45.00 373.21 Td (acant) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 373.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 373.21 Td (1,075,138) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 373.21 Td (7.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 373.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 373.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.00 373.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.50 373.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 373.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 359.21 Td (2018) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 359.21 Td (55) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 359.21 Td (873,251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 359.21 Td (6.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 359.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 359.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 359.21 Td (23,109,002) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 359.21 Td (8.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 359.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 345.21 Td (2019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 345.21 Td (40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 345.21 Td (1,391,269) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 345.21 Td (10.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 345.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 345.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 345.21 Td (32,293,337) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 345.21 Td (1) Tj ET Q q 0 0 0 rg BT 557.25 345.21 Td (1.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 345.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 331.21 Td (2020) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 331.21 Td (60) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 331.21 Td (1,191,522) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 331.21 Td (8.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 331.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 331.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 331.21 Td (33,305,289) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 331.21 Td (12.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 331.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 317.21 Td (2021) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 317.21 Td (37) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 317.21 Td (990,668) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 317.21 Td (7.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 317.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 317.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 317.21 Td (32,358,535) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 317.21 Td (1) Tj ET Q q 0 0 0 rg BT 557.25 317.21 Td (1.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 317.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 303.21 Td (2022) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 303.21 Td (69) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 303.21 Td (2,672,552) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 303.21 Td (19.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 303.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 303.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 303.21 Td (48,830,215) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 303.21 Td (18.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 303.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 289.21 Td (2023) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 289.21 Td (41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 289.21 Td (1,159,131) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 289.21 Td (8.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 289.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 289.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 289.21 Td (29,606,622) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 552.75 289.21 Td (10.9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 289.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 275.21 Td (2024) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 275.21 Td (24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 275.21 Td (1,518,548) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 275.21 Td (1) Tj ET Q q 0 0 0 rg BT 385.25 275.21 Td (1.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 275.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 275.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 275.21 Td (14,244,072) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 275.21 Td (5.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 275.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 261.21 Td (2025) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 261.21 Td (35) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 261.21 Td (495,825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 261.21 Td (3.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 261.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 261.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 261.21 Td (12,025,167) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 261.21 Td (4.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 261.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 247.21 Td (2026) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 247.21 Td (17) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 247.21 Td (169,706) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 247.21 Td (1.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 247.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 247.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 451.00 247.21 Td (5,390,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 247.21 Td (2.0) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 247.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 233.21 Td (2027) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 233.21 Td (24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 279.00 233.21 Td (1,355,772) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 233.21 Td (9.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 233.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 233.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 233.21 Td (14,103,673) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 233.21 Td (5.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 233.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 219.21 Td (Thereafter) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 220.00 219.21 Td (24) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 285.75 219.21 Td (920,917) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 385.25 219.21 Td (6.6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 396.50 219.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 219.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 446.50 219.21 Td (26,679,984) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.25 219.21 Td (9.8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 568.50 219.21 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 36.00 192.45 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 54.00 192.45 Td (The table excludes amounts related to our residential/living project.) 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 (59%) 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 (41%) 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 (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.00 689.25 Td (. ) Tj ET Q /GS0 gs q 540.00 0 0 163.55 54.00 520.70 cm /I21 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 508.70 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 36.00 496.70 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 305.64 496.70 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.23 496.70 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 460.20 120.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 460.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 460.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 460.20 140.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 432.20 120.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 432.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 432.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 432.20 140.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 404.20 120.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 404.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 404.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 404.20 140.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 376.20 120.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 376.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 376.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 376.20 140.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 348.20 120.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 348.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 348.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 348.20 140.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 320.20 120.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 156.50 320.20 276.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 320.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 320.20 140.00 -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 36.5 460.2 m 156.5 460.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 460.2 m 576.5 460.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 36.5 460.2 m 156.5 460.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 460.2 m 576.5 460.2 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 39.00 464.65 Td (Market) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.00 464.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.05 464.65 Td (Market Concentration ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 547.03 468.73 Td (\(1\) ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 450.66 Td (London, United Kingdom) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 450.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.75 450.66 Td (12%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 436.66 Td (Seattle, ) Tj ET Q q 0 0 0 rg BT 67.91 436.66 Td (W) Tj ET Q q 0 0 0 rg BT 75.96 436.66 Td (ashington) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 436.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 436.66 Td (9%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 422.66 Td (Boston, Massachusetts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 422.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 422.66 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 408.66 Td (Los ) Tj ET Q q 0 0 0 rg BT 54.50 408.66 Td (Angeles, California) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 408.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 408.66 Td (8%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 394.66 Td (San ) Tj ET Q q 0 0 0 rg BT 54.50 394.66 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 88.17 394.66 Td (T) Tj ET Q q 0 0 0 rg BT 93.27 394.66 Td (exas) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 394.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 394.66 Td (7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 380.66 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 380.66 Td (7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 366.66 Td (San Francisco, California) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 366.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 366.66 Td (7%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 352.66 Td (Nashville, ) Tj ET Q q 0 0 0 rg BT 77.91 352.66 Td (T) Tj ET Q q 0 0 0 rg BT 83.01 352.66 Td (ennessee) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 352.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 352.66 Td (5%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 338.66 Td (W) Tj ET Q q 0 0 0 rg BT 47.13 338.66 Td (arsaw) Tj ET Q q 0 0 0 rg BT 67.47 338.66 Td (, Poland) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 338.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 338.66 Td (5%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 324.66 Td (Brisbane, ) Tj ET Q q 0 0 0 rg BT 75.24 324.66 Td (Australia) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 324.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 324.66 Td (4%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 39.00 310.66 Td (Paris, France) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 159.00 310.66 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 310.66 Td (4%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 282.70 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 282.70 Td (Excluded from the table is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.28 282.70 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.61 282.70 Td ( of our portfolio, which is made up of markets which are individually less than 4% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 270.70 Td (of our portfolio and includes: Houston, ) Tj ET Q q 0 0 0 rg BT 212.41 270.70 Td (T) Tj ET Q q 0 0 0 rg BT 217.82 270.70 Td (exas; Sydney) Tj ET Q q 0 0 0 rg BT 270.22 270.70 Td (, ) Tj ET Q q 0 0 0 rg BT 274.66 270.70 Td (Australia; Jacksonville, Florida; ) Tj ET Q q 0 0 0 rg BT 405.02 270.70 Td (W) Tj ET Q q 0 0 0 rg BT 413.65 270.70 Td (ashington, DC; Katowice, Poland; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 258.70 Td (Erfurt, Germany; Duisbur) Tj ET Q q 0 0 0 rg BT 157.40 258.70 Td (g, Germany; Karlsdorf, Germany; ) Tj ET Q q 0 0 0 rg BT 295.51 258.70 Td (W) Tj ET Q q 0 0 0 rg BT 304.55 258.70 Td (roclaw) Tj ET Q q 0 0 0 rg BT 331.11 258.70 Td (, Poland; Melbourne, ) Tj ET Q q 0 0 0 rg BT 417.49 258.70 Td (Australia; Nurember) Tj ET Q q 0 0 0 rg BT 499.78 258.70 Td (g, Germany; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 246.70 Td (Moscow) Tj ET Q q 0 0 0 rg BT 87.79 246.70 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 288.40 713.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.98 713.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 676.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 676.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 676.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 646.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 646.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 646.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 616.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 616.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 616.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 586.75 396.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 586.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 586.75 140.00 -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 432.5 676.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 676.75 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 435.00 681.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.65 681.43 Td (Industry Concentration ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 549.55 685.96 Td (\(1\) \(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 666.42 Td (T) Tj ET Q q 0 0 0 rg BT 44.93 666.42 Td (ransportation and ) Tj ET Q q 0 0 0 rg BT 116.87 666.42 Td (W) Tj ET Q q 0 0 0 rg BT 125.82 666.42 Td (arehousing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 666.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.80 666.42 Td (38%) 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 435.00 651.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.80 651.42 Td (22%) 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 435.00 636.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 636.42 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 621.42 Td (Manufacturing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 621.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 621.42 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 606.42 Td (Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 606.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 606.42 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 591.42 Td (Health Care) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 591.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 591.42 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 576.42 Td (Utilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 576.42 Td (4%) 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 435.00 561.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 561.42 Td (3%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 533.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 533.25 Td (Industry concentration does not include residential/living properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 509.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 509.25 Td (Excluded from the table is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.28 509.25 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.61 509.25 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 54.00 497.25 Td (3% of our portfolio and includes: administrative and support services, agriculture, arts, educational services, entertainment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 485.25 Td (recreation, construction, hospitality) Tj ET Q q 0 0 0 rg BT 194.98 485.25 Td (, government, other services, real estate, wholesale trade, oil and gas, accounting, and legal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 473.25 Td (services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (Item3.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 449.25 Td (Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 425.25 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 50.00 413.25 Td (proceedings, claims or disputes. ) Tj ET Q q 0 0 0 rg BT 179.98 413.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.42 413.25 Td (March30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.02 413.25 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 50.00 401.25 Td (material pending legal proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 377.25 Td (Item4.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 377.25 Td (Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 353.25 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, 2017) 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 (274.3 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 (60,000) 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (February26, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 538.25 Td (, our board of directors determined a new per share net asset value, or NA) Tj ET Q q 0 0 0 rg BT 417.75 538.25 Td (V) Tj ET Q q 0 0 0 rg BT 423.69 538.25 Td (, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.52 538.25 Td ($9.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.02 538.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.18 538.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (2017) 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 per share NA) Tj ET Q q 0 0 0 rg BT 168.78 526.25 Td (V) Tj ET Q q 0 0 0 rg BT 175.82 526.25 Td ( is slightly higher than the previously determined estimated per share NA) Tj ET Q q 0 0 0 rg BT 467.51 526.25 Td (V) Tj ET Q q 0 0 0 rg BT 474.56 526.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.89 526.25 Td ($8.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.39 526.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (December30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 135.90 514.25 Td (The estimated per share NA) Tj ET Q q 0 0 0 rg BT 246.79 514.25 Td (V) Tj ET Q q 0 0 0 rg BT 253.83 514.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.16 514.25 Td ($8.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.66 514.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.82 514.25 Td (December30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.41 514.25 Td ( represented a decrease from the per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (NA) Tj ET Q q 0 0 0 rg BT 63.15 502.25 Td (V) Tj ET Q q 0 0 0 rg BT 70.20 502.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.53 502.25 Td ($10.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.03 502.25 Td ( determined as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.67 502.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.25 502.25 Td (, and the decrease was due solely to a special distribution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.12 502.25 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.62 502.25 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (share declared to stockholders of record as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.81 490.25 Td (December30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.40 490.25 Td (. ) Tj ET Q q 0 0 0 rg BT 317.22 490.25 Td (The new per share NA) Tj ET Q q 0 0 0 rg BT 406.45 490.25 Td (V) Tj ET Q q 0 0 0 rg BT 413.49 490.25 Td ( was determined utilizing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (guidelines established by the Investment Program ) Tj ET Q q 0 0 0 rg BT 251.07 478.25 Td (Association Practice Guideline 2013-01 V) Tj ET Q q 0 0 0 rg BT 431.31 478.25 Td (aluation of Publicly Registered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (Non-Listed REIT) Tj ET Q q 0 0 0 rg BT 119.57 466.25 Td (s issued on ) Tj ET Q q 0 0 0 rg BT 169.84 466.25 Td (April 29, 2013 except that it includes the 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 50.00 454.25 Td (related to a potential future liquidity event, as described further below) Tj ET Q q 0 0 0 rg BT 328.97 454.25 Td (. Our deemed per share NA) Tj ET Q q 0 0 0 rg BT 437.64 454.25 Td (V) Tj ET Q q 0 0 0 rg BT 444.68 454.25 Td ( is provided to assist plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (fiduciaries in fulfilling their annual valuation and reporting responsibilities, and should not be used for any other purpose. ) Tj ET Q q 0 0 0 rg BT 539.15 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 547.79 442.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (cannot assure you that this deemed estimated value, or the method used to establish such value, complies with the ERISA) Tj ET Q q 0 0 0 rg BT 535.73 430.25 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (IRS requirements. It is currently anticipated that a new per share NA) Tj ET Q q 0 0 0 rg BT 323.62 418.25 Td (V) Tj ET Q q 0 0 0 rg BT 330.66 418.25 Td ( will next be determined in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.63 418.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.63 418.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Methodology ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 370.25 Td (e engaged Cushman & ) Tj ET Q q 0 0 0 rg BT 169.77 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 178.41 370.25 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 50.00 358.25 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 50.00 346.25 Td (property investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.31 346.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.89 346.25 Td (. ) Tj ET Q q 0 0 0 rg BT 244.21 346.25 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 50.00 334.25 Td (Professional ) Tj ET Q q 0 0 0 rg BT 101.39 334.25 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 50.00 322.25 Td (and each of our appraisals was prepared by personnel who are members of the ) Tj ET Q q 0 0 0 rg BT 364.88 322.25 Td (Appraisal Institute and have the Member of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Appraisal Institute \(MAI\) designation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 286.25 Td (, we engaged Knight Frank, LLP) Tj ET Q q 0 0 0 rg BT 248.89 286.25 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 50.00 274.25 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 457.66 274.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.24 274.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 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 50.00 250.25 Td (Chartered Surveyors, with the exception of our ) Tj ET Q q 0 0 0 rg BT 239.95 250.25 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 50.00 238.25 Td (performed in accordance with the ) Tj ET Q q 0 0 0 rg BT 186.33 238.25 Td (Australian Property Institute and the International ) Tj ET Q q 0 0 0 rg BT 387.76 238.25 Td (V) Tj ET Q q 0 0 0 rg BT 393.87 238.25 Td (aluation Standards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 214.25 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 50.00 202.25 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 310.49 202.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.08 202.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.25 Td (In establishing the per share NA) Tj ET Q q 0 0 0 rg BT 195.84 178.25 Td (V) Tj ET Q q 0 0 0 rg BT 202.88 178.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.21 178.25 Td ($9.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.71 178.25 Td (, in addition to using the values of our real estate property investments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (values of the our debt obligations, our board of directors also included in its determination the values of other assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (liabilities such as cash, tenant receivables, accounts payable and accrued expenses, distributions payable and other assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (liabilities, all of which were valued at cost and an estimate of closing costs that we would expect to incur in relation to a future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (potential liquidity event. No liquidity discounts or discounts relating to the fact that we are externally managed were applied to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (the per share NA) Tj ET Q q 0 0 0 rg BT 116.74 118.25 Td (V) Tj ET Q q 0 0 0 rg BT 123.78 118.25 Td ( and no attempt was made to value Hines Global as an enterprise. ) Tj ET Q q 0 0 0 rg BT 389.54 118.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 439.44 118.25 Td (, the per share NA) Tj ET Q q 0 0 0 rg BT 511.18 118.25 Td (V) Tj ET Q q 0 0 0 rg BT 518.22 118.25 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (reduced by the value of noncontrolling interests owned by Hines in ) Tj ET Q q 0 0 0 rg BT 321.14 106.25 Td (W) Tj ET Q q 0 0 0 rg BT 329.78 106.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 353.40 106.25 Td (all Place, a real estate investment that is not wholly-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (owned by the Company) Tj ET Q q 0 0 0 rg BT 144.61 94.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 70.25 Td (, we engaged ) Tj ET Q q 0 0 0 rg BT 172.33 70.25 Td (Altus Group U.S. Inc., \(Altus\) to review the appraisals provided by Cushman and Knight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (Frank and to assess the reasonableness of our new per share NA) Tj ET Q q 0 0 0 rg BT 305.02 58.25 Td (V) Tj ET Q q 0 0 0 rg BT 310.96 58.25 Td (. ) Tj ET Q q 0 0 0 rg BT 318.28 58.25 Td (The appraisal reviews were conducted under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (supervisions of a member of the MAI. In assessing the reasonableness of our new per share NA) Tj ET Q q 0 0 0 rg BT 433.61 46.25 Td (V) Tj ET Q q 0 0 0 rg BT 439.54 46.25 Td (, ) Tj ET Q q 0 0 0 rg BT 443.99 46.25 Td (Altus utilized the appraised ) 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 (values provided by Cushman and Knight Frank, the valuations of our debt obligations provided by JLL) Tj ET Q q 0 0 0 rg BT 462.34 742.10 Td ( and information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (provided by management regarding balances of cash, tenant and loan receivables, accounts payable and accrued expenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (distributions payable and other assets and liabilities and an estimate of 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 50.00 706.10 Td (a future potential liquidity event. ) Tj ET Q q 0 0 0 rg BT 185.80 706.10 Td (Altus concluded that the new per share NA) Tj ET Q q 0 0 0 rg BT 356.96 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 364.00 706.10 Td ( determined by our board of directors was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (reasonable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td (The independent firms that we engaged to assist us in connection with our determination of a new NA) Tj ET Q q 0 0 0 rg BT 475.22 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 482.26 670.10 Td ( per share, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (described above, have provided, and are expected to continue to provide, real estate appraisal, valuation and financial advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (services to us and to Hines and its af) Tj ET Q q 0 0 0 rg BT 195.90 646.10 Td (filiates and have received, and are expected to continue to receive, fees in connection with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (such services. Certain of these firms and their respective af) Tj ET Q q 0 0 0 rg BT 285.84 634.10 Td (filiates may from time to time in the future perform other real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (appraisal, valuation and financial advisory services for us and for Hines and its af) Tj ET Q q 0 0 0 rg BT 375.83 622.10 Td (filiates, or in transactions related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (properties that are the subject of the valuations being performed for us, or otherwise, so long as such other services do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 598.10 Td (fect the independence of the applicable firm as certified in the applicable report.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td (The aggregate value of our real estate property investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.28 574.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.87 574.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.42 574.10 Td ($4.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.53 574.10 Td (, including amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (attributable to noncontrolling interests, which represents a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.94 562.10 Td (6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.77 562.10 Td ( net increase when compared to the previously determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (value of our assets as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.89 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.89 550.10 Td ( \(including adjustments for properties disposed during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.02 550.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.02 550.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 476.67 550.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.95 550.10 Td (6.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.78 550.10 Td ( net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (increase resulted from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.35 538.10 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.18 538.10 Td ( appreciation in the aggregate values of our real estate property investments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 538.10 Td (4.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.83 538.10 Td ( resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (from the weakening of the U.S. dollar against the Euro, British pound sterling, and ) Tj ET Q q 0 0 0 rg BT 382.71 526.10 Td (Australian dollar) Tj ET Q q 0 0 0 rg BT 449.64 526.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (The aggregate 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 381.75 502.10 Td (13.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.58 502.10 Td ( increase compared to their aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (net purchase price. ) Tj ET Q q 0 0 0 rg BT 127.56 490.10 Td (The table below sets forth the calculation of our per share NA) Tj ET Q q 0 0 0 rg BT 373.68 490.10 Td (V) Tj ET Q q 0 0 0 rg BT 380.72 490.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.88 490.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.47 490.10 Td ( and our previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (per share NA) Tj ET Q q 0 0 0 rg BT 102.02 478.10 Td (V) Tj ET Q q 0 0 0 rg BT 109.06 478.10 Td ( as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.81 478.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.81 478.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.25 478.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.25 478.10 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 467.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 418.80 134.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 418.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 418.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 418.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 418.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 418.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 418.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 418.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 418.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 418.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 418.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 418.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 418.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 378.80 134.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 378.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 378.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 378.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 378.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 378.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 378.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 378.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 378.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 378.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 378.80 71.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 378.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 378.80 47.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 338.80 134.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 338.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 338.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 338.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 338.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 338.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 338.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 338.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 338.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 338.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 338.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 338.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 338.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 298.80 134.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 298.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 298.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 298.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 298.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 298.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 298.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 298.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 298.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 298.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 298.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 298.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 298.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 268.80 134.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 268.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 268.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.50 268.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 268.80 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 268.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 268.80 47.00 -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 188.5 442.79999999999995 m 259.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 442.79999999999995 m 263.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 442.79999999999995 m 310.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 442.79999999999995 m 385.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 442.79999999999995 m 389.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 442.79999999999995 m 436.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 442.79999999999995 m 511.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 442.79999999999995 m 515.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 442.79999999999995 m 562.5 442.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 418.79999999999995 m 259.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 418.79999999999995 m 310.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 418.79999999999995 m 385.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 418.79999999999995 m 436.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 418.79999999999995 m 511.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 418.79999999999995 m 562.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 418.79999999999995 m 259.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 418.79999999999995 m 310.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 418.79999999999995 m 385.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 418.79999999999995 m 389.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 418.79999999999995 m 436.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 418.79999999999995 m 511.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 418.79999999999995 m 515.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 418.79999999999995 m 562.5 418.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 323.79999999999995 m 259.5 323.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 323.79999999999995 m 310.5 323.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 323.79999999999995 m 385.5 323.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 323.79999999999995 m 389.5 323.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 323.79999999999995 m 436.5 323.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 323.79999999999995 m 511.5 323.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 323.79999999999995 m 515.5 323.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 323.79999999999995 m 562.5 323.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 283.79999999999995 m 259.5 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 269.79999999999995 m 259.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 267.79999999999995 m 259.5 267.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 283.79999999999995 m 310.5 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 269.79999999999995 m 310.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 267.79999999999995 m 310.5 267.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 283.79999999999995 m 385.5 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 269.79999999999995 m 385.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 267.79999999999995 m 385.5 267.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 283.79999999999995 m 389.5 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 269.79999999999995 m 389.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 267.79999999999995 m 389.5 267.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 283.79999999999995 m 436.5 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 269.79999999999995 m 436.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 267.79999999999995 m 436.5 267.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 283.79999999999995 m 511.5 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 269.79999999999995 m 511.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 267.79999999999995 m 511.5 267.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 283.79999999999995 m 515.5 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 269.79999999999995 m 515.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 267.79999999999995 m 515.5 267.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 283.79999999999995 m 562.5 283.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 269.79999999999995 m 562.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 267.79999999999995 m 562.5 267.79999999999995 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.65 447.48 Td (December) Tj ET Q q 0 0 0 rg BT 251.87 447.48 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 447.48 Td (December) Tj ET Q q 0 0 0 rg BT 377.87 447.48 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 447.48 Td (December) Tj ET Q q 0 0 0 rg BT 503.87 447.48 Td ( 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.60 433.48 Td (Gr) Tj ET Q q 0 0 0 rg BT 204.73 433.48 Td (oss) Tj ET Q q 0 0 0 rg BT 219.64 433.48 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.80 423.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.05 433.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.05 423.48 Td (Shar) Tj ET Q q 0 0 0 rg BT 294.52 423.48 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.60 433.48 Td (Gr) Tj ET Q q 0 0 0 rg BT 330.73 433.48 Td (oss) Tj ET Q q 0 0 0 rg BT 345.64 433.48 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.80 423.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.05 433.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.05 423.48 Td (Shar) Tj ET Q q 0 0 0 rg BT 420.52 423.48 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.60 433.48 Td (Gr) Tj ET Q q 0 0 0 rg BT 456.73 433.48 Td (oss) Tj ET Q q 0 0 0 rg BT 471.64 433.48 Td (Amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.80 423.48 Td (\(in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.05 433.48 Td (Per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.05 423.48 Td (Shar) Tj ET Q q 0 0 0 rg BT 546.43 423.48 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 409.37 Td (Real estate property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.37 Td (investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 398.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 398.47 Td (4,445) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 398.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.15 398.47 Td (16.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 398.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 398.47 Td (5,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 398.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 398.47 Td (18.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 398.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 398.47 Td (5,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 398.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 398.47 Td (19.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.37 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 383.47 Td (441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 383.47 Td (1.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 383.47 Td (213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.15 383.47 Td (0.77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 383.47 Td (251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 383.47 Td (0.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.37 Td (Debt obligations and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 359.37 Td (liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.80 358.47 Td (\(1,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 358.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 358.52 Td (\(7.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 358.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.80 358.52 Td (\(2,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 358.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.80 358.52 Td (\(8.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 358.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 358.52 Td (\(2,678) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 358.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 358.52 Td (\(9.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 358.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 344.37 Td (Special Distribution) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 133.27 348.90 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.30 343.47 Td (\(288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 343.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 343.52 Td (\(1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 343.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 329.37 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.30 328.47 Td (\(1) Tj ET Q q 0 0 0 rg BT 250.63 328.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 328.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 328.52 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 328.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.30 328.52 Td (\(89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 328.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.80 328.52 Td (\(0.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 328.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 328.52 Td (\(124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 328.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 328.52 Td (\(0.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 328.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 314.37 Td (Net ) Tj ET Q q 0 0 0 rg BT 69.66 314.37 Td (Asset ) Tj ET Q q 0 0 0 rg BT 94.02 314.37 Td (V) Tj ET Q q 0 0 0 rg BT 100.60 314.37 Td (alue before closing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 304.37 Td (costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 303.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 303.47 Td (2,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 303.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 303.47 Td (9.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 303.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 303.47 Td (2,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 303.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 303.47 Td (10.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 303.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 303.47 Td (2,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 303.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 303.47 Td (10.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 289.37 Td (Estimated closing costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.30 288.47 Td (\(146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 288.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.80 288.52 Td (\(0.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 288.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.30 288.52 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 288.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.80 288.52 Td (\(0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 288.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.30 288.52 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 288.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 288.52 Td (\(0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 288.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 274.37 Td (NA) Tj ET Q q 0 0 0 rg BT 66.15 274.37 Td (V) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 273.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 273.47 Td (2,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 273.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 273.47 Td (9.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.00 273.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 273.47 Td (2,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 273.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 273.47 Td (10.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 273.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 273.47 Td (2,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.00 273.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 273.47 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 258.47 Td (Shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 258.47 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 258.47 Td (277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.65 258.47 Td (274) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 230.30 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 230.30 Td (In December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.41 230.30 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.41 230.30 Td (, the Company declared a distribution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.26 230.30 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.76 230.30 Td ( per share \(the Special Distribution\) to all stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 218.30 Td (of record as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.53 218.30 Td (December30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.11 218.30 Td (, which was paid in January 2018. ) Tj ET Q q 0 0 0 rg BT 348.01 218.30 Td (This distribution was designated by the Company as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 206.30 Td (a special distribution, which represented a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 392.99 206.30 Td ( invested capital from sales of investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 194.30 Td (property and, as such, reduced their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 365.60 194.30 Td (. ) Tj ET Q q 0 0 0 rg BT 372.92 194.30 Td (The Special Distribution reduced the previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 182.30 Td (per share NA) Tj ET Q q 0 0 0 rg BT 120.02 182.30 Td (V) Tj ET Q q 0 0 0 rg BT 127.06 182.30 Td ( determined as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.70 182.30 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.29 182.30 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.73 182.30 Td ($10.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.23 182.30 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 182.30 Td ($8.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.50 182.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 158.30 Td (The table below provides additional information regarding the change in the Company's per share NA) Tj ET Q q 0 0 0 rg BT 474.50 158.30 Td (V) Tj ET Q q 0 0 0 rg BT 481.54 158.30 Td ( related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.30 Td (Special Distribution declared in December 2017:) 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 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 733.50 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 733.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 733.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 703.50 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 703.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 703.50 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 673.50 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 673.50 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 673.50 100.00 -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 374.5 733.5 m 474.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 703.5 m 474.5 703.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 673.5 m 474.5 673.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 659.5 m 474.5 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 657.5 m 474.5 657.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.90 738.18 Td (Per) Tj ET Q q 0 0 0 rg BT 417.70 738.18 Td ( Shar) Tj ET Q q 0 0 0 rg BT 440.59 738.18 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.00 723.17 Td (NA) Tj ET Q q 0 0 0 rg BT 170.80 723.17 Td (V) Tj ET Q q 0 0 0 rg BT 177.29 723.17 Td ( per share as of December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 723.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 723.17 Td (10.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.00 708.17 Td (Less: Special Distribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 708.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 708.22 Td (\(1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 708.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.00 693.17 Td (Adjusted beginning estimated NA) Tj ET Q q 0 0 0 rg BT 292.72 693.17 Td (V) Tj ET Q q 0 0 0 rg BT 299.21 693.17 Td ( per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 693.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 693.17 Td (8.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.00 678.17 Td (Net increase to NA) Tj ET Q q 0 0 0 rg BT 233.27 678.17 Td (V) Tj ET Q q 0 0 0 rg BT 239.76 678.17 Td ( per share during 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 678.17 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.00 663.17 Td (Ending NA) Tj ET Q q 0 0 0 rg BT 201.54 663.17 Td (V) Tj ET Q q 0 0 0 rg BT 208.58 663.17 Td ( per share as of December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 663.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 663.17 Td (9.04) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 635.00 Td (Our board of directors determined the per share NA) Tj ET Q q 0 0 0 rg BT 273.85 635.00 Td (V) Tj ET Q q 0 0 0 rg BT 280.90 635.00 Td ( by \(i\)utilizing the values of our real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 623.00 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 623.00 Td ($4.4 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.37 623.00 Td ( and adding our other assets comprised of our cash, tenant and other receivables and other assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 611.00 Td ($441 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.39 611.00 Td (, \(ii\)subtracting the values of our debt obligations and other liabilities comprised of our accounts payable and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 599.00 Td (accrued expenses, due to af) Tj ET Q q 0 0 0 rg BT 159.49 599.00 Td (filiates, distributions payable \(including the Special Distribution\) and other liabilities \(including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 587.00 Td (amounts related to noncontrolling interests\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.73 587.00 Td ($2.3 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.85 587.00 Td (, \(iii\) subtracting an estimate of closing costs that we would expect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 575.00 Td (incur in relation to a potential future liquidity event of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.83 575.00 Td ($146 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.22 575.00 Td (, and \(iv\)dividing the total by our common shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 563.00 Td (outstanding as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 563.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.41 563.00 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.74 563.00 Td (274 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.13 563.00 Td (, resulting in a per share NA) Tj ET Q q 0 0 0 rg BT 370.86 563.00 Td (V) Tj ET Q q 0 0 0 rg BT 377.91 563.00 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.24 563.00 Td ($9.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.74 563.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 539.00 Td (Other than with respect to the values of our real estate property investments and values of our debt obligations, the values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.00 Td (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 393.50 527.00 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.08 527.00 Td ( and included certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.00 Td (pro forma adjustments primarily related to estimated closing costs that we would expect to incur in relation to a potential future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.00 Td (liquidity event. ) Tj ET Q q 0 0 0 rg BT 115.00 503.00 Td (As we consider strategic alternatives for a potential liquidity event, management and our board of directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.00 Td (thought it appropriate to include an estimate of the closing costs, including fees, that we would expect to incur related to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.00 Td (potential liquidity event. However) Tj ET Q q 0 0 0 rg BT 189.29 479.00 Td (, there can be no assurances of the time frame in which we would execute any potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.00 Td (liquidity event or that the closing costs related to a potential liquidity event would be incurred in the amount estimated by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.00 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 455.00 Td (. No other adjustments were made related to the period from January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.41 455.00 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.41 455.00 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.52 455.00 Td (February26, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.12 455.00 Td ( because we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.00 Td (did not believe they would have a material ef) Tj ET Q q 0 0 0 rg BT 230.31 443.00 Td (fect on our per share NA) Tj ET Q q 0 0 0 rg BT 328.14 443.00 Td (V) Tj ET Q q 0 0 0 rg BT 334.08 443.00 Td (. ) Tj ET Q q 0 0 0 rg BT 341.03 443.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 390.93 443.00 Td (, the calculation of the per share NA) Tj ET Q q 0 0 0 rg BT 534.58 443.00 Td (V) Tj ET Q q 0 0 0 rg BT 541.62 443.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.00 Td (excluded certain items on our unaudited consolidated balance sheet that were determined to have no future value or economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.00 Td (impact on the valuation. Examples include receivables related to straight-line rental revenue and costs incurred to put debt in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.00 Td (place. Other items were excluded because they were already considered elsewhere in the valuation. Examples include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.00 Td (intangible lease assets and liabilities related to our real estate property investments and costs incurred for capital expenditures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.00 Td (that were included in the appraised values of our real estate property investments and the fair values of interest rate swaps and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.00 Td (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 68.00 347.00 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 50.00 335.00 Td (methodologies that are commonly used in the commercial real estate industry) Tj ET Q q 0 0 0 rg BT 359.26 335.00 Td (. For our domestic real estate property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.00 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 50.00 311.00 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 484.87 311.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 534.77 311.00 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.00 Td (residential/living development project appraisals included assumptions regarding projected stabilization. For our international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.00 Td (real estate investments, these methodologies included cash flow analyses and going-in capitalization rates for properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.00 Td (comparable to those owned by us. ) Tj ET Q q 0 0 0 rg BT 188.40 275.00 Td (The tables below summarize the key assumptions that were used in the valuations of our real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.00 Td (estate property investments.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 252.20 Td () Tj ET Q 1 1 1 rg /GS0 gs 50.50 241.70 321.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 371.50 241.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 227.70 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 227.70 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 227.70 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 227.70 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 227.70 92.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 201.70 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 201.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 201.70 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 201.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 201.70 92.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 187.70 321.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 371.50 187.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 173.70 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 173.70 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 173.70 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 173.70 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 173.70 92.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 160.70 321.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 371.50 160.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 146.70 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 146.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 146.70 91.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 146.70 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 146.70 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 119.70 321.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 119.70 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 119.70 91.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 119.70 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 119.70 92.00 -13.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 106.70 321.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 371.50 106.70 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 375.5 227.70000000000005 m 466.5 227.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 227.70000000000005 m 562.5 227.70000000000005 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.85 232.38 Td (Range) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.35 232.38 Td (W) Tj ET Q q 0 0 0 rg BT 486.80 232.38 Td (eighted ) Tj ET Q q 0 0 0 rg BT 519.85 232.38 Td (A) Tj ET Q q 0 0 0 rg BT 526.33 232.38 Td (verage) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 218.43 Td (Domestic Real Estate Pr) Tj ET Q q 0 0 0 rg BT 156.48 218.43 Td (operty Investments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 205.43 Td (Of) Tj ET Q q 0 0 0 rg BT 81.46 205.43 Td (fice/Industrial/Mixed-use/Retail) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 192.27 Td (Exit capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 192.27 Td (5.00% - 7.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 192.27 Td (5.88%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 178.27 Td (Discount rate/internal rate of return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.50 178.27 Td (6.00% - 9.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 178.27 Td (6.76%) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 164.43 Td (Residential/Living) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 151.27 Td (Exit capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.55 151.27 Td (5.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 151.27 Td (5.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 137.27 Td (Discount rate/internal rate of return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.55 137.27 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 137.27 Td (6.75%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 123.43 Td (International Real Estate Pr) Tj ET Q q 0 0 0 rg BT 173.63 123.43 Td (operty Investments) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 71.00 110.43 Td (Of) Tj ET Q q 0 0 0 rg BT 81.37 110.43 Td (fice/Industrial/Mixed-use) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 97.27 Td (Going-in capitalization rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 97.27 Td (2.09% - 22.92%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.05 97.27 Td (5.26%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 69.20 Td (As with any valuation methodology) Tj ET Q q 0 0 0 rg BT 210.67 69.20 Td (, the methodology used to determine the per share NA) Tj ET Q q 0 0 0 rg BT 425.98 69.20 Td (V) Tj ET Q q 0 0 0 rg BT 433.02 69.20 Td ( was based upon a number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.20 Td (assumptions, estimates and judgments that may not be accurate or complete. Further) Tj ET Q q 0 0 0 rg BT 389.51 57.20 Td (, dif) Tj ET Q q 0 0 0 rg BT 405.44 57.20 Td (ferent parties using dif) Tj ET Q q 0 0 0 rg BT 495.51 57.20 Td (ferent property-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.20 Td (specific and general real estate and capital market assumptions, estimates, judgments and standards could derive a per share ) 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 (NA) Tj ET Q q 0 0 0 rg BT 63.15 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 70.20 742.10 Td ( that could be significantly dif) Tj ET Q q 0 0 0 rg BT 190.26 742.10 Td (ferent from the per share NA) Tj ET Q q 0 0 0 rg BT 304.76 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 311.80 742.10 Td ( determined by our board of directors. ) Tj ET Q q 0 0 0 rg BT 468.51 742.10 Td (While our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (directors believes that the assumptions used in determining the appraised values of our real estate property investments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (reasonable, a change in these assumptions would impact the calculation of such values. For example, assuming all other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (factors remained unchanged, an increase in the average discount rate of 25 basis points would yield a decrease in the appraised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (values of our domestic real estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.54 694.10 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.37 694.10 Td (, while a decrease in the average discount rate of 25 basis points ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (would yield an increase 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 446.54 682.10 Td (2.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.37 682.10 Td (. Likewise, an increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (in the average exit capitalization rate of 25 basis points would yield a decrease in the appraised values of our domestic real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.74 658.10 Td (2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.57 658.10 Td (, while a decrease in the average exit capitalization rate of 25 basis points would yield an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (increase 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 384.60 646.10 Td (2.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.43 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 409.88 646.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 459.79 646.10 Td (, an increase in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (average going-in capitalization rate of 25 basis points would yield a decrease in the appraised values of our international real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (estate property investments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.74 622.10 Td (5.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.57 622.10 Td (, while a decrease in the average going-in capitalization rate of 25 basis points would yield ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (an increase 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 410.98 610.10 Td (4.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.81 610.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (The per share NA) Tj ET Q q 0 0 0 rg BT 138.07 586.10 Td (V) Tj ET Q q 0 0 0 rg BT 145.11 586.10 Td ( determined by our board of directors does not represent the fair value of our assets less liabilities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (accordance with U.S. generally accepted accounting principles, and such per share NA) Tj ET Q q 0 0 0 rg BT 395.79 574.10 Td (V) Tj ET Q q 0 0 0 rg BT 402.83 574.10 Td ( is not a representation, warranty or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (guarantee that \(i\)a stockholder would be able to realize an amount equal to the per share NA) Tj ET Q q 0 0 0 rg BT 420.51 562.10 Td (V) Tj ET Q q 0 0 0 rg BT 427.55 562.10 Td ( if such stockholder attempts to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (sell the his or her shares; \(ii\)a stockholder would ultimately realize distributions per share equal to the per share NA) Tj ET Q q 0 0 0 rg BT 514.68 550.10 Td (V) Tj ET Q q 0 0 0 rg BT 521.72 550.10 Td ( upon our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (liquidation or sale; \(iii\)shares of our common stock would trade at the per share NA) Tj ET Q q 0 0 0 rg BT 386.67 538.10 Td (V) Tj ET Q q 0 0 0 rg BT 393.72 538.10 Td ( on a national securities exchange; or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (\(iv\)a third party would of) Tj ET Q q 0 0 0 rg BT 153.96 526.10 Td (fer the per share NA) Tj ET Q q 0 0 0 rg BT 234.30 526.10 Td (V) Tj ET Q q 0 0 0 rg BT 241.34 526.10 Td ( in an arm) Tj ET Q q 0 0 0 rg BT 284.38 526.10 Td (s-length transaction to purchase all or substantially all of our shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (of common stock. In addition, we can make no claim as to whether the estimated value will or will not satisfy the applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (annual valuation requirements under ERISA) Tj ET Q q 0 0 0 rg BT 227.18 502.10 Td ( and the Code with respect to employee benefit plans subject to ERISA) Tj ET Q q 0 0 0 rg BT 511.00 502.10 Td ( and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (retirement plans or accounts subject to Section 4975 of the Code that are investing in our shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.10 Td (Further) Tj ET Q q 0 0 0 rg BT 97.04 466.10 Td (, the per share NA) Tj ET Q q 0 0 0 rg BT 168.78 466.10 Td (V) Tj ET Q q 0 0 0 rg BT 175.82 466.10 Td ( was calculated as of a moment in time, and, although the value of shares of our common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (will fluctuate over time as a result of, among other things, developments related to individual assets, purchases and sales of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (additional assets and the payment of fees and closing costs in connection therewith, changes in the real estate and capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (markets, the distribution of sales proceeds to our stockholders \(if any\) and changes in corporate policies such as our distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (level relative to earnings, we do not undertake to update the per share NA) Tj ET Q q 0 0 0 rg BT 343.60 418.10 Td (V) Tj ET Q q 0 0 0 rg BT 350.64 418.10 Td ( on a regular basis. ) Tj ET Q q 0 0 0 rg BT 427.85 418.10 Td (As a result, stockholders should ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (not rely on the per share NA) Tj ET Q q 0 0 0 rg BT 162.56 406.10 Td (V) Tj ET Q q 0 0 0 rg BT 169.60 406.10 Td ( as an accurate measure of the then-current value of shares of our common stock in making a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (decision to buy or sell shares of our common stock, including whether to reinvest distributions by participating in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (distribution reinvestment plan and whether to request redemption under our share redemption program.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 334.10 Td (e have declared distributions of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.91 334.10 Td ($0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.41 334.10 Td ( per share, per year for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 334.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.69 334.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.69 334.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.69 334.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 322.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 322.10 Td (. ) Tj ET Q q 0 0 0 rg BT 94.26 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 102.90 322.10 Td (e have also declared distributions for the months ofJanuary) Tj ET Q q 0 0 0 rg BT 340.79 322.10 Td (, February) Tj ET Q q 0 0 0 rg BT 381.24 322.10 Td (, and March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.78 322.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.78 322.10 Td (in an amount equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.28 310.10 Td ($0.0541667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.78 310.10 Td ( per share,per month, which is equal to an annualized rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.08 310.10 Td ($0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.58 310.10 Td ( per share. Of this amount,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.94 310.10 Td ($0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.44 310.10 Td (of the per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (share, per month distribution will be designated by the Company as a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 483.88 298.10 Td ( invested capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (and, as such, will reduce the stockholders) Tj ET Q q 0 0 0 rg BT 218.65 286.10 Td ( remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 373.81 286.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 262.10 Td (, we declared a special distribution to stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.40 262.10 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.90 262.10 Td ( per share that was paid to all stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (record as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.70 250.10 Td (December30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.28 250.10 Td ( in January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.66 250.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.66 250.10 Td (. ) Tj ET Q q 0 0 0 rg BT 249.48 250.10 Td (This special distribution represented a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 558.37 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (invested capital from sales of investment property and, as such, reduced their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 513.67 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 518.49 238.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (special distribution represented a portion of the net proceeds received from the strategic sale of six assets during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.96 226.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.96 226.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td ( Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 358.01 202.10 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 535.31 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 543.95 202.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (have funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.65 190.10 Td (19%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.98 190.10 Td ( our operating distributions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.35 190.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.35 190.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.35 190.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.68 190.10 Td ( of our operating distributions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.89 190.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.89 190.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.83 190.10 Td (63%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.16 190.10 Td ( of our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (distributions in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.78 178.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.78 178.10 Td ( with cash flows from operations. ) Tj ET Q q 0 0 0 rg BT 268.96 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 277.60 178.10 Td (e have funded the remaining distributions from proceeds from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (sales of our real estate investments in the current and prior periods, and cash flows from financing activities. ) 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 68.00 742.10 Td () Tj ET Q q 0 0 0 rg BT 70.32 742.10 Td (The table below outlines our total distributions declared to stockholders and holders of noncontrolling interests for each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the quarters during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.72 730.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.31 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 730.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.33 730.10 Td (, including the breakout between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 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 83.50 633.60 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 633.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 633.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 633.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 633.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.50 633.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 603.60 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 603.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 603.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 603.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 603.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.50 603.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 573.60 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 573.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 573.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 573.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 573.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.50 573.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 544.60 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 544.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 544.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 544.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 544.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.50 544.60 15.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 83.50 529.60 171.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 254.50 529.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 258.50 529.60 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 318.50 529.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 322.50 529.60 66.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 388.50 529.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 392.50 529.60 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 452.50 529.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 456.50 529.60 74.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 530.50 529.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 514.60 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 514.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 514.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 514.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 514.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.50 514.60 15.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 83.50 499.60 171.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 254.50 499.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 258.50 499.60 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 318.50 499.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 322.50 499.60 66.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 388.50 499.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 392.50 499.60 60.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 452.50 499.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 456.50 499.60 74.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 530.50 499.60 15.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 484.60 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 484.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 484.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 484.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 484.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 530.50 484.60 15.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 671.6 m 318.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 671.6 m 322.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 671.6 m 388.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 671.6 m 392.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 671.6 m 452.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 671.6 m 530.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 671.6 m 545.5 671.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 647.6 m 254.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 647.6 m 318.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 647.6 m 388.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 647.6 m 452.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 647.6 m 530.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 647.6 m 545.5 647.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 633.6 m 254.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 573.6 m 318.5 573.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 573.6 m 388.5 573.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 573.6 m 452.5 573.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 573.6 m 530.5 573.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 573.6 m 545.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 559.6 m 318.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 557.6 m 318.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 559.6 m 388.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 557.6 m 388.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 559.6 m 452.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 557.6 m 452.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 559.6 m 530.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 557.6 m 530.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 559.6 m 545.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 557.6 m 545.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 544.6 m 254.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 544.6 m 254.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 484.6 m 318.5 484.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 484.6 m 388.5 484.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 484.6 m 452.5 484.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 484.6 m 530.5 484.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 484.6 m 545.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 470.6 m 318.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 468.6 m 318.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 470.6 m 388.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 468.6 m 388.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 470.6 m 452.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 468.6 m 452.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 470.6 m 530.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 468.6 m 530.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 470.6 m 545.5 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 530.5 468.6 m 545.5 468.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 676.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.20 676.28 Td (Stockholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.85 686.28 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 501.31 686.28 Td (olling) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.45 676.28 Td (Inter) Tj ET Q q 0 0 0 rg BT 496.02 676.28 Td (ests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 662.28 Td (Distributions for) Tj ET Q q 0 0 0 rg BT 157.30 662.28 Td ( the thr) Tj ET Q q 0 0 0 rg BT 188.78 662.28 Td (ee months) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 652.28 Td (ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.15 662.33 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.85 652.33 Td (Distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.05 642.38 Td (s) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.90 662.28 Td (Distributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 652.28 Td (Reinvested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.05 662.28 Td (T) Tj ET Q q 0 0 0 rg BT 417.26 662.28 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.90 652.28 Td (Declar) Tj ET Q q 0 0 0 rg BT 431.13 652.28 Td (ed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.75 652.28 Td (T) Tj ET Q q 0 0 0 rg BT 467.50 652.28 Td (otal Declar) Tj ET Q q 0 0 0 rg BT 514.25 652.28 Td (ed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 638.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.00 638.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 638.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 638.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 638.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 623.27 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 623.27 Td (310,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 623.27 Td (22,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 623.27 Td (332,968) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 623.27 Td (1,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 608.27 Td (September 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 608.27 Td (22,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 608.27 Td (23,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 608.27 Td (45,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 608.27 Td (1,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 593.27 Td (June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 593.27 Td (21,935) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 593.27 Td (22,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 593.27 Td (44,888) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 593.27 Td (21,053) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 536.20 598.43 Td (\(1) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 541.65 598.43 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 578.27 Td (March 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 578.27 Td (21,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 578.27 Td (22,883) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 578.27 Td (44,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 578.27 Td (2,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 563.27 Td (T) Tj ET Q q 0 0 0 rg BT 91.76 563.27 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 563.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.15 563.27 Td (375,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 563.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 563.27 Td (91,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 563.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 563.27 Td (467,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 563.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 563.27 Td (26,707) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 549.28 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 534.27 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 534.27 Td (21,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 534.27 Td (23,539) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 534.27 Td (45,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 534.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 534.27 Td (752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 519.27 Td (September 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 519.27 Td (21,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 519.27 Td (23,61) Tj ET Q q 0 0 0 rg BT 379.65 519.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 519.27 Td (45,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 519.27 Td (2,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 504.27 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 504.27 Td (21,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 504.27 Td (23,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 504.27 Td (44,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 504.27 Td (1,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 489.27 Td (March 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 489.27 Td (21,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 489.27 Td (23,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 489.27 Td (44,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 489.27 Td (987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 474.27 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 474.27 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 474.27 Td (85,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 474.27 Td (94,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 474.27 Td (179,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 474.27 Td (5,691) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 446.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 446.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 446.10 Td (three months ended June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.75 446.10 Td (, distributions declared to the noncontrolling interests included a distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 434.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.05 434.10 Td ($21.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.94 434.10 Td ( to the Company) Tj ET Q q 0 0 0 rg BT 242.10 434.10 Td (s JV) Tj ET Q q 0 0 0 rg BT 259.43 434.10 Td ( partner in the ) Tj ET Q q 0 0 0 rg BT 317.19 434.10 Td (A) Tj ET Q q 0 0 0 rg BT 323.67 434.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 408.19 434.10 Td (, as a result of the sale of ) Tj ET Q q 0 0 0 rg BT 509.55 434.10 Td (A) Tj ET Q q 0 0 0 rg BT 516.03 434.10 Td (viva Coral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 422.10 Td (Gables.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 398.10 Td (In general, distributions to stockholders are characterized for federal income tax purposes as ordinary income, capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (gains, non-taxable return of capital or a combination of the three. Distributions that exceed our current and accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (earnings and profits \(calculated for tax purposes\) constitute a return of capital for tax purposes rather than a distribution and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (reduce the stockholders) Tj ET Q q 0 0 0 rg BT 147.00 362.10 Td ( basis in our common shares. ) Tj ET Q q 0 0 0 rg BT 265.41 362.10 Td (T) Tj ET Q q 0 0 0 rg BT 270.82 362.10 Td (o the extent that a distribution exceeds both current and accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (earnings and profits and the stockholders) Tj ET Q q 0 0 0 rg BT 216.71 350.10 Td ( basis in the common shares, it will generally be treated as a capital gain. ) Tj ET Q q 0 0 0 rg BT 510.61 350.10 Td (W) Tj ET Q q 0 0 0 rg BT 519.24 350.10 Td (e annually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (notify stockholders of the taxability of distributions paid during the preceding year) Tj ET Q q 0 0 0 rg BT 380.21 338.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 314.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 314.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 314.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 314.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 314.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 319.77 314.10 Td (, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.03 314.10 Td (76.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.86 314.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.29 314.10 Td (62.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.13 314.10 Td ( of the distributions paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (were taxable to the investor as capital gains and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.80 302.10 Td (23.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.63 302.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.07 302.10 Td (4.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.90 302.10 Td ( were treated as a return of capital for federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (income tax purposes. ) Tj ET Q q 0 0 0 rg BT 139.52 290.10 Td (The remaining amounts in each period were treated as ordinary income distributions. ) Tj ET Q q 0 0 0 rg BT 484.23 290.10 Td (The primary driver ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (of the increase in return of capital was the increase in the gain on sale of investments related to the six asset sales in 2017. ) Tj ET Q q 0 0 0 rg BT 542.16 278.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (amount of distributions paid and taxable portion in each period are not indicative or predictive of amounts anticipated in future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (periods. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (Recent Sales of Unr) Tj ET Q q 0 0 0 rg BT 133.97 230.10 Td (egister) Tj ET Q q 0 0 0 rg BT 162.10 230.10 Td (ed Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 206.10 Td (On September 5, 2017, 2,991.027 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 50.00 194.10 Td (Peter Shaper) Tj ET Q q 0 0 0 rg BT 100.42 194.10 Td (, ) Tj ET Q q 0 0 0 rg BT 105.23 194.10 Td (Thomas L. Mitchell, John S. Moody and Jack L. Farley) Tj ET Q q 0 0 0 rg BT 326.50 194.10 Td (. Such restricted shares were granted pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (Restricted Share ) Tj ET Q q 0 0 0 rg BT 117.76 182.10 Td (A) Tj ET Q q 0 0 0 rg BT 124.06 182.10 Td (ward ) Tj ET Q q 0 0 0 rg BT 146.00 182.10 Td (Agreements between us and each of our independent directors, as part of the independent directors) Tj ET Q q 0 0 0 rg BT 543.16 182.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (annual compensation for service on our board of directors and without registration under the Securities ) Tj ET Q q 0 0 0 rg BT 463.49 170.10 Td (Act of 1933, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (amended \(the Securities ) Tj ET Q q 0 0 0 rg BT 152.46 158.10 Td (Act\), in reliance upon the exemption from registration contained in Section 4\(a\)\(2\) of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 134.10 Td () 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 70.38 742.25 Td (e RedemptionPr) Tj ET Q q 0 0 0 rg BT 142.41 742.25 Td (ogram) 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 of) Tj ET Q q 0 0 0 rg BT 91.73 718.25 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 50.00 706.25 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 50.00 694.25 Td (year) Tj ET Q q 0 0 0 rg BT 66.81 694.25 Td (, to have their shares redeemed subject to certain limitations and restrictions. ) Tj ET Q q 0 0 0 rg BT 375.42 694.25 Td (W) Tj ET Q q 0 0 0 rg BT 384.05 694.25 Td (e allow redemptions of our shares on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 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 50.00 670.25 Td (or amend the share redemption program upon 30days) Tj ET Q q 0 0 0 rg BT 268.64 670.25 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 50.00 658.25 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 340.84 658.25 Td (fective date of any such termination, suspension or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (amendment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.25 Td (OnDecember1, 2017, the board of directors approved and adopted amendments to theCompany) Tj ET Q q 0 0 0 rg BT 460.11 622.25 Td (s share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (redemptionprogram in order to modify the pricing under the share redemption program, such that the redemption price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (applicable to all redemption requests, including redemption requests made in connection with the death or disability of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (stockholder) Tj ET Q q 0 0 0 rg BT 96.25 586.25 Td (, will be equal to the net asset value per share of the Company) Tj ET Q q 0 0 0 rg BT 347.29 586.25 Td (s common stock most recently announced by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Company in a public filing with the SEC \(the Amended Share Redemption Program\). ) Tj ET Q q 0 0 0 rg BT 403.64 574.25 Td (The) Tj ET Q q 0 0 0 rg BT 421.13 574.25 Td (Amended Share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (RedemptionProgram replaced the currentshare redemptionprogram, ef) Tj ET Q q 0 0 0 rg BT 338.32 562.25 Td (fective as of December 31, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 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 50.00 526.25 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 50.00 514.25 Td (a stockholder) Tj ET Q q 0 0 0 rg BT 103.96 514.25 Td () Tj ET Q q 0 0 0 rg BT 106.74 514.25 Td (s bankruptcy) Tj ET Q q 0 0 0 rg BT 157.47 514.25 Td (. In the event of the death or disability of the holder) Tj ET Q q 0 0 0 rg BT 363.12 514.25 Td (, upon request, we will waive the one-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (holding requirement. For purposes of the one-year holding period, limited partners of the Operating Partnership who exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (their OP) Tj ET Q q 0 0 0 rg BT 83.24 490.25 Td (Units for shares of our common stock \(and any persons to whom they transfer such stock\) shall be deemed to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (owned those shares of our common stock as of the date the related OP) Tj ET Q q 0 0 0 rg BT 330.39 478.25 Td (Units were issued.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 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 50.00 442.25 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 50.00 430.25 Td (determine whether all of such funds from the prior month) Tj ET Q q 0 0 0 rg BT 282.99 430.25 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 50.00 418.25 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 50.00 406.25 Td (used for redemptions. Our board of directors determined to waive this limitation on the share redemption program in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (fully honor all redemption requests received for the year ended December 31, 2017, which totaled) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.58 394.25 Td ($121.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.47 394.25 Td (, which was in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (excess of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.15 382.25 Td ($92.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.04 382.25 Td (received from the distribution reinvestment plan from December 2016 through November 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (T) Tj ET Q q 0 0 0 rg BT 73.41 358.25 Td (o the extent our board of directors determines that we have suf) Tj ET Q q 0 0 0 rg BT 323.42 358.25 Td (ficient available cash for redemptions as described above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (we initially intend to redeem shares on a monthly basis; however) Tj ET Q q 0 0 0 rg BT 309.54 346.25 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 50.00 334.25 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 458.89 334.25 Td ( notice. Subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 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 50.00 310.25 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 50.00 298.25 Td (the beginning of that twelve month period. In the event the number of shares for which repurchase requests have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (submitted exceeds the limits on the number of shares we can redeem or the funds available for such redemption in a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (month and our board of directors determines that we will repurchase shares in that month, then shares will be repurchased on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (pro rata basis and the portion of any unfulfilled repurchase request will be held and considered for redemption until the next ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (month unless withdrawn. In addition, if we do not have suf) Tj ET Q q 0 0 0 rg BT 285.89 250.25 Td (ficient available funds at the time redemption is requested, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (stockholder can withdraw his or her request for redemption or request in writing that we honor it at such time in a successive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (month, if any) Tj ET Q q 0 0 0 rg BT 102.95 226.25 Td (, when we have suf) Tj ET Q q 0 0 0 rg BT 179.69 226.25 Td (ficient funds to do so. Such pending requests will generally be considered on a pro rata basis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (with any new redemption requests we receive in the applicable period. In January and February 2018, the number of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (requested for redemption exceeded the limits and were paid pro rata, as described in the note to the table below) Tj ET Q q 0 0 0 rg BT 494.18 202.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.25 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 50.00 166.25 Td (month. If a stockholder would like to request redemption of his or her shares, the stockholder should contact us to receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (required redemption forms and instructions concerning required signatures. Certain broker dealers require that their clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (make redemption requests through their broker dealer) Tj ET Q q 0 0 0 rg BT 264.52 142.25 Td (, so stockholders should contact their broker dealers first if they want to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (request redemption of their shares. Stockholders also may withdraw their requests to have their shares redeemed. ) Tj ET Q q 0 0 0 rg BT 504.12 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 513.16 130.25 Td (ithdrawal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (requests must also be made in writing and received by us at least five business days prior to the end of the month. ) Tj ET Q q 0 0 0 rg BT 506.38 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 515.02 118.25 Td (e cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (guarantee that we will have suf) Tj ET Q q 0 0 0 rg BT 174.49 106.25 Td (ficient funds from our distribution reinvestment plan, or at all, to accommodate all requests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (made in any month. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 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 58.25 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 46.25 Td (month. ) Tj ET Q q 0 0 0 rg BT 80.38 46.25 Td (W) Tj ET Q q 0 0 0 rg BT 89.01 46.25 Td (e will redeem the shares subject to these commitments, and pay the redemption price associated therewith, within ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (three business days following the delivery of such commitments. Stockholders will not relinquish their shares until we redeem ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (them. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 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 50.00 694.10 Td (unissued shares. ) Tj ET Q q 0 0 0 rg BT 117.31 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 125.95 694.10 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 50.00 682.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 91.38 682.10 Td (Act and under appropriate state securities laws or are exempt under such laws. ) Tj ET Q q 0 0 0 rg BT 407.20 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.83 682.10 Td (e will terminate our share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 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 50.00 658.10 Td (secondary market for our common shares develops. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Issuer) Tj ET Q q 0 0 0 rg BT 75.93 634.10 Td ( Redemptions of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (The 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 50.00 598.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 598.10 Td (, including the average price paid per share.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 544.60 180.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 544.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 544.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 544.60 103.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 544.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 544.60 102.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 530.60 180.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 230.50 530.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 234.50 530.60 61.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 295.50 530.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 299.50 530.60 50.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 349.50 530.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 353.50 530.60 103.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 456.50 530.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 460.50 530.60 102.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.60 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 515.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 515.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 515.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 515.60 102.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 500.60 180.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 230.50 500.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 234.50 500.60 61.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 295.50 500.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 349.50 500.60 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 353.50 500.60 103.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 456.50 500.60 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 50.5 544.6 m 230.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 544.6 m 295.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 544.6 m 349.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 544.6 m 456.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 544.6 m 562.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 544.6 m 230.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 544.6 m 295.5 544.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 500.6 m 295.5 500.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 500.6 m 456.5 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 487.6 m 295.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 485.6 m 295.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 487.6 m 456.5 487.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 485.6 m 456.5 485.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 549.05 Td (Period) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 237.60 567.05 Td (T) Tj ET Q q 0 0 0 rg BT 243.19 567.05 Td (otal Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 246.70 558.05 Td (of Shar) Tj ET Q q 0 0 0 rg BT 274.87 558.05 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.50 549.05 Td (Redeemed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.30 567.05 Td (A) Tj ET Q q 0 0 0 rg BT 314.47 567.05 Td (verage) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.10 558.05 Td (Price Paid) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.00 549.05 Td (Per) Tj ET Q q 0 0 0 rg BT 318.41 549.05 Td ( Shar) Tj ET Q q 0 0 0 rg BT 339.00 549.05 Td (e) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.70 576.05 Td (T) Tj ET Q q 0 0 0 rg BT 363.88 576.05 Td (otal Number) Tj ET Q q 0 0 0 rg BT 412.46 576.05 Td ( of Shar) Tj ET Q q 0 0 0 rg BT 442.80 576.05 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.70 567.05 Td (Pur) Tj ET Q q 0 0 0 rg BT 379.03 567.05 Td (chased as Part of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.85 558.05 Td (Publicly ) Tj ET Q q 0 0 0 rg BT 399.11 558.05 Td (Announced) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.05 549.05 Td (Plans of Pr) Tj ET Q q 0 0 0 rg BT 411.38 549.05 Td (ograms) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.05 576.05 Td (Maximum Number) Tj ET Q q 0 0 0 rg BT 543.13 576.05 Td ( of ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.50 567.05 Td (Shar) Tj ET Q q 0 0 0 rg BT 484.84 567.05 Td (es that May ) Tj ET Q q 0 0 0 rg BT 531.75 567.05 Td (Y) Tj ET Q q 0 0 0 rg BT 537.25 567.05 Td (et be ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.55 558.05 Td (Redeemed Under) Tj ET Q q 0 0 0 rg BT 537.12 558.05 Td ( the ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.60 549.05 Td (Plans or) Tj ET Q q 0 0 0 rg BT 502.19 549.05 Td ( Pr) Tj ET Q q 0 0 0 rg BT 513.77 549.05 Td (ograms ) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 544.51 553.13 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.17 Td (October 1, 2017 to October 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.60 535.17 Td (1,597,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 535.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 535.17 Td (9.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 535.17 Td (1,597,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 535.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.27 Td (November 1, 2017 to November 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.60 520.27 Td (1,085,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 520.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 520.27 Td (9.96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 520.27 Td (1,085,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 520.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.27 Td (December 1, 2017 to December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.60 505.27 Td (1,214,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 505.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 505.27 Td (9.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 505.27 Td (1,214,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 505.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 491.17 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 491.17 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.60 491.17 Td (3,897,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 491.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 491.17 Td (3,897,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.00 491.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 463.10 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 68.00 451.10 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (Certain revisions have been made to the prior period balances to adjust the allocation of net income \(loss\) to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (noncontrolling interests and net income \(loss\) to common stockholders. Please refer to the Consolidated Financial Statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (and Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 206.92 646.25 Td (Accounting Policies for additional details. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 593.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 593.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 593.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 593.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 593.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 593.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 593.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 593.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 593.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 593.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 563.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 563.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 563.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 563.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 563.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 563.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 563.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 563.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 563.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 563.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 563.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 533.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 533.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 533.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 533.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 533.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 533.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 533.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 533.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 533.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 533.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 533.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 493.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 493.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 493.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 493.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 493.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 493.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 453.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 453.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 453.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 453.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 453.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 453.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 453.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 453.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 453.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 453.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 453.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 413.75 217.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 413.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 413.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 413.75 16.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 413.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 413.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 413.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 413.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 413.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 413.75 5.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 413.75 52.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 363.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 363.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 363.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 363.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 363.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 363.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 363.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 363.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 363.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 363.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 363.75 52.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 323.75 217.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 267.50 323.75 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 271.50 323.75 52.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 323.50 323.75 16.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 339.50 323.75 52.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 391.50 323.75 5.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 396.50 323.75 52.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 448.50 323.75 5.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 453.50 323.75 52.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 505.50 323.75 5.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 323.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 309.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 309.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 309.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 309.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 309.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 309.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 309.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 309.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 309.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 309.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 279.75 217.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 279.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 279.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 279.75 16.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 279.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 279.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 279.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 279.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 279.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 279.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 279.75 52.00 -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 271.5 608.75 m 323.5 608.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 608.75 m 391.5 608.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 608.75 m 448.5 608.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 608.75 m 505.5 608.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 608.75 m 562.5 608.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.00 613.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 613.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 613.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 613.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.00 613.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 598.43 Td (Operating Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 598.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.42 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 583.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 583.42 Td (403,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 583.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 583.42 Td (477,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 583.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 583.42 Td (476,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 583.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 583.42 Td (456,264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 583.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 583.42 Td (322,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 568.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 568.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 568.42 Td (138,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 568.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 568.42 Td (174,1) Tj ET Q q 0 0 0 rg BT 377.60 568.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 568.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 568.42 Td (186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 568.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 568.42 Td (193,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 568.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 568.42 Td (140,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.42 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 553.42 Td (37,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 553.42 Td (37,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 553.42 Td (44,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 553.42 Td (53,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 553.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 553.42 Td (60,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.42 Td (General and administrative) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 538.42 Td (9,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 538.42 Td (1) Tj ET Q q 0 0 0 rg BT 365.15 538.42 Td (1,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.15 538.42 Td (8,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 538.42 Td (6,782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 538.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 538.42 Td (5,344) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 523.42 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 523.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 523.42 Td (364,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 523.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 523.42 Td (127,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 523.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 523.42 Td (14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 523.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 523.42 Td (64,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 523.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 523.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 508.42 Td (Income \(loss\) before benefit \(provision\) for income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 498.42 Td (taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 498.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 498.42 Td (379,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 498.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 498.42 Td (164,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 498.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.30 498.47 Td (\(436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 498.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 498.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 498.42 Td (16,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 498.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 498.47 Td (\(85,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 498.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 483.42 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 483.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.15 483.42 Td (8,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 483.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.80 483.47 Td (\(7,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 483.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 483.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 483.47 Td (\(4,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 483.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 483.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 483.47 Td (\(5,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 483.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 483.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 483.47 Td (\(701) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 483.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 468.42 Td (Provision for income taxes related to sale of real) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.42 Td (estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.80 458.47 Td (\(12,91) Tj ET Q q 0 0 0 rg BT 314.63 458.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 458.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 458.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.65 458.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 458.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 458.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 458.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 443.42 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 443.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 443.42 Td (375,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 443.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 443.42 Td (157,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 443.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 443.47 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 443.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 443.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 443.42 Td (10,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 443.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 443.47 Td (\(85,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 443.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.42 Td (Net \(income\) loss attributable to noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 418.42 Td (interests) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 86.33 422.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.80 418.47 Td (\(54,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.65 418.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.80 418.47 Td (\(2,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 418.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 418.47 Td (\(2,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 418.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.80 418.47 Td (\(1,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.65 418.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 418.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 418.47 Td (\(386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 418.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 403.42 Td (Net income \(loss\) attributable to common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 393.42 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.55 397.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 393.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 393.42 Td (320,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 393.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 393.42 Td (154,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 393.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 393.47 Td (\(7,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 393.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 393.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 393.42 Td (9,422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 393.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 393.47 Td (\(86,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 393.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.42 Td (Basic and diluted income \(loss\) per common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 368.42 Td (share) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 74.10 372.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.68 368.42 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 368.42 Td (1.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 368.42 Td (0.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 368.47 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 368.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 368.42 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 368.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 368.47 Td (\(0.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 368.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 353.42 Td (Distributions declared per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.15 353.42 Td (1.70) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 328.40 358.58 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 353.42 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 353.42 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 353.42 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 353.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 353.42 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.42 Td (W) Tj ET Q q 0 0 0 rg BT 62.04 338.42 Td (eighted average common shares outstanding -) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 328.42 Td (basic and diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 328.42 Td (276,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 328.42 Td (275,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 328.42 Td (272,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 328.42 Td (263,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 328.42 Td (184,412) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 314.43 Td (Balance Sheet Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 299.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 299.42 Td (otal investment property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 299.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.60 299.42 Td (2,689,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 299.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.60 299.42 Td (3,049,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 299.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.60 299.42 Td (3,267,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 299.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.60 299.42 Td (2,964,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 299.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 299.42 Td (2,799,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 284.42 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.10 284.42 Td (401,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 284.42 Td (127,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.10 284.42 Td (136,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.10 284.42 Td (143,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 284.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 284.42 Td (124,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 269.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 269.42 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.60 269.42 Td (3,726,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.60 269.42 Td (3,988,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.60 269.42 Td (4,372,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.60 269.42 Td (4,1) Tj ET Q q 0 0 0 rg BT 474.10 269.42 Td (15,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 269.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 269.42 Td (3,790,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.42 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 145.21 258.95 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 254.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.60 254.42 Td (1,834,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.00 254.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.60 254.42 Td (2,207,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 254.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.60 254.42 Td (2,545,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 254.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.60 254.42 Td (2,121,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 254.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.60 254.42 Td (1,969,634) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 220.25 Td (The amounts previously reported have been adjusted to reflect the appropriate allocation of net income related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 208.25 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 136.41 208.25 Td (. See Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 300.84 208.25 Td (Accounting Policies for additional information related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 196.25 Td (nature of the incorrect allocation and the ef) Tj ET Q q 0 0 0 rg BT 240.24 196.25 Td (fect on the years ended 2016 and 2015. For the years ended 2014 and 2013, this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 184.25 Td (adjustment changed net income \(loss\) attributable to common stockholders by $4.3 million and $2.8 million, changed net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 172.25 Td (\(income\) loss attributable to noncontrolling interest by the same amounts, and changed basic and diluted income \(loss\) per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 160.25 Td (common share by $0.02 and $0.01, respectively) Tj ET Q q 0 0 0 rg BT 258.69 160.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.25 Td (Includes special distribution of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.08 142.25 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.58 142.25 Td ( per share paid in January 2018. See Item 1. Business Distribution Objectives for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.25 Td (additional details.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 112.25 Td (These amounts include notes payable, notes payable to af) Tj ET Q q 0 0 0 rg BT 297.47 112.25 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 ($3.1 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 (W) Tj ET Q q 0 0 0 rg BT 76.64 514.25 Td (e have substantially completed our investment phase and have accomplished one of our primary investment objectives of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (investing 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 540.41 502.25 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 490.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.41 490.25 Td (, we owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.84 490.25 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.84 490.25 Td ( real estate investments which contain, in the aggregate, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.59 490.25 Td (14.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.48 490.25 Td ( square ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (feet of leasable space. Our portfolio includes the following investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 454.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 454.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 454.25 Td (of) Tj ET Q q 0 0 0 rg BT 125.97 454.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 143.46 454.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.73 454.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.06 454.25 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.06 454.25 Td ( ) Tj ET Q q 0 0 0 rg BT 204.56 454.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 442.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 442.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 442.25 Td (other ) Tj ET Q q 0 0 0 rg BT 140.87 442.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.15 442.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 442.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.48 442.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.98 442.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 430.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 430.25 Td (of) Tj ET Q q 0 0 0 rg BT 138.74 430.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.22 430.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 206.50 430.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.83 430.25 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.83 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.33 430.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 418.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 418.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.64 418.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.91 418.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 418.25 Td (1) Tj ET Q q 0 0 0 rg BT 211.87 418.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.87 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 219.37 418.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.25 Td (As part of our ongoing portfolio management, we continually evaluate the merits of selling certain assets based on their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (current and projected market valuations, property-specific leasing and other operational dynamics, and other portfolio and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (market considerations. ) Tj ET Q q 0 0 0 rg BT 144.98 370.25 Td (As a result, we strategically elected to sell two properties during 2016 \(@1377 and Komo Plaza\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (six properties during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.98 358.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.56 358.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.06 358.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.65 358.25 Td ( \(the Brindleyplace Project, ) Tj ET Q q 0 0 0 rg BT 386.56 358.25 Td (A) Tj ET Q q 0 0 0 rg BT 393.04 358.25 Td (viva Coral Gables, Southpark, Mercedes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (Benz Bank, Hock Plaza, and Fifty South Sixth\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 322.25 Td (e commenced the process of evaluating various strategic alternatives to execute a liquidity event \(i.e., a sale of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (assets, our sale or mer) Tj ET Q q 0 0 0 rg BT 138.40 310.25 Td (ger) Tj ET Q q 0 0 0 rg BT 150.77 310.25 Td (, a listing of our shares on a national securities exchange, a tender of) Tj ET Q q 0 0 0 rg BT 424.11 310.25 Td (fer for our shares, or another ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (similar transaction\). ) Tj ET Q q 0 0 0 rg BT 134.79 298.25 Td (That process is ongoing, and we are continuing to evaluate strategic alternatives. ) Tj ET Q q 0 0 0 rg BT 462.01 298.25 Td (There is no set timetable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (for the execution of such an event, and there is no assurance that any such event will occur) Tj ET Q q 0 0 0 rg BT 412.09 286.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 250.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 136.10 250.25 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 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 50.00 214.25 Td (statements, which have been prepared in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 308.52 214.25 Td (. ) Tj ET Q q 0 0 0 rg BT 313.33 214.25 Td (The preparation of the consolidated financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (requires us to make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 256.43 202.25 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 50.00 190.25 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 501.89 190.25 Td (W) Tj ET Q q 0 0 0 rg BT 510.53 190.25 Td (e evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (our assumptions and estimates on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 258.96 178.25 Td (W) Tj ET Q q 0 0 0 rg BT 267.60 178.25 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 50.00 166.25 Td (assumptions that we believe to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 333.52 166.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 383.42 166.25 Td (, application of our accounting policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (involves exercising judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 369.93 154.25 Td (Actual results may dif) Tj ET Q q 0 0 0 rg BT 458.34 154.25 Td (fer from these estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (under dif) Tj ET Q q 0 0 0 rg BT 86.20 142.25 Td (ferent assumptions or conditions. ) Tj ET Q q 0 0 0 rg BT 223.77 142.25 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 50.00 130.25 Td (all of our significant accounting policies, see Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 371.60 130.25 Td (Accounting Policies, to the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (consolidated financial statements. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 106.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 94.25 Td (Accounting for Joint V) Tj ET Q q 0 0 0 rg BT 153.19 94.25 Td (entures and Noncontrolling Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.25 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 58.25 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 58.25 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (intercompany balances and transactions have been eliminated in consolidation.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 730.10 Td (e evaluate the need to consolidate investments based on standards set forth by GAAP) Tj ET Q q 0 0 0 rg BT 416.28 730.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 418.78 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.28 730.10 Td (Our joint ventures are evaluated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (based upon GAAP) Tj ET Q q 0 0 0 rg BT 124.62 718.10 Td ( to determine whether or not the investment qualifies as a ) Tj ET Q q 0 0 0 rg BT 356.32 718.10 Td (VIE.If the investment qualifies as a ) Tj ET Q q 0 0 0 rg BT 505.26 718.10 Td (VIE, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (analysis is then performed to determine if we are the primary beneficiary of the ) Tj ET Q q 0 0 0 rg BT 369.69 706.10 Td (VIE by reviewing a combination of qualitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 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 50.00 682.10 Td (income from the underlying assets.) Tj ET Q q 0 0 0 rg BT 195.06 682.10 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 50.00 670.10 Td (beneficiary by analyzing if we have both the power to direct the entity) Tj ET Q q 0 0 0 rg BT 333.78 670.10 Td (s significant economic activities and the obligation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 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 50.00 646.10 Td (rights and decision making abilities of each holder of variable interests. ) Tj ET Q q 0 0 0 rg BT 338.07 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 346.70 646.10 Td (e will consolidate joint ventures that are determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (to be variable interest entities for which we are the primary beneficiary) Tj ET Q q 0 0 0 rg BT 333.39 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 338.21 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 346.85 634.10 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 50.00 622.10 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 50.00 610.10 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 68.00 586.10 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 50.00 574.10 Td (events or circumstances change indicating that the carrying amount of its investments may exceed its fair value. In such an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (instance, we will record an impairment char) Tj ET Q q 0 0 0 rg BT 225.58 562.10 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 50.00 550.10 Td (is other than temporary) Tj ET Q q 0 0 0 rg BT 142.38 550.10 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 50.00 538.10 Td (current market conditions, and our intent and ability to hold the investment to full recovery) Tj ET Q q 0 0 0 rg BT 413.42 538.10 Td (. Based on our analysis of the facts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (and circumstances at each reporting period, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.31 526.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.31 526.10 Td ( impairment was recorded related to investments in partially owned real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (joint ventures for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.06 514.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.65 514.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.65 514.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.65 514.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.09 514.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.09 514.10 Td (. However) Tj ET Q q 0 0 0 rg BT 372.84 514.10 Td (, if market conditions deteriorate in the future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (and result in lower valuations or reduced cash flows of the Company) Tj ET Q q 0 0 0 rg BT 327.98 502.10 Td (s investments, impairment char) Tj ET Q q 0 0 0 rg BT 452.77 502.10 Td (ges may be recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (future periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 466.10 Td (Investment Property and Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 442.10 Td (When we have acquired properties, we allocated the purchase price of the acquisition based upon our assessment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (fair value of various components, including land, building and improvements, and intangible lease assets and liabilities. Fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (value determinations were based on estimated cash flow projections that utilized discount and/or capitalization rates, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (certain available market information. ) Tj ET Q q 0 0 0 rg BT 200.59 406.10 Td (The fair value of land, building and improvements considered the value of the property as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (if it were vacant. ) Tj ET Q q 0 0 0 rg BT 119.51 394.10 Td (The fair value of intangible lease assets was based on our evaluation of the specific characteristics of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (lease. Factors considered included estimates of carrying costs during hypothetical expected lease-up periods, current market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (conditions and market rates, the customer) Tj ET Q q 0 0 0 rg BT 216.99 370.10 Td () Tj ET Q q 0 0 0 rg BT 219.77 370.10 Td (s credit quality and costs to execute similar leases. ) Tj ET Q q 0 0 0 rg BT 423.41 370.10 Td (The fair value of out-of-market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (leases was calculated as the present value \(using a discount rate that reflects the risks associated with the leases\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 346.10 Td (ference between the contractual amounts to be paid pursuant to each in-place lease and our estimate of fair market lease rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (for each corresponding in-place lease. In estimating carrying costs, we included estimates of lost rentals at market rates during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (considered customer improvements, leasing commissions, legal costs and other related expenses. Initial valuations were subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (to change until such information was finalized, which occured no later than 12months after the acquisition date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 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 50.00 262.10 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 50.00 250.10 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 50.00 238.10 Td (basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 230.69 238.10 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 50.00 226.10 Td (down to theestimated fair value to reflect impairment in the value of the asset. ) Tj ET Q q 0 0 0 rg BT 366.93 226.10 Td (The determination of whether investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 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 50.00 202.10 Td (to management at the time of the evaluation. For the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.96 202.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.55 202.10 Td (, we determined thatoneof our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (properties was impaired, as a result of deteriorating market conditions. ) Tj ET Q q 0 0 0 rg BT 334.36 190.10 Td (As a result, an impairment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.56 190.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.45 190.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (recorded to write down its carrying value to its fair value for theyear ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.16 178.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 178.10 Td (. No impairment char) Tj ET Q q 0 0 0 rg BT 521.59 178.10 Td (ges were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (recorded during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.78 166.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.36 166.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.30 166.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.30 166.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 154.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 142.10 Td (Deferred Leasing 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 68.00 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 118.10 Td (e consider a number of dif) Tj ET Q q 0 0 0 rg BT 181.70 118.10 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 50.00 106.10 Td (accounting purposes. ) Tj ET Q q 0 0 0 rg BT 136.74 106.10 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 94.10 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 82.10 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 70.10 Td (constructs or directs the construction of the improvements. ) Tj ET Q q 0 0 0 rg BT 287.26 70.10 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 58.10 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 46.10 Td (one factor) Tj ET Q q 0 0 0 rg BT 89.85 46.10 Td (, however) Tj ET Q q 0 0 0 rg BT 128.88 46.10 Td (, necessarily establishes any determination.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 730.10 Td (Revenue Recognition and V) Tj ET Q q 0 0 0 rg BT 173.17 730.10 Td (aluation of Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 706.10 Td (e 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 50.00 694.10 Td (holidays and bar) Tj ET Q q 0 0 0 rg BT 115.91 694.10 Td (gain renewal options, if any) Tj ET Q q 0 0 0 rg BT 226.62 694.10 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 50.00 682.10 Td (which the expenses are incurred based upon the tenant) Tj ET Q q 0 0 0 rg BT 270.47 682.10 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 50.00 670.10 Td (reimbursements and there are many variations to the computation. ) Tj ET Q q 0 0 0 rg BT 319.46 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 328.10 670.10 Td (e make quarterly accrual adjustments, positive or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 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 50.00 646.10 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 50.00 634.10 Td (line basis amortized from the time that a tenant) Tj ET Q q 0 0 0 rg BT 241.05 634.10 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 50.00 622.10 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 470.22 622.10 Td (T) Tj ET Q q 0 0 0 rg BT 475.63 622.10 Td (o the extent our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 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 50.00 598.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 598.10 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 50.00 586.10 Td (specific tenant is collectible. ) Tj ET Q q 0 0 0 rg BT 166.16 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 174.80 586.10 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 545.22 586.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (payment history) Tj ET Q q 0 0 0 rg BT 114.06 574.10 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 50.00 562.10 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 50.00 550.10 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 50.00 538.10 Td (direct write-of) Tj ET Q q 0 0 0 rg BT 107.29 538.10 Td (f of the specific rent receivable, which would have an adverse ef) Tj ET Q q 0 0 0 rg BT 364.77 538.10 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 50.00 526.10 Td (reserve is increased or the direct write-of) Tj ET Q q 0 0 0 rg BT 213.63 526.10 Td (f is recorded and would decrease our total assets and stockholders) Tj ET Q q 0 0 0 rg BT 479.46 526.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 506.31 526.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 89.45 502.10 Td (Accounting Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (See Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 224.92 478.10 Td (Accounting Policies to the accompanying consolidated financial statements for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (discussion regarding recent accounting pronouncements and the potential impact, if any) Tj ET Q q 0 0 0 rg BT 400.63 466.10 Td (, on our financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (FinancialCondition, ) Tj ET Q q 0 0 0 rg BT 140.30 430.10 Td (Liquidityand ) Tj ET Q q 0 0 0 rg BT 201.44 430.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 235.61 430.10 Td (Resour) Tj ET Q q 0 0 0 rg BT 265.98 430.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td (Historically our most significant demands for funds were 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 50.00 394.10 Td (estate-related investments. Specifically) Tj ET Q q 0 0 0 rg BT 205.68 394.10 Td (, we funded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.11 394.10 Td ($5.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.22 394.10 Td ( of real estate investments using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.74 394.10 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.86 394.10 Td ( of proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (our public of) Tj ET Q q 0 0 0 rg BT 101.47 382.10 Td (ferings, including the DRP) Tj ET Q q 0 0 0 rg BT 208.32 382.10 Td ( of) Tj ET Q q 0 0 0 rg BT 218.96 382.10 Td (ferings, and debt proceeds. ) Tj ET Q q 0 0 0 rg BT 328.75 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 337.38 382.10 Td (e invested all of the proceeds raised through our public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 370.10 Td (ferings by the end of 2015. ) Tj ET Q q 0 0 0 rg BT 170.35 370.10 Td (As a result, any real estate investments we made since that time were funded using proceeds from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (the dispositions of other real estate investments, debt proceeds, or our distribution reinvestment plan. Other significant demands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (for funds include the payment of operating expenses, distributions \(excluding special distributions\) and debt service. Generally) Tj ET Q q 0 0 0 rg BT 557.27 346.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (we expect to meet these operating cash needs using cash flows from operating activities. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.10 334.10 Td (December 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.69 334.10 Td (, we declared a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (special distribution to stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.03 322.10 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.53 322.10 Td ( per share that was paid to all stockholders of record as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.51 322.10 Td (December30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.09 322.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.60 310.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.60 310.10 Td ( using proceeds from the sales of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 351.40 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.04 310.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.21 310.10 Td ($947.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.10 310.10 Td ( from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.88 298.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.55 298.10 Td ( properties during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.86 298.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.44 298.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.94 298.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 274.10 Td (e have not generated suf) Tj ET Q q 0 0 0 rg BT 173.63 274.10 Td (ficient cash flow from operations to fully fund distributions paid. ) Tj ET Q q 0 0 0 rg BT 435.91 274.10 Td (Therefore some or all of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 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 50.00 250.10 Td (distribution reinvestment plan, proceeds from the sales of assets, cash advances by the ) Tj ET Q q 0 0 0 rg BT 396.85 250.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 428.67 250.10 Td (, and cash resulting from a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (waiver or deferral of fees. ) Tj ET Q q 0 0 0 rg BT 158.37 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.01 238.10 Td (e have not placed a cap on the amount of our distributions that may be paid from any of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (other sources.) 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 68.00 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 202.10 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 428.15 202.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.59 202.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.18 202.10 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (portfolio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.55 190.10 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.88 190.10 Td (leveraged, based on the values of our real estate investments. ) Tj ET Q q 0 0 0 rg BT 372.40 190.10 Td (At that time, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.27 190.10 Td ($1.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.38 190.10 Td ( of principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 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 400.16 178.10 Td (2.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.99 178.10 Td (, including the ef) Tj ET Q q 0 0 0 rg BT 488.56 178.10 Td (fects of related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (interest rate caps. ) Tj ET Q q 0 0 0 rg BT 121.64 166.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.68 166.10 Td ($435.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.57 166.10 Td ( of our loans are maturing during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.26 166.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.26 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 405.58 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 414.21 166.10 Td (e may refinance these loans, or we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (may repay them using proceeds from the sale of our real estate investments, using our revolving credit facility with JPMor) Tj ET Q q 0 0 0 rg BT 539.69 154.10 Td (gan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Chase Bank, N.A. \(the Revolving Credit Facility\), or other available cash if we are unable to refinance them at satisfactory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 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 82.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 61.50 82.10 Td (Cash Flows from Operating ) Tj ET Q q 0 0 0 rg BT 178.93 82.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 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 46.10 Td (property-level operating expenses and interest payments. Property-level operating expenses consist primarily of salaries and ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 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 50.00 730.10 Td (management and leasing fees, and property taxes. ) Tj ET Q q 0 0 0 rg BT 250.76 730.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 300.66 730.10 Td (, we pay general and administrative expenses, acquisition fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (and expenses and asset management fees, which also reduce our operating cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 694.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 694.10 Td ( operating activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.49 694.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.08 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.58 694.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.16 694.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.71 694.10 Td ($89.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.60 694.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.31 694.10 Td ($156.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 682.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.27 682.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.85 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.35 682.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.94 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 242.26 682.10 Td (The decrease in operating cash flows is primarily due to the sale of eight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (properties in 2016 and 2017, in addition to higher deferred lease costs paid during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.91 670.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.50 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 670.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.58 670.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td (Net cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.21 646.10 Td (provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.25 646.10 Td ( operating activities for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.58 646.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.16 646.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.71 646.10 Td ($156.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.60 646.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.31 646.10 Td ($1) Tj ET Q q 0 0 0 rg BT 531.94 646.10 Td (14.9 ) 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 ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.05 634.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.64 634.10 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 50.00 622.10 Td (and acquisition-related expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 622.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.39 622.10 Td ( during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.30 622.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.89 622.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.33 622.10 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.22 622.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.08 610.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 610.10 Td (. Under GAAP) Tj ET Q q 0 0 0 rg BT 236.51 610.10 Td ( for periods prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.33 610.10 Td (January1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.93 610.10 Td (, acquisition fees and acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (expenses were expensed and therefore reduced cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 426.94 598.10 Td (, we funded these expenses with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (proceeds from our public of) Tj ET Q q 0 0 0 rg BT 161.45 586.10 Td (ferings or other equity capital. Excluding the ef) Tj ET Q q 0 0 0 rg BT 353.15 586.10 Td (fect of these fees and expenses, operating cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (flows increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.48 574.10 Td ($20.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.37 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 188.69 574.10 Td (The increase in operating cash flows is primarily due to cash flows from properties acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (in 2015 being included for the full year in 2016, in addition to lower deferred lease costs paid during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.61 562.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.19 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 550.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td (Cash Flows from Investing ) Tj ET Q q 0 0 0 rg BT 173.10 526.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td (Net cash used in investing activitiesprimarily relates to proceeds received from the sales of our real estate investments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (capital expenditures at our properties, and activities related to our loans receivable. ) Tj ET Q q 0 0 0 rg BT 383.76 490.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 433.66 490.10 Td (, prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.88 490.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.88 490.10 Td (, cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (investing activities included payments made for the acquisition of our real estate investments. Net cash from investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (activities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.48 466.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.06 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.56 466.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.14 466.10 Td ( increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.90 466.10 Td ($661.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.79 466.10 Td ( compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.58 466.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.58 466.10 Td ( primarily as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (result of property sales in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.14 454.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.14 454.10 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 68 428.7669921875 m 88 428.7669921875 l s q 0 0 0 rg BT 68.00 430.10 Td (2017) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 406.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 406.10 Td ($947.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.70 406.10 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.73 406.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.40 406.10 Td ( properties during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.71 406.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.29 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.79 406.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.38 406.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 394.10 Td (e paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.29 394.10 Td ($43.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.18 394.10 Td (in capital expenditures at our operating properties, which includes re-development costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td (incurred at Minneapolis Retail Center and 25 Cabot Square.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 370.10 Td (e made real estate loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.92 370.10 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.81 370.10 Td ( and received proceeds from the collection of real estate loans receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 358.10 Td (of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.83 358.10 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.72 358.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 346.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 346.10 Td ($10.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.70 346.10 Td ( from the sale of real estate loans receivable. ) 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 68 320.7669921875 m 88 320.7669921875 l s q 0 0 0 rg BT 68.00 322.10 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 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 had cash outflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.11 298.10 Td ($30.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.00 298.10 Td ( related to our acquisition of the final phase of ) Tj ET Q q 0 0 0 rg BT 427.99 298.10 Td (The Rim.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 286.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 286.10 Td ($266.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.70 286.10 Td ( from the sale of Komo Plaza.) 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 paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.29 274.10 Td ($19.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.18 274.10 Td ( in capital expenditures at our operating properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 262.10 Td (e made real estate loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.92 262.10 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.81 262.10 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 86.00 250.10 Td ($47.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 250.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td ( ) 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 (e received distributions in excess of equity in earnings from our unconsolidated entity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.21 238.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.11 238.10 Td (, resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.10 Td (from the sale of @1377.) 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 68 200.76699218750002 m 88 200.76699218750002 l s q 0 0 0 rg BT 68.00 202.10 Td (2015) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 178.10 Td (e had cash outflows of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.11 178.10 Td ($51) Tj ET Q q 0 0 0 rg BT 201.74 178.10 Td (1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.63 178.10 Td ( related to our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.16 178.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.82 178.10 Td ( real estate investments as well as additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (phases of ) Tj ET Q q 0 0 0 rg BT 125.81 166.10 Td (The Rim and Simon Hegele Logistics properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 154.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 154.10 Td ($30.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.70 154.10 Td ( from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.73 154.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.17 154.10 Td ( of our properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 142.10 Td (e paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.29 142.10 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.18 142.10 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 410.66 142.10 Td ($4.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.55 142.10 Td ( in construction costs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (our residential/living development projects in Houston, ) Tj ET Q q 0 0 0 rg BT 309.39 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 314.80 130.10 Td (exas and Miami, Florida. ) 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 made real estate loans of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.92 118.10 Td ($13.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.81 118.10 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 86.00 106.10 Td ($33.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.89 106.10 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 Financing ) Tj ET Q q 0 0 0 rg BT 178.11 742.25 Td (Activities) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 706.25 Td (Redemptions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.25 Td (As described previously) Tj ET Q q 0 0 0 rg BT 164.00 682.25 Td (, we ceased of) Tj ET Q q 0 0 0 rg BT 220.45 682.25 Td (fering primary shares pursuant to our second public of) Tj ET Q q 0 0 0 rg BT 437.43 682.25 Td (fering in ) Tj ET Q q 0 0 0 rg BT 473.54 682.25 Td (April 2014. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 670.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.28 670.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.28 670.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.28 670.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 670.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.71 670.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 310.38 670.25 Td (, we redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.90 670.25 Td ($121.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.79 670.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.79 670.25 Td ($63.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.68 670.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.12 670.25 Td ($57.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 658.25 Td ( in shares of our common stock through our share redemption program. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.01 658.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.59 658.25 Td (, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (also redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.97 646.25 Td ($52.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.86 646.25 Td ( of Convertible Preferred Equity Certificates \(CPEC\) held by the non controlling interest owner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 143.41 634.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 610.25 Td (Distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 586.25 Td (ith the authorization of our board of directors, ) Tj ET Q q 0 0 0 rg BT 262.63 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 271.27 586.25 Td (e have declared distributions of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.54 586.25 Td ($0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.04 586.25 Td ( per share, per year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.85 574.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.44 574.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.44 574.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.44 574.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.88 574.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.88 574.25 Td (, as well as a special distribution to stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.22 574.25 Td ($288.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.11 574.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 562.25 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 562.25 Td ( per share\) to all stockholders of record as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.88 562.25 Td (December30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.46 562.25 Td ( that was paid in two cash payments in January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.97 562.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.97 562.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (This special distribution represents a return of a portion of our stockholders) Tj ET Q q 0 0 0 rg BT 354.46 550.25 Td ( invested capital from sales of investment property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (and, as such, reduced their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 311.23 538.25 Td (. ) Tj ET Q q 0 0 0 rg BT 316.04 538.25 Td (The special distribution represents a portion of the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (proceeds received from the strategic sale of six assets during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.91 526.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.91 526.25 Td (. Excluding the special distribution, distributions paid to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (stockholders \(including those reinvested in stock\) during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.37 514.25 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.95 514.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.95 514.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.95 514.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.39 514.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.39 514.25 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.82 514.25 Td ($179.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 502.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 502.25 Td ($179.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.78 502.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.22 502.25 Td ($177.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.11 502.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 273.77 502.25 Td (. ) Tj ET Q q 0 0 0 rg BT 280.72 502.25 Td (Also, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.89 502.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.89 502.25 Td (, we declared distributions to the non controlling interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (holder in the ) Tj ET Q q 0 0 0 rg BT 102.49 490.25 Td (A) Tj ET Q q 0 0 0 rg BT 108.97 490.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 194.60 490.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.93 490.25 Td ($21.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.83 490.25 Td (, due to the sale of the property) Tj ET Q q 0 0 0 rg BT 385.58 490.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 77.04 466.25 Td (ith the authorization of our board of directors, we also have declared distributions for the months ofJanuary) Tj ET Q q 0 0 0 rg BT 507.93 466.25 Td (, February) Tj ET Q q 0 0 0 rg BT 548.38 466.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (and March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.54 454.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.54 454.25 Td (in an amount equal to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.18 454.25 Td ($0.0541667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.68 454.25 Td (per share, per month, which is equal to an annualized distribution rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td ($0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 442.25 Td ( per share. Of this amount,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.86 442.25 Td ($0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.36 442.25 Td (of the per share, per month distribution will be designated by the Company as a return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 177.84 430.25 Td ( invested capital and, as such, will reduce the stockholders) Tj ET Q q 0 0 0 rg BT 413.96 430.25 Td ( remaining investment in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 418.25 Td (. Distributions are paid monthly on the first business day following the completion of each month to which they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (relate. ) Tj ET Q q 0 0 0 rg BT 76.65 406.25 Td (All distributions were or will be paid in cash or reinvested in shares of our common stock for those participating in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (distribution reinvestment plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 370.25 Td (The table below contains additional information regarding distributions to our stockholders as well as the sources of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (distribution payments \(all amounts are in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 271.75 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 271.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 271.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 271.75 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 271.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 271.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 271.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 271.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 271.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 271.75 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 271.75 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 271.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 115.50 243.75 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.50 243.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.50 243.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 243.75 16.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 243.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 243.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 243.75 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 243.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 243.75 51.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 243.75 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 243.75 30.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 243.75 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 207.5 312.75 m 264.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 312.75 m 280.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 312.75 m 337.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 312.75 m 341.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 312.75 m 393.5 312.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 271.75 m 203.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 207.5 271.75 m 264.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 271.75 m 337.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 271.75 m 393.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 271.75 m 448.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 271.75 m 461.5 271.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 271.75 m 491.5 271.75 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.00 317.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 274.95 317.20 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 118.00 285.20 Td (Distributions for) Tj ET Q q 0 0 0 rg BT 182.09 285.20 Td ( the) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 118.00 276.20 Td (Y) Tj ET Q q 0 0 0 rg BT 123.50 276.20 Td (ear) Tj ET Q q 0 0 0 rg BT 135.83 276.20 Td ( Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 225.70 285.20 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 210.20 276.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.20 285.20 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.50 276.20 Td (Reinvested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 357.15 285.20 Td (T) Tj ET Q q 0 0 0 rg BT 362.74 285.20 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.80 276.20 Td (Declar) Tj ET Q q 0 0 0 rg BT 375.20 276.20 Td (ed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.10 303.20 Td (Distributions funded) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.30 294.20 Td (fr) Tj ET Q q 0 0 0 rg BT 418.13 294.20 Td (om Cash Flows) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 412.45 285.20 Td (Fr) Tj ET Q q 0 0 0 rg BT 421.78 285.20 Td (om Operating) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.00 276.20 Td (Activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 494.00 276.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.00 262.21 Td (December 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.00 262.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.75 262.21 Td (375,851) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 267.00 266.85 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.00 262.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 262.21 Td (91,757) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 262.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.75 262.21 Td (467,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 262.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 420.25 262.21 Td (89,729) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 262.21 Td (19) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 262.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.00 248.21 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.00 248.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.25 248.21 Td (85,820) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.00 248.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 248.21 Td (94,003) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 248.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.75 248.21 Td (179,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 248.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 248.21 Td (156,775) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 248.21 Td (85) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 248.21 Td (%) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 118.00 234.21 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.00 234.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.25 234.21 Td (83,481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.00 234.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 234.21 Td (93,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.00 234.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.75 234.21 Td (177,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 400.00 234.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 415.75 234.21 Td (1) Tj ET Q q 0 0 0 rg BT 420.25 234.21 Td (14,905) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 474.50 234.21 Td (63) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.50 234.21 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 200.25 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 200.25 Td ($288.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.27 200.25 Td ( related to the special distribution declared in December 2017, as described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 176.25 Td (Our cash flows from operations have been and may continue to be insuf) Tj ET Q q 0 0 0 rg BT 355.51 176.25 Td (ficient to fund distributions to stockholders. ) Tj ET Q q 0 0 0 rg BT 535.31 176.25 Td (W) Tj ET Q q 0 0 0 rg BT 543.95 176.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (have funded the remaining distributions from proceeds from the sales of our real estate investments in the current and prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (periods, and/or cash flows from financing activities. ) Tj ET Q q 0 0 0 rg BT 262.72 152.25 Td (Also, during the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.61 152.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.61 152.25 Td (, we paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.49 152.25 Td ($22.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.38 152.25 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.25 Td (acquisition fees and expenses. Under GAAP) Tj ET Q q 0 0 0 rg BT 229.86 140.25 Td ( for periods prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.68 140.25 Td (January1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.28 140.25 Td (, acquisition fees and acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (expenses were expensed and therefore reduced cash flows from operating activities. However) Tj ET Q q 0 0 0 rg BT 426.94 128.25 Td (, we funded these expenses with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (proceeds from our public of) Tj ET Q q 0 0 0 rg BT 161.45 116.25 Td (ferings or other equity capital. ) 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 68.00 742.10 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 (38%) 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, 2017) 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 (2.8%) 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, 2017) 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 (2016) 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 (2015) 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 (2017) 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 borrowed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.66 598.10 Td ($159.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.55 598.10 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 502.61 598.10 Td ($179.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 586.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (Upon the sales of the Brindleyplace Project, ) Tj ET Q q 0 0 0 rg BT 264.29 574.10 Td (A) Tj ET Q q 0 0 0 rg BT 270.77 574.10 Td (viva Coral Gables, Mercedes Benz Bank, and Fifty South Sixth, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (made payments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.03 562.10 Td ($357.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.92 562.10 Td ( to fully pay down the mortgage loans that had been secured by the applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (property) Tj ET Q q 0 0 0 rg BT 119.23 550.10 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 made a payment of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.43 538.10 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.33 538.10 Td (related to the 100 Brookes loan in May 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 526.10 Td (e made a payment of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.43 526.10 Td ($72.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.33 526.10 Td (to fully pay down the secured mortgage loan related to 55 M Street in September ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 502.10 Td (e made payments of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 502.10 Td ($8.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 502.10 Td (on our remaining 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 68 476.7669921875 m 88 476.7669921875 l s q 0 0 0 rg BT 68.00 478.10 Td (2016) Tj ET Q BT /F3 10.00 Tf ET 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 borrowed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.66 442.10 Td ($159.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.55 442.10 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 502.61 442.10 Td ($367.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 430.10 Td (, which included a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.70 430.10 Td ($253.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.59 430.10 Td ( payment made using proceeds from the sale of Komo Plaza in December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 418.10 Td (2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (The Flagship JV) Tj ET Q q 0 0 0 rg BT 151.93 406.10 Td ( made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.24 406.10 Td ($14.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.13 406.10 Td ( on its revolving credit facility related to the repayment of certain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (its loans receivable during the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 382.10 Td (e made payments of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 382.10 Td ($7.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 382.10 Td (related to our loan secured by New City) Tj ET Q q 0 0 0 rg BT 387.80 382.10 Td (, including a one-time payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.82 382.10 Td ($5.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 370.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 370.10 Td (in July 2016.) Tj ET Q 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 made a payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.43 358.10 Td ($18.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.33 358.10 Td ( to pay of) Tj ET Q q 0 0 0 rg BT 272.19 358.10 Td (f our loan secured by Southpark in December 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 346.10 Td (e also made payments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.22 346.10 Td ($5.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 346.10 Td ( on our remaining 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 68 320.7669921875 m 88 320.7669921875 l s q 0 0 0 rg BT 68.00 322.10 Td (2015) Tj ET Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 286.10 Td (e entered into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.56 286.10 Td ($262.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.45 286.10 Td ( of mortgage financing, related to the acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.71 286.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.38 286.10 Td ( operating properties as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.10 Td (an additional phase of the Simon Hegele Logistics Portfolio, with an aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.05 274.10 Td ($472.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.94 274.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.90 262.10 Td (, our residential/living development projects borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.12 262.10 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.01 262.10 Td ( to fund construction costs. ) 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 (The Flagship JV) Tj ET Q q 0 0 0 rg BT 151.93 250.10 Td ( borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.25 250.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.14 250.10 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 86.00 238.10 Td (during the period and made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.12 238.10 Td ($1) Tj ET Q q 0 0 0 rg BT 259.75 238.10 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.64 238.10 Td ( on its revolving credit facility) Tj ET Q q 0 0 0 rg BT 424.35 238.10 Td (. ) 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 borrowed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.26 226.10 Td ($1.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.38 226.10 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 508.44 226.10 Td ($891.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.89 214.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 202.10 Td (e received proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.81 202.10 Td ($65.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.70 202.10 Td ( on loan modifications related to our loans secured by ) Tj ET Q q 0 0 0 rg BT 457.68 202.10 Td (The Campus at Playa ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (V) Tj ET Q q 0 0 0 rg BT 92.62 190.10 Td (ista and Fifty South Sixth.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 178.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 178.10 Td ($1) Tj ET Q q 0 0 0 rg BT 187.02 178.10 Td (10.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.91 178.10 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 86.00 166.10 Td (Hock Plaza and Gogolevsky 1) Tj ET Q q 0 0 0 rg BT 206.71 166.10 Td (1. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 154.10 Td (e made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 154.10 Td ($17.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.28 154.10 Td ( related to our related party loan secured by ) Tj ET Q q 0 0 0 rg BT 407.04 154.10 Td (A) Tj ET Q q 0 0 0 rg BT 413.52 154.10 Td (viva Coral Gables. ) Tj ET Q q 0 0 0 rg BT 493.04 154.10 Td (This loan had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.10 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 68.00 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 130.10 Td (e also made payments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.22 130.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 130.10 Td ( on our remaining outstanding mortgage loans.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.10 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 made payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.39 118.10 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.28 118.10 Td ( for financing costs related to our loans and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.06 118.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.95 118.10 Td ( related to two $250 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (million 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 94.10 Td (Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 187.56 94.10 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 /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, 2017) 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, 2016) 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, 2017) 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 (2016) 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, 2017) 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 (34) 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 (2016) 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 (92%) 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, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.32 634.25 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.02 634.25 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.35 634.25 Td ( leased as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 622.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.91 622.25 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 498.50 622.25 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.83 622.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.08 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.58 610.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 610.25 Td ( as compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.42 610.25 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 610.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.50 610.25 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.08 610.25 Td (. Below is additional information regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (our same-store results and significant variances from the prior year) Tj ET Q q 0 0 0 rg BT 316.91 598.25 Td (. ) Tj ET Q q 0 0 0 rg BT 323.86 598.25 Td (All amounts are in thousands, except for percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 515.75 255.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 515.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 515.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 515.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 515.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 515.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 515.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 515.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 515.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 485.75 255.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 485.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 485.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 485.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 485.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 485.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 485.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 485.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 485.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 455.75 255.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 455.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 455.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 455.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 455.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 455.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 455.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 455.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 455.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 425.75 255.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 425.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 425.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 425.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 425.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 425.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 425.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 425.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 425.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 394.75 255.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 394.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 394.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 394.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 394.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 394.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 394.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 394.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 394.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 364.75 255.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 364.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 364.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 364.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 364.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 364.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 364.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 364.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 364.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 334.75 255.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 334.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 334.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 334.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 334.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 334.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 334.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 334.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 334.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 304.75 255.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 304.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 304.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 304.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.00 304.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 304.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 304.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 304.75 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 304.75 57.00 -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 309 560.75 m 366 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366 560.75 m 375 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375 560.75 m 432 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 560.75 m 497 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497 560.75 m 505 560.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 560.75 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 309 545.75 m 366 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375 545.75 m 432 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 545.75 m 497 545.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 545.75 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 309 455.75 m 366 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 455.75 m 432 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 455.75 m 497 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 455.75 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 309 425.75 m 366 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 425.75 m 366 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 411.75 m 366 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 409.75 m 366 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 425.75 m 432 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 411.75 m 432 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 409.75 m 432 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 425.75 m 497 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 411.75 m 497 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 409.75 m 497 409.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 425.75 m 562 425.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 411.75 m 562 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 409.75 m 562 409.75 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 312.60 565.43 Td (Y) Tj ET Q q 0 0 0 rg BT 319.27 565.43 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 412.49 565.43 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.10 565.43 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 327.00 550.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.00 550.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.50 550.43 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.00 550.43 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 311.50 535.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 535.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 535.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 535.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 520.46 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 92.68 520.46 Td (e pr) Tj ET Q q 0 0 0 rg BT 108.14 520.46 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 505.42 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 107.56 505.42 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 505.42 Td (89,676) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 505.42 Td (91,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 505.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 505.47 Td (\(1,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 505.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.45 505.42 Td (\(2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 505.42 Td (\)%) 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 334.65 490.42 Td (55,232) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 490.42 Td (54,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 490.42 Td (1,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 490.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 490.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 475.42 Td (International of) Tj ET Q q 0 0 0 rg BT 120.33 475.42 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 475.42 Td (55,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 475.42 Td (81,1) Tj ET Q q 0 0 0 rg BT 418.15 475.42 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 475.47 Td (\(25,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 475.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 475.42 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 475.42 Td (\)%) 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 334.65 460.42 Td (29,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 460.42 Td (29,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 460.42 Td (657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 460.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 460.42 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.50 445.46 Td (T) Tj ET Q q 0 0 0 rg BT 69.14 445.46 Td (otal same-stor) Tj ET Q q 0 0 0 rg BT 126.27 445.46 Td (e pr) Tj ET Q q 0 0 0 rg BT 141.73 445.46 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 445.42 Td (230,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 445.42 Td (255,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 445.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 445.47 Td (\(25,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 445.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 445.42 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 445.42 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 430.46 Td (Disposed pr) Tj ET Q q 0 0 0 rg BT 100.74 430.46 Td (operties ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 135.46 434.99 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 430.42 Td (27,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 430.42 Td (69,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 430.47 Td (\(42,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 430.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 430.42 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 430.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 415.43 Td (T) Tj ET Q q 0 0 0 rg BT 58.71 415.43 Td (otal pr) Tj ET Q q 0 0 0 rg BT 86.77 415.43 Td (operty r) Tj ET Q q 0 0 0 rg BT 121.30 415.43 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 415.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 415.42 Td (257,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 415.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 415.42 Td (325,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 415.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 415.47 Td (\(67,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 415.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 415.42 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 415.42 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 384.43 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 384.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 384.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 384.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 384.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 369.42 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 369.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 369.42 Td (138,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 369.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 369.42 Td (174,1) Tj ET Q q 0 0 0 rg BT 418.15 369.42 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 369.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 369.47 Td (\(35,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 369.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.45 369.42 Td (\(20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 369.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 354.42 Td (Impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 354.42 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 354.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 354.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 354.42 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 354.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 354.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 339.42 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 339.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.80 339.47 Td (\(634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 339.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.80 339.47 Td (\(689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 339.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 339.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 339.42 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.45 339.42 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 339.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 324.42 Td (Gain on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 324.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 324.42 Td (364,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 324.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 324.42 Td (127,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 324.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 324.42 Td (237,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.75 324.42 Td (186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 324.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 309.42 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 309.42 Td (59,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 309.42 Td (64,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 309.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 309.47 Td (\(5,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 309.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.45 309.42 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 309.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 294.42 Td (Income tax provision \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 294.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 294.47 Td (\(8,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 294.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 294.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 294.42 Td (7,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 294.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 294.47 Td (\(16,031) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 294.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.45 294.42 Td (\(219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 294.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 279.42 Td (Provision for income taxes related to sale of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 279.42 Td (12,91) Tj ET Q q 0 0 0 rg BT 357.15 279.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.50 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 279.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 279.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 279.42 Td (12,91) Tj ET Q q 0 0 0 rg BT 488.15 279.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 279.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 279.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 251.25 Td (Property ) Tj ET Q q 0 0 0 rg BT 105.34 251.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 144.28 251.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.45 251.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 184.95 251.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.68 251.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 236.18 251.25 Td (include ) Tj ET Q q 0 0 0 rg BT 269.01 251.25 Td (total ) Tj ET Q q 0 0 0 rg BT 290.19 251.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 329.12 251.25 Td (less ) Tj ET Q q 0 0 0 rg BT 347.52 251.25 Td (property ) Tj ET Q q 0 0 0 rg BT 384.80 251.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 425.96 251.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 467.96 251.25 Td (real ) Tj ET Q q 0 0 0 rg BT 486.35 251.25 Td (property ) Tj ET Q q 0 0 0 rg BT 523.63 251.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 547.57 251.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 239.25 Td (property ) Tj ET Q q 0 0 0 rg BT 103.88 239.25 Td (management ) Tj ET Q q 0 0 0 rg BT 157.47 239.25 Td (fees.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 215.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 103.88 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.59 215.25 Td (property ) Tj ET Q q 0 0 0 rg BT 154.97 215.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 193.01 215.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.29 215.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 231.88 215.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.71 215.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 281.31 215.25 Td (for ) Tj ET Q q 0 0 0 rg BT 295.47 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.19 215.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 352.68 215.25 Td (that ) Tj ET Q q 0 0 0 rg BT 370.17 215.25 Td (were ) Tj ET Q q 0 0 0 rg BT 392.10 215.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 411.27 215.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.55 215.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 444.05 215.25 Td (and ) Tj ET Q q 0 0 0 rg BT 460.99 215.25 Td (2017.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 191.25 Td (International office investments:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 171.09 cm /I22 Do Q q 0 0 0 rg BT 107.50 173.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 173.25 Td (Revenues in excess of expenses of 25 Cabot Square decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.08 173.25 Td ($17.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.97 173.25 Td (, primarily due to vacancies at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 161.25 Td (the building and increases in property operating expenses caused by a lar) Tj ET Q q 0 0 0 rg BT 413.17 161.25 Td (ge refurbishment and expansion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 149.25 Td (project. 25 Cabot Square was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.97 149.25 Td (59%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.30 149.25 Td ( leased at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 149.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.59 149.25 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.79 149.25 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.12 149.25 Td ( leased at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.82 149.25 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 137.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.50 137.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 117.09 cm /I23 Do Q q 0 0 0 rg BT 107.50 119.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 119.25 Td (Revenues in excess of expenses of Perspective Dfense decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.78 119.25 Td ($9.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.67 119.25 Td (, primarily due to a decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 107.25 Td (the average occupancy during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.46 107.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.05 107.25 Td ( as compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 95.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.08 95.25 Td (, as well as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.40 95.25 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.29 95.25 Td ( termination payment received during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 83.25 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.08 83.25 Td (. ) Tj ET Q q 0 0 0 rg BT 207.03 83.25 Td (A) Tj ET Q q 0 0 0 rg BT 213.70 83.25 Td ( tenant representing 53% of the net rentable area of Perspective Dfense vacated as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 71.25 Td (September 2016.) 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 /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 739.94 cm /I24 Do Q q 0 0 0 rg BT 107.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 742.10 Td (Revenues in excess of expenses at 465 ) Tj ET Q q 0 0 0 rg BT 278.22 742.10 Td (V) Tj ET Q q 0 0 0 rg BT 284.84 742.10 Td (ictoria increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.14 742.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.03 742.10 Td (, primarily due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.89 742.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.79 742.10 Td ( lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 730.10 Td (termination payment received during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 730.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.39 730.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (Other Changes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 670.10 Td (The decrease in depreciation and amortization in the table above is primarily due to the sales of several of our properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (during 2016 and 2017 and lower amortization of our intangible lease assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td (For the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.69 634.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.28 634.10 Td (, we determined thatoneof our investment properties was impaired, as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (deteriorating market conditions. ) Tj ET Q q 0 0 0 rg BT 179.47 622.10 Td (As a result, an impairment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.66 622.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.55 622.10 Td (was recorded to write down its carrying value to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (its fair value for theyear ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.94 610.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.53 610.10 Td (. No impairment char) Tj ET Q q 0 0 0 rg BT 343.37 610.10 Td (ges were recorded for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.57 610.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 598.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 574.10 Td (The increase in the gain on sale of real estate investments in the table above is due to the gain recognized upon the sales of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (six properties during 2017. One property was sold during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.43 562.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.02 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 430.33 562.10 Td (The gains on the sales of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (Brindleyplace Project and Mercedes Benz Bank are recognized net of foreign exchange losses that had been recognized as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (other comprehensive income within stockholders) Tj ET Q q 0 0 0 rg BT 248.70 538.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 275.55 538.10 Td (, and reclassified into earnings upon the sales of the properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 514.10 Td (The decrease in the interest expense in the table above is primarily due to our lower debt principal balance of) Tj ET Q q 0 0 0 rg BT 503.54 514.10 Td (fset by an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (increase in interest rates for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.30 502.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.89 502.10 Td (, compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.89 502.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.47 502.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 478.10 Td (The increase in our income tax benefit is primarily due to the restructuring of certain of our Polish subsidiaries resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (from recent changes in tax laws in Poland. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 442.10 Td (The increase in the provision for income taxes related to sale of real estate is due to capital gains taxes incurred upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (sale of Mercedes Benz Bank in July 2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 406.10 Td (Other Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 382.10 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 49.50 370.10 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 357.44 370.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.02 370.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.46 370.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.46 370.10 Td (. ) Tj ET Q q 0 0 0 rg BT 482.41 370.10 Td (All amounts in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (thousands, except percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 305.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.25 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.25 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 275.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.25 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.25 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 245.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.25 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.25 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 215.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.25 215.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 215.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.25 215.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 215.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 215.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 215.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 215.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 215.60 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 289.25 320.6 m 354.25 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.25 320.6 m 358.25 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 320.6 m 423.25 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 320.6 m 492.25 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 320.6 m 496.25 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 320.6 m 561.25 320.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 305.6 m 354.25 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 305.6 m 423.25 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 305.6 m 492.25 305.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 305.6 m 561.25 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 275.6 m 354.25 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 261.6 m 354.25 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 259.6 m 354.25 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 275.6 m 423.25 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 261.6 m 423.25 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 259.6 m 423.25 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 275.6 m 492.25 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 261.6 m 492.25 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 259.6 m 492.25 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 275.6 m 561.25 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 261.6 m 561.25 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 259.6 m 561.25 259.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 325.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.35 325.28 Td (Y) Tj ET Q q 0 0 0 rg BT 305.02 325.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 398.24 325.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.35 325.28 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 310.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.25 310.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 310.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.75 310.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.25 310.28 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 295.27 Td (Acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 295.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.40 295.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 295.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.40 295.27 Td (191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 295.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.05 295.32 Td (\(191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 295.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.70 295.27 Td (\(100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 295.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 280.27 Td (Asset management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.90 280.27 Td (37,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 280.27 Td (36,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 280.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.90 280.27 Td (1,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 280.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 280.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 265.27 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 265.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.90 265.27 Td (37,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 265.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 265.27 Td (37,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 265.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.40 265.27 Td (948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 265.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 265.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 235.27 Td (Acquisition-related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.40 235.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.40 235.27 Td (372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.05 235.32 Td (\(245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 235.27 Td (\(66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 235.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 220.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.90 220.27 Td (9,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 220.27 Td (1) Tj ET Q q 0 0 0 rg BT 396.90 220.27 Td (1,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 220.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.55 220.32 Td (\(1,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 220.27 Td (\(17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 220.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 205.27 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 205.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.90 205.27 Td (10,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 205.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.55 205.32 Td (\(8,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.40 205.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 205.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.90 205.27 Td (18,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.70 205.27 Td (\(222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 205.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 177.10 Td (The changes identified in the table above are primarily due to the following:) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 67.50 157.03 18.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 67.50 150.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 85.50 157.03 460.13 -9.09 re f /GS0 gs q 0 0 0 rg BT 85.50 150.10 Td (Acquisition fees and acquisition-related expenses decreased because we did not complete any acquisitions in 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 120.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 120.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 120.10 Td (e pay monthly asset management fees to the ) Tj ET Q q 0 0 0 rg BT 272.42 120.10 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 85.50 108.10 Td (invested in real estate, which may be af) Tj ET Q q 0 0 0 rg BT 243.03 108.10 Td (fected by the timing of the property sales, amounts of equity invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 96.10 Td (properties that are sold, capital expenditures and changes in the leverage of our properties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 69.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 69.10 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 57.10 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 57.10 Td (The decrease is due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 45.10 Td (reduction of certain costs associated with evaluating various strategic alternatives to execute a liquidity event.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 727.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 727.10 Td (See below for a description of the changes related to foreign currency gains \(losses\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 700.10 Td (For) Tj ET Q q 0 0 0 rg BT 82.13 700.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 120.93 700.10 Td (ency Gains \(Losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 676.10 Td (Our international real estate investments use functional currencies other than the U.S. dollar) Tj ET Q q 0 0 0 rg BT 434.60 676.10 Td (. ) Tj ET Q q 0 0 0 rg BT 439.42 676.10 Td (The financial statements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 664.10 Td (these subsidiaries are translated into U.S. dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 339.71 664.10 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 49.50 652.10 Td (in ef) Tj ET Q q 0 0 0 rg BT 67.37 652.10 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 49.50 640.10 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 49.50 628.10 Td (are included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 388.37 628.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 415.22 628.10 Td (. By contrast, gains and losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (related to transactions denominated in currencies other than an entity) Tj ET Q q 0 0 0 rg BT 328.01 616.10 Td (s functional currency are recorded in foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (gains \(losses\) on the consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 284.17 604.10 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 49.50 592.10 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 49.50 580.10 Td (accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 326.45 580.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 353.30 580.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 556.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.02 556.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.61 556.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.04 556.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.04 556.10 Td (, these gains/losses were primarily related to the ef) Tj ET Q q 0 0 0 rg BT 483.30 556.10 Td (fect of remeasuring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (our borrowings denominated in currencies other than our functional currencies and the changes to the related exchange rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (between the date of the borrowing and the end of each period.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 58.50 508.10 Td (Y) Tj ET Q q 0 0 0 rg BT 63.50 508.10 Td (ear ended ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 106.27 508.10 Td (December31, 2016) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 185.41 508.10 Td ( compared to the year ended December 31, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 362.87 508.10 Td (2015) Tj ET Q BT /F4 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 484.10 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 107.68 484.10 Td (e ) Tj ET Q q 0 0 0 rg BT 114.44 484.10 Td (Analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 460.10 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 459.30 460.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.88 460.10 Td (, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.79 448.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.79 448.10 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 461.58 448.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.16 448.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (include 36 properties owned as of January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.84 436.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.84 436.10 Td ( that were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.76 436.10 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.09 436.10 Td ( leased as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.74 436.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.32 436.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.02 436.10 Td (96%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.35 436.10 Td ( leased as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 424.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.91 424.10 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 498.50 424.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.83 424.10 Td ( for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.88 412.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 412.10 Td ( as compared to the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.79 412.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.38 412.10 Td (. Below is additional information regarding our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (same-store results and significant variances from the prior year) Tj ET Q q 0 0 0 rg BT 301.08 400.10 Td (. ) Tj ET Q q 0 0 0 rg BT 308.03 400.10 Td (All amounts are in thousands, except for percentages:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 315.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 315.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.25 315.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 315.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.25 315.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 315.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.25 315.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 315.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.25 315.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 285.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 285.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.25 285.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 285.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.25 285.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 285.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.25 285.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 285.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.25 285.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 255.60 258.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 255.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.25 255.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 255.60 9.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.25 255.60 57.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 255.60 7.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.25 255.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 255.60 8.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.25 255.60 57.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 224.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 224.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.25 224.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 224.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.25 224.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 224.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.25 224.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 224.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.25 224.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 194.60 258.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.25 194.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 194.60 9.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.25 194.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 194.60 7.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.25 194.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 194.60 8.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.25 194.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 166.60 258.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 166.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.25 166.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 166.60 9.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.25 166.60 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 166.60 7.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.25 166.60 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 166.60 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.25 166.60 57.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 138.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.25 138.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 138.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.25 138.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 138.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.25 138.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 138.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.25 138.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 108.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 108.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 311.25 108.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 108.60 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.25 108.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 108.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.25 108.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 108.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.25 108.60 57.00 -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 311.25 360.6 m 367.25 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 360.6 m 376.25 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 360.6 m 433.25 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440.25 360.6 m 496.25 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 360.6 m 504.25 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 360.6 m 561.25 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311.25 345.6 m 367.25 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 345.6 m 433.25 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440.25 345.6 m 496.25 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 345.6 m 561.25 345.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.25 255.60000000000002 m 367.25 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 255.60000000000002 m 433.25 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.25 255.60000000000002 m 496.25 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 255.60000000000002 m 561.25 255.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.25 209.60000000000002 m 367.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 209.60000000000002 m 433.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.25 209.60000000000002 m 367.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.25 195.60000000000002 m 367.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.25 193.60000000000002 m 367.25 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 209.60000000000002 m 433.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 195.60000000000002 m 433.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.25 193.60000000000002 m 433.25 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.25 209.60000000000002 m 496.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.25 195.60000000000002 m 496.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.25 193.60000000000002 m 496.25 193.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 209.60000000000002 m 561.25 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 195.60000000000002 m 561.25 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.25 193.60000000000002 m 561.25 193.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.75 365.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.35 365.28 Td (Y) Tj ET Q q 0 0 0 rg BT 323.02 365.28 Td (ear) Tj ET Q q 0 0 0 rg BT 336.25 365.28 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 412.17 365.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.85 365.28 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.75 350.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.75 350.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.25 350.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.25 350.28 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.25 350.28 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 335.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.12 335.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 96.64 335.28 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 222.46 339.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 335.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 335.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 335.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.75 335.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.75 320.31 Td (Same-stor) Tj ET Q q 0 0 0 rg BT 92.12 320.31 Td (e pr) Tj ET Q q 0 0 0 rg BT 107.58 320.31 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 305.27 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 106.81 305.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 305.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 305.27 Td (91,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 305.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 305.27 Td (88,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 305.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.90 305.27 Td (3,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 305.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 305.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 290.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 290.27 Td (59,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 290.27 Td (59,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.40 290.27 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 290.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 290.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 275.27 Td (International of) Tj ET Q q 0 0 0 rg BT 119.58 275.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 275.27 Td (85,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 275.27 Td (97,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.55 275.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 469.88 275.32 Td (1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 275.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 275.27 Td (\(12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 275.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.75 260.27 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 260.27 Td (38,273) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 260.27 Td (42,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.55 260.32 Td (\(3,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 260.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.70 260.27 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 260.27 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.75 244.31 Td (T) Tj ET Q q 0 0 0 rg BT 68.39 244.31 Td (otal same-stor) Tj ET Q q 0 0 0 rg BT 125.52 244.31 Td (e pr) Tj ET Q q 0 0 0 rg BT 140.98 244.31 Td (operties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 244.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.90 244.27 Td (275,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 244.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.90 244.27 Td (288,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 244.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.55 244.32 Td (\(12,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 244.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.70 244.27 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 244.27 Td (\)%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.75 229.31 Td (Recent acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 229.27 Td (35,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 229.27 Td (21,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 229.27 Td (13,918) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 229.27 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 229.27 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.75 214.31 Td (Disposed pr) Tj ET Q q 0 0 0 rg BT 99.99 214.31 Td (operties ) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 134.71 218.84 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 214.27 Td (14,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 214.27 Td (17,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.55 214.32 Td (\(3,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 214.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 214.27 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 214.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 199.28 Td (T) Tj ET Q q 0 0 0 rg BT 57.96 199.28 Td (otal pr) Tj ET Q q 0 0 0 rg BT 86.02 199.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 120.55 199.28 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 199.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.90 199.27 Td (325,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 199.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.90 199.27 Td (327,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 199.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.55 199.32 Td (\(1,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 199.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 199.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 199.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 171.28 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 157.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 157.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.90 157.17 Td (174,1) Tj ET Q q 0 0 0 rg BT 353.40 157.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 157.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.90 157.17 Td (186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 157.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.55 157.22 Td (\(12,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 157.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.70 157.17 Td (\(7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 157.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 143.27 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.05 143.32 Td (\(689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.40 143.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.40 143.27 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.55 143.32 Td (\(1,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 143.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.70 143.27 Td (\(223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 143.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 128.27 Td (Gain on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.90 128.27 Td (127,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 128.27 Td (14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 128.27 Td (1) Tj ET Q q 0 0 0 rg BT 464.90 128.27 Td (12,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.00 128.27 Td (767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 128.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 113.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 113.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.90 113.27 Td (64,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 113.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.90 113.27 Td (71,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 113.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.55 113.32 Td (\(6,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.40 113.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 113.27 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 113.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 98.27 Td (Income tax provision \(benefit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.75 98.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.90 98.27 Td (7,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.75 98.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.90 98.27 Td (4,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.75 98.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.90 98.27 Td (2,808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 98.27 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 98.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 70.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 70.10 Td (Property ) Tj ET Q q 0 0 0 rg BT 122.21 70.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 160.02 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.08 70.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 198.45 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.05 70.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 247.43 70.10 Td (include ) Tj ET Q q 0 0 0 rg BT 279.14 70.10 Td (total ) Tj ET Q q 0 0 0 rg BT 299.18 70.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 337.00 70.10 Td (less ) Tj ET Q q 0 0 0 rg BT 354.27 70.10 Td (property ) Tj ET Q q 0 0 0 rg BT 390.42 70.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 430.46 70.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 471.33 70.10 Td (real ) Tj ET Q q 0 0 0 rg BT 488.59 70.10 Td (property ) Tj ET Q q 0 0 0 rg BT 524.74 70.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 547.56 70.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 58.10 Td (property ) Tj ET Q q 0 0 0 rg BT 121.88 58.10 Td (management ) Tj ET Q q 0 0 0 rg BT 175.47 58.10 Td (fees.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 742.10 Td (Includes ) Tj ET Q q 0 0 0 rg BT 121.88 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.59 742.10 Td (property ) Tj ET Q q 0 0 0 rg BT 172.97 742.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 211.01 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.29 742.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 249.88 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.71 742.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 299.31 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 313.47 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.19 742.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 370.68 742.10 Td (that ) Tj ET Q q 0 0 0 rg BT 388.17 742.10 Td (were ) Tj ET Q q 0 0 0 rg BT 410.10 742.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 429.27 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.55 742.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 464.55 742.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 489.55 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.49 742.10 Td (2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 718.10 Td (Domestic office investments:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 697.94 cm /I25 Do Q q 0 0 0 rg BT 107.50 700.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 700.10 Td (Revenues in excess of expenses of 50 South Sixth increased$1.7 millionprimarily due to the payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 688.10 Td (termination fees by a tenant at the building.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 667.94 cm /I26 Do Q q 0 0 0 rg BT 107.50 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 670.10 Td (Revenues in excess of expenses of 550 ) Tj ET Q q 0 0 0 rg BT 279.33 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 284.74 670.10 Td (erry Francois increased$1.5 milliondue to its single tenant renewing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 658.10 Td (its lease at the end of 2015 at higher rental rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 640.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 640.10 Td (Domestic other) Tj ET Q q 0 0 0 rg BT 150.02 640.10 Td ( investments:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 619.94 cm /I27 Do Q q 0 0 0 rg BT 107.50 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 622.10 Td (Revenues in excess of expenses of ) Tj ET Q q 0 0 0 rg BT 261.83 622.10 Td (The Rim increased$2.4 millionresulting from additional phases acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 610.10 Td (in December 2015 and December 2016. ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 589.94 cm /I28 Do Q q 0 0 0 rg BT 107.50 592.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 592.10 Td (Revenues in excess of expenses of Flagship decreased$1.6 milliondue to the repayment of four loans during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 580.10 Td (the year ended December 31, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 544.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 544.10 Td (International office investments:) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 523.94 cm /I29 Do Q q 0 0 0 rg BT 107.50 526.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 526.10 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 121.50 514.10 Td (results of our international properties. For example, the British Pound declined1) Tj ET Q q 0 0 0 rg BT 443.56 514.10 Td (1%against the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 502.10 Td (during the year endedDecember31, 2016compared with the same period in2015. See Item 7A. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 490.10 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 285.90 490.10 Td (About Market Risk for additional information regarding our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 478.10 Td (exposure to foreign currency exchange rates.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 457.94 cm /I30 Do Q q 0 0 0 rg BT 107.50 460.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 460.10 Td (Revenues in excess of expenses of 818 Bourke decreased$4.1 millionprimarily due to vacancies at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 448.10 Td (building for the first six months of 2016, as well as a lease termination payment of$2.3 millionreceived in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 436.10 Td (2015. 818 Bourke was 79% leased for the majority of the six months ended June 30, 2016. ) Tj ET Q q 0 0 0 rg BT 485.88 436.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 424.10 Td (ofDecember31, 2016, 818 Bourke was96%leased.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 403.94 cm /I31 Do Q q 0 0 0 rg BT 107.50 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 406.10 Td (Revenues in excess of expenses of New City decreased$2.8 millionprimarily due to vacancies at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 394.10 Td (building for theyear ended December 31, 2016. New City was84%leased atDecember 31, 2016, compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 382.10 Td (to93%leased atDecember 31, 2015.) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 361.94 cm /I32 Do Q q 0 0 0 rg BT 107.50 364.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 364.10 Td (Revenues in excess of expenses of Perspective Dfense increased due to the receipt ofa$2.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 352.10 Td (milliontermination payment from a tenant at the building.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 334.10 Td (International other) Tj ET Q q 0 0 0 rg BT 167.26 334.10 Td ( investments:) Tj ET Q BT /F2 10.00 Tf ET /GS0 gs q 4.00 0 0 10.09 103.50 313.94 cm /I33 Do Q q 0 0 0 rg BT 107.50 316.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 316.10 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 121.50 304.10 Td (results of our international properties, as described previously) Tj ET Q q 0 0 0 rg BT 368.00 304.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (Other Changes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 Td (The decrease in the depreciation and amortization and interest expense in the table above is due to the declining foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (currency exchange rates described above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (The increase in the gain on sale of real estate investments in the table above is due to the higher gain on sale of Komo ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (Plaza in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.93 202.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.93 202.10 Td (, as compared to the gain on sale of 17600 Gillette in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.04 202.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.04 202.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 178.10 Td (The increase in the income tax provision is due to acquisition costs related to the Harder Logistics portfolio being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (capitalized as a deferred tax asset in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.81 166.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.81 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 220.63 166.10 Td (This caused a lar) Tj ET Q q 0 0 0 rg BT 287.92 166.10 Td (ge income tax benefit in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 166.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.05 166.10 Td ( that is being amortized into income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (tax expense in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.20 154.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.20 154.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 130.10 Td (Other Expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 106.10 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 94.10 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 94.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.10 94.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.54 94.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.54 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 400.49 94.10 Td (All amounts in thousands, except ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (percentages:) Tj ET Q 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 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 718.50 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.25 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 718.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.25 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 718.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 718.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 718.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 718.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 688.50 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.25 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 688.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.25 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 688.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 688.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 688.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 688.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 658.50 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.25 658.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 658.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.25 658.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.25 658.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.25 658.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.25 658.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 658.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.25 658.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 733.5 m 354.25 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.25 733.5 m 358.25 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 733.5 m 423.25 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 733.5 m 492.25 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 733.5 m 496.25 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 733.5 m 561.25 733.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 718.5 m 354.25 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 718.5 m 423.25 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 718.5 m 492.25 718.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 718.5 m 561.25 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 688.5 m 423.25 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 688.5 m 354.25 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 674.5 m 354.25 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.25 672.5 m 354.25 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 688.5 m 423.25 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 674.5 m 423.25 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.25 672.5 m 423.25 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 688.5 m 492.25 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 674.5 m 492.25 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.25 672.5 m 492.25 672.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 688.5 m 561.25 688.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 674.5 m 561.25 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.25 672.5 m 561.25 672.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 738.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.35 738.18 Td (Y) Tj ET Q q 0 0 0 rg BT 305.02 738.18 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 398.24 738.18 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.35 738.18 Td (Change) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 723.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.25 723.18 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.25 723.18 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.75 723.18 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.25 723.18 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 708.17 Td (Acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 708.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.40 708.17 Td (191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 708.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.90 708.17 Td (8,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 708.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.55 708.22 Td (\(8,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 708.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 708.17 Td (\(98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 708.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 693.17 Td (Asset management fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 693.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.90 693.17 Td (36,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 693.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 693.17 Td (35,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 693.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.90 693.17 Td (1,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.05 693.17 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 693.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 678.17 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.90 678.17 Td (37,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 678.17 Td (44,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.55 678.22 Td (\(7,521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 678.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 678.17 Td (\(17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 678.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 648.17 Td (Acquisition-related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.40 648.17 Td (372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.90 648.17 Td (10,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.55 648.22 Td (\(10,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.40 648.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.70 648.17 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.05 648.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 633.17 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.75 633.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.90 633.17 Td (1) Tj ET Q q 0 0 0 rg BT 327.90 633.17 Td (1,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.75 633.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.90 633.17 Td (8,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 633.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.90 633.17 Td (2,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.05 633.17 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.40 633.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 605.00 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 67.50 578.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 578.00 Td (The decrease in acquisition fees identified above is a result of a decrease in our acquisition activity during 2015. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 566.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.22 566.00 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.80 566.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.30 566.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.88 566.00 Td (, we acquired no new real estate investments, but we did acquire an additional phase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 554.00 Td (of ) Tj ET Q q 0 0 0 rg BT 96.15 554.00 Td (The Rim for a net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.09 554.00 Td ($38.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.98 554.00 Td (, compared to our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.23 554.00 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.89 554.00 Td ( real estate investments, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 542.00 Td (well as additional phases of ) Tj ET Q q 0 0 0 rg BT 198.35 542.00 Td (The Rim and Simon Hegele Logistics, with an aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.81 542.00 Td ($544.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 530.00 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.39 530.00 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.77 530.00 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.35 530.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.85 530.00 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.44 530.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 515.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 515.00 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 515.00 Td (e pay monthly asset management fees to the ) Tj ET Q q 0 0 0 rg BT 272.42 515.00 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 85.50 503.00 Td (invested in real estate. ) Tj ET Q q 0 0 0 rg BT 178.80 503.00 Td (Asset management fees were higher for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.56 503.00 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 503.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.65 503.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.23 503.00 Td ( compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 491.00 Td (same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.87 491.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.87 491.00 Td (, primarily due to an increase in assets under management.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 476.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 476.00 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 85.50 464.00 Td (in future periods. ) Tj ET Q q 0 0 0 rg BT 156.41 464.00 Td (These costs vary significantly from one acquisition to another) Tj ET Q q 0 0 0 rg BT 403.02 464.00 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 449.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 449.00 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 85.50 437.00 Td (costs and expenses associated with our board of directors and other administrative expenses. ) Tj ET Q q 0 0 0 rg BT 457.43 437.00 Td (The increase in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 425.00 Td (general and administrative costs is primarily due to an increase in legal expenses, consulting expenses, and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 413.00 Td (miscellaneous expenses of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.08 413.00 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.97 413.00 Td (incurred related to our consideration of strategic alternatives for a potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 401.00 Td (liquidity event.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 377.00 Td (For) Tj ET Q q 0 0 0 rg BT 82.13 377.00 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 120.93 377.00 Td (ency Gains \(Losses\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 353.00 Td (Our international real estate investments use functional currencies other than the U.S. dollar) Tj ET Q q 0 0 0 rg BT 434.60 353.00 Td (. ) Tj ET Q q 0 0 0 rg BT 439.42 353.00 Td (The financial statements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.00 Td (these subsidiaries are translated into U.S. dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 339.71 341.00 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 49.50 329.00 Td (in ef) Tj ET Q q 0 0 0 rg BT 67.37 329.00 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 49.50 317.00 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 49.50 305.00 Td (are included in accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 388.37 305.00 Td ( equity) Tj ET Q q 0 0 0 rg BT 415.22 305.00 Td (. By contrast, gains and losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.00 Td (related to transactions denominated in currencies other than an entity) Tj ET Q q 0 0 0 rg BT 328.01 293.00 Td (s functional currency are recorded in foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.00 Td (gains \(losses\) on the consolidated statement of operations. ) Tj ET Q q 0 0 0 rg BT 284.17 281.00 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 49.50 269.00 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 49.50 257.00 Td (accumulated other comprehensive income \(loss\) within stockholders) Tj ET Q q 0 0 0 rg BT 326.45 257.00 Td ( equity) Tj ET Q q 0 0 0 rg BT 353.30 257.00 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 233.00 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.05 233.00 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.63 233.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.13 233.00 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.71 233.00 Td (, 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 49.50 221.00 Td (related to third party loans denominated in a currency other than their functional currency) Tj ET Q q 0 0 0 rg BT 407.32 221.00 Td (. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.87 221.00 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.45 221.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.95 221.00 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 209.00 Td (, the losses recognized in the consolidated statement of operations primarily related to repayment of our intercompany ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.00 Td (loans with our consolidated subsidiaries in ) Tj ET Q q 0 0 0 rg BT 221.70 197.00 Td (Australia.) 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 (Funds from Operations and Modified Funds from Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.25 Td (Funds from Operations \(FFO\) is a non-GAAP) Tj ET Q q 0 0 0 rg BT 260.44 718.25 Td ( financial performance measure defined by the National ) Tj ET Q q 0 0 0 rg BT 485.35 718.25 Td (Association of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (Real Estate Investment ) Tj ET Q q 0 0 0 rg BT 144.01 706.25 Td (T) Tj ET Q q 0 0 0 rg BT 149.77 706.25 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 49.50 694.25 Td (performance of a real estate company) Tj ET Q q 0 0 0 rg BT 199.05 694.25 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 49.50 682.25 Td (amortization, as applied in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 251.94 682.25 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 49.50 670.25 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 49.50 658.25 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 49.50 646.25 Td (inflation, interest rates, the business cycle, unemployment and consumer spending, it is management) Tj ET Q q 0 0 0 rg BT 454.40 646.25 Td (s view) Tj ET Q q 0 0 0 rg BT 479.58 646.25 Td (, and we believe the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 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 49.50 622.25 Td (cost accounting alone is insuf) Tj ET Q q 0 0 0 rg BT 167.63 622.25 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 49.50 610.25 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 610.25 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 49.50 598.25 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 49.50 586.25 Td (allows for comparisons, year to year) Tj ET Q q 0 0 0 rg BT 194.61 586.25 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 49.50 574.25 Td (rates, operating costs, general and administrative expenses and interest costs. ) Tj ET Q q 0 0 0 rg BT 359.13 574.25 Td (A) Tj ET Q q 0 0 0 rg BT 365.80 574.25 Td ( property will be evaluated for impairment if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (events or circumstances indicate that the carrying amount may not be recoverable \(i.e. the carrying amount exceeds the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (estimated undiscounted future cash flows from the property\). Undiscounted future cash flows are based on anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 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 529.49 538.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (certain other ancillary cash flows. ) Tj ET Q q 0 0 0 rg BT 187.04 526.25 Td (While impairment char) Tj ET Q q 0 0 0 rg BT 279.60 526.25 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 49.50 514.25 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 398.67 514.25 Td (ficult to recover any impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 502.25 Td (ges. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 478.25 Td (In addition to FFO, management uses modified funds from operations \(MFFO\), as defined by the Investment Program ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (Association, \(the IP) Tj ET Q q 0 0 0 rg BT 132.18 466.25 Td (A\), as a non-GAAP) Tj ET Q q 0 0 0 rg BT 215.12 466.25 Td ( supplemental financial performance measure to evaluate our operating performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (The IP) Tj ET Q q 0 0 0 rg BT 75.52 454.25 Td (A) Tj ET Q q 0 0 0 rg BT 82.19 454.25 Td ( has recommended the use of MFFO as a supplemental measure for publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 498.05 454.25 Td (s to enhance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (the assessment of the operating performance of a non-listed REIT) Tj ET Q q 0 0 0 rg BT 311.73 442.25 Td (. MFFO is not equivalent to our net income or loss as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (determined under GAAP) Tj ET Q q 0 0 0 rg BT 148.37 430.25 Td (, and MFFO may not be useful as a measure of the long-term operating performance of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (investments or as a comparative measure to other publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 393.14 418.25 Td (s if we do not continue to operate with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (limited life and tar) Tj ET Q q 0 0 0 rg BT 123.46 406.25 Td (geted exit strategy) Tj ET Q q 0 0 0 rg BT 196.12 406.25 Td (, as currently intended and described herein. MFFO includes funds generated by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (operations of our real estate investments and funds used in our corporate-level operations. MFFO is based on FFO, but includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (certain additional adjustments which we believe are appropriate. Such items include reversing the ef) Tj ET Q q 0 0 0 rg BT 450.29 382.25 Td (fects of straight-line rent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (revenue recognition, fair value adjustments to derivative instruments that do not qualify for hedge accounting treatment and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (certain other items as described below) Tj ET Q q 0 0 0 rg BT 201.85 358.25 Td (. Some of these adjustments are necessary to address changes in the accounting and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 162.72 346.25 Td ( such as the accounting for acquisition-related expenses from a capitalization/depreciation model to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (an expensed-as-incurred model that were put into ef) Tj ET Q q 0 0 0 rg BT 257.29 334.25 Td (fect in 2009 and other changes to GAAP) Tj ET Q q 0 0 0 rg BT 419.38 334.25 Td ( rules for real estate subsequent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (the establishment of NAREIT) Tj ET Q q 0 0 0 rg BT 171.98 322.25 Td (s definition of FFO. ) Tj ET Q q 0 0 0 rg BT 253.74 322.25 Td (These changes in the accounting and reporting rules under GAAP) Tj ET Q q 0 0 0 rg BT 516.35 322.25 Td ( af) Tj ET Q q 0 0 0 rg BT 526.44 322.25 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (all industries, and as a result of these changes, acquisition fees and expenses typically have been accounted for as operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (expenses under GAAP) Tj ET Q q 0 0 0 rg BT 140.22 298.25 Td ( for periods through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.43 298.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.01 298.25 Td (. Management believes these fees and expenses do not af) Tj ET Q q 0 0 0 rg BT 528.53 298.25 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (overall long-term operating performance. ) Tj ET Q q 0 0 0 rg BT 217.30 286.25 Td (These changes also have prompted a significant increase in the magnitude of non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (cash and non-operating items included in FFO, as defined. Such items include amortization of out-of-market lease intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (assets and liabilities and certain tenant incentives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 238.25 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 49.50 226.25 Td (REIT) Tj ET Q q 0 0 0 rg BT 71.02 226.25 Td (s. Publicly registered, non-listed REIT) Tj ET Q q 0 0 0 rg BT 224.18 226.25 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 49.50 214.25 Td (more dynamic during their initial years of investment and operations. ) Tj ET Q q 0 0 0 rg BT 328.97 214.25 Td (While other start-up entities may also experience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (significant acquisition activity during their initial years, we believe that non-listed REIT) Tj ET Q q 0 0 0 rg BT 401.49 202.25 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 49.50 190.25 Td (limited life with tar) Tj ET Q q 0 0 0 rg BT 126.80 190.25 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 67.50 166.25 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 49.50 154.25 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 49.50 142.25 Td (distributions to our stockholders. MFFO excludes acquisition fees payable to the ) Tj ET Q q 0 0 0 rg BT 373.90 142.25 Td (Advisor and acquisition expenses. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.36 130.25 Td ( for periods prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.17 130.25 Td (January1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.77 130.25 Td (, acquisition fees and expenses characterized as operating expenses in determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (operating net income. ) Tj ET Q q 0 0 0 rg BT 138.73 118.25 Td (These expenses were paid in cash by us, and therefore such funds will not be available to distribute to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (stockholders. ) Tj ET Q q 0 0 0 rg BT 104.50 106.25 Td (All paid and accrued acquisition fees and expenses with respect to the acquisition of a property negatively impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (our operating performance during the period in which the property was acquired and will have negative ef) Tj ET Q q 0 0 0 rg BT 473.61 94.25 Td (fects on returns to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (stockholders, the potential for future distributions, and future cash flows, unless earnings from operations or net sales proceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (from the disposition of other properties are generated to cover the purchase price of the property) Tj ET Q q 0 0 0 rg BT 433.98 70.25 Td (, the related acquisition fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (and expenses and other costs related to such property) Tj ET Q q 0 0 0 rg BT 261.56 58.25 Td (. ) Tj ET Q q 0 0 0 rg BT 266.38 58.25 Td (Therefore, MFFO may not be an accurate indicator of our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (performance, especially with respect to periods in which properties were being acquired. For periods prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.13 46.25 Td (January1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.73 46.25 Td (, ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (since MFFO excludes acquisition fees and expenses, MFFO would only be comparable to the operations of non-listed REIT) Tj ET Q q 0 0 0 rg BT 545.37 742.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (that have completed their acquisition activity and have other similar operating characteristics. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 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 49.50 694.10 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 49.50 682.10 Td (sustainability thereof. Further) Tj ET Q q 0 0 0 rg BT 167.68 682.10 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 49.50 670.10 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 49.50 658.10 Td (expenses that were expensed rather than capitalized for periods prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.88 658.10 Td (January1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.48 658.10 Td (, as described herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 634.10 Td (MFFO has limitations as a performance measure in of) Tj ET Q q 0 0 0 rg BT 283.38 634.10 Td (ferings where the price of a share of common stock is a stated value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (and there is no net asset value determination during the of) Tj ET Q q 0 0 0 rg BT 280.92 622.10 Td (fering stage and for a period thereafter) Tj ET Q q 0 0 0 rg BT 434.17 622.10 Td (. MFFO is useful in assisting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (management and investors in assessing the sustainability \(that is, the capacity to continue to be maintained\) of operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (performance in future operating periods, and in particular) Tj ET Q q 0 0 0 rg BT 279.01 598.10 Td (, after the of) Tj ET Q q 0 0 0 rg BT 327.69 598.10 Td (fering and acquisition stages are complete and net asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (value is disclosed. MFFO is not a useful measure in evaluating net asset value because impairments are taken into account in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (determining net asset value but not in determining MFFO. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.10 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 451.48 550.10 Td ( methodology in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 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 49.50 526.10 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 49.50 514.10 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 454.00 514.10 Td (, but rather should be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (reviewed in conjunction with these and other GAAP) Tj ET Q q 0 0 0 rg BT 258.80 502.10 Td ( measurements. Further) Tj ET Q q 0 0 0 rg BT 352.54 502.10 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 49.50 490.10 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 49.50 478.10 Td (stockholders. Please see the limitations listed below associated with the use of MFFO: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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 (As we have recently completed 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 76.50 442.10 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 76.50 430.10 Td (shares.) 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 (MFFO excludes acquisition fees payable to the ) Tj ET Q q 0 0 0 rg BT 266.74 406.10 Td (Advisor and acquisition expenses. ) Tj ET Q q 0 0 0 rg BT 405.33 406.10 Td (Although these amounts reduce net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.10 Td (income, under GAAP) Tj ET Q q 0 0 0 rg BT 163.06 394.10 Td ( for periods prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.87 394.10 Td (January1, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.47 394.10 Td (, we generally have funded such costs with proceeds from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td (public of) Tj ET Q q 0 0 0 rg BT 112.14 382.10 Td (ferings and acquisition-related indebtedness \(and, solely with respect to acquisition-related costs incurred in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.10 Td (connection with our acquisition of the Brindleyplace Project in July 2010, equity capital contributions from our joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 358.10 Td (venture partner\) and do not consider these fees and expenses in the evaluation of our operating performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 346.10 Td (determining MFFO.) 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 (W) Tj ET Q q 0 0 0 rg BT 85.14 322.10 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 76.50 310.10 Td (variable rate loans. ) Tj ET Q q 0 0 0 rg BT 154.24 310.10 Td (Although we expect to hold these instruments to maturity) Tj ET Q q 0 0 0 rg BT 383.56 310.10 Td (, if we were to settle these instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 Td (currently) Tj ET Q q 0 0 0 rg BT 111.94 298.10 Td (, it would have an impact on our operating performance.) Tj ET Q q 0 0 0 rg BT 341.59 298.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 391.50 298.10 Td (, these derivative instruments are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 286.10 Td (measured at fair value on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 352.23 286.10 Td (.MFFO excludes gains \(losses\) related to changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 274.10 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 76.50 262.10 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 58.50 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 238.10 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 76.50 226.10 Td (certain international investments. ) Tj ET Q q 0 0 0 rg BT 211.83 226.10 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 76.50 214.10 Td (amounts that result in additional amounts paid or received. However) Tj ET Q q 0 0 0 rg BT 349.91 214.10 Td (, such gains \(losses\) are excluded from MFFO since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 202.10 Td (they are not considered to be operational in nature.) Tj ET Q q 0 0 0 rg BT 283.93 202.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 333.83 202.10 Td (, these derivative instruments are measured at fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.10 Td (on a quarterly basis in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 261.17 190.10 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 76.50 178.10 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 76.50 166.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 142.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 142.10 Td (e utilize the definition of FFO as set forth by NAREIT) Tj ET Q q 0 0 0 rg BT 302.70 142.10 Td ( and the definition of MFFO as set forth by the IP) Tj ET Q q 0 0 0 rg BT 500.37 142.10 Td (A. Our FFO ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 130.10 Td (and MFFO as presented may not be comparable to amounts calculated by other REIT) Tj ET Q q 0 0 0 rg BT 417.65 130.10 Td (s, if they use dif) Tj ET Q q 0 0 0 rg BT 481.63 130.10 Td (ferent approaches.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 106.10 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 94.10 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 94.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 544.09 94.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 82.10 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 58.10 Td (Neither the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 174.52 58.10 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 46.10 Td (use to calculate FFO or MFFO. In the future, the SEC, NAREIT) Tj ET Q q 0 0 0 rg BT 306.51 46.10 Td ( or a regulatory body may decide to standardize the allowable ) 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 49.50 742.10 Td (adjustments across the non-listed REIT) Tj ET Q q 0 0 0 rg BT 206.51 742.10 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 49.50 730.10 Td (MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 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 49.50 694.10 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 338.29 694.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.88 694.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.88 694.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.88 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.32 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.32 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 485.76 694.10 Td (As we have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 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 49.50 670.10 Td (periods presented below) Tj ET Q q 0 0 0 rg BT 146.04 670.10 Td (. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 604.60 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 604.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 604.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 604.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 604.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 574.60 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 574.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 574.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 574.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 574.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 544.60 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 544.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 544.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 544.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 544.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 514.60 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 514.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 514.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 514.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 514.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 483.60 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 483.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 483.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 483.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 483.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 453.60 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 453.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 453.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 453.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 453.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 423.60 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 423.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 423.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 423.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 423.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 423.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 383.60 251.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 383.60 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 383.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 383.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 383.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 383.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 343.60 251.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 343.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 343.60 95.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 343.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 343.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 343.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 343.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 343.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 343.60 50.00 -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 404 630.6 m 454 630.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 630.6 m 458 630.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 630.6 m 508 630.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508 630.6 m 512 630.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 630.6 m 562 630.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 604.6 m 400 604.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 604.6 m 454 604.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 604.6 m 508 604.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 604.6 m 562 604.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 499.6 m 400 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 499.6 m 454 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 499.6 m 508 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 499.6 m 562 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 499.6 m 400 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 483.6 m 400 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 499.6 m 454 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 483.6 m 454 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 499.6 m 508 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 483.6 m 508 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 499.6 m 562 499.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 483.6 m 562 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 408.6 m 400 408.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 408.6 m 454 408.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 408.6 m 508 408.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 408.6 m 562 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 384.6 m 400 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 382.6 m 400 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 384.6 m 454 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 382.6 m 454 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 384.6 m 508 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 382.6 m 508 382.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 384.6 m 562 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 382.6 m 562 382.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.10 649.28 Td (Period fr) Tj ET Q q 0 0 0 rg BT 364.60 649.28 Td (om) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.70 639.28 Td (Inception) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.35 629.28 Td (\(December) Tj ET Q q 0 0 0 rg BT 354.90 629.28 Td ( 10, 2008\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.05 619.28 Td (thr) Tj ET Q q 0 0 0 rg BT 325.29 619.28 Td (ough December) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.50 609.28 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.10 635.28 Td (Y) Tj ET Q q 0 0 0 rg BT 431.77 635.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 524.99 635.28 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 609.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.50 609.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 609.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.50 609.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 594.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 594.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 594.27 Td (328,832) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 594.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.60 594.27 Td (375,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 594.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 594.27 Td (157,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 594.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 594.32 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 579.27 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 194.62 583.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 579.27 Td (987,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.60 579.27 Td (138,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 579.27 Td (174,1) Tj ET Q q 0 0 0 rg BT 494.10 579.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 579.27 Td (186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 564.27 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 242.40 568.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.30 564.32 Td (\(570,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 564.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.30 564.32 Td (\(364,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 564.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 564.32 Td (\(127,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 564.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 564.32 Td (\(14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 564.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 549.27 Td (Impairment Losses) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 146.87 553.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 549.27 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 549.27 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 549.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 549.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 534.27 Td (Provision for income taxes related to sale of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 534.27 Td (12,91) Tj ET Q q 0 0 0 rg BT 391.15 534.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 534.27 Td (12,91) Tj ET Q q 0 0 0 rg BT 445.15 534.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.15 534.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 534.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 519.27 Td (Gain on sale from unconsolidated subsidiary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.30 519.32 Td (\(7,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 519.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 519.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 519.32 Td (\(7,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 519.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 519.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 504.27 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 232.42 508.80 Td ( \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.30 504.32 Td (\(31,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 504.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.30 504.32 Td (\(2,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 504.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 504.32 Td (\(6,191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 504.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 504.32 Td (\(7,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 504.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 488.27 Td (Funds from operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 488.27 Td (727,295) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.60 488.27 Td (167,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 488.27 Td (190,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 488.27 Td (160,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 473.27 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 222.41 477.80 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.30 473.32 Td (\(4,145) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 473.27 Td (634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 473.27 Td (689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 473.32 Td (\(562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 458.27 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 199.62 462.80 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 458.27 Td (34,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.30 458.32 Td (\(8,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 458.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 458.27 Td (5,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 458.27 Td (20,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 443.27 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 248.50 447.80 Td ( \(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.30 443.32 Td (\(31,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 443.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 443.27 Td (20,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 443.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 481.63 443.32 Td (1,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 443.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 443.32 Td (\(16,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 443.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 428.27 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 193.80 432.80 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 428.27 Td (223,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.15 428.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 428.27 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 428.27 Td (19,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 413.27 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 234.92 417.80 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 413.27 Td (5,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.80 413.32 Td (\(759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 413.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 413.27 Td (2,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 413.27 Td (3,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 398.27 Td (Modified Funds From Operations attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 388.27 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 388.27 Td (954,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.60 388.27 Td (179,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 388.27 Td (188,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 388.27 Td (185,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 373.27 Td (Basic and diluted income \(loss\) per common share ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 257.45 377.80 Td (\(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 373.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 373.27 Td (1.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 373.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 373.27 Td (1.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 373.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 373.27 Td (0.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 373.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 373.32 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 373.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 358.27 Td (Funds From Operations attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 348.27 Td (per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 348.27 Td (4.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 348.27 Td (0.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 348.27 Td (0.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 348.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 348.27 Td (0.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 333.27 Td (Modified Funds From Operations attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 323.27 Td (stockholders per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 323.27 Td (5.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 323.27 Td (0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 323.27 Td (0.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 323.27 Td (0.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 308.27 Td (W) Tj ET Q q 0 0 0 rg BT 61.14 308.27 Td (eighted average shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 308.27 Td (164,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.60 308.27 Td (276,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 308.27 Td (275,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 308.27 Td (272,773) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (Notes to the table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 256.10 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 67.50 244.10 Td (in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 172.37 244.10 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 67.50 232.10 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 67.50 220.10 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 67.50 208.10 Td (excluded from our determination of FFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 184.10 Td (Represents the gain on disposition of certain real estate investments. ) Tj ET Q q 0 0 0 rg BT 345.21 184.10 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 67.50 172.10 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 67.50 160.10 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 49.50 136.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 136.10 Td (Represents impairment char) Tj ET Q q 0 0 0 rg BT 179.50 136.10 Td (ges recorded for 2017 in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 373.60 136.10 Td (. ) Tj ET Q q 0 0 0 rg BT 378.05 136.10 Td (Although such impairment char) Tj ET Q q 0 0 0 rg BT 504.79 136.10 Td (ges on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 124.10 Td (operating real estate investments and our investments in unconsolidated entities are included in the calculation of net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 112.10 Td (income \(loss\), we have excluded them from FFO because we believe doing so more appropriately presents the operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 100.10 Td (performance of our real estate investments and our investments in unconsolidated entities on a comparative basis. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 88.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 103.88 88.10 Td (Accounting Policies Investment Property and Lease Intangibles for additional information regarding our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 76.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 133.13 76.10 Td (ges.) 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 (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Includes income attributable to noncontrolling interests and all adjustments to eliminate the noncontrolling interests) Tj ET Q q 0 0 0 rg BT 533.04 742.10 Td ( share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 730.10 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 49.50 706.10 Td (\(5\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 706.10 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 67.50 694.10 Td (derivatives and foreign currency forwards. ) Tj ET Q q 0 0 0 rg BT 242.52 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 251.16 694.10 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 67.50 682.10 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 67.50 670.10 Td (unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (\(6\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 646.10 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 67.50 634.10 Td (currencies other than our functional currencies. ) Tj ET Q q 0 0 0 rg BT 258.62 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.26 634.10 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 67.50 622.10 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 67.50 610.10 Td (reflect unrealized impacts on our operating performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (\(7\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.10 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 67.50 574.10 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 370.20 574.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.78 574.10 Td ( and for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 562.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.08 562.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.08 562.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.08 562.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.52 562.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.52 562.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 493.60 226.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 493.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 493.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 493.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 493.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 493.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 463.60 226.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 463.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 463.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 463.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 433.60 226.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 433.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 433.60 98.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 433.60 5.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 433.60 57.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 433.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 433.60 57.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.00 433.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 433.60 57.00 -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 383 508.6 m 440 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 508.6 m 444 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 508.6 m 501 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501 508.6 m 505 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 508.6 m 562 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 493.6 m 378 493.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 383 493.6 m 440 493.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 493.6 m 501 493.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 493.6 m 562 493.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 280 433.6 m 378 433.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 383 433.6 m 440 433.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 433.6 m 501 433.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 433.6 m 562 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 418.6 m 378 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280 416.6 m 378 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 418.6 m 440 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 416.6 m 440 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 418.6 m 501 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 416.6 m 501 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 418.6 m 562 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 416.6 m 562 416.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.60 528.28 Td (Period fr) Tj ET Q q 0 0 0 rg BT 341.01 528.28 Td (om ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.70 518.28 Td (Inception \(December) Tj ET Q q 0 0 0 rg BT 373.22 518.28 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.90 508.28 Td (10, 2008\) thr) Tj ET Q q 0 0 0 rg BT 344.88 508.28 Td (ough ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.15 498.28 Td (December) Tj ET Q q 0 0 0 rg BT 331.27 498.28 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 513.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.60 513.28 Td (Y) Tj ET Q q 0 0 0 rg BT 421.27 513.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 514.49 513.28 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 498.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.00 498.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.00 498.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.00 498.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 484.17 Td (Straight-line rent adjustment \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 483.32 Td (\(102,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 483.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.65 483.27 Td (3,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 483.32 Td (\(26,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 483.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 483.32 Td (\(27,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 483.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 469.17 Td (Amortization of lease incentives \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 468.27 Td (45,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 468.27 Td (18,693) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 468.27 Td (12,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 468.27 Td (7,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 454.17 Td (Amortization of out-of-market leases \(b\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 453.27 Td (22,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.30 453.32 Td (\(2,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.15 453.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 453.27 Td (2,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 453.27 Td (2,833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 439.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 438.27 Td (3,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 438.27 Td (330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.80 438.32 Td (\(77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 438.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 438.27 Td (361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 422.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 422.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.30 422.32 Td (\(31,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 422.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.50 422.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 422.27 Td (20,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 422.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 422.32 Td (\(1) Tj ET Q q 0 0 0 rg BT 474.63 422.32 Td (1,156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.15 422.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 422.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 422.32 Td (\(16,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 422.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 394.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.10 Td (Represents the adjustments to rental revenue as required by GAAP) Tj ET Q q 0 0 0 rg BT 343.56 394.10 Td ( to recognize minimum lease payments on a straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td (line basis over the respective lease terms.) Tj ET Q q 0 0 0 rg BT 246.53 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.17 382.10 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 76.50 370.10 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 76.50 358.10 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 58.50 334.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 334.10 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 49.50 310.10 Td (\(8\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 Td (Represents acquisition expenses and acquisition fees paid to the ) Tj ET Q q 0 0 0 rg BT 324.94 310.10 Td (Advisor that are expensed in our consolidated statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 298.10 Td (of operations. ) Tj ET Q q 0 0 0 rg BT 124.80 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 133.44 298.10 Td (e fund such costs with proceeds from our of) Tj ET Q q 0 0 0 rg BT 308.77 298.10 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 67.50 286.10 Td (evaluating our operating performance and determining MFFO.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (\(9\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 262.10 Td (The amounts previously reported have been adjusted to reflect the appropriate allocation of net income related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 135.91 250.10 Td (. For the years ended 2016 and 2015, this adjustment changed basic and diluted income \(loss\) per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 238.10 Td (common share by $0.01 and $0.01, respectively) Tj ET Q q 0 0 0 rg BT 258.19 238.10 Td (. See Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 420.12 238.10 Td (Accounting Policies for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 226.10 Td (information related to the nature of the incorrect allocation of net income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 202.10 Td (From inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.99 202.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.57 202.10 Td (, we declared operating distributions to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.07 202.10 Td ($962.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 190.10 Td ( \(which does not include the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.92 190.10 Td ($288.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.81 190.10 Td ( return of capital special distribution declared in December 2017\), compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (to total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.09 178.10 Td ($727.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.98 178.10 Td ( and cash flows from operating activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.04 178.10 Td ($590.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.93 178.10 Td (. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 166.10 Td (, we declared operating distributions to our stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.58 166.10 Td ($467.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.47 166.10 Td (, compared to total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.54 154.10 Td ($167.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.43 154.10 Td (. For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.51 154.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.10 154.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.54 154.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.54 154.10 Td (, we declared distributions to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (stockholders totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.60 142.10 Td ($179.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.49 142.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.93 142.10 Td ($177.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.82 142.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 325.48 142.10 Td (, compared to total aggregate FFO of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.99 142.10 Td ($190.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.89 142.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td ($160.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 130.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.05 130.10 Td (. During our of) Tj ET Q q 0 0 0 rg BT 220.86 130.10 Td (fering and investment stages, we incurred acquisition fees and expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (connection with our real estate investments, which were 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 49.50 106.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 106.10 Td (, we incurred acquisition fees and expenses totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.63 106.10 Td ($223.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.52 106.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 82.10 Td (As noted previously) Tj ET Q q 0 0 0 rg BT 147.40 82.10 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 82.10 Td (ficient to fully fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (distributions paid. ) Tj ET Q q 0 0 0 rg BT 124.04 70.10 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 58.10 Td (by the ) Tj ET Q q 0 0 0 rg BT 76.17 58.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 107.99 58.10 Td (, cash resulting from a waiver or deferral of fees, proceeds from the sale of real estate investments, borrowings ) 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 49.50 742.10 Td (and/or proceeds from our public of) Tj ET Q q 0 0 0 rg BT 189.00 742.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 224.08 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 232.72 742.10 Td (e have not placed a cap on the amount of our distributions that may be paid from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (any of these sources. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Related-Party ) Tj ET Q q 0 0 0 rg BT 112.29 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 118.22 706.10 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 187.69 706.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 204.17 706.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 682.10 Td (e have entered into agreements with the ) Tj ET Q q 0 0 0 rg BT 237.41 682.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 269.23 682.10 Td (, Dealer Manager and Hines or its af) Tj ET Q q 0 0 0 rg BT 414.55 682.10 Td (filiates, whereby we pay certain fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and reimbursements to these entities during the various phases of our or) Tj ET Q q 0 0 0 rg BT 337.25 670.10 Td (ganization and operation. During the or) Tj ET Q q 0 0 0 rg BT 494.80 670.10 Td (ganization and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 658.10 Td (fering 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 50.00 646.10 Td (payments to the ) Tj ET Q q 0 0 0 rg BT 115.27 646.10 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 50.00 634.10 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 50.00 622.10 Td (us by the ) Tj ET Q q 0 0 0 rg BT 88.06 622.10 Td (Advisor and Hines and its af) Tj ET Q q 0 0 0 rg BT 202.02 622.10 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 50.00 610.10 Td (with these entities. ) Tj ET Q q 0 0 0 rg BT 127.03 610.10 Td (W) Tj ET Q q 0 0 0 rg BT 135.66 610.10 Td (e have also entered into several af) Tj ET Q q 0 0 0 rg BT 270.97 610.10 Td (filiated transactions with af) Tj ET Q q 0 0 0 rg BT 379.92 610.10 Td (filiates of Hines to make investments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (provide financing. In addition to the description of the ) Tj ET Q q 0 0 0 rg BT 268.84 598.10 Td (A) Tj ET Q q 0 0 0 rg BT 275.32 598.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 360.95 598.10 Td ( and the @1377 partnership agreement below) Tj ET Q q 0 0 0 rg BT 542.23 598.10 Td (, see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Note 9 Related Party ) Tj ET Q q 0 0 0 rg BT 148.41 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 154.17 586.10 Td (ransactions to the Consolidated Financial Statements contained elsewhere in this ) Tj ET Q q 0 0 0 rg BT 478.54 586.10 Td (Annual Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Form 10-K for additional information concerning our Related-Party ) Tj ET Q q 0 0 0 rg BT 323.64 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 329.39 574.10 Td (ransactions and ) Tj ET Q q 0 0 0 rg BT 393.27 574.10 Td (Agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 550.10 Td (In July 2012, a wholly-owned subsidiary of the Operating Partnership entered into a limited partnership agreement with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 538.10 Td (filiate of Hines for the formation of Hines Ponce & Bird Holdings LP) Tj ET Q q 0 0 0 rg BT 334.77 538.10 Td (, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 487.95 538.10 Td (, for the purpose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (of developing a residential/living project in Miami, Florida. Hines served as the initial general partner and as the development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (partner and a subsidiary of the Operating Partnership was the initial limited partner in the partnership, which we refer to as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.48 502.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 141.01 502.10 Td (. Hines owned a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.93 502.10 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.26 502.10 Td (interest in the joint venture and the Company owned the remaining) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.97 502.10 Td (83%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.30 502.10 Td (interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (through its subsidiary) Tj ET Q q 0 0 0 rg BT 136.02 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.46 490.10 Td (As compensation for providing development management services, Hines was paid a fee equal to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.29 490.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.62 490.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (the development project costs. In addition, subject to certain return thresholds being achieved, the ) Tj ET Q q 0 0 0 rg BT 442.94 478.10 Td (A) Tj ET Q q 0 0 0 rg BT 449.42 478.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 535.05 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (agreement provided that Hines may receive certain incentive distributions in the event the residential/living project is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (liquidated. ) Tj ET Q q 0 0 0 rg BT 94.81 454.10 Td (The project was completed in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.05 454.10 Td (April 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.66 454.10 Td (. Hines received total distributions of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.46 454.10 Td ($21.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.35 454.10 Td (from the ) Tj ET Q q 0 0 0 rg BT 501.95 454.10 Td (A) Tj ET Q q 0 0 0 rg BT 508.43 454.10 Td (viva Coral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Gables JV) Tj ET Q q 0 0 0 rg BT 91.20 442.10 Td ( in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.98 442.10 Td (June 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.81 442.10 Td (, which included a return of capital, preferred return distributions, and incentive distributions based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (the return thresholds set forth in the ) Tj ET Q q 0 0 0 rg BT 194.69 430.10 Td (A) Tj ET Q q 0 0 0 rg BT 201.17 430.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 286.81 430.10 Td ( agreement having been achieved. ) Tj ET Q q 0 0 0 rg BT 427.39 430.10 Td (These distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (represented) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.58 418.10 Td (37.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.41 418.10 Td (of the total distributions made by the ) Tj ET Q q 0 0 0 rg BT 276.06 418.10 Td (A) Tj ET Q q 0 0 0 rg BT 282.54 418.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 368.17 418.10 Td ( from the sale of the property) Tj ET Q q 0 0 0 rg BT 484.15 418.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (The @1377 partnership agreement provided that, subject to certain return thresholds being achieved, Hines would receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (certain incentive distributions. Hines received total distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.16 382.10 Td ($15.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.05 382.10 Td ( from the @1377 partnership in June 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (which included a return of capital, preferred return distributions, and incentive distributions based on the return thresholds set ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (forth in the @1377 partnership agreement having been achieved. ) Tj ET Q q 0 0 0 rg BT 314.21 358.10 Td (These distributions represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.68 358.10 Td (58%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.01 358.10 Td ( of the total distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (from the @1377 partnership. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Off-Balance Sheet ) Tj ET Q q 0 0 0 rg BT 129.43 310.10 Td (Arrangements) 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 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, 2017) 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 (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.47 286.10 Td (, we had no of) Tj ET Q q 0 0 0 rg BT 267.21 286.10 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 50.00 274.10 Td (current or future ef) Tj ET Q q 0 0 0 rg BT 125.61 274.10 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 50.00 262.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 83.24 262.10 Td (, capital expenditures or capital resources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Contractual Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 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 329.06 214.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.64 214.10 Td (. Specifically included are our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 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 50.50 140.60 173.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.50 140.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.50 140.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.50 140.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 140.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 140.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 140.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 140.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 140.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 140.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 140.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 164.60000000000002 m 291.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 164.60000000000002 m 295.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 164.60000000000002 m 358.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 164.60000000000002 m 362.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 164.60000000000002 m 426.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 164.60000000000002 m 430.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 164.60000000000002 m 494.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 164.60000000000002 m 498.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 164.60000000000002 m 562.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 140.60000000000002 m 291.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 140.60000000000002 m 358.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 140.60000000000002 m 426.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 140.60000000000002 m 494.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 140.60000000000002 m 562.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 140.60000000000002 m 291.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 140.60000000000002 m 358.5 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 125.60000000000002 m 291.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 111.60000000000002 m 291.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.5 109.60000000000002 m 291.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 125.60000000000002 m 358.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 111.60000000000002 m 358.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 109.60000000000002 m 358.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 125.60000000000002 m 426.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 111.60000000000002 m 426.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 109.60000000000002 m 426.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 125.60000000000002 m 494.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 111.60000000000002 m 494.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 109.60000000000002 m 494.5 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 125.60000000000002 m 562.5 125.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 111.60000000000002 m 562.5 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 109.60000000000002 m 562.5 109.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 169.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.65 169.28 Td (Payments due by Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 145.28 Td (Contractual Obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.20 155.28 Td (Less ) Tj ET Q q 0 0 0 rg BT 254.50 155.28 Td (Than 1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.05 145.28 Td (Y) Tj ET Q q 0 0 0 rg BT 255.72 145.28 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.80 145.28 Td (1-3 ) Tj ET Q q 0 0 0 rg BT 322.44 145.28 Td (Y) Tj ET Q q 0 0 0 rg BT 328.93 145.28 Td (ears) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.30 145.28 Td (4-5 ) Tj ET Q q 0 0 0 rg BT 389.94 145.28 Td (Y) Tj ET Q q 0 0 0 rg BT 396.43 145.28 Td (ears) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.10 155.28 Td (Mor) Tj ET Q q 0 0 0 rg BT 452.89 155.28 Td (e ) Tj ET Q q 0 0 0 rg BT 459.64 155.28 Td (Than 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.05 145.28 Td (Y) Tj ET Q q 0 0 0 rg BT 456.72 145.28 Td (ears) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.05 145.28 Td (T) Tj ET Q q 0 0 0 rg BT 524.80 145.28 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 130.27 Td (Notes payable ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 112.42 134.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.00 130.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 130.27 Td (483,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 130.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 130.27 Td (1,184,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 130.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 130.27 Td (252,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 130.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 130.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 130.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 130.27 Td (1,920,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 115.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 115.27 Td (otal contractual obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.00 115.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 115.27 Td (483,723) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.00 115.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 115.27 Td (1,184,509) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 115.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 115.27 Td (252,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 115.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 115.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 115.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 115.27 Td (1,920,240) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 87.10 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 75.10 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 75.10 Td (fect as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.98 75.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 63.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.00 63.10 Td ( and remain constant for the remainder of the loan term. Further) Tj ET Q q 0 0 0 rg BT 345.56 63.10 Td (, for the purpose of this table, for mortgages ) 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 68.00 742.10 Td (denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 205.07 742.10 Td (, we assumed the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 351.49 742.10 Td (fect as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.64 742.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.22 742.10 Td ( remains constant for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (the remainder of the loan term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Item7A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 87.21 706.10 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 0 rg BT 261.85 706.10 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 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 50.00 670.10 Td (equity prices and other market changes that af) Tj ET Q q 0 0 0 rg BT 233.91 670.10 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 50.00 658.10 Td (interest rate risk, currency risk and real estate valuation risk are the primary market risks to which we are exposed.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 87.07 634.10 Td (est ) Tj ET Q q 0 0 0 rg BT 100.68 634.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 121.50 634.10 Td (Risk) 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 are exposed to the ef) Tj ET Q q 0 0 0 rg BT 166.13 610.10 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 50.00 598.10 Td (expansion of our real estate investment portfolio and operations. One of our interest rate risk management objectives is to limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (the impact of interest rate changes on cash flows. ) Tj ET Q q 0 0 0 rg BT 249.19 586.10 Td (T) Tj ET Q q 0 0 0 rg BT 254.60 586.10 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 50.00 574.10 Td (variable rates of interest on variable interest rate borrowings through the use of interest rate swaps and caps. ) Tj ET Q q 0 0 0 rg BT 484.39 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.03 574.10 Td (e have and may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (continue to enter into derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (risk on a related financial instrument. ) Tj ET Q q 0 0 0 rg BT 201.71 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.35 550.10 Td (e will not enter into derivative or interest rate transactions for speculative purposes. ) Tj ET Q q 0 0 0 rg BT 546.17 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 554.81 550.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (are exposed to credit risk of the counterparty to these interest rate swap agreements in the event of non-performance under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (terms of the derivative contracts.In the event of non-performance by the counterparty) Tj ET Q q 0 0 0 rg BT 395.32 526.10 Td (, if we were not able to replace these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (swaps, we would be subject to the variability of interest rates on the total amount of debt outstanding under the mortgage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.50 490.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.08 490.10 Td (, we had fixed rate debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.26 490.10 Td ($339.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.15 490.10 Td ( and variable rate debt of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.33 490.10 Td ($1.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.44 490.10 Td (. If interest rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 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 381.54 478.10 Td ($15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.43 478.10 Td ( in additional annual interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (expense associated with our variable-rate debt. ) Tj ET Q q 0 0 0 rg BT 241.59 466.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 291.49 466.10 Td (, we have notional amounts of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.78 466.10 Td ($401.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.67 466.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (interest rate caps to cap our variable rate debt. ) Tj ET Q q 0 0 0 rg BT 238.53 454.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.97 454.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.55 454.10 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 50.00 442.10 Td (interest rates. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td (For) Tj ET Q q 0 0 0 rg BT 82.63 418.10 Td (eign ) Tj ET Q q 0 0 0 rg BT 102.35 418.10 Td (Curr) Tj ET Q q 0 0 0 rg BT 121.43 418.10 Td (ency ) Tj ET Q q 0 0 0 rg BT 142.24 418.10 Td (Risks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 76.64 394.10 Td (e 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 490.20 394.10 Td (fects of exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 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 431.11 382.10 Td (, which may af) Tj ET Q q 0 0 0 rg BT 490.36 382.10 Td (fect future costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 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 557.56 370.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 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 50.00 346.10 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 50.00 334.10 Td (rate dif) Tj ET Q q 0 0 0 rg BT 78.41 334.10 Td (ferences. ) Tj ET Q q 0 0 0 rg BT 118.67 334.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 168.57 334.10 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 50.00 322.10 Td (benefit from a weaker U.S. dollar and are adversely af) Tj ET Q q 0 0 0 rg BT 266.67 322.10 Td (fected by a stronger U.S. dollar) Tj ET Q q 0 0 0 rg BT 391.35 322.10 Td (. See Item7. Management) Tj ET Q q 0 0 0 rg BT 506.04 322.10 Td (s Discussion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 310.10 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 50.00 298.10 Td (the negative impact that declines in the foreign currency exchange rates had on the operating results of our international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (properties for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.45 286.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.03 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.85 286.10 Td (The table below identifies the ef) Tj ET Q q 0 0 0 rg BT 379.79 286.10 Td (fect that a 10% immediate, unfavorable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (change in the exchange rates would have on our equity in these international real estate investments and their net income for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (the most recently completed period, by foreign currency \(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 334.36 266.63 Td (\(1\)\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.51 262.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 123.50 195.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 195.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 195.60 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 195.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 195.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 123.50 165.60 131.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 165.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 165.60 120.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 165.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 165.60 115.00 -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 262.5 195.60000000000002 m 382.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 195.60000000000002 m 505.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 195.60000000000002 m 382.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 195.60000000000002 m 505.5 195.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.05 210.28 Td (Reduction in Book ) Tj ET Q q 0 0 0 rg BT 350.92 210.28 Td (V) Tj ET Q q 0 0 0 rg BT 357.59 210.28 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.55 200.28 Td (as of December) Tj ET Q q 0 0 0 rg BT 335.99 200.28 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.30 230.28 Td (Reduction in Net Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 220.28 Td (\(Loss\) for) Tj ET Q q 0 0 0 rg BT 449.20 220.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 467.16 220.28 Td (Y) Tj ET Q q 0 0 0 rg BT 473.27 220.28 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.25 210.28 Td (Ended December) Tj ET Q q 0 0 0 rg BT 476.67 210.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.50 200.28 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 185.27 Td (AUD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 185.27 Td ($9,91) Tj ET Q q 0 0 0 rg BT 330.75 185.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.50 185.27 Td ($784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 170.27 Td (EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 170.27 Td ($12,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 170.27 Td ($8,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 155.27 Td (GBP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.75 155.27 Td ($21,526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.75 155.27 Td ($4,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.00 140.27 Td (RUB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 140.27 Td ($6,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.50 140.27 Td ($491) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 112.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 112.10 Td (Our real estate assets in Moscow) Tj ET Q q 0 0 0 rg BT 207.70 112.10 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 77.00 100.10 Td (assets, the sale transactions will also be denominated in U.S. dollars. ) Tj ET Q q 0 0 0 rg BT 355.84 100.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 405.17 100.10 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 88.10 Td (exposure to the rouble upon disposition. However) Tj ET Q q 0 0 0 rg BT 278.79 88.10 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 76.10 Td (could result in realized losses recorded in our consolidated statement of operations at the time of sale.) 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 59.00 742.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (Our real estate assets in ) Tj ET Q q 0 0 0 rg BT 173.73 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.37 742.10 Td (arsaw) Tj ET Q q 0 0 0 rg BT 205.04 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 209.86 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 218.89 742.10 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 77.00 730.10 Td (we dispose of these assets, the sale transactions will also be denominated in Euros. ) Tj ET Q q 0 0 0 rg BT 409.71 730.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 459.04 730.10 Td (, we do not expect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 718.10 Td (have Polish zloty exposure upon disposition.) 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 50.00 742.25 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 Stockholders and Board of Directors of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 314.61 694.25 Td (, Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Opinion on the Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 646.25 Td (e have audited the accompanying consolidated balance sheets of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 395.28 646.25 Td (, Inc. and subsidiaries \(the Company\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 634.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.24 634.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.68 634.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.68 634.25 Td (, and the related consolidated statements of operations and comprehensive income \(loss\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (equity) Tj ET Q q 0 0 0 rg BT 74.35 622.25 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 327.30 622.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.88 622.25 Td ( and the related notes and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (schedules listed in the Index at Item 15 \(collectively referred to as the financial statements\). In our opinion, the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (statements present fairly) Tj ET Q q 0 0 0 rg BT 147.09 598.25 Td (, in all material respects, the financial position of the Company as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.85 598.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.44 598.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.87 598.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.87 598.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (the results of its operations and its 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 420.16 586.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.75 586.25 Td (, in conformity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 327.13 574.25 Td (America. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Basis for) Tj ET Q q 0 0 0 rg BT 87.32 550.25 Td ( Opinion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (These financial statements are the responsibility of the Company) Tj ET Q q 0 0 0 rg BT 312.15 526.25 Td (s management. Our responsibility is to express an opinion on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 514.25 Td (s financial statements based on our audits. ) Tj ET Q q 0 0 0 rg BT 277.27 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 285.91 514.25 Td (e are a public accounting firm registered with the Public Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (Accounting Oversight Board \(United States\) \(PCAOB\) and are required to be independent with respect to the Company in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Commission and the PCAOB. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 454.25 Td (e conducted our audits in accordance with the standards of the PCAOB. ) Tj ET Q q 0 0 0 rg BT 348.10 454.25 Td (Those standards require that we plan and perform the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (error or fraud. ) Tj ET Q q 0 0 0 rg BT 108.68 430.25 Td (The Company is not required to have, nor were we engaged to perform, an audit of its internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (financial reporting. ) Tj ET Q q 0 0 0 rg BT 128.58 418.25 Td (As part of our audits, we are required to obtain an understanding of internal control over financial reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (but not for the purpose of expressing an opinion on the ef) Tj ET Q q 0 0 0 rg BT 279.49 406.25 Td (fectiveness of the Company) Tj ET Q q 0 0 0 rg BT 393.63 406.25 Td (s internal control over financial reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 394.25 Td (, we express no such opinion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 97.03 322.25 Td (W) Tj ET Q q 0 0 0 rg BT 105.67 322.25 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 50.00 298.25 Td (/s/ Deloitte& ) Tj ET Q q 0 0 0 rg BT 106.76 298.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.17 298.25 Td (ouche LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 88.71 274.25 Td (T) Tj ET Q q 0 0 0 rg BT 94.12 274.25 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (March30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 262.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 238.25 Td (e have served as the Company) Tj ET Q q 0 0 0 rg BT 182.76 238.25 Td (s auditor since 2008.) 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 /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, 2017) 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 (2016) 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 402.50 669.75 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 406.50 669.75 76.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 482.50 669.75 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 486.50 669.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 655.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 655.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 655.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 655.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 625.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 625.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 625.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 625.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 625.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 595.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 595.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 595.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 595.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 595.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 565.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 565.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 565.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 565.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 565.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 535.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 535.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 535.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 535.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 535.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 505.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 505.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 505.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 505.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 505.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 475.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 475.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 475.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 475.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 475.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 445.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 445.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 445.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 445.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 415.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 415.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 415.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 415.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 415.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 385.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 385.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 385.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 385.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 385.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 355.75 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 355.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 355.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 355.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 355.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 326.75 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 326.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 326.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 326.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 326.75 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 297.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 297.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 297.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 297.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 257.75 352.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 257.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 257.75 76.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 257.75 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 257.75 76.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 207.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 207.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 207.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 207.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 207.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 177.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 177.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 177.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 177.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 147.75 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 147.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 147.75 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 147.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 147.75 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 402.5 692.75 m 406.5 692.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 692.75 m 482.5 692.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 692.75 m 562.5 692.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 505.75 m 406.5 505.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 505.75 m 482.5 505.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 505.75 m 562.5 505.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 491.75 m 406.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 489.75 m 406.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 491.75 m 482.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 489.75 m 482.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 491.75 m 562.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 489.75 m 562.5 489.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 370.75 m 406.5 370.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 370.75 m 482.5 370.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 370.75 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 402.5 177.75 m 406.5 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 177.75 m 482.5 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 177.75 m 562.5 177.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 162.75 m 406.5 162.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 162.75 m 482.5 162.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 162.75 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 402.5 147.75 m 406.5 147.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 147.75 m 482.5 147.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 147.75 m 562.5 147.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 132.75 m 406.5 132.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 132.75 m 482.5 132.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 132.75 m 562.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 118.75 m 406.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 116.75 m 406.5 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 118.75 m 482.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 116.75 m 482.5 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 118.75 m 562.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 116.75 m 562.5 116.75 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 434.00 697.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 697.43 Td (2016) 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 417.35 683.48 Td (\(In thousands, except per) Tj ET Q q 0 0 0 rg BT 525.05 683.48 Td ( shar) Tj ET Q q 0 0 0 rg BT 546.26 683.48 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.95 673.48 Td (amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.35 660.43 Td (ASSETS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 660.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.00 660.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 645.42 Td (Investment property) Tj ET Q q 0 0 0 rg BT 133.49 645.42 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 645.42 Td (2,689,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 645.42 Td (3,049,643) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.42 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 630.42 Td (401,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 630.42 Td (127,393) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.42 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 615.42 Td (16,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 615.42 Td (29,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.42 Td (Derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 600.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 600.42 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 585.42 Td (enant and other receivables, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 585.42 Td (73,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 585.42 Td (109,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.42 Td (Intangible lease assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 570.42 Td (406,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 570.42 Td (506,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 555.42 Td (Deferred leasing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 555.42 Td (107,789) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 555.42 Td (127,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 540.42 Td (Deferred financing costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 540.42 Td (1,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 540.42 Td (2,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 525.42 Td (Real estate loans receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 525.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 525.42 Td (15,291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 510.42 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 510.42 Td (30,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 510.42 Td (20,360) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 495.43 Td (T) Tj ET Q q 0 0 0 rg BT 59.21 495.43 Td (otal assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 495.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 495.42 Td (3,726,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 495.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 495.42 Td (3,988,432) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.55 480.43 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 226.20 480.43 Td (AND EQUITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 480.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 480.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 465.43 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 465.42 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 /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.42 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 450.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 450.42 Td (105,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 450.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 450.42 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 450.42 Td (10,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.42 Td (Due to af) Tj ET Q q 0 0 0 rg BT 90.12 435.42 Td (filiates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 435.42 Td (10,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 435.42 Td (17,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.42 Td (Intangible lease liabilities, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 420.42 Td (69,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 420.42 Td (82,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.42 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 405.42 Td (27,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 405.42 Td (41,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 390.42 Td (Distributions payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 390.42 Td (303,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 390.42 Td (21,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 375.42 Td (Notes payable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 375.42 Td (1,834,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 375.42 Td (2,207,299) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 360.43 Td (T) Tj ET Q q 0 0 0 rg BT 59.21 360.43 Td (otal liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 360.42 Td (2,350,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 360.42 Td (2,480,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.42 Td (Commitments and contingencies \(Note 14\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 331.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 331.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 302.43 Td (Equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 302.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 302.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 287.42 Td (Stockholders) Tj ET Q q 0 0 0 rg BT 108.18 287.42 Td ( equity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 287.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.00 287.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 272.42 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 53.00 262.42 Td (outstanding as of December 31, 2017 and 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 262.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 262.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 247.42 Td (Common shares, $.001 par value; 1,500,000 common shares authorized as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 237.42 Td (December 31, 2017 and 2016; 274,255 and 277,331 common shares issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 227.42 Td (outstanding as of December 31, 2017 and 2016, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 227.42 Td (274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 227.42 Td (277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 212.42 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 212.42 Td (2,471,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 212.42 Td (2,507,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 197.42 Td (Accumulated distributions in excess of earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 197.47 Td (\(968,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 197.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 197.47 Td (\(821,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 197.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.42 Td (Accumulated other comprehensive income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.80 182.47 Td (\(128,869) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 182.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 182.47 Td (\(199,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 182.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 167.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 167.42 Td (otal stockholders) Tj ET Q q 0 0 0 rg BT 129.41 167.42 Td ( equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 167.42 Td (1,374,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 167.42 Td (1,486,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 152.42 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 152.42 Td (1,307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 152.42 Td (22,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 137.42 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 137.42 Td (otal equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 137.42 Td (1,375,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 137.42 Td (1,508,235) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 122.43 Td (T) Tj ET Q q 0 0 0 rg BT 58.75 122.43 Td (otal liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 122.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 122.42 Td (3,726,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 122.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 122.42 Td (3,988,432) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 94.25 Td (See notes to the consolidated financial statements.) 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 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, 2017) 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 (2016) 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 (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.35 718.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 665.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 665.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 665.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 665.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 637.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 637.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 637.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 609.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 609.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 609.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 609.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 581.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 581.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 581.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 581.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 553.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 553.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 553.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 553.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 553.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 553.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 553.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 525.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 525.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 525.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 525.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 497.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 497.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 497.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 497.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 497.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 497.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 497.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 459.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 459.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 459.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 459.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 459.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 459.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 459.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 431.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 431.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 431.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 431.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 431.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 431.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 431.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 403.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 403.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 403.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 403.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 375.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 375.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 375.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 375.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 375.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 347.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 347.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 347.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 347.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 347.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 319.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 319.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 319.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 319.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 291.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 291.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 291.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 291.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 291.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 291.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 291.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 263.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 263.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 263.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 263.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 263.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 235.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 235.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 235.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 235.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 235.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 235.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 235.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 207.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 207.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 207.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 207.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 207.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 207.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 207.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 179.75 320.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 179.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 179.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 179.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 179.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 179.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 179.75 60.00 -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 374.5 693.75 m 434.5 693.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 693.75 m 498.5 693.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 693.75 m 562.5 693.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 637.75 m 434.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 637.75 m 498.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 637.75 m 562.5 637.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 497.75 m 434.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 497.75 m 498.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 497.75 m 562.5 497.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 483.75 m 434.5 483.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 483.75 m 498.5 483.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 483.75 m 562.5 483.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 361.75 m 434.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 361.75 m 498.5 361.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 361.75 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 374.5 319.75 m 434.5 319.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 319.75 m 498.5 319.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 319.75 m 562.5 319.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 291.75 m 434.5 291.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 291.75 m 498.5 291.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 291.75 m 562.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 278.75 m 434.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 276.75 m 434.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 278.75 m 498.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 276.75 m 498.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 278.75 m 562.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 276.75 m 562.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 276.75 m 434.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 278.75 m 434.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 264.75 m 434.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 262.75 m 434.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 276.75 m 498.5 276.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 278.75 m 498.5 278.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 264.75 m 498.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 262.75 m 498.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 264.75 m 562.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 262.75 m 562.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 262.75 m 434.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 264.75 m 434.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 250.75 m 434.5 250.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 248.75 m 434.5 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 262.75 m 498.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 264.75 m 498.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 250.75 m 498.5 250.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 248.75 m 498.5 248.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 262.75 m 562.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 264.75 m 562.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 250.75 m 562.5 250.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 248.75 m 562.5 248.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 193.75 m 434.5 193.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 193.75 m 498.5 193.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 193.75 m 562.5 193.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 165.75 m 434.5 165.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 165.75 m 498.5 165.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 165.75 m 562.5 165.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 152.75 m 434.5 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 150.75 m 434.5 150.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 152.75 m 498.5 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 150.75 m 498.5 150.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 152.75 m 562.5 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 150.75 m 562.5 150.75 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 394.00 698.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.00 698.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.00 698.43 Td (2015) 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 380.10 683.43 Td (\(In thousands, except per) Tj ET Q q 0 0 0 rg BT 487.71 683.43 Td ( shar) Tj ET Q q 0 0 0 rg BT 508.92 683.43 Td (e amounts\)) 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 404.00 669.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.00 669.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.00 669.48 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 377.00 656.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 656.32 Td (379,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 656.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 656.32 Td (440,733) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 656.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 656.32 Td (441,709) 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 403.15 642.32 Td (24,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 642.32 Td (37,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 642.32 Td (35,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 628.32 Td (otal revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 628.32 Td (403,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 628.32 Td (477,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 628.32 Td (476,873) 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 403.15 600.32 Td (89,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 600.32 Td (93,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 600.32 Td (91,902) 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 403.15 586.32 Td (48,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 586.32 Td (49,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 586.32 Td (47,431) 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 408.15 572.32 Td (8,230) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 572.32 Td (9,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 572.32 Td (10,337) 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 398.15 558.32 Td (138,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 558.32 Td (174,1) Tj ET Q q 0 0 0 rg BT 484.65 558.32 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 558.32 Td (186,965) 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 415.65 544.32 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 544.32 Td (372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 544.32 Td (10,472) 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 403.15 530.32 Td (37,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 530.32 Td (37,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 530.32 Td (44,522) 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 408.15 516.32 Td (9,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 516.32 Td (1) Tj ET Q q 0 0 0 rg BT 472.15 516.32 Td (1,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 516.32 Td (8,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 502.32 Td (Impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 502.32 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 502.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 502.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.76 488.32 Td (otal expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 488.32 Td (338,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 488.32 Td (374,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 488.32 Td (400,226) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 474.43 Td (Income \(loss\) befor) Tj ET Q q 0 0 0 rg BT 134.56 474.43 Td (e other) Tj ET Q q 0 0 0 rg BT 164.09 474.43 Td ( income \(expenses\) and benefit \(pr) Tj ET Q q 0 0 0 rg BT 309.73 474.43 Td (ovision\) for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 464.43 Td (income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 464.42 Td (64,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 464.42 Td (103,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 464.42 Td (76,647) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 450.43 Td (Other) Tj ET Q q 0 0 0 rg BT 78.46 450.43 Td ( income \(expenses\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.32 Td (Gain \(loss\) on derivative instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 436.37 Td (\(634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 436.37 Td (\(689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 436.32 Td (562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.32 Td (Equity in earnings \(losses\) of unconsolidated entity) 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 472.15 422.32 Td (7,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 422.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Gain \(loss\) on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 408.32 Td (364,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 408.32 Td (127,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 408.32 Td (14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 394.32 Td (Foreign currency gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 394.32 Td (10,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 394.37 Td (\(8,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 394.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 394.37 Td (\(21,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 394.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 380.37 Td (\(59,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 380.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 380.37 Td (\(64,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 380.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 380.37 Td (\(71,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 380.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 366.32 Td (Other income \(expenses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 366.32 Td (680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 366.32 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 366.32 Td (427) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 352.43 Td (Income \(loss\) befor) Tj ET Q q 0 0 0 rg BT 134.56 352.43 Td (e benefit \(pr) Tj ET Q q 0 0 0 rg BT 186.59 352.43 Td (ovision\) for) Tj ET Q q 0 0 0 rg BT 235.01 352.43 Td ( income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 352.32 Td (379,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 352.32 Td (164,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 352.37 Td (\(436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 352.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 338.32 Td (Benefit \(provision\) for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 338.32 Td (8,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 338.37 Td (\(7,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 338.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 338.37 Td (\(4,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 338.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 324.32 Td (Provision for income taxes related to sale of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 324.37 Td (\(12,91) Tj ET Q q 0 0 0 rg BT 425.63 324.37 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 324.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 324.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 324.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 310.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 310.32 Td (375,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 310.32 Td (157,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 310.37 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 310.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 296.32 Td (Net \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 296.37 Td (\(54,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 296.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 296.37 Td (\(2,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 296.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 296.37 Td (\(2,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 296.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 282.43 Td (Net income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 282.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 282.32 Td (320,950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 282.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 282.32 Td (154,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 282.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 282.37 Td (\(7,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 282.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 268.43 Td (Basic and diluted income \(loss\) per) Tj ET Q q 0 0 0 rg BT 201.53 268.43 Td ( common shar) Tj ET Q q 0 0 0 rg BT 261.90 268.43 Td (e:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 268.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 268.32 Td (1.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 268.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 268.32 Td (0.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 268.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 268.37 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 268.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 254.32 Td (W) Tj ET Q q 0 0 0 rg BT 62.04 254.32 Td (eighted average number of common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 254.32 Td (276,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 254.32 Td (275,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 254.32 Td (272,773) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 240.43 Td (Net compr) Tj ET Q q 0 0 0 rg BT 98.17 240.43 Td (ehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 226.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 226.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 226.32 Td (375,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 226.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 226.32 Td (157,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 226.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 226.37 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 226.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 212.32 Td (Other comprehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 198.32 Td (Foreign currency translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 198.32 Td (74,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 198.37 Td (\(40,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 198.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 198.37 Td (\(40,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 198.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 184.43 Td (Net compr) Tj ET Q q 0 0 0 rg BT 98.17 184.43 Td (ehensive income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 184.32 Td (450,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 184.32 Td (1) Tj ET Q q 0 0 0 rg BT 467.15 184.32 Td (16,580) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 184.37 Td (\(45,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 184.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 170.32 Td (Net comprehensive \(income\) loss attributable to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 170.37 Td (\(58,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 170.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 170.32 Td (1,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 170.37 Td (\(1,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 170.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 156.43 Td (Net compr) Tj ET Q q 0 0 0 rg BT 98.08 156.43 Td (ehensive income \(loss\) attributable to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 156.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 156.32 Td (392,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 156.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 156.32 Td (1) Tj ET Q q 0 0 0 rg BT 467.15 156.32 Td (17,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 156.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 156.37 Td (\(46,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 156.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 128.25 Td (See notes to the consolidated financial statements.) 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 24.60 Td (67) 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, 2017) 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 (2016) 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 (2015) 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 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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 26.50 589.05 132.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 589.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 589.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 589.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 589.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 589.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 589.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 589.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 589.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 589.05 77.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 589.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 589.05 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 400.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 400.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 400.05 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 400.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 400.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 400.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 400.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 365.05 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 365.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 365.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 365.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 365.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 365.05 56.00 -14.00 re f /GS0 gs 0.8 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248.50 302.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 302.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 302.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 302.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 302.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 302.05 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 302.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 302.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 302.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 302.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 274.05 132.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 274.05 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 274.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 274.05 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 274.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 274.05 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 274.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 274.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 274.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 274.05 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 274.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 274.05 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 274.05 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 274.05 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 246.05 132.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 246.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 246.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 246.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 246.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 246.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 246.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 246.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 246.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 246.05 77.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 246.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 246.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 246.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 246.05 65.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 26.50 204.05 132.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 204.05 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 204.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 204.05 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 248.50 204.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 204.05 56.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 204.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 204.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 204.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 204.05 77.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 204.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 204.05 59.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.50 204.05 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 204.05 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 158.5 693.05 m 202.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 693.05 m 206.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 693.05 m 248.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 248.5 693.05 m 252.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 693.05 m 308.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 693.05 m 312.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 693.05 m 371.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 693.05 m 375.5 693.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 693.05 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 158.5 652.05 m 202.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 652.05 m 248.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 652.05 m 308.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 652.05 m 371.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 652.05 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 158.5 652.05 m 202.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 652.05 m 248.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 652.05 m 308.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 652.05 m 371.5 652.05 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 652.05 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 158.5 484.04999999999995 m 202.5 484.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 484.04999999999995 m 248.5 484.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 484.04999999999995 m 308.5 484.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 484.04999999999995 m 371.5 484.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 484.04999999999995 m 452.5 484.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 484.04999999999995 m 515.5 484.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 484.04999999999995 m 584.5 484.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 365.04999999999995 m 202.5 365.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 365.04999999999995 m 248.5 365.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 365.04999999999995 m 308.5 365.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 365.04999999999995 m 371.5 365.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 365.04999999999995 m 452.5 365.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 365.04999999999995 m 515.5 365.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 365.04999999999995 m 584.5 365.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 204.04999999999995 m 202.5 204.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 204.04999999999995 m 248.5 204.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 204.04999999999995 m 308.5 204.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 204.04999999999995 m 371.5 204.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 204.04999999999995 m 452.5 204.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 204.04999999999995 m 515.5 204.04999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 204.04999999999995 m 584.5 204.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 184.04999999999995 m 202.5 184.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 182.04999999999995 m 202.5 182.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 184.04999999999995 m 248.5 184.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 182.04999999999995 m 248.5 182.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 184.04999999999995 m 308.5 184.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 182.04999999999995 m 308.5 182.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 184.04999999999995 m 371.5 184.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 182.04999999999995 m 371.5 182.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 184.04999999999995 m 452.5 184.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 182.04999999999995 m 452.5 182.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 184.04999999999995 m 515.5 184.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 182.04999999999995 m 515.5 182.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 184.04999999999995 m 584.5 184.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 182.04999999999995 m 584.5 182.04999999999995 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 258.40 697.50 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 332.58 697.50 Td (, 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 162.25 665.50 Td (Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 167.05 656.50 Td (Shar) Tj ET Q q 0 0 0 rg BT 185.47 656.50 Td (es) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 211.20 656.50 Td (Amount) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.45 674.50 Td (Additional) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.95 665.50 Td (Paid-in) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.70 656.50 Td (Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.00 683.50 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.20 674.50 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.00 665.50 Td (in Excess of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 323.95 656.50 Td (Earnings) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.00 683.50 Td (Accumulated) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 402.05 674.50 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.55 665.50 Td (Compr) Tj ET Q q 0 0 0 rg BT 410.97 665.50 Td (ehensive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.35 656.50 Td (Income \(Loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.65 674.50 Td (T) Tj ET Q q 0 0 0 rg BT 481.24 674.50 Td (otal) 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 (Noncontr) Tj ET Q q 0 0 0 rg BT 558.88 665.50 Td (olling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.80 656.50 Td (Inter) Tj ET Q q 0 0 0 rg BT 554.13 656.50 Td (ests) 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, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.75 642.51 Td (270,657) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 209.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.50 642.51 Td (271) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.00 642.51 Td (2,440,089) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 642.51 Td (\(61) Tj ET Q q 0 0 0 rg BT 347.75 642.51 Td (1,813) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 642.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 642.51 Td (\(123,769) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 642.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 642.51 Td (1,704,778) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 642.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.25 642.51 Td (31,319) 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 178.75 628.51 Td (9,836) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 628.51 Td (10) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.25 628.51 Td (93,775) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 628.51 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 487.25 628.51 Td (93,785) 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 190.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 607.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 607.51 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 567.50 607.51 Td (953) 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 190.00 593.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 593.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 593.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 593.51 Td (\(177,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 593.51 Td (\)) 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 (\(177,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 593.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 564.50 593.51 Td (\(825) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 593.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 580.30 Td (Distributions on Convertible Preferred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 572.30 Td (Equity Certificates \(CPEC\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 572.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 572.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 572.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 572.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 572.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 572.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 572.51 Td (\(3,396) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 572.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 558.30 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.75 558.51 Td (\(6,01) Tj ET Q q 0 0 0 rg BT 194.50 558.51 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.00 558.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 558.51 Td (\(7) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.00 558.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.25 558.51 Td (\(57,059) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 558.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 558.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 558.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 558.51 Td (\(57,066) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 558.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 558.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 544.30 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 544.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 544.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 544.51 Td (\(61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 544.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 544.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 544.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 544.51 Td (\(61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 544.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 544.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 530.30 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 530.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 530.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 530.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 344.75 530.51 Td (\(7,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 530.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 530.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 488.75 530.51 Td (\(7,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 530.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 530.51 Td (2,281) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 517.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 509.30 Td (adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 509.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 509.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 509.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 509.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 509.51 Td (\(55,541) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 509.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 509.51 Td (\(55,541) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 509.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 509.51 Td (\(1,189) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 509.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 496.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 488.30 Td (adjustment reclassified into earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 488.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 488.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 488.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 488.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.25 488.51 Td (16,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.25 488.51 Td (16,214) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 488.51 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 474.28 Td (Balance as of December) Tj ET Q q 0 0 0 rg BT 110.46 474.28 Td ( 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.75 474.51 Td (274,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.50 474.51 Td (274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.00 474.51 Td (2,476,744) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 474.51 Td (\(796,341) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 474.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 474.51 Td (\(163,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 474.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 474.51 Td (1,517,581) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.25 474.51 Td (29,143) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 460.30 Td (Issuance of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.75 460.51 Td (9,331) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.50 460.51 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.25 460.51 Td (94,061) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 460.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 460.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.25 460.51 Td (94,070) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 460.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 446.30 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 446.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 446.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 446.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 446.51 Td (\(179,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 446.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 446.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 446.51 Td (\(179,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 446.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 446.51 Td (\(2,077) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 446.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 432.30 Td (Distributions on CPEC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 432.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 432.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 432.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 432.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 432.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 432.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 432.51 Td (\(3,614) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 432.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 418.30 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 175.75 418.51 Td (\(6,482) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.00 418.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 418.51 Td (\(6) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.00 418.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 277.25 418.51 Td (\(63,578) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 418.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 418.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 418.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 418.51 Td (\(63,584) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 418.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 418.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 404.30 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 404.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 404.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 404.51 Td (\(41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 404.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 404.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 404.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 404.51 Td (\(41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 404.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 404.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 390.30 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 390.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 390.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 390.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.75 390.51 Td (154,664) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 390.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.75 390.51 Td (154,664) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 390.51 Td (2,563) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 377.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 369.30 Td (adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 369.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 369.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 369.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 369.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 369.51 Td (\(36,833) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 369.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.25 369.51 Td (\(36,833) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 369.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 557.75 369.51 Td (\(3,814) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 369.51 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 355.28 Td (Balance as of December) Tj ET Q q 0 0 0 rg BT 110.39 355.28 Td ( 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.75 355.51 Td (277,331) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 209.00 355.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.50 355.51 Td (277) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.00 355.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.00 355.51 Td (2,507,186) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.00 355.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 355.51 Td (\(821,500) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 355.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 355.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 355.51 Td (\(199,929) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 355.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 355.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 355.51 Td (1,486,034) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 355.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.25 355.51 Td (22,201) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 341.30 Td (Issuance of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 178.75 341.51 Td (9,150) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 240.50 341.51 Td (9) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 280.25 341.51 Td (91,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 341.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 341.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.25 341.51 Td (91,983) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 341.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 328.30 Td (Contributions from noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 320.30 Td (interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 320.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 320.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 320.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 320.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 320.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 320.51 Td (33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 306.30 Td (Distributions declared) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 306.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 306.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 306.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 306.51 Td (\(467,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 306.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 306.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 306.51 Td (\(467,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 306.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.25 306.51 Td (\(26,707) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 306.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 292.30 Td (Redemption of CPEC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 292.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 292.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 292.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 292.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 292.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 503.00 292.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.25 292.51 Td (\(52,552) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 581.00 292.51 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 278.30 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 171.25 278.51 Td (\(12,226) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 199.00 278.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 233.00 278.51 Td (\(12) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 245.00 278.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.75 278.51 Td (\(128,095) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 278.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 278.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 278.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 479.75 278.51 Td (\(128,107) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 278.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 278.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 264.30 Td (Issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 264.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 264.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 293.00 264.51 Td (\(61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.00 264.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 264.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 264.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 500.00 264.51 Td (\(61) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 512.00 264.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 264.51 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 250.30 Td (Net income \(loss\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 250.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 250.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 250.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 338.75 250.51 Td (320,950) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 250.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 482.75 250.51 Td (320,950) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 556.25 250.51 Td (54,657) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 237.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 229.30 Td (adjustment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 229.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 229.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 229.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 229.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 424.25 229.51 Td (62,248) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 487.25 229.51 Td (62,248) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 572.00 229.51 Td (61) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 216.30 Td (Foreign currency translation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 29.00 208.30 Td (adjustment reclassified into earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 190.00 208.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 236.00 208.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 296.00 208.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 359.00 208.51 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 428.75 208.51 Td (8,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 491.75 208.51 Td (8,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 208.51 Td (3,614) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 195.28 Td (Balance as of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 29.00 187.28 Td (December) Tj ET Q q 0 0 0 rg BT 63.50 187.28 Td ( 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 169.75 187.51 Td (274,255) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 209.00 187.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 231.50 187.51 Td (274) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 255.00 187.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 269.00 187.51 Td (2,471,004) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 315.00 187.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 335.75 187.51 Td (\(968,158) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.00 187.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 378.00 187.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 416.75 187.51 Td (\(128,869) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 187.51 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 187.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 476.00 187.51 Td (1,374,251) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 522.00 187.51 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 560.75 187.51 Td (1,307) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 215.65 160.75 Td (See notes to the consolidated financial statements.) 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.65 730.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 730.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 730.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 730.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 730.25 Td ( CASH FLOWS) 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, 2017) 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 (2016) 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 (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.35 718.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 669.75 275.00 -13.00 re f /GS0 gs 0.8 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325.50 270.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 270.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 270.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 270.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 270.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 270.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 244.75 275.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 244.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 244.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 244.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 244.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 244.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 244.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 218.75 275.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 218.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 218.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 218.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 218.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 218.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 218.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 192.75 275.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 192.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 192.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 192.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 192.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 192.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 192.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 166.75 275.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 166.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 166.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 166.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 166.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 166.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 166.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 140.75 275.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 140.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 140.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 140.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 140.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 140.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 140.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 114.75 275.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 114.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 114.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 114.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 114.75 75.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 114.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 114.75 75.00 -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 329.5 682.75 m 404.5 682.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 682.75 m 483.5 682.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 682.75 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 329.5 439.75 m 404.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 439.75 m 483.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 439.75 m 562.5 439.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 426.75 m 404.5 426.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 426.75 m 483.5 426.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 426.75 m 562.5 426.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 322.75 m 404.5 322.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 309.75 m 404.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 322.75 m 483.5 322.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 309.75 m 483.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 322.75 m 562.5 322.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 309.75 m 562.5 309.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 153.75 m 404.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 153.75 m 483.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 153.75 m 562.5 153.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 140.75 m 404.5 140.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 140.75 m 483.5 140.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 140.75 m 562.5 140.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 101.75 m 404.5 101.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 101.75 m 483.5 101.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 101.75 m 562.5 101.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 89.75 m 404.5 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 87.75 m 404.5 87.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 89.75 m 483.5 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 87.75 m 483.5 87.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 89.75 m 562.5 89.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 87.75 m 562.5 87.75 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 357.50 687.15 Td (2017) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.50 687.15 Td (2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 515.50 687.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 674.15 Td (CASH FLOWS FROM OPERA) Tj ET Q q 0 0 0 rg BT 175.92 674.15 Td (TING ) Tj ET Q q 0 0 0 rg BT 200.59 674.15 Td (ACTIVITIES:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.60 674.15 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 332.00 661.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 661.01 Td (375,607) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 661.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 661.01 Td (157,227) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 661.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 661.01 Td (\(4,954) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 661.01 Td (\)) 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) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 639.01 Td (activities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 626.01 Td (Depreciation and amortization) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 626.01 Td (159,463) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 626.01 Td (193,954) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 626.01 Td (203,380) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 613.01 Td (Allowance for deferred tax assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 613.01 Td (\(1) Tj ET Q q 0 0 0 rg BT 380.75 613.01 Td (1,172) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 613.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 613.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 613.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 600.01 Td (Equity in \(earnings\) losses of unconsolidated entity) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 600.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 600.01 Td (\(7,504) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 600.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 600.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 587.01 Td (Distributions from unconsolidated entities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 587.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 587.01 Td (7,504) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 587.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 574.01 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 574.01 Td (\(10,046) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 574.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 574.01 Td (8,240) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 574.01 Td (21,468) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 561.01 Td (\(Gain\) loss on sale of real estate investments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.75 561.01 Td (\(364,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 561.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 561.01 Td (\(127,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 561.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 561.01 Td (\(14,684) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 561.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 548.01 Td (Impairment losses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 548.01 Td (7,124) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 548.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 548.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 535.01 Td (\(Gain\) loss on derivative instruments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 387.50 535.01 Td (634) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.50 535.01 Td (689) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 535.01 Td (\(562) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 535.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 522.01 Td (Changes in assets and liabilities:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 522.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 509.01 Td (Change in other assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 509.01 Td (2,767) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 509.01 Td (\(6,651) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 509.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 509.01 Td (\(5,235) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 509.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 496.01 Td (Change in tenant and other receivables) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 496.01 Td (2,062) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 496.01 Td (\(27,065) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 496.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 496.01 Td (\(34,637) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 496.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 483.01 Td (Change in deferred leasing costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 483.01 Td (\(49,1) Tj ET Q q 0 0 0 rg BT 392.00 483.01 Td (13) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 483.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 483.01 Td (\(43,191) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 483.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 483.01 Td (\(60,104) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 483.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 470.01 Td (Change in accounts payable and accrued expenses) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 470.01 Td (\(3,458) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 470.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 470.01 Td (7,471) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 470.01 Td (9,133) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 457.01 Td (Change in other liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 457.01 Td (\(9,626) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 457.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 457.01 Td (\(5,145) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 457.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 538.75 457.01 Td (1,324) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.00 444.01 Td (Change in due to af) Tj ET Q q 0 0 0 rg BT 129.32 444.01 Td (filiates) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 444.01 Td (\(10,188) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 444.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 444.01 Td (\(1,460) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 444.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 542.50 444.01 Td (\(224) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 444.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 431.01 Td (Net cash from operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.25 431.01 Td (89,729) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 431.01 Td (156,775) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 431.01 Td (1) Tj ET Q q 0 0 0 rg BT 534.25 431.01 Td (14,905) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 418.15 Td (CASH FLOWS FROM INVESTING ) Tj ET Q q 0 0 0 rg BT 197.27 418.15 Td (ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 418.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 418.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 418.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 405.01 Td (Proceeds from sale of real estate investments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 405.01 Td (947,882) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 405.01 Td (266,312) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 405.01 Td (30,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 392.01 Td (Investments in acquired properties and lease intangibles) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 392.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 392.01 Td (\(30,142) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 392.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.75 392.01 Td (\(51) Tj ET Q q 0 0 0 rg BT 538.75 392.01 Td (1,553) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 392.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 379.01 Td (Capital expenditures at operating properties and developments) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 379.01 Td (\(43,123) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 379.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 379.01 Td (\(19,926) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 379.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 379.01 Td (\(1) Tj ET Q q 0 0 0 rg BT 538.75 379.01 Td (1,627) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 379.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 366.01 Td (Distributions from unconsolidated entities in excess of equity in earnings) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 366.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.75 366.01 Td (2,006) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 366.01 Td (867) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 353.01 Td (Investments in real estate loans receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 377.75 353.01 Td (\(2,296) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 353.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 353.01 Td (\(6,182) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 353.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 353.01 Td (\(13,208) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 353.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 340.01 Td (Proceeds from collection of real estate loans receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 340.01 Td (7,178) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 455.25 340.01 Td (46,951) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.25 340.01 Td (33,569) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 327.01 Td (Sale of real estate loans receivable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 376.25 327.01 Td (10,342) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 327.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 327.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 314.01 Td (Net cash from \(used in\) investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 314.01 Td (919,983) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 314.01 Td (259,019) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.75 314.01 Td (\(471,584) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 314.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 301.15 Td (CASH FLOWS FROM FINANCING ) Tj ET Q q 0 0 0 rg BT 198.76 301.15 Td (ACTIVITIES:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 301.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 301.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 301.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 288.01 Td (Contribution from noncontrolling interest) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 288.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 288.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 288.01 Td (953) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 275.01 Td (Redemption of common shares) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.75 275.01 Td (\(121,399) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 275.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 275.01 Td (\(63,842) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 275.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 275.01 Td (\(57,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 275.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 262.01 Td (Payment of issuer costs) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 389.00 262.01 Td (\(40) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 262.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.00 262.01 Td (\(42) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 262.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 547.00 262.01 Td (\(55) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 262.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 249.01 Td (Distributions paid to stockholders and noncontrolling interests) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.75 249.01 Td (\(120,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 249.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 452.25 249.01 Td (\(89,163) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 249.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 249.01 Td (\(85,275) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 249.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 236.01 Td (Redemptions of CPEC) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 373.25 236.01 Td (\(52,552) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 236.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 236.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 550.00 236.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 223.01 Td (Proceeds from notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 223.01 Td (159,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 223.01 Td (159,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.00 223.01 Td (1,756,721) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 210.01 Td (Payments on related party notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 392.00 210.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 210.01 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 531.25 210.01 Td (\(17,017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 210.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 197.01 Td (Payments on notes payable) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.75 197.01 Td (\(621,508) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 197.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 197.01 Td (\(412,620) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 197.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 520.00 197.01 Td (\(1,230,638) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 197.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 184.01 Td (Change in security deposit liability) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.50 184.01 Td (\(538) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 184.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 471.00 184.01 Td (78) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 545.50 184.01 Td (915) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 171.01 Td (Deferred financing costs paid) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 384.50 171.01 Td (\(425) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 171.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 463.50 171.01 Td (\(503) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 171.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 171.01 Td (\(8,933) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 171.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 158.01 Td (Payments related to interest rate contracts) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.50 158.01 Td (\(8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 158.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.00 158.01 Td (\(50) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 158.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 158.01 Td (\(2,457) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 158.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 145.01 Td (Net cash from \(used in\) financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 368.75 145.01 Td (\(757,927) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 401.00 145.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 447.75 145.01 Td (\(407,142) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 145.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 145.01 Td (356,889) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 132.15 Td (Effect of exchange rate changes on cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 380.75 132.01 Td (9,701) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 456.75 132.01 Td (\(8,319) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 132.01 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 132.01 Td (\(7,383) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 132.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 119.15 Td (Net change in cash, cash equivalents, and r) Tj ET Q q 0 0 0 rg BT 217.18 119.15 Td (estricted cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 119.01 Td (261,486) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.50 119.01 Td (333) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 535.75 119.01 Td (\(7,173) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 559.00 119.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 106.15 Td (Cash, cash equivalents and r) Tj ET Q q 0 0 0 rg BT 162.69 106.15 Td (estricted cash, beginning of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 106.01 Td (156,724) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 106.01 Td (156,391) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 106.01 Td (163,564) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 93.15 Td (Cash, cash equivalents and r) Tj ET Q q 0 0 0 rg BT 162.61 93.15 Td (estricted cash, end of year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 332.00 93.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 371.75 93.01 Td (418,210) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 411.00 93.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.75 93.01 Td (156,724) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 490.00 93.01 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 529.75 93.01 Td (156,391) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.60 65.25 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 31.60 Td (69) 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 50.00 694.25 Td (1.ORGANIZA) Tj ET Q q 0 0 0 rg BT 116.76 694.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.25 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 145.02 670.25 Td (, Inc. \(the Company\), was formed as a Maryland corporation on December10, 2008 under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (General Corporation Law of the state of Maryland for the purpose of engaging in the business of investing in and owning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (commercial real estate properties and other real estate investments. ) Tj ET Q q 0 0 0 rg BT 320.26 646.25 Td (The Company conducts substantially all of its operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (through Hines Global REIT) Tj ET Q q 0 0 0 rg BT 161.19 634.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 220.54 634.25 Td ( \(the Operating Partnership\) and subsidiaries of the Operating Partnership. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Beginning with its taxable year ended December 31, 2009, the Company operated and intends to continue to operate in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (manner to qualify as a real estate investment trust \(REIT\) for federal income tax purposes. ) Tj ET Q q 0 0 0 rg BT 422.46 610.25 Td (The day-to-day business of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Company is managed by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 229.23 598.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.18 598.25 Td (AdvisorsLP) Tj ET Q q 0 0 0 rg BT 281.09 598.25 Td ( \(the Advisor\), an af) Tj ET Q q 0 0 0 rg BT 370.60 598.25 Td (filiate of Hines Interests Limited Partnership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (\(Hines\), pursuant to the ) Tj ET Q q 0 0 0 rg BT 155.25 586.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 194.42 586.25 Td (Agreement between the Company) Tj ET Q q 0 0 0 rg BT 330.11 586.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 349.28 586.25 Td (Advisor and the Operating Partnership.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.17 562.25 Td (August5, 2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.56 562.25 Td (, the Company commenced its initial public of) Tj ET Q q 0 0 0 rg BT 328.90 562.25 Td (fering of common stock for sale to the public \(the Initial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 550.25 Td (fering\) which expired on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.44 550.25 Td (February1, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.04 550.25 Td (. ) Tj ET Q q 0 0 0 rg BT 242.36 550.25 Td (The Company commenced a follow-on of) Tj ET Q q 0 0 0 rg BT 409.63 550.25 Td (fering ef) Tj ET Q q 0 0 0 rg BT 443.59 550.25 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 550.25 Td (February4, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.89 550.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (through which it of) Tj ET Q q 0 0 0 rg BT 126.75 538.25 Td (fered up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.57 538.25 Td ($3.5 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.68 538.25 Td ( in shares of common stock \(the Second Of) Tj ET Q q 0 0 0 rg BT 395.68 538.25 Td (fering\), and ceased of) Tj ET Q q 0 0 0 rg BT 486.56 538.25 Td (fering primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (shares pursuant to the second public of) Tj ET Q q 0 0 0 rg BT 205.34 526.25 Td (fering on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.66 526.25 Td (April1) Tj ET Q q 0 0 0 rg BT 271.90 526.25 Td (1, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.90 526.25 Td (. ) Tj ET Q q 0 0 0 rg BT 309.22 526.25 Td (The Company continues to of) Tj ET Q q 0 0 0 rg BT 427.91 526.25 Td (fer up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.28 526.25 Td ($500.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.17 526.25 Td ( of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (of its common stock under its distribution reinvestment plan, pursuant to an of) Tj ET Q q 0 0 0 rg BT 363.38 514.25 Td (fering which commenced on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.46 514.25 Td (April24, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.07 514.25 Td ( \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (DRP) Tj ET Q q 0 0 0 rg BT 73.52 502.25 Td ( Of) Tj ET Q q 0 0 0 rg BT 86.39 502.25 Td (fering\). Collectively) Tj ET Q q 0 0 0 rg BT 173.76 502.25 Td (, through its public of) Tj ET Q q 0 0 0 rg BT 259.97 502.25 Td (ferings, the Company received gross of) Tj ET Q q 0 0 0 rg BT 416.96 502.25 Td (fering proceeds of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.21 502.25 Td ($3.1 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.32 502.25 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.59 490.25 Td (306.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.49 490.25 Td ( shares from inception through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.73 490.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.32 490.25 Td (, all of which has been invested in the Company) Tj ET Q q 0 0 0 rg BT 546.27 490.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (real estate portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.25 Td (By the end of 2015, the Company completed its investment of the proceeds raised through its public of) Tj ET Q q 0 0 0 rg BT 479.40 454.25 Td (ferings and owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (interests in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.10 442.25 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.10 442.25 Td (real estate investments. Since that time, through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.72 442.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.30 442.25 Td (, the Company has sold its interests in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.46 442.25 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.46 442.25 Td (real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (estate investments. ) Tj ET Q q 0 0 0 rg BT 129.99 430.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.43 430.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.01 430.25 Td (, the Company owned interests in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.38 430.25 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.38 430.25 Td ( real estate investments, consisting of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (following types of investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 394.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 394.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 394.25 Td (of) Tj ET Q q 0 0 0 rg BT 125.97 394.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 143.46 394.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.73 394.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.06 394.25 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.06 394.25 Td ( ) Tj ET Q q 0 0 0 rg BT 204.56 394.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 382.25 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 382.25 Td (other ) Tj ET Q q 0 0 0 rg BT 140.87 382.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.15 382.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 382.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.48 382.25 Td ( ) Tj ET Q q 0 0 0 rg BT 201.98 382.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 370.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 370.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 370.25 Td (of) Tj ET Q q 0 0 0 rg BT 138.74 370.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.22 370.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 206.50 370.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.83 370.25 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.83 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.33 370.25 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 358.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 358.25 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 358.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.64 358.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.91 358.25 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 358.25 Td (1) Tj ET Q q 0 0 0 rg BT 211.87 358.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.87 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 219.37 358.25 Td (investments\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (Joint V) Tj ET Q q 0 0 0 rg BT 79.18 334.25 Td (entures, Equity Method Investments and Noncontrolling Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 310.25 Td (On January7, 2009, the Company and Hines Global REIT) Tj ET Q q 0 0 0 rg BT 301.95 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 303.89 310.25 Td (Associates Limited Partnership \(HALP\), an af) Tj ET Q q 0 0 0 rg BT 497.55 310.25 Td (filiate of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 81.82 298.25 Td (, formed Hines Global REIT) Tj ET Q q 0 0 0 rg BT 195.78 298.25 Td ( Properties, LP) Tj ET Q q 0 0 0 rg BT 255.13 298.25 Td ( \(the Operating Partnership\). ) Tj ET Q q 0 0 0 rg BT 380.73 298.25 Td (The Company conducts most of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (operations through the Operating Partnership. On January14, 2009, the Company and HALP) Tj ET Q q 0 0 0 rg BT 422.62 286.25 Td ( made initial capital contributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (to the Operating Partnership of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.36 274.25 Td ($10,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.86 274.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.30 274.25 Td ($190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.80 274.25 Td (, respectively and accordingly) Tj ET Q q 0 0 0 rg BT 385.10 274.25 Td (, HALP) Tj ET Q q 0 0 0 rg BT 415.84 274.25 Td ( owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.44 274.25 Td (95.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.27 274.25 Td ( noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (interest in the Operating Partnership. ) Tj ET Q q 0 0 0 rg BT 199.41 262.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.85 262.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.44 262.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.88 262.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.88 262.25 Td (, HALP) Tj ET Q q 0 0 0 rg BT 372.62 262.25 Td ( owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.22 262.25 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.05 262.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.48 262.25 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.31 262.25 Td ( interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Operating Partnership, respectively) Tj ET Q q 0 0 0 rg BT 190.69 250.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td (The Brindleyplace JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.25 Td (In June 2010, the Operating Partnership and Moorfield Real Estate Fund II GP) Tj ET Q q 0 0 0 rg BT 382.29 202.25 Td ( Ltd., \(Moorfield\) formed Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (Moorfield UK ) Tj ET Q q 0 0 0 rg BT 109.81 190.25 Td (V) Tj ET Q q 0 0 0 rg BT 115.92 190.25 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 450.38 190.25 Td ( acquired several properties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (located in Birmingham, England \(the Brindleyplace Project\).In 2015, LSREF 3 Laser Holdings \(Jersey\) Limited \(Laser\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (purchased Moorfield) Tj ET Q q 0 0 0 rg BT 136.36 166.25 Td (s interest in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 269.20 166.25 Td ( and renamed it Hines Laser UK ) Tj ET Q q 0 0 0 rg BT 400.92 166.25 Td (V) Tj ET Q q 0 0 0 rg BT 407.04 166.25 Td (enture I S.A.R.L. ) Tj ET Q q 0 0 0 rg BT 480.73 166.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.10 154.25 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.43 154.25 Td ( interest in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 233.38 154.25 Td ( and Laser held the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.00 154.25 Td (40%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.33 154.25 Td ( interest. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.59 154.25 Td (February 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.19 154.25 Td (, the Brindleyplace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (JV) Tj ET Q q 0 0 0 rg BT 60.93 142.25 Td ( sold the Brindleyplace Project. See Note 3 Investment Property for information regarding the sale.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td (The Company has concluded its investment in the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 339.70 118.25 Td ( does not qualify as a variable interest entity \(VIE\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (under the Financial ) Tj ET Q q 0 0 0 rg BT 129.15 106.25 Td (Accounting Standards Board \(the F) Tj ET Q q 0 0 0 rg BT 274.48 106.25 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 303.65 106.25 Td (Accounting Standards Codification \(ASC or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (Codification\) 810 Consolidation. Based on the Company) Tj ET Q q 0 0 0 rg BT 298.01 94.25 Td (s majority voting interest as well as certain additional voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (rights and other factors, the Company has consolidated the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 356.68 82.25 Td ( and its wholly-owned subsidiaries in its financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 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 50.00 58.25 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 118.41 58.25 Td (.) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (Consolidated VIEs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (The Flagship JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.25 Td (In June 201) Tj ET Q q 0 0 0 rg BT 114.29 694.25 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 489.76 694.25 Td (Agreement \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (amended\) with Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 195.44 682.25 Td ( for the formation of Flagship Capital Partners Fund, LP) Tj ET Q q 0 0 0 rg BT 420.04 682.25 Td (\(the Flagship JV\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (purpose of originating real estate loans. ) Tj ET Q q 0 0 0 rg BT 210.05 670.25 Td (The Company owns a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.03 670.25 Td (97%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.36 670.25 Td ( interest in the Flagship JV) Tj ET Q q 0 0 0 rg BT 425.67 670.25 Td ( and Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 528.35 670.25 Td ( owns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.76 658.25 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.09 658.25 Td ( interest. Flagship Capital, GP) Tj ET Q q 0 0 0 rg BT 241.26 658.25 Td ( serves as the general partner and will manage the day-to-day activities of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Flagship JV) Tj ET Q q 0 0 0 rg BT 96.77 646.25 Td (. Both partners have equal voting rights and distributions from the Flagship JV) Tj ET Q q 0 0 0 rg BT 411.27 646.25 Td ( will initially be paid to the fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (partners based on their pro rata ownership. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.28 634.25 Td (Since the voting rights of each of the partners are disproportionate to their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (ownership interests, the Company has concluded that the Flagship JV) Tj ET Q q 0 0 0 rg BT 328.11 622.25 Td ( qualifies as a ) Tj ET Q q 0 0 0 rg BT 385.13 622.25 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 429.00 622.25 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 500.00 622.25 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (has determined that it is the primary beneficiary due to its ability to exercise significant control and influence over the Flagship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (JV) Tj ET Q q 0 0 0 rg BT 60.93 598.25 Td ( as well as certain other factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.27 598.25 Td ( ) Tj ET Q q 0 0 0 rg BT 189.21 598.25 Td (As a result, the Company consolidated the Flagship JV) Tj ET Q q 0 0 0 rg BT 408.73 598.25 Td ( and its wholly-owned subsidiaries in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (its financial statements. See Note 10 Noncontrolling Interests for additional information regarding our noncontrolling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (interests in the Flagship JV) Tj ET Q q 0 0 0 rg BT 157.59 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 164.54 574.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.98 574.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.57 574.25 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.98 574.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.98 574.25 Td ( remaining real estate loans owned by the Flagship JV) Tj ET Q q 0 0 0 rg BT 543.14 574.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (the partners consented to the voluntary winding up and termination of the Flagship JV) Tj ET Q q 0 0 0 rg BT 393.36 562.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 Td (The W) Tj ET Q q 0 0 0 rg BT 92.91 538.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 116.43 538.25 Td (all Place JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.25 Td (In December 201) Tj ET Q q 0 0 0 rg BT 137.04 514.25 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 512.51 514.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (with an af) Tj ET Q q 0 0 0 rg BT 89.80 502.25 Td (filiate of Hines for the formation of Hines One ) Tj ET Q q 0 0 0 rg BT 278.74 502.25 Td (W) Tj ET Q q 0 0 0 rg BT 287.37 502.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 311.00 502.25 Td (all Holdings LP) Tj ET Q q 0 0 0 rg BT 373.96 502.25 Td ( \(the W) Tj ET Q q 0 0 0 rg BT 407.58 502.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 431.21 502.25 Td (all Place JV\), a Delaware ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (limited liability company) Tj ET Q q 0 0 0 rg BT 150.44 490.25 Td (, for the purpose of developing a residential/living project in Houston, ) Tj ET Q q 0 0 0 rg BT 432.70 490.25 Td (T) Tj ET Q q 0 0 0 rg BT 438.11 490.25 Td (exas. Hines serves as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (initial general partner and as the development partner and the subsidiary of the Operating Partnership is the initial limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (partner) Tj ET Q q 0 0 0 rg BT 77.76 466.25 Td (. ) Tj ET Q q 0 0 0 rg BT 85.08 466.25 Td (The Company has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.29 466.25 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.62 466.25 Td ( interest in this joint venture. ) Tj ET Q q 0 0 0 rg BT 305.04 466.25 Td (An af) Tj ET Q q 0 0 0 rg BT 327.35 466.25 Td (filiate of Hines owns the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.21 466.25 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.54 466.25 Td ( interest in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (joint venture. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.64 454.25 Td (The Company has concluded its investment in the ) Tj ET Q q 0 0 0 rg BT 307.64 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 316.28 454.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 339.90 454.25 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 387.49 454.25 Td ( qualifies as a ) Tj ET Q q 0 0 0 rg BT 444.51 454.25 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 488.38 454.25 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 559.38 454.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (the Company has determined that it is the primary beneficiary since it has greater exposure to the variability of One ) Tj ET Q q 0 0 0 rg BT 514.67 442.25 Td (W) Tj ET Q q 0 0 0 rg BT 523.31 442.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 546.93 442.25 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (JV) Tj ET Q q 0 0 0 rg BT 63.89 430.25 Td (s economic performance as well as certain other factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.51 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 290.46 430.25 Td (As a result, the Company has consolidated the ) Tj ET Q q 0 0 0 rg BT 477.74 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 486.38 430.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 510.00 430.25 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 557.58 430.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (and its wholly-owned subsidiaries in its financial statements. See Note 10 Noncontrolling Interests for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (information regarding our noncontrolling interests in the ) Tj ET Q q 0 0 0 rg BT 278.38 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 287.02 406.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 310.64 406.25 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 357.11 406.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 382.25 Td (The ) Tj ET Q q 0 0 0 rg BT 85.32 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 90.88 382.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 177.07 382.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 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 488.47 358.25 Td (Agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (an af) Tj ET Q q 0 0 0 rg BT 69.53 346.25 Td (filiate of Hines for the formation of Hines Ponce & Bird Holdings LP) Tj ET Q q 0 0 0 rg BT 346.70 346.25 Td (, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 499.89 346.25 Td (, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (purpose of developing a residential/living project in Miami, Florida. 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 50.00 322.25 Td (development partner and the subsidiary of the Operating Partnership is the initial limited partner) Tj ET Q q 0 0 0 rg BT 434.62 322.25 Td (. ) Tj ET Q q 0 0 0 rg BT 439.44 322.25 Td (The Company had an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.75 322.25 Td (83%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.08 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (interest in this joint venture. ) Tj ET Q q 0 0 0 rg BT 164.43 310.25 Td (An af) Tj ET Q q 0 0 0 rg BT 186.74 310.25 Td (filiate of Hines owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.14 310.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.47 310.25 Td ( interest in this joint venture. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.77 310.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (concluded its investment in the ) Tj ET Q q 0 0 0 rg BT 176.37 298.25 Td (A) Tj ET Q q 0 0 0 rg BT 182.85 298.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 268.48 298.25 Td ( qualified as a ) Tj ET Q q 0 0 0 rg BT 326.61 298.25 Td (VIE under ) Tj ET Q q 0 0 0 rg BT 370.49 298.25 Td (ASC 810. Further) Tj ET Q q 0 0 0 rg BT 443.98 298.25 Td (, the Company determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (that it is the primary beneficiary since it has greater exposure to the variability of ) Tj ET Q q 0 0 0 rg BT 375.72 286.25 Td (A) Tj ET Q q 0 0 0 rg BT 382.20 286.25 Td (viva Coral Gables's economic performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (as well as certain other factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.83 274.25 Td ( ) Tj ET Q q 0 0 0 rg BT 178.28 274.25 Td (As a result, the Company consolidated the ) Tj ET Q q 0 0 0 rg BT 349.36 274.25 Td (A) Tj ET Q q 0 0 0 rg BT 355.84 274.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 441.47 274.25 Td ( and its wholly-owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (subsidiaries in its financial statements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.97 262.25 Td (June 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 262.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 279.96 262.25 Td (A) Tj ET Q q 0 0 0 rg BT 286.44 262.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 372.08 262.25 Td ( sold ) Tj ET Q q 0 0 0 rg BT 393.19 262.25 Td (A) Tj ET Q q 0 0 0 rg BT 399.67 262.25 Td (viva Coral Gables. See Note 10 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (Noncontrolling Interests for additional information regarding our noncontrolling interests in the ) Tj ET Q q 0 0 0 rg BT 434.64 250.25 Td (A) Tj ET Q q 0 0 0 rg BT 441.12 250.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 526.75 250.25 Td ( and see ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (Note 3 Investment Property for information regarding the sale of the property) Tj ET Q q 0 0 0 rg BT 372.04 238.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (A) Tj ET Q q 0 0 0 rg BT 74.67 214.25 Td ( summary of our consolidated ) Tj ET Q q 0 0 0 rg BT 196.41 214.25 Td (VIEs is as follows \(in thousands\):) Tj ET Q 1 1 1 rg /GS0 gs 35.50 191.75 339.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 374.50 191.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 176.75 339.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 176.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 176.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 176.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 176.75 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 146.75 339.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 146.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 146.75 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 146.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 146.75 97.00 -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 378.5 176.75 m 474.5 176.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 176.75 m 575.5 176.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.65 181.43 Td (December) Tj ET Q q 0 0 0 rg BT 428.87 181.43 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.15 181.43 Td (December) Tj ET Q q 0 0 0 rg BT 529.27 181.43 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 166.42 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 128.56 170.95 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 166.42 Td (9,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 166.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 166.42 Td (30,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 151.42 Td (Assets held by ) Tj ET Q q 0 0 0 rg BT 98.74 151.42 Td (VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 151.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 151.42 Td (59,1) Tj ET Q q 0 0 0 rg BT 460.65 151.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 151.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 151.42 Td (136,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 136.42 Td (Assets held as collateral for debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 136.42 Td (59,1) Tj ET Q q 0 0 0 rg BT 460.65 136.42 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 136.42 Td (136,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 38.00 121.42 Td (Liabilities held by ) Tj ET Q q 0 0 0 rg BT 113.08 121.42 Td (VIEs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.00 121.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 121.42 Td (48,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.00 121.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 121.42 Td (91,792) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 93.25 Td (Represents the Company's contributions, net of distributions, made to the consolidated ) Tj ET Q q 0 0 0 rg BT 416.51 93.25 Td (VIEs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.56 93.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 69.25 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 437.13 69.25 Td (VIE) Tj ET Q q 0 0 0 rg BT 456.57 69.25 Td (s debt, and the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.25 Td (is generally required to obtain its partners) Tj ET Q q 0 0 0 rg BT 219.20 57.25 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 50.00 45.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 105.08 45.25 Td (T) Tj ET Q q 0 0 0 rg BT 110.84 45.25 Td (ransactions with these joint ventures on the Company) Tj ET Q q 0 0 0 rg BT 327.74 45.25 Td (s consolidated financial statements primarily relate to \(i\) ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (distributions related to the receipt of proceeds from the collection of loans receivable at the Flagship JV) Tj ET Q q 0 0 0 rg BT 464.69 742.10 Td ( or \(ii\) distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (received from the ) Tj ET Q q 0 0 0 rg BT 122.84 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 131.47 730.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 155.10 730.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 202.68 730.10 Td ( and the ) Tj ET Q q 0 0 0 rg BT 236.28 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.76 730.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 327.29 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 379.95 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 387.27 730.10 Td (The Company and its partners are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (to the terms of the joint venture agreements which include provisions for when additional contributions may be required. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.55 706.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.13 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.63 706.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.21 706.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.32 706.10 Td (received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.18 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.68 706.10 Td (distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.69 706.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.02 706.10 Td ($52.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.91 706.10 Td (, which included a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.72 706.10 Td ($35.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 694.10 Td ( distribution from the sale of ) Tj ET Q q 0 0 0 rg BT 194.99 694.10 Td (A) Tj ET Q q 0 0 0 rg BT 201.46 694.10 Td (viva Coral Gables in June 2017 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.71 694.10 Td ($14.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.61 694.10 Td ( of distributions related to the collection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (of the remaining loans receivable at the Flagship JV) Tj ET Q q 0 0 0 rg BT 258.09 682.10 Td ( in 2017, net of contributions made of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.67 682.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.57 682.10 Td ( in accordance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 670.10 Td (s respective joint venture agreements. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.99 670.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.57 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.07 670.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.66 670.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.76 670.10 Td (received) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.62 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 658.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.33 658.10 Td ($21.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.23 658.10 Td (, net of contributions made of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.03 658.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.92 658.10 Td ( in accordance with the Company) Tj ET Q q 0 0 0 rg BT 473.82 658.10 Td (s respective joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (venture agreements. ) Tj ET Q q 0 0 0 rg BT 135.34 646.10 Td (This activity is eliminated in consolidation of the ) Tj ET Q q 0 0 0 rg BT 334.01 646.10 Td (VIEs, but increases, or decreases in the case of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (distributions received, the Company) Tj ET Q q 0 0 0 rg BT 197.75 634.10 Td (s maximum risk of loss.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (Unconsolidated VIEs) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 586.10 Td (The @1377 Equity Method Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (The Company formed a joint venture with an af) Tj ET Q q 0 0 0 rg BT 258.87 562.10 Td (filiate of Hines in 201) Tj ET Q q 0 0 0 rg BT 346.26 562.10 Td (1 related to the construction of @1377, a residential/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (living development project in ) Tj ET Q q 0 0 0 rg BT 169.98 550.10 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 224.22 550.10 Td (gia. ) Tj ET Q q 0 0 0 rg BT 243.75 550.10 Td (The Company provided a preferred equity investment in the partnership of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.50 550.10 Td ($3.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 538.10 Td ( during 2012, representing a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.86 538.10 Td (51.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.69 538.10 Td ( ownership in the project and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.49 538.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.38 538.10 Td ( mezzanine loan commitment plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (accrued interest made by the Company) Tj ET Q q 0 0 0 rg BT 205.13 526.10 Td (. In addition, the partnership obtained a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 526.10 Td ($23.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.70 526.10 Td ( secured loan made by Cadence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Bank, N.A., which was solely guaranteed by the Company) Tj ET Q q 0 0 0 rg BT 287.17 514.10 Td (s joint venture partner \(the JV) Tj ET Q q 0 0 0 rg BT 411.12 514.10 Td ( Partner\). ) Tj ET Q q 0 0 0 rg BT 457.58 514.10 Td (The Company concluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (that @1377 qualifies as a ) Tj ET Q q 0 0 0 rg BT 153.73 502.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 175.21 502.10 Td (The JV) Tj ET Q q 0 0 0 rg BT 204.18 502.10 Td ( Partner was the manager of the project, which allowed the JV) Tj ET Q q 0 0 0 rg BT 452.81 502.10 Td ( Partner to direct the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (activities of the ) Tj ET Q q 0 0 0 rg BT 113.96 490.10 Td (VIE that most significantly impacted the ) Tj ET Q q 0 0 0 rg BT 278.75 490.10 Td (VIE) Tj ET Q q 0 0 0 rg BT 298.18 490.10 Td (s financial performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.58 490.10 Td (Based upon the loan guarantees and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (JV) Tj ET Q q 0 0 0 rg BT 60.93 478.10 Td ( Partner) Tj ET Q q 0 0 0 rg BT 92.68 478.10 Td () Tj ET Q q 0 0 0 rg BT 95.46 478.10 Td (s ability to direct the activities that significantly impacted the economic performance of the ) Tj ET Q q 0 0 0 rg BT 462.37 478.10 Td (VIE, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (determined that it is not the primary beneficiary of this ) Tj ET Q q 0 0 0 rg BT 271.42 466.10 Td (VIE and determined to account for its preferred equity investment in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (project as an equity method investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.40 454.10 Td ( Other than the initial capital contributions provided by the Company) Tj ET Q q 0 0 0 rg BT 485.36 454.10 Td (, the Company did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (not provide any additional subordinated financial support. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 70.32 418.10 Td (The construction of @1377 was completed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.32 418.10 Td (March 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.92 418.10 Td ( and in June 2016, the joint venture sold @1377 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.54 418.10 Td ($51.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 406.10 Td (, excluding transaction costs and closing prorations. ) Tj ET Q q 0 0 0 rg BT 290.52 406.10 Td (As a result of the sale of the property) Tj ET Q q 0 0 0 rg BT 438.15 406.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 499.54 406.10 Td (s equity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (earnings of the partnership included a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.83 394.10 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.72 394.10 Td ( and the Company received distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.96 394.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.85 394.10 Td ( as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 382.10 Td ( related to the repayment of its mezzanine loan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (2.SUMMAR) Tj ET Q q 0 0 0 rg BT 107.75 353.10 Td (Y) Tj ET Q q 0 0 0 rg BT 114.60 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.10 353.10 Td (OF) Tj ET Q q 0 0 0 rg BT 130.62 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 133.12 353.10 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 199.62 353.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.57 353.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 273.51 353.10 Td (POLICIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 329.10 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 305.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.21 305.10 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 49.50 293.10 Td (accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 178.35 293.10 Td (America \(GAAP\). ) Tj ET Q q 0 0 0 rg BT 262.85 293.10 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 49.50 281.10 Td (Company to make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 251.22 281.10 Td (fect the reported amounts of assets, liabilities and contingencies as of the date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (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 482.24 269.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (evaluates its assumptions and estimates on an ongoing basis. ) Tj ET Q q 0 0 0 rg BT 294.29 257.10 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 49.50 245.10 Td (various other assumptions that the Company believes to be reasonable under the circumstances. ) Tj ET Q q 0 0 0 rg BT 433.84 245.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 483.74 245.10 Td (, application of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 233.10 Td (s accounting policies involves exercising judgments regarding assumptions as to future uncertainties. ) Tj ET Q q 0 0 0 rg BT 497.46 233.10 Td (Actual results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (may dif) Tj ET Q q 0 0 0 rg BT 80.14 221.10 Td (fer from these estimates under dif) Tj ET Q q 0 0 0 rg BT 214.64 221.10 Td (ferent assumptions or conditions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 197.10 Td (Basis ) Tj ET Q q 0 0 0 rg BT 91.67 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 101.95 197.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 111.58 197.10 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 173.10 Td (The consolidated financial statements of the Company include the accounts of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 459.70 173.10 Td (, Inc., the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 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 542.19 161.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 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 67.50 125.10 Td (The Company evaluates the need to consolidate joint ventures in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 422.40 125.10 Td (. In accordance with GAAP) Tj ET Q q 0 0 0 rg BT 534.58 125.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 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 49.50 101.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 93.82 101.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 127.86 101.10 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 49.50 89.10 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 49.50 77.10 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 49.50 65.10 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 49.50 53.10 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 49.50 41.10 Td (financial interest, but has the ability to exercise significant influence, are accounted for using the equity method.) 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 31.60 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 730.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.21 730.10 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 49.50 718.10 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 49.50 706.10 Td (Company will record an impairment char) Tj ET Q q 0 0 0 rg BT 214.54 706.10 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 49.50 694.10 Td (other than temporary) Tj ET Q q 0 0 0 rg BT 132.71 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 140.03 694.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 199.74 694.10 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 49.50 682.10 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 457.92 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 464.87 682.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.31 682.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 670.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 670.10 Td (, the Company no longer had any investments in unconsolidated partially owned real estate joint ventures. Based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (on the Company) Tj ET Q q 0 0 0 rg BT 118.38 658.10 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 382.73 658.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.73 658.10 Td ( impairment was recorded related to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (investments in 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 353.85 646.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.43 646.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.43 646.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.43 646.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.76 646.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.76 646.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 622.10 Td (International Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 610.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 598.10 Td (The British pound \(GBP\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 355.21 598.10 Td (s subsidiaries operating in the United Kingdom, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (Russian rouble \(RUB\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 325.26 586.10 Td (s subsidiaries operating in Russia, the Polish zloty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (\(PLN\) is the functional currency for the Company) Tj ET Q q 0 0 0 rg BT 261.38 574.10 Td (s subsidiaries operating in Poland, the ) Tj ET Q q 0 0 0 rg BT 414.97 574.10 Td (Australian dollar \(AUD\) is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (functional currency for the Company) Tj ET Q q 0 0 0 rg BT 200.56 562.10 Td (s subsidiaries operating in ) Tj ET Q q 0 0 0 rg BT 306.66 562.10 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 49.50 550.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 105.88 550.10 Td (s subsidiaries operating in Germany and France. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 526.10 Td (These subsidiaries have translated their financial statements into U.S.dollars for reporting purposes. ) Tj ET Q q 0 0 0 rg BT 470.73 526.10 Td (Assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (are translated at the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 205.62 514.10 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 49.50 502.10 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 49.50 490.10 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 529.74 490.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 556.58 490.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 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 49.50 466.10 Td (operations and result from the ef) Tj ET Q q 0 0 0 rg BT 179.55 466.10 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 49.50 454.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 93.39 454.10 Td (s functional currency) Tj ET Q q 0 0 0 rg BT 177.15 454.10 Td (, including transactions between consolidated subsidiaries. ) Tj ET Q q 0 0 0 rg BT 413.21 454.10 Td (An exception is made where an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 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 49.50 430.10 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 49.50 418.10 Td (accumulated other comprehensive gains or losses. ) Tj ET Q q 0 0 0 rg BT 254.26 418.10 Td (The Company disposed of its investment in the Brindleyplace Project in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (February 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.10 406.10 Td ( as well as its investment in Mercedes Benz Bank in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.88 406.10 Td (July 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.05 406.10 Td (. Upon the disposal of these properties, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (Company realized a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.86 394.10 Td ($8.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.75 394.10 Td ( related to the currency translation adjustment, which was included in the gain \(loss\) on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (sale of real estate in its consolidated statement of operations. During the year ended December 31, 2015, intercompany loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (with the consolidated subsidiaries in ) Tj ET Q q 0 0 0 rg BT 196.98 370.10 Td (Australia were repaid and as a result, the Company recognized a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.77 370.10 Td ($15.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.66 370.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (which was included in foreign currency gain \(loss\). ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 Td (Investment Pr) Tj ET Q q 0 0 0 rg BT 122.94 334.10 Td (operty and Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 310.10 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 49.50 298.10 Td (Depreciation is computed using the straight-line method. ) Tj ET Q q 0 0 0 rg BT 279.27 298.10 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 49.50 286.10 Td (10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.10 286.10 Td ( for furniture and fixtures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.73 286.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.73 286.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.06 286.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.06 286.10 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.19 286.10 Td (40 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.79 286.10 Td ( for buildings. Major ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 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 70.50 250.10 Td (Acquisitions ) Tj ET Q q 0 0 0 rg BT 123.42 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.12 250.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 176.48 250.10 Td (are ) Tj ET Q q 0 0 0 rg BT 191.05 250.10 Td (accounted ) Tj ET Q q 0 0 0 rg BT 233.95 250.10 Td (for ) Tj ET Q q 0 0 0 rg BT 247.98 250.10 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 283.68 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.26 250.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 344.51 250.10 Td (method ) Tj ET Q q 0 0 0 rg BT 376.88 250.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 396.18 250.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 442.74 250.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.60 250.10 Td (are ) Tj ET Q q 0 0 0 rg BT 462.18 250.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 499.52 250.10 Td (at ) Tj ET Q q 0 0 0 rg BT 509.11 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.69 250.10 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 66.82 238.10 Td (values ) Tj ET Q q 0 0 0 rg BT 95.81 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.59 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.25 238.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 150.02 238.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 187.89 238.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.77 238.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 246.43 238.10 Td (assumed. ) Tj ET Q q 0 0 0 rg BT 286.56 238.10 Td (The ) Tj ET Q q 0 0 0 rg BT 305.55 238.10 Td (results ) Tj ET Q q 0 0 0 rg BT 335.11 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 346.88 238.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 391.98 238.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.75 238.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 441.62 238.10 Td (properties ) Tj ET Q q 0 0 0 rg BT 485.05 238.10 Td (are ) Tj ET Q q 0 0 0 rg BT 500.70 238.10 Td (included ) Tj ET Q q 0 0 0 rg BT 538.58 238.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.80 238.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 226.10 Td (s ) Tj ET Q q 0 0 0 rg BT 97.84 226.10 Td (results ) Tj ET Q q 0 0 0 rg BT 126.74 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 137.85 226.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 182.29 226.10 Td (from ) Tj ET Q q 0 0 0 rg BT 204.52 226.10 Td (their ) Tj ET Q q 0 0 0 rg BT 225.63 226.10 Td (respective ) Tj ET Q q 0 0 0 rg BT 268.95 226.10 Td (dates ) Tj ET Q q 0 0 0 rg BT 292.28 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.39 226.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 352.56 226.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 394.23 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.34 226.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.01 226.10 Td (values ) Tj ET Q q 0 0 0 rg BT 450.34 226.10 Td (are ) Tj ET Q q 0 0 0 rg BT 465.33 226.10 Td (based ) Tj ET Q q 0 0 0 rg BT 490.89 226.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 513.67 226.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 553.67 226.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.94 214.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 96.28 214.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 121.07 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.08 214.10 Td (other ) Tj ET Q q 0 0 0 rg BT 161.19 214.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 200.97 214.10 Td (techniques ) Tj ET Q q 0 0 0 rg BT 246.30 214.10 Td (that ) Tj ET Q q 0 0 0 rg BT 263.86 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.65 214.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 320.10 214.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 355.43 214.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.21 214.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 400.55 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 410.89 214.10 Td (those ) Tj ET Q q 0 0 0 rg BT 434.57 214.10 Td (used ) Tj ET Q q 0 0 0 rg BT 455.47 214.10 Td (by ) Tj ET Q q 0 0 0 rg BT 468.03 214.10 Td (market ) Tj ET Q q 0 0 0 rg BT 498.36 214.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 547.58 214.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.20 202.10 Td (used ) Tj ET Q q 0 0 0 rg BT 83.02 202.10 Td (to ) Tj ET Q q 0 0 0 rg BT 92.29 202.10 Td (record ) Tj ET Q q 0 0 0 rg BT 119.32 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.02 202.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 170.05 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 179.87 202.10 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 226.90 202.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.72 202.10 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 290.13 202.10 Td (such ) Tj ET Q q 0 0 0 rg BT 309.96 202.10 Td (as ) Tj ET Q q 0 0 0 rg BT 319.78 202.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 340.98 202.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 379.70 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.63 202.10 Td (improvements, ) Tj ET Q q 0 0 0 rg BT 456.83 202.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 500.54 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 516.46 202.10 Td (identifiable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (intangible ) Tj ET Q q 0 0 0 rg BT 91.74 190.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 117.32 190.10 Td (related ) Tj ET Q q 0 0 0 rg BT 146.77 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.79 190.10 Td (in-place ) Tj ET Q q 0 0 0 rg BT 191.25 190.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 217.37 190.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.06 190.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 273.52 190.10 Td (assumed, ) Tj ET Q q 0 0 0 rg BT 312.71 190.10 Td (such ) Tj ET Q q 0 0 0 rg BT 333.29 190.10 Td (as ) Tj ET Q q 0 0 0 rg BT 343.87 190.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 380.00 190.10 Td (related ) Tj ET Q q 0 0 0 rg BT 409.45 190.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.48 190.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 456.15 190.10 Td (out-of-market ) Tj ET Q q 0 0 0 rg BT 513.93 190.10 Td (leases, ) Tj ET Q q 0 0 0 rg BT 542.56 190.10 Td (asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (retirement ) Tj ET Q q 0 0 0 rg BT 93.45 178.10 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 143.26 178.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 183.89 178.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 207.86 178.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 244.11 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 250.22 178.10 Td (alues ) Tj ET Q q 0 0 0 rg BT 273.63 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.83 178.10 Td (buildings ) Tj ET Q q 0 0 0 rg BT 324.92 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.22 178.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 402.30 178.10 Td (are ) Tj ET Q q 0 0 0 rg BT 417.37 178.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 465.21 178.10 Td (on ) Tj ET Q q 0 0 0 rg BT 478.07 178.10 Td (an ) Tj ET Q q 0 0 0 rg BT 490.38 178.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.57 178.10 Td (if ) Tj ET Q q 0 0 0 rg BT 510.54 178.10 Td (vacant ) Tj ET Q q 0 0 0 rg BT 539.50 178.10 Td (basis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (Initial ) Tj ET Q q 0 0 0 rg BT 75.87 166.10 Td (valuations ) Tj ET Q q 0 0 0 rg BT 119.47 166.10 Td (are ) Tj ET Q q 0 0 0 rg BT 134.17 166.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 164.99 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.26 166.10 Td (change ) Tj ET Q q 0 0 0 rg BT 206.07 166.10 Td (until ) Tj ET Q q 0 0 0 rg BT 226.90 166.10 Td (such ) Tj ET Q q 0 0 0 rg BT 247.72 166.10 Td (information ) Tj ET Q q 0 0 0 rg BT 297.42 166.10 Td (is ) Tj ET Q q 0 0 0 rg BT 306.58 166.10 Td (finalized, ) Tj ET Q q 0 0 0 rg BT 346.56 166.10 Td (no ) Tj ET Q q 0 0 0 rg BT 359.05 166.10 Td (later ) Tj ET Q q 0 0 0 rg BT 379.31 166.10 Td (than ) Tj ET Q q 0 0 0 rg BT 399.02 166.10 Td (12months ) Tj ET Q q 0 0 0 rg BT 443.46 166.10 Td (from ) Tj ET Q q 0 0 0 rg BT 465.39 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 480.10 166.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 526.47 166.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 548.12 166.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 71.86 154.10 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 125.06 154.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 202.39 154.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 225.32 154.10 Td (such ) Tj ET Q q 0 0 0 rg BT 246.57 154.10 Td (as ) Tj ET Q q 0 0 0 rg BT 257.82 154.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 304.61 154.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 327.54 154.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.90 154.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 391.70 154.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 410.72 154.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 430.86 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.56 154.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.06 154.10 Td (Advisor ) Tj ET Q q 0 0 0 rg BT 491.20 154.10 Td (were ) Tj ET Q q 0 0 0 rg BT 513.55 154.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 553.68 154.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 88.08 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.85 142.10 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 135.28 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.82 142.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 171.09 142.10 Td (when ) Tj ET Q q 0 0 0 rg BT 194.91 142.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 244.33 142.10 Td (Standards ) Tj ET Q q 0 0 0 rg BT 286.53 142.10 Td (Update ) Tj ET Q q 0 0 0 rg BT 318.17 142.10 Td (\(ASU\) ) Tj ET Q q 0 0 0 rg BT 356.48 142.10 Td (2017-01 ) Tj ET Q q 0 0 0 rg BT 392.58 142.10 Td (becomes ) Tj ET Q q 0 0 0 rg BT 430.33 142.10 Td (ef) Tj ET Q q 0 0 0 rg BT 437.92 142.10 Td (fective, ) Tj ET Q q 0 0 0 rg BT 470.39 142.10 Td (any ) Tj ET Q q 0 0 0 rg BT 487.59 142.10 Td (acquisition-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 71.89 130.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.71 130.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 134.98 130.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 153.46 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.62 130.10 Td (any ) Tj ET Q q 0 0 0 rg BT 180.45 130.10 Td (future ) Tj ET Q q 0 0 0 rg BT 206.71 130.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 256.87 130.10 Td (will ) Tj ET Q q 0 0 0 rg BT 274.81 130.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.63 130.10 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 334.82 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 337.21 130.10 Td (See ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 354.03 130.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 383.45 130.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 431.38 130.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 441.00 130.10 Td (onouncements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.60 130.10 Td (below ) Tj ET Q q 0 0 0 rg BT 527.42 130.10 Td (for ) Tj ET Q q 0 0 0 rg BT 541.47 130.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (information ) Tj ET Q q 0 0 0 rg BT 99.21 118.10 Td (on ) Tj ET Q q 0 0 0 rg BT 111.16 118.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 133.67 118.10 Td (2017-01.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 106.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 94.10 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 49.50 82.10 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 49.50 70.10 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 468.53 70.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 518.44 70.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (Company evaluates the time period over which such occupancy levels would be achieved. Such evaluation will include an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (estimate of the net market-based rental revenues and net operating costs \(primarily consisting of real estate taxes, insurance and ) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (utilities\) that would be incurred during the lease-up period. ) Tj ET Q q 0 0 0 rg BT 287.21 742.10 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 49.50 730.10 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 49.50 718.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 718.10 Td (ged to amortization expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 694.10 Td (Acquired out-of-market lease values \(including ground leases\) arerecorded based on the present value \(using a discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (rate that reflects the risks associated with the lease acquired\) of the dif) Tj ET Q q 0 0 0 rg BT 330.32 682.10 Td (ference between the contractual amounts paid pursuant to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (the in-place leases and management) Tj ET Q q 0 0 0 rg BT 196.10 670.10 Td (s estimate of fair market value lease rates for the corresponding in-place leases. ) Tj ET Q q 0 0 0 rg BT 515.78 670.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 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 49.50 646.10 Td (over the remaining terms of the respective leases, which include periods covered by bar) Tj ET Q q 0 0 0 rg BT 399.74 646.10 Td (gain renewal options. Should a tenant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 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 381.69 634.10 Td (ged to rental revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 610.10 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 49.50 598.10 Td (pricing for similar types of debt with similar maturities. ) Tj ET Q q 0 0 0 rg BT 273.90 598.10 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 49.50 586.10 Td (estimated fair value as of the assumption date, and the dif) Tj ET Q q 0 0 0 rg BT 279.52 586.10 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 49.50 574.10 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 67.50 550.10 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 49.50 538.10 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 49.50 526.10 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 49.50 514.10 Td (basis to the carrying amount of such property) Tj ET Q q 0 0 0 rg BT 230.19 514.10 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 49.50 502.10 Td (down to theestimated fair value to reflect impairment in the value of the asset. ) Tj ET Q q 0 0 0 rg BT 366.43 502.10 Td (The determination of whether investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 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 49.50 478.10 Td (to management at the time of the evaluation. For the year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.46 478.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.05 478.10 Td (, we determined thatoneof our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (properties was impaired as a result of deteriorating market conditions. ) Tj ET Q q 0 0 0 rg BT 331.36 466.10 Td (As a result, an impairment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.56 466.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.45 466.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (recorded to write down its carrying value to its fair value for theyear ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.66 454.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.25 454.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.25 454.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.47 454.10 Td ( impairment char) Tj ET Q q 0 0 0 rg BT 518.59 454.10 Td (ges were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (recorded during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.28 442.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.86 442.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.80 442.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 442.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 418.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 90.56 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.06 418.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 131.12 418.10 Td (Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 394.10 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 49.50 382.10 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 67.50 358.10 Td (Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 334.10 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 526.78 334.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (mortgage agreements. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 298.10 Td (Concentration of Cr) Tj ET Q q 0 0 0 rg BT 148.24 298.10 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 274.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.53 274.10 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 49.50 262.10 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 49.50 250.10 Td (institutions in an ef) Tj ET Q q 0 0 0 rg BT 126.26 250.10 Td (fort to manage the Company) Tj ET Q q 0 0 0 rg BT 243.45 250.10 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 49.50 238.10 Td (restricted cash. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 214.10 Td (In addition, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.76 214.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.35 214.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.39 214.10 Td ($74.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.28 214.10 Td ( of cash and cash equivalents deposited in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (financial institutions located in the United Kingdom, Russia, Poland, ) Tj ET Q q 0 0 0 rg BT 326.69 202.10 Td (Australia, Germany) Tj ET Q q 0 0 0 rg BT 404.91 202.10 Td (, and France. Management regularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (monitors the financial stability of these financial institutions in an ef) Tj ET Q q 0 0 0 rg BT 322.59 190.10 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 49.50 178.10 Td (cash and cash equivalents.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.14 154.10 Td (enant and Other Receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 130.10 Td (Receivable balances consist primarily of base rents, tenant reimbursements and receivables attributable to straight-line rent. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (An allowance for the uncollectible portion of tenant and other receivables is determined based upon an analysis of the tenant) Tj ET Q q 0 0 0 rg BT 550.72 118.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (payment history) Tj ET Q q 0 0 0 rg BT 113.56 106.10 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 49.50 94.10 Td (economic conditions in the area in which the property is located. ) Tj ET Q q 0 0 0 rg BT 312.85 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 318.26 94.10 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 49.50 82.10 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 332.45 82.10 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.35 82.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.78 82.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.68 82.10 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.89 82.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.48 82.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 70.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.16 70.10 Td (.) 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 31.60 Td (74) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 93.79 742.10 Td (ed Leasing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 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 49.50 706.10 Td (capitalized and amortized over the life of the related lease. ) Tj ET Q q 0 0 0 rg BT 285.59 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 291.00 706.10 Td (enant inducement amortization is recorded as an of) Tj ET Q q 0 0 0 rg BT 494.91 706.10 Td (fset to rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 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 67.50 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.91 670.10 Td (enant inducement amortization was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.30 670.10 Td ($18.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.20 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.20 670.10 Td ($12.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.09 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.53 670.10 Td ($7.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.42 670.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.77 670.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.35 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 658.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 658.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 658.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.60 658.10 Td (, and was recorded as an of) Tj ET Q q 0 0 0 rg BT 269.98 658.10 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 503.79 658.10 Td ($4.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.68 658.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 646.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.83 646.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.72 646.10 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 488.26 646.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 634.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.94 634.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.94 634.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 186.60 634.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 610.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 93.79 610.10 Td (ed Financing Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 586.10 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 529.96 586.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 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 49.50 562.10 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 375.47 562.10 Td ($6.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.36 562.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 562.10 Td ($10.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.69 562.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.52 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.52 550.10 Td (. ) Tj ET Q q 0 0 0 rg BT 174.84 550.10 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 49.50 538.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 538.10 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 372.00 538.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.58 538.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.58 538.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.58 538.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.02 538.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.02 538.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.02 538.10 Td ($4.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 526.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.39 526.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.28 526.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.72 526.10 Td ($6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.61 526.10 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 49.50 514.10 Td (operations, respectively) Tj ET Q q 0 0 0 rg BT 143.82 514.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 490.10 Td (Real Estate Loans Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 466.10 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 49.50 454.10 Td (origination fees. ) Tj ET Q q 0 0 0 rg BT 116.80 454.10 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 49.50 442.10 Td (of the related real estate loan receivable. ) Tj ET Q q 0 0 0 rg BT 215.61 442.10 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 49.50 430.10 Td (revenue in the accompanying consolidated statement of operations and comprehensive income \(loss\). ) Tj ET Q q 0 0 0 rg BT 459.37 430.10 Td (An allowance for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 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 49.50 406.10 Td (area in which the property is located and credit quality indicators which include: borrower) Tj ET Q q 0 0 0 rg BT 410.58 406.10 Td () Tj ET Q q 0 0 0 rg BT 413.36 406.10 Td (s payment history) Tj ET Q q 0 0 0 rg BT 483.81 406.10 Td (, the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (condition of the borrower) Tj ET Q q 0 0 0 rg BT 151.57 394.10 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 67.50 370.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.40 370.10 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 49.50 358.10 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 49.50 346.10 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 49.50 334.10 Td (discounting the expected future cash flows at its ef) Tj ET Q q 0 0 0 rg BT 252.03 334.10 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 49.50 322.10 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 49.50 310.10 Td (management to exercise significant judgment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.61 310.10 Td (No) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.83 310.10 Td ( impairment was recorded for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.31 310.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.89 310.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.89 310.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.89 310.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 298.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.16 298.10 Td (. Further) Tj ET Q q 0 0 0 rg BT 158.70 298.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.36 298.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.94 298.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 298.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.94 298.10 Td ( allowances for uncollectibility have been recorded. ) Tj ET Q q 0 0 0 rg BT 490.25 298.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 286.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.13 286.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.13 286.10 Td ( outstanding loan receivable balances.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 262.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 93.15 262.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 238.10 Td (Other assets included the following \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 203.60 326.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 203.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 203.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 203.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 175.60 326.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 175.60 88.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 175.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 175.60 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 380 203.60000000000002 m 468 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 203.60000000000002 m 562 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380 161.60000000000002 m 468 161.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 161.60000000000002 m 562 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 148.60000000000002 m 468 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 146.60000000000002 m 468 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 148.60000000000002 m 562 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 146.60000000000002 m 562 146.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 208.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.15 208.28 Td (December) Tj ET Q q 0 0 0 rg BT 426.37 208.28 Td ( 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 208.28 Td (December) Tj ET Q q 0 0 0 rg BT 519.27 208.28 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 194.17 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 194.17 Td (3,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 194.17 Td (2,647) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 180.17 Td (Deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 128.57 184.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 180.17 Td (26,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 180.17 Td (1) Tj ET Q q 0 0 0 rg BT 535.65 180.17 Td (1,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 166.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 75.27 170.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 166.17 Td (407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 166.17 Td (6,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 152.17 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.50 152.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 152.17 Td (30,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 152.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 152.17 Td (20,360) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 124.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 124.10 Td (The change in deferred tax assets is primarily due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.03 124.10 Td ($13.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.92 124.10 Td ( increase caused by the restructuring of certain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 112.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 141.88 112.10 Td (s Polish subsidiaries as a result of the recent tax law changes in Poland.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 88.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 88.10 Td (Primarily consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.77 88.10 Td ($6.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.67 88.10 Td ( held by our escrow agent at Perspective Defense as of December 31, 2016. ) Tj ET Q q 0 0 0 rg BT 526.32 88.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 76.10 Td (amount was returned to the Company in January 2017.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 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 420.18 718.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.62 718.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.20 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 706.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 180.75 706.10 Td (, the Company recorded liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.87 706.10 Td ($16.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.76 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.20 706.10 Td ($27.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.09 706.10 Td ( related to prepaid rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (payments which were included in other liabilities in the accompanying consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 450.31 694.10 Td (The Company recognizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 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 420.12 682.10 Td (. Straight-line rent receivable was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td ($53.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.83 670.10 Td ($89.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.72 670.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.88 670.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.47 670.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.90 670.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.49 670.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 430.15 670.10 Td (. Straight-line rent receivable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (consists of the dif) Tj ET Q q 0 0 0 rg BT 120.14 658.10 Td (ference between the tenants) Tj ET Q q 0 0 0 rg BT 233.50 658.10 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 49.50 646.10 Td (commencement over the remaining terms of the related leases and the tenants) Tj ET Q q 0 0 0 rg BT 362.24 646.10 Td ( actual rents due under the lease agreements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 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 49.50 622.10 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 49.50 610.10 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 49.50 598.10 Td (tenant) Tj ET Q q 0 0 0 rg BT 76.71 598.10 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 67.50 574.10 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 49.50 562.10 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 49.50 550.10 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 49.50 538.10 Td (expense is incurred.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 526.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 514.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 104.07 514.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 490.10 Td (The Company has elected to be treated as a REIT) Tj ET Q q 0 0 0 rg BT 265.30 490.10 Td ( under the Internal Revenue Code of 1986, as amended \(the Code\).) Tj ET Q q 0 0 0 rg BT 546.41 490.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 478.10 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 464.47 478.10 Td ( and intends to operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (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 382.54 466.10 Td ( for federal income tax purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 454.10 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 416.51 454.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.09 454.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.09 454.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.09 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.53 454.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.53 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (in the accompanying consolidated financial statements. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.37 442.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.37 442.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.37 442.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.37 442.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.81 442.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.81 442.10 Td (, income tax expense recorded by the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (was primarily comprised of foreign income taxes related to the operation its international properties. ) Tj ET Q q 0 0 0 rg BT 455.86 430.10 Td (The Company does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (believe it has any uncertain tax positions or unrecognized tax benefits requiring disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 394.10 Td (On December 22, 2017, the U.S. government enacted the ) Tj ET Q q 0 0 0 rg BT 298.64 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.05 394.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 373.50 394.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 392.75 394.10 Td (The ) Tj ET Q q 0 0 0 rg BT 410.62 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 416.03 394.10 Td (ax Cuts and Jobs ) Tj ET Q q 0 0 0 rg BT 485.48 394.10 Td (Act makes broad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (and complex changes to the Internal Revenue Code including, but not limited to, \(1\) reducing the top U.S. federal corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (income tax rate from35%to21%, \(2\) establishing a20% deduction for ordinary REIT) Tj ET Q q 0 0 0 rg BT 396.72 370.10 Td ( dividends \(other than any portion that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (a capital gain dividend or qualified dividend income, subject to complex limitations\), \(3\) limiting the deductibility of business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (interest expenses, \(4\) allowing full expensing of certain qualifying property) Tj ET Q q 0 0 0 rg BT 350.98 346.10 Td (, \(5\) eliminating the corporate ) Tj ET Q q 0 0 0 rg BT 472.61 346.10 Td (Alternative Minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 334.10 Td (ax \(AMT\) and changing how existing ) Tj ET Q q 0 0 0 rg BT 216.54 334.10 Td (AMT) Tj ET Q q 0 0 0 rg BT 238.58 334.10 Td ( credits can be realized, \(6\) limiting current net operating loss deductions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (providing an indefinite carryforward and \(7\) limiting the deductibility of certain executive compensation. ) Tj ET Q q 0 0 0 rg BT 473.07 322.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 532.78 322.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (evaluation of deferred taxes and the associated valuation allowance includes an estimate of the impact of the ) Tj ET Q q 0 0 0 rg BT 485.54 310.10 Td (T) Tj ET Q q 0 0 0 rg BT 490.95 310.10 Td (ax Cuts and Jobs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (Act and was based on the best information available to the Company at the time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 274.10 Td (Redemption of Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 250.10 Td (The Company complies with Financial ) Tj ET Q q 0 0 0 rg BT 224.98 250.10 Td (Accounting Standards Board \(F) Tj ET Q q 0 0 0 rg BT 355.60 250.10 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 384.77 250.10 Td (ASC 480 Distinguishing Liabilities from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (Equity which requires, among other things, that financial instruments that represent a mandatory obligation of the Company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (repurchase shares be classified as liabilities and reported at settlement value. ) Tj ET Q q 0 0 0 rg BT 360.59 226.10 Td (When approved, the Company will reclassify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (such obligations from equity to an accrued liability based upon their respective settlement values. ) Tj ET Q q 0 0 0 rg BT 441.71 214.10 Td (The Company has recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (liabilities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.05 202.10 Td ($1) Tj ET Q q 0 0 0 rg BT 109.68 202.10 Td (1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.57 202.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.01 202.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.90 202.10 Td ( in accounts payable and accrued expenses in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.13 190.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.71 190.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.15 190.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.74 190.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 360.40 190.10 Td (, related to shares tendered for redemption and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (approved by the board of directors, but which were not redeemed until the subsequent month. Such amounts have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (included in redemption of common shares in the accompanying consolidated statements of equity) Tj ET Q q 0 0 0 rg BT 439.30 166.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 142.10 Td (Per Shar) Tj ET Q q 0 0 0 rg BT 102.96 142.10 Td (e Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.10 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 49.50 106.10 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 49.50 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 49.50 82.10 Td (outstanding.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 742.10 Td (Immaterial Restatement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td (During the performance of the Company) Tj ET Q q 0 0 0 rg BT 233.28 718.10 Td (s year end procedures on the consolidated financial statements included in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Annual Report on Form 10-K for the year ended December 31, 2017, management identified certain immaterial incorrect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (allocations of net income between the Company) Tj ET Q q 0 0 0 rg BT 245.00 694.10 Td (s stockholders and noncontrolling interests pertaining to preferred equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (securities of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 184.83 682.10 Td ( for the years ended December 31, 2016 and 2015. ) Tj ET Q q 0 0 0 rg BT 391.16 682.10 Td (As a result, the prior period Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (Financial Statements and the Notes to the Consolidated Financial Statements included in this ) Tj ET Q q 0 0 0 rg BT 423.05 670.10 Td (Annual Report on Form 10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (have been restated from the amounts previously reported to reflect the appropriate allocation of net income related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 117.91 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 125.23 646.10 Td (The tables below show the ef) Tj ET Q q 0 0 0 rg BT 241.96 646.10 Td (fect of the immaterial restatement \(in thousands\). ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 58.75 564.60 247.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.75 564.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.75 564.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.75 564.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.75 534.60 247.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.75 534.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.75 534.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.75 534.60 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.75 601.6 m 387.75 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.75 601.6 m 469.75 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.75 601.6 m 551.75 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.75 578.6 m 387.75 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.75 578.6 m 469.75 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.75 578.6 m 551.75 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.75 578.6 m 387.75 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.75 578.6 m 469.75 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.75 578.6 m 551.75 578.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.90 606.33 Td (December) Tj ET Q q 0 0 0 rg BT 431.02 606.33 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.40 583.28 Td (As Reported) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.95 583.28 Td (Adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.85 583.28 Td (As Corr) Tj ET Q q 0 0 0 rg BT 516.38 583.28 Td (ected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 61.25 569.28 Td (Consolidated Balance Sheets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.25 554.27 Td (Accumulated distributions in excess of earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.05 554.32 Td (\(843,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.90 554.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.25 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.40 554.27 Td (22,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.25 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.05 554.32 Td (\(821,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.90 554.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.25 539.27 Td (T) Tj ET Q q 0 0 0 rg BT 67.01 539.27 Td (otal stockholders) Tj ET Q q 0 0 0 rg BT 137.66 539.27 Td ( equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.90 539.27 Td (1,463,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.25 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.40 539.27 Td (22,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.25 539.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.90 539.27 Td (1,486,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.25 524.27 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.40 524.27 Td (44,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.25 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.05 524.32 Td (\(22,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.90 524.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.25 524.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.40 524.27 Td (22,201) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 58.25 428.60 135.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.25 428.60 58.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.25 428.60 58.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.25 428.60 58.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 428.60 10.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.25 428.60 58.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.25 428.60 58.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.25 428.60 59.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.25 373.60 135.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.25 373.60 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.25 373.60 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.25 373.60 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 373.60 10.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.25 373.60 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.25 373.60 58.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.25 373.60 59.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.25 314.60 135.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.25 314.60 58.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.25 314.60 58.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.25 314.60 58.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.25 314.60 10.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.25 314.60 58.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.25 314.60 58.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.25 314.60 59.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.25 495.6 m 251.25 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 495.6 m 309.25 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.25 495.6 m 367.25 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 495.6 m 377.25 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.25 495.6 m 435.25 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 495.6 m 493.25 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.25 495.6 m 552.25 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.25 472.6 m 251.25 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.25 472.6 m 309.25 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.25 472.6 m 367.25 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.25 472.6 m 377.25 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.25 472.6 m 435.25 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.25 472.6 m 493.25 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.25 495.6 m 552.25 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.25 472.6 m 552.25 472.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.75 500.33 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.25 500.33 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.15 486.33 Td (As) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.75 476.33 Td (Reported) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.45 477.28 Td (Adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 486.33 Td (As) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.15 476.33 Td (Corr) Tj ET Q q 0 0 0 rg BT 337.16 476.33 Td (ected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.15 486.33 Td (As) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.75 476.33 Td (Reported) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.45 477.28 Td (Adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.65 486.33 Td (As) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 476.33 Td (Corr) Tj ET Q q 0 0 0 rg BT 521.57 476.33 Td (ected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.75 463.28 Td (Consolidated Statements of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.75 453.28 Td (Operations and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.75 443.28 Td (Compr) Tj ET Q q 0 0 0 rg BT 91.12 443.28 Td (ehensive Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.75 433.28 Td (\(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 411.27 Td (Net \(income\) loss attributable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 401.27 Td (to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.75 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.55 401.27 Td (\(6,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.40 401.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.75 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.90 401.27 Td (3,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.75 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.55 401.32 Td (\(2,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.40 401.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.75 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.55 401.32 Td (\(5,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 401.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.75 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.90 401.27 Td (3,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.75 401.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.55 401.32 Td (\(2,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.40 401.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 387.17 Td (Net income \(loss\) attributable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 377.17 Td (to common stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.75 378.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.90 378.27 Td (151,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.75 378.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.90 378.27 Td (3,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.75 378.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.90 378.27 Td (154,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.75 378.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 378.32 Td (\(10,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 378.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.75 378.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.90 378.27 Td (3,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.75 378.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.55 378.32 Td (\(7,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.40 378.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 364.17 Td (Basic and diluted income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 354.17 Td (per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.75 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.90 355.27 Td (0.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.75 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.90 355.27 Td (0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.75 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.90 355.27 Td (0.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.75 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.55 355.32 Td (\(0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 355.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.75 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 355.27 Td (0.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.75 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.55 355.32 Td (\(0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.40 355.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 339.27 Td (Net comprehensive \(income\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 329.27 Td (loss attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 319.27 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.75 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.55 319.27 Td (\(2,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.40 319.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.75 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.90 319.27 Td (3,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.75 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.90 319.27 Td (1,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.75 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.55 319.32 Td (\(4,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 319.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.75 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.90 319.27 Td (3,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.75 319.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.55 319.32 Td (\(1,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.40 319.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 305.17 Td (Net comprehensive income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 295.17 Td (\(loss\) attributable to common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.75 285.17 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.75 284.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.90 284.27 Td (1) Tj ET Q q 0 0 0 rg BT 219.90 284.27 Td (14,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.75 284.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.90 284.27 Td (3,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.75 284.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.90 284.27 Td (1) Tj ET Q q 0 0 0 rg BT 335.90 284.27 Td (17,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.75 284.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.55 284.32 Td (\(49,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.40 284.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.75 284.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.90 284.27 Td (3,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.75 284.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.55 284.32 Td (\(46,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.40 284.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 49.25 166.60 71.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 120.25 166.60 52.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 172.25 166.60 47.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 219.25 166.60 52.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 271.25 166.60 51.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 322.25 166.60 47.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 369.25 166.60 52.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 421.25 166.60 45.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 466.25 166.60 47.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 513.25 166.60 48.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 49.25 106.60 71.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 120.25 106.60 52.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 172.25 106.60 47.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 219.25 106.60 52.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 271.25 106.60 51.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 322.25 106.60 47.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 369.25 106.60 52.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 421.25 106.60 45.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 466.25 106.60 47.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 513.25 106.60 48.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 120.25 191.60000000000002 m 172.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.25 191.60000000000002 m 219.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.25 191.60000000000002 m 271.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.25 191.60000000000002 m 322.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322.25 191.60000000000002 m 369.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.25 191.60000000000002 m 421.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.25 191.60000000000002 m 466.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.25 191.60000000000002 m 513.25 191.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.25 191.60000000000002 m 561.25 191.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.75 248.33 Td (Consolidated Statements of Equity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 123.05 235.83 Td (Accumulated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 123.30 227.83 Td (Distributions ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 126.60 219.83 Td (in excess of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 131.05 211.83 Td (earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 139.95 203.83 Td (\(As ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 128.40 195.83 Td (Reported\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 175.00 195.83 Td (Adjustment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.05 235.83 Td (Accumulated ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.30 227.83 Td (Distributions ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.60 219.83 Td (in excess of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 230.05 211.83 Td (earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 237.95 203.83 Td ( \(As ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.15 195.83 Td (Corr) Tj ET Q q 0 0 0 rg BT 242.88 195.83 Td (ected\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.50 219.83 Td (T) Tj ET Q q 0 0 0 rg BT 292.47 219.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.00 211.83 Td (Stockholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 275.85 203.83 Td () Tj ET Q q 0 0 0 rg BT 278.22 203.83 Td ( Equity \(As) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.90 195.83 Td (Reported\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.00 195.83 Td (Adjustment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.00 219.83 Td (T) Tj ET Q q 0 0 0 rg BT 390.97 219.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.50 211.83 Td (Stockholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.35 203.83 Td () Tj ET Q q 0 0 0 rg BT 376.72 203.83 Td ( Equity \(As) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.15 195.83 Td (Corr) Tj ET Q q 0 0 0 rg BT 392.96 195.83 Td (ected\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.80 227.83 Td (Non- ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.65 219.83 Td (contr) Tj ET Q q 0 0 0 rg BT 442.72 219.83 Td (olling ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.40 211.83 Td (Inter) Tj ET Q q 0 0 0 rg BT 445.58 211.83 Td (ests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.45 203.83 Td (\(As ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.90 195.83 Td (Reported\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.00 195.83 Td (Adjustment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.30 227.83 Td (Non- ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.15 219.83 Td (contr) Tj ET Q q 0 0 0 rg BT 536.22 219.83 Td (olling ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.90 211.83 Td (Inter) Tj ET Q q 0 0 0 rg BT 539.08 211.83 Td (ests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.95 203.83 Td (\(As ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 518.15 195.83 Td (Corr) Tj ET Q q 0 0 0 rg BT 534.88 195.83 Td (ected\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 182.17 Td (Balance as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 172.17 Td (January 1, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.55 171.27 Td (\(627,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.40 171.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.85 171.27 Td (15,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.55 171.27 Td (\(61) Tj ET Q q 0 0 0 rg BT 244.88 171.27 Td (1,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.40 171.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.35 171.27 Td (1,689,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.85 171.27 Td (15,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.35 171.27 Td (1,704,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.85 171.27 Td (46,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.55 171.32 Td (\(15,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 171.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.75 171.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.85 171.27 Td (31,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 157.17 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 147.17 Td (\(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.55 146.27 Td (\(10,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.40 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.90 146.27 Td (3,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.55 146.27 Td (\(7,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.40 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.55 146.32 Td (\(10,631) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.40 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.90 146.27 Td (3,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.55 146.32 Td (\(7,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.40 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.90 146.27 Td (5,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 146.32 Td (\(3,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 146.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.75 146.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 146.27 Td (2,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 132.17 Td (Balance as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 122.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 112.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.55 111.27 Td (\(815,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.40 111.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.85 111.27 Td (18,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.55 111.27 Td (\(796,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.40 111.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.35 111.27 Td (1,498,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.85 111.27 Td (18,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.35 111.27 Td (1,517,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.85 111.27 Td (47,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.55 111.32 Td (\(18,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 111.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.75 111.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.85 111.27 Td (29,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 97.17 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 87.17 Td (\(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.85 86.27 Td (151,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.90 86.27 Td (3,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.85 86.27 Td (154,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.85 86.27 Td (151,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.90 86.27 Td (3,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.85 86.27 Td (154,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.90 86.27 Td (6,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.55 86.32 Td (\(3,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 86.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.75 86.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 86.27 Td (2,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 72.17 Td (Balance as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 62.17 Td (December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 52.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.55 51.27 Td (\(843,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.40 51.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.85 51.27 Td (22,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.55 51.27 Td (\(821,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.40 51.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.35 51.27 Td (1,463,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.85 51.27 Td (22,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.35 51.27 Td (1,486,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.85 51.27 Td (44,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.55 51.32 Td (\(22,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 51.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.75 51.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.85 51.27 Td (22,201) Tj ET Q BT /F1 10.00 Tf ET 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 67.50 742.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 97.02 742.10 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 154.69 742.10 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 718.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 143.70 718.10 Td (ASB, issued ) Tj ET Q q 0 0 0 rg BT 195.10 718.10 Td (ASU 2014-09 to provide guidance on recognizing revenue from contracts with customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (\(ASC 606\). ) Tj ET Q q 0 0 0 rg BT 106.81 706.10 Td (This ) Tj ET Q q 0 0 0 rg BT 126.54 706.10 Td (ASU) Tj ET Q q 0 0 0 rg BT 149.32 706.10 Td (s core objective is for an entity to recognize revenue based on the consideration it expects to receive in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (exchange for goods or services. ) Tj ET Q q 0 0 0 rg BT 178.16 694.10 Td (The amendments also replace prior guidance regarding the recognition of revenue from sales of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (real estate, except for revenue from sales that are part of a sale-leaseback transaction. Subsequent to ) Tj ET Q q 0 0 0 rg BT 450.99 682.10 Td (ASU 2014-09, the F) Tj ET Q q 0 0 0 rg BT 531.36 682.10 Td (ASB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (has issued multiple ) Tj ET Q q 0 0 0 rg BT 128.11 670.10 Td (ASUs clarifying multiple aspects of the new revenue recognition standard, which include the deferral of the ) 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 (fective date by one year) Tj ET Q q 0 0 0 rg BT 152.19 658.10 Td (, and additional guidance for partial sales of non-financial assets. ) Tj ET Q q 0 0 0 rg BT 414.14 658.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 515.86 658.10 Td (fective for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (fiscal years, and interim periods within those years, beginning after December 15, 2017, with retrospective or modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (retrospective adoption. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 610.10 Td (Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (subject to this pronouncement. Rental income from leasing arrangements is specifically excluded from ) Tj ET Q q 0 0 0 rg BT 462.16 598.10 Td (ASU 2014-09, and will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (be evaluated by the Company in its adoption of the lease accounting standard, ) Tj ET Q q 0 0 0 rg BT 363.30 586.10 Td (ASU 2016-02 \(described below\). ) Tj ET Q q 0 0 0 rg BT 498.37 586.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (has adopted ) Tj ET Q q 0 0 0 rg BT 98.93 574.10 Td (ASC 606 using the modified retrospective approach ef) Tj ET Q q 0 0 0 rg BT 316.75 574.10 Td (fective January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 417.37 574.10 Td (The Company has identified its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (revenue streams and finalized its evaluation of the impact on our consolidated financial statements and internal accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (processes and determined that accounting for contracts for the sale of real estate will be the primary customer contracts under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (the scope of ) Tj ET Q q 0 0 0 rg BT 99.76 538.10 Td (ASC 606. ) Tj ET Q q 0 0 0 rg BT 141.54 538.10 Td (The Sale & Purchase ) Tj ET Q q 0 0 0 rg BT 227.63 538.10 Td (Agreement for the sale of the Brindleyplace Project in February 2017 contained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (certain rent adjustments that the Company has determined do not constitute a separate performance obligation from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (performance obligation of title transfer of the Brindleyplace Project. ) Tj ET Q q 0 0 0 rg BT 324.40 514.10 Td (As such, the Company has performed an analysis of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (estimated consideration related to the rent adjustments and expects to recognize the cumulative ef) Tj ET Q q 0 0 0 rg BT 440.01 502.10 Td (fect by increasing beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (retained earnings by approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.34 490.10 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.23 490.10 Td ( upon adoption in January 2018. In addition, the Company has evaluated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (controls around the implementation of this ) Tj ET Q q 0 0 0 rg BT 221.69 478.10 Td (ASU and have concluded there will be no significant impact on our control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (structure. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 442.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 161.46 442.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 210.37 442.10 Td (ASU 2016-02 which will require companies that lease assets to recognize on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (balance sheet the right-of-use assets and related lease liabilities. ) Tj ET Q q 0 0 0 rg BT 307.00 430.10 Td (The accounting by companies that own the assets leased by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (lessee \(the lessor\) will remain lar) Tj ET Q q 0 0 0 rg BT 181.77 418.10 Td (gely unchanged from current GAAP) Tj ET Q q 0 0 0 rg BT 326.17 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 330.99 418.10 Td (The new standard requires a modified retrospective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (transition approach for all leases existing at, or entered into after) Tj ET Q q 0 0 0 rg BT 307.06 406.10 Td (, the date of initial application, with an option to use certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (transition relief. ) Tj ET Q q 0 0 0 rg BT 115.69 394.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 189.08 394.10 Td (fective for public entities for fiscal years beginning after December 15, 2018 and interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (periods within those fiscal years. Early adoption is permitted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 358.10 Td (In January 2018, the F) Tj ET Q q 0 0 0 rg BT 156.46 358.10 Td (ASB issued an exposure draft \(2018 Exposure Draft\) which, if adopted as written, would allow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (component if certain criteria are met. ) Tj ET Q q 0 0 0 rg BT 202.58 334.10 Td (The 2018 Exposure Draft also indicates that companies may be permitted to recognize a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (cumulative-ef) Tj ET Q q 0 0 0 rg BT 104.85 322.10 Td (fect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (retrospective approach and provides other optional practical expedients. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 286.10 Td (The Company is in the process of evaluating the impact that the adoption of ) Tj ET Q q 0 0 0 rg BT 372.98 286.10 Td (ASU 2016-02 will have on the Company) Tj ET Q q 0 0 0 rg BT 539.63 286.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (consolidated financial statements relating to its lessor leases and other lessee leases, if any) Tj ET Q q 0 0 0 rg BT 409.85 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 414.67 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 423.70 274.10 Td (ithin our lessor leases, we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (maintenance. Currently upon adoption of this ) Tj ET Q q 0 0 0 rg BT 235.57 250.10 Td (ASU, CAM reimbursement revenue will be accounted for in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 238.10 Td (opic 606. ) Tj ET Q q 0 0 0 rg BT 96.95 238.10 Td (The Company has currently identified certain areas the Company believes may be impacted by the adoption of ) Tj ET Q q 0 0 0 rg BT 541.53 238.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (2016-02, which include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 202.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 202.10 Td (The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 190.10 Td (contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. ) Tj ET Q q 0 0 0 rg BT 522.37 190.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 178.10 Td (process would be based on the underlying fair values of these items.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 154.10 Td (The Company has ground lease agreements in which the Company is the lessee for land underneath New City and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 142.10 Td (properties in the Poland Logistics Portfolio that the Company currently accounts for as operating leases. Upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 130.10 Td (adoption of ) Tj ET Q q 0 0 0 rg BT 133.27 130.10 Td (ASU 2016-02, the Company will record any rights andobligations under these leases as an asset and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 118.10 Td (liability at fair value in the Company) Tj ET Q q 0 0 0 rg BT 236.02 118.10 Td (s consolidated balance sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 94.10 Td (Determination of costs to be capitalized associated with leases. ) Tj ET Q q 0 0 0 rg BT 339.31 94.10 Td (ASU 2016-02 will limit the capitalization associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 82.10 Td (with certain costs to costs that are a direct result of obtaining a lease. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 58.10 Td (In June 2016, the F) Tj ET Q q 0 0 0 rg BT 143.70 58.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 192.60 58.10 Td (ASU 2016-13 that requires the impairment of financial instruments to be based on expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.10 Td (credit losses. ) Tj ET Q q 0 0 0 rg BT 105.97 46.10 Td (The new standard requires a modified retrospective transition approach using a cumulative ef) Tj ET Q q 0 0 0 rg BT 478.99 46.10 Td (fect adjustment to ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (retained earnings in the first reporting period for with the guidance is ef) Tj ET Q q 0 0 0 rg BT 335.89 742.10 Td (fective. ) Tj ET Q q 0 0 0 rg BT 370.41 742.10 Td (These amendments are ef) Tj ET Q q 0 0 0 rg BT 472.13 742.10 Td (fective for fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (and interim periods within those years, beginning after December 15, 2019 and early adoption is permitted for years and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (interim periods within those years beginning after December 15, 2018. ) Tj ET Q q 0 0 0 rg BT 337.30 718.10 Td (The Company is currently assessing the impact the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (adoption of this guidancewill have on its financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 682.10 Td (In January 2017, the F) Tj ET Q q 0 0 0 rg BT 156.46 682.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 205.37 682.10 Td (ASU 2017-01 to clarify the definition of a business with the objective of adding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions \(or disposals\) of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (or businesses. ) Tj ET Q q 0 0 0 rg BT 109.87 658.10 Td (The amendments in the ) Tj ET Q q 0 0 0 rg BT 205.40 658.10 Td (ASU are ef) Tj ET Q q 0 0 0 rg BT 250.20 658.10 Td (fective for public entities for annual and interim periods in fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (beginning after December 15, 2017 and early adoption is permitted with prospective application. ) Tj ET Q q 0 0 0 rg BT 441.42 646.10 Td (The Company adopted ) Tj ET Q q 0 0 0 rg BT 534.46 646.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (2017-01 as of January 1, 2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 605.10 Td (In February 2017, the F) Tj ET Q q 0 0 0 rg BT 161.46 605.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 210.37 605.10 Td (ASU No. 2017-05 to clarify that a financial asset is within the scope of Subtopic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary) Tj ET Q q 0 0 0 rg BT 448.18 557.10 Td (. ) Tj ET Q q 0 0 0 rg BT 453.00 557.10 Td (The provisions of ) Tj ET Q q 0 0 0 rg BT 525.50 557.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (No. 2017-05 are ef) Tj ET Q q 0 0 0 rg BT 124.85 545.10 Td (fective for the Company as of January 1, 2018. ) Tj ET Q q 0 0 0 rg BT 317.39 545.10 Td (T) Tj ET Q q 0 0 0 rg BT 322.80 545.10 Td (o date, the Company has not had any sales of in-substance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (nonfinancial assets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (3. INVESTMENT) Tj ET Q q 0 0 0 rg BT 127.06 504.10 Td ( PROPER) Tj ET Q q 0 0 0 rg BT 170.31 504.10 Td (TY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 480.10 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 316.01 480.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.59 480.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.03 480.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.61 480.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.60 343.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 433.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 433.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 433.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 433.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 405.60 343.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 405.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 405.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 405.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 405.60 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 377.60 343.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 377.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 377.60 80.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 377.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 377.60 81.00 -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 397.5 433.6 m 477.5 433.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 433.6 m 562.5 433.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 433.6 m 477.5 433.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 433.6 m 562.5 433.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 405.6 m 477.5 405.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 405.6 m 562.5 405.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 377.6 m 477.5 377.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 377.6 m 562.5 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 364.6 m 477.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 362.6 m 477.5 362.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 364.6 m 562.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 362.6 m 562.5 362.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 438.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.90 448.28 Td (December) Tj ET Q q 0 0 0 rg BT 451.12 448.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.00 438.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.40 448.28 Td (December) Tj ET Q q 0 0 0 rg BT 535.52 448.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.50 438.28 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 424.17 Td (Buildings and improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 424.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 424.17 Td (2,255,267) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 424.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 424.17 Td (2,612,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 410.17 Td (Less: accumulated depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 410.22 Td (\(237,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 410.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 410.22 Td (\(246,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 410.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.17 Td (Buildings and improvements, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 396.17 Td (2,017,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 396.17 Td (2,365,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 382.17 Td (Land) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 382.17 Td (671,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 382.17 Td (684,309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 368.17 Td (Investment property) Tj ET Q q 0 0 0 rg BT 133.16 368.17 Td (, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 368.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.65 368.17 Td (2,689,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 368.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 368.17 Td (3,049,643) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 340.10 Td (Recent Dispositions of Real Estate Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 316.10 Td (The following table provides information regarding each of the properties sold during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 316.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.74 316.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 304.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 304.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.94 304.10 Td (, including the acquisition/completed construction price, contract sales price, and the total gain on sale, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (disposition fees \(in millions\): ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 91.00 237.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 237.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 237.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 237.60 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 237.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 237.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 237.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.00 207.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 207.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 207.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 207.60 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 207.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 207.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 207.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.00 178.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 178.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 178.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 178.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 178.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 178.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 178.60 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 178.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 178.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 178.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 178.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 91.00 148.60 122.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 148.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.00 148.60 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 148.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 148.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 148.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 148.60 39.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 148.60 8.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 148.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 148.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 148.60 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 91 237.60000000000002 m 213 237.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 217 237.60000000000002 m 273 237.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 237.60000000000002 m 347 237.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351 237.60000000000002 m 390 237.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398 237.60000000000002 m 460 237.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 464 237.60000000000002 m 534 237.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277 237.60000000000002 m 347 237.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398 237.60000000000002 m 460 237.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 464 237.60000000000002 m 534 237.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.40 242.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 142.86 242.28 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.50 262.28 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.20 252.28 Td (Acquir) Tj ET Q q 0 0 0 rg BT 253.11 252.28 Td (ed/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.15 242.28 Td (Completed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.00 272.28 Td (Acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.00 262.28 Td (Price/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.40 252.28 Td (Construction) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.75 242.28 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 252.28 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 242.28 Td (Sold) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.30 242.28 Td (Sales Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.25 242.28 Td (Gain on Sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 227.27 Td (Fifty South Sixth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.25 227.27 Td (1) Tj ET Q q 0 0 0 rg BT 233.06 227.27 Td (1/2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.75 227.27 Td ($185.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.60 227.27 Td (12/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 227.27 Td ($258.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 227.27 Td ($90.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 212.27 Td (Hock Plaza) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.60 212.27 Td (9/2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.25 212.27 Td ($97.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.60 212.27 Td (12/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 212.27 Td ($141.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 212.27 Td ($58.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 197.27 Td (Mercedes Benz Bank ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 181.52 201.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.60 197.27 Td (2/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.25 197.27 Td ($70.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 197.27 Td (7/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 197.27 Td ($133.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 197.27 Td ($75.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 183.17 Td (Southpark) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.10 183.17 Td (10/2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.25 183.17 Td ($31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 183.17 Td (6/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.25 183.17 Td ($41.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 183.17 Td ($16.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 168.27 Td (A) Tj ET Q q 0 0 0 rg BT 100.35 168.27 Td (viva Coral Gables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.60 168.27 Td (4/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.25 168.27 Td ($62.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 168.27 Td (6/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 168.27 Td ($100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 168.27 Td ($39.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 153.27 Td (The Brindleyplace Project ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 200.96 157.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.60 153.27 Td (7/2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.75 153.27 Td ($282.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.10 153.27 Td (2/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 153.27 Td ($325.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 153.27 Td ($84.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 138.27 Td (Komo Plaza) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.25 138.27 Td (12/201) Tj ET Q q 0 0 0 rg BT 255.84 138.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.75 138.27 Td ($160.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.60 138.27 Td (12/2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.75 138.27 Td ($276.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.75 138.27 Td ($127.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.50 123.27 Td (17600 Gillette) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.60 123.27 Td (6/2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.25 123.27 Td ($20.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.60 123.27 Td (12/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.25 123.27 Td ($30.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 123.27 Td ($15.8) 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 (The acquisition price for Mercedes Benz Bank of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.19 95.10 Td (51.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.08 95.10 Td ( was converted to USD based on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 83.10 Td (exchange rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.57 83.10 Td ($1.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.07 83.10 Td ( per EUR as of the transaction date. ) Tj ET Q q 0 0 0 rg BT 306.06 83.10 Td (The sales price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.62 83.10 Td (1) Tj ET Q q 0 0 0 rg BT 449.25 83.10 Td (17.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.14 83.10 Td ( was converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 71.10 Td (to USD based on an exchange rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.06 71.10 Td ($1.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.56 71.10 Td ( per EUR as of the transaction date. ) Tj ET Q q 0 0 0 rg BT 385.68 71.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 435.58 71.10 Td (, the Company incurred a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.44 71.10 Td (1) Tj ET Q q 0 0 0 rg BT 549.07 71.10 Td (1.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 59.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.89 59.10 Td ( \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.98 59.10 Td ($12.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.87 59.10 Td ( based on an exchange rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 59.10 Td ($1.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 59.10 Td ( per EUR as of the transaction date\) income tax ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (provision related to the sale of this property) Tj ET Q q 0 0 0 rg BT 242.03 742.10 Td (, which was recorded in Provision for income taxes related to the sale of real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td (estate in the consolidated statements of operations and comprehensive income \(loss\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The acquisition price of the Brindleyplace Project of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.96 706.10 Td (186.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.86 706.10 Td ( was converted to USD based on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td (exchange rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.57 694.10 Td ($1.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.07 694.10 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 195.92 694.10 Td ( as of the transaction date. ) Tj ET Q q 0 0 0 rg BT 305.14 694.10 Td (The sales price of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.70 694.10 Td (260.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.59 694.10 Td ( was converted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (to USD based on an exchange rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.06 682.10 Td ($1.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.56 682.10 Td ( per GBP) Tj ET Q q 0 0 0 rg BT 278.41 682.10 Td ( as of the transaction date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 658.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 658.10 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 579.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 579.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 579.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 579.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 579.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 579.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 579.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 551.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 551.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 551.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 551.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 551.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 551.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 551.60 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 326.5 609.6 m 402.5 609.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 609.6 m 406.5 609.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 609.6 m 482.5 609.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 609.6 m 486.5 609.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 609.6 m 562.5 609.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 579.6 m 402.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 579.6 m 482.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 579.6 m 562.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 579.6 m 402.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 579.6 m 482.5 579.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 579.6 m 562.5 579.6 l s 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 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 486.5 551.6 m 562.5 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 538.6 m 402.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 536.6 m 402.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 538.6 m 482.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 536.6 m 482.5 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 538.6 m 562.5 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 536.6 m 562.5 536.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 614.28 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 599.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.05 594.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.45 584.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 584.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 594.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.10 584.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.80 584.28 Td (In-Place Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.17 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 570.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 570.17 Td (662,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 570.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 570.17 Td (69,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 570.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 570.22 Td (\(108,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 570.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.17 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 556.22 Td (\(283,774) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 556.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 556.22 Td (\(42,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 556.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 556.17 Td (38,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.17 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 542.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 542.17 Td (379,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 542.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 542.17 Td (27,177) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 542.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 542.22 Td (\(69,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 542.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 514.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 514.10 Td (, the cost basis and accumulated amortization related to lease intangibles was as follows \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 437.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 437.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 437.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 437.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 437.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 437.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 437.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.60 272.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 408.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 408.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 408.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 408.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 408.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 408.60 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 326.5 465.6 m 402.5 465.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 465.6 m 406.5 465.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 465.6 m 482.5 465.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 465.6 m 486.5 465.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 465.6 m 562.5 465.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 437.6 m 402.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 437.6 m 482.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 437.6 m 562.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 437.6 m 402.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 437.6 m 482.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 437.6 m 562.5 437.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 408.6 m 402.5 408.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 408.6 m 482.5 408.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 408.6 m 562.5 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 395.6 m 402.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 393.6 m 402.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 395.6 m 482.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 393.6 m 482.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 395.6 m 562.5 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 393.6 m 562.5 393.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 470.28 Td (Lease Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 456.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 456.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.05 452.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.45 442.28 Td (Lease ) Tj ET Q q 0 0 0 rg BT 443.84 442.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.05 452.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.10 442.28 Td (Lease Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.80 442.28 Td (In-Place Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.17 Td (Cost) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 428.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 428.17 Td (793,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 428.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 428.17 Td (96,912) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 428.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 428.22 Td (\(1) Tj ET Q q 0 0 0 rg BT 531.13 428.22 Td (16,717) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 428.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.27 Td (Less: accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.80 413.32 Td (\(334,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 413.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 413.32 Td (\(49,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 413.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 413.27 Td (34,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.17 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.15 399.17 Td (458,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 399.17 Td (47,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 399.22 Td (\(82,354) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 399.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 371.10 Td (Amortization expense of in-place leases was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.49 371.10 Td ($70.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.38 371.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.38 371.10 Td ($100.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.27 371.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.71 371.10 Td ($1) Tj ET Q q 0 0 0 rg BT 395.34 371.10 Td (15.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.23 371.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 359.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 359.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.58 359.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.02 359.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.02 359.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 245.68 359.10 Td (. ) Tj ET Q q 0 0 0 rg BT 250.13 359.10 Td (Amortization of out-of-market leases resulted in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.56 359.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.32 359.10 Td ( to rental revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.09 347.10 Td ($2.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.98 347.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.44 347.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.03 347.10 Td ( and a decrease to rental revenue of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.09 347.10 Td ($2.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 335.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 335.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.22 335.10 Td ( for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.57 335.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.16 335.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.60 335.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.60 335.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 399.26 335.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 311.10 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 535.58 311.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.58 311.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.19 299.10 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.19 299.10 Td ( are as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 252.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 252.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 252.60 78.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 237.60 348.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 398.50 237.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 402.50 237.60 78.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 480.50 237.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 484.50 237.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 222.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 222.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 222.60 78.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 207.60 348.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 398.50 207.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 402.50 207.60 78.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 480.50 207.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 484.50 207.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 192.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 192.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 192.60 78.00 -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 402.5 252.60000000000002 m 480.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 252.60000000000002 m 562.5 252.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.20 267.28 Td (In-Place) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.80 257.28 Td (Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 267.28 Td (Out-of-Market) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.80 257.28 Td (Leases, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 242.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 242.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 242.27 Td (51,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.00 242.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 242.32 Td (\(2,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 242.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 227.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 227.27 Td (42,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 227.32 Td (\(3,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 212.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 212.27 Td (34,221) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 212.32 Td (\(3,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 212.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 197.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 197.27 Td (23,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 197.32 Td (\(1,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 197.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.27 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 182.27 Td (18,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 182.32 Td (\(1,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 182.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 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 /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 742.10 Td ( Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (The Company has entered into non-cancelable lease agreements with tenants for space.) Tj ET Q q 0 0 0 rg BT 421.20 718.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.64 718.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.23 718.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 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 394.87 706.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.87 706.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.98 706.10 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.98 706.10 Td ( and thereafter were as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 656.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 656.60 163.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 641.60 345.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 395.50 641.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 641.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 626.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 626.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 626.60 163.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 611.60 345.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 395.50 611.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 611.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 596.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 596.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 596.60 163.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 581.60 345.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 395.50 581.60 4.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 581.60 163.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 566.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 566.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 566.60 163.00 -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 399.5 656.6 m 562.5 656.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 566.6 m 562.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 552.6 m 562.5 552.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 550.6 m 562.5 550.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 661.28 Td (Fixed Futur) Tj ET Q q 0 0 0 rg BT 463.86 661.28 Td (e Minimum Rentals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 646.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 646.27 Td (259,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 631.27 Td (245,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 616.27 Td (218,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.27 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 601.27 Td (175,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.27 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 586.27 Td (154,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 571.27 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 571.27 Td (648,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 556.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 556.27 Td (otal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.00 556.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.65 556.27 Td (1,701,967) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 528.10 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 528.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.11 528.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 528.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 528.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.04 528.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.04 528.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 528.10 Td (did not earn more than 10% of its total rental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.65 516.10 Td ( from any individual tenant, respectively) Tj ET Q q 0 0 0 rg BT 243.17 516.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (4. RECENT) Tj ET Q q 0 0 0 rg BT 101.49 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.44 492.10 Td (ACQUISITIONS OF) Tj ET Q q 0 0 0 rg BT 193.37 492.10 Td ( REAL) Tj ET Q q 0 0 0 rg BT 223.10 492.10 Td ( EST) Tj ET Q q 0 0 0 rg BT 243.76 492.10 Td (A) Tj ET Q q 0 0 0 rg BT 250.24 492.10 Td (TE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 468.10 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.19 468.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.78 468.10 Td (, the Company did not have any acquisitions of new properties. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 456.10 Td (, the Company did not have any acquisitions of new properties, but did acquire an additional phase of ) Tj ET Q q 0 0 0 rg BT 536.64 456.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (Rim for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 444.10 Td ($38.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.78 444.10 Td (. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.47 444.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.05 444.10 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 50.00 432.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 432.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.49 432.10 Td ( real estate operating properties located in the United States and internationally) Tj ET Q q 0 0 0 rg BT 392.56 432.10 Td (, for an aggregate net purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td ($544.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 420.10 Td (, and also acquired additional phases of Simon Hegele Logistics and ) Tj ET Q q 0 0 0 rg BT 384.20 420.10 Td (The Rim. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 396.10 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 50.00 384.10 Td (price of each property acquired in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.71 384.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.71 384.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 384.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.15 384.10 Td ( as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 324.60 152.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 324.60 4.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 324.60 59.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 324.60 4.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 324.60 69.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 324.60 4.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 324.60 44.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 324.60 4.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 324.60 56.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 324.60 4.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 324.60 59.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 324.60 4.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 324.60 48.00 -50.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 251.60 152.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 251.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.50 251.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.50 251.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.50 251.60 69.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 251.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 251.60 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 251.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.50 251.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 251.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 251.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 251.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 251.60 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 206.5 324.6 m 265.5 324.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 269.5 324.6 m 338.5 324.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 324.6 m 386.5 324.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 324.6 m 446.5 324.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 450.5 324.6 m 509.5 324.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 324.6 m 561.5 324.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 324.6 m 202.5 324.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 99.75 328.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 108.12 328.83 Td (operty Name) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.90 336.83 Td (Acquisition) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 227.50 328.83 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.35 336.83 Td (Building and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.65 328.83 Td (Impr) Tj ET Q q 0 0 0 rg BT 292.28 328.83 Td (ovements ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 326.27 332.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.85 328.83 Td (Land ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 371.08 332.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.00 344.83 Td (In-place) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.20 336.83 Td (Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.20 328.83 Td (Intangibles) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 433.43 332.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.80 352.83 Td (Out-of-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 455.80 344.83 Td (Market Lease) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.35 336.83 Td (Intangibles, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.45 328.83 Td (Net ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 483.44 332.46 Td (\(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.20 328.83 Td (T) Tj ET Q q 0 0 0 rg BT 528.80 328.83 Td (otal ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 543.69 332.46 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 279.06 Td (The Rim ) Tj ET Q BT /F1 9.00 Tf ET BT /F1 5.85 Tf ET q 0 0 0 rg BT 87.00 283.14 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.85 315.06 Td (02/13/2014,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.85 306.06 Td (04/30/2015,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 213.85 297.06 Td (12/30/2015,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 229.00 288.06 Td (and) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 279.06 Td (12/20/2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 279.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.75 279.06 Td (153,082) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 279.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 353.75 279.06 Td (102,170) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 279.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 279.06 Td (59,450) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 279.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 279.06 Td (\(28,810) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.00 279.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 279.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 279.06 Td (285,892) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 256.06 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 141.74 260.14 Td (\(3\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.35 265.06 Td (06/03/2014 &) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 256.06 Td (01/07/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 256.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.25 256.06 Td (56,428) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 256.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.25 256.06 Td (13,245) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 256.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 422.75 256.06 Td (9,154) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 256.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 497.00 256.06 Td (41) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 256.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 256.06 Td (78,868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 242.06 Td (The Summit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 242.06 Td (03/04/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 242.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 305.75 242.06 Td (217,974) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 242.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.25 242.06 Td (68,090) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 242.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 242.06 Td (45,360) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 242.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 478.25 242.06 Td (\(14,920) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 506.00 242.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 242.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 242.06 Td (316,504) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 219.06 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 149.73 223.14 Td (\(4\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 210.35 228.06 Td (04/01/2015 &) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 214.95 219.06 Td (12/03/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 272.00 219.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 310.25 219.06 Td (89,368) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 345.00 219.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 358.25 219.06 Td (16,362) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 393.00 219.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 418.25 219.06 Td (15,413) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 453.00 219.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.75 219.06 Td (5,392) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.00 219.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 528.75 219.06 Td (126,535) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 191.10 Td (For acquisitions denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 271.74 191.10 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 68.00 179.10 Td (ef) Tj ET Q q 0 0 0 rg BT 75.59 179.10 Td (fect on the acquisition date. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 155.10 Td (In February 2014, the Company acquired ) Tj ET Q q 0 0 0 rg BT 235.28 155.10 Td (The Rim retail center in San ) Tj ET Q q 0 0 0 rg BT 350.24 155.10 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 387.84 155.10 Td (T) Tj ET Q q 0 0 0 rg BT 393.25 155.10 Td (exas. In ) Tj ET Q q 0 0 0 rg BT 428.80 155.10 Td (April 2015, December 2015, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 143.10 Td (December 2016, the Company acquired additional phases of the center) Tj ET Q q 0 0 0 rg BT 350.68 143.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 119.10 Td (In June 2014, the Company acquired the Simon Hegele Logistics facility in Forchheim, Germany) Tj ET Q q 0 0 0 rg BT 456.98 119.10 Td (. In January 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 107.10 Td (Company acquired the second phase of the facility) Tj ET Q q 0 0 0 rg BT 269.78 107.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 83.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 83.10 Td (April 2015, the Company acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.91 83.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.91 83.10 Td ( logistics buildings in the Harder Logistics Portfolio located in Nurember) Tj ET Q q 0 0 0 rg BT 527.46 83.10 Td (g and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 71.10 Td (Karlsdorf, Germany) Tj ET Q q 0 0 0 rg BT 147.88 71.10 Td (. In December 2015, the Company acquired the second phase of the portfolio, which consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.10 71.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.54 71.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 59.10 Td (logistics building located in Duisbur) Tj ET Q q 0 0 0 rg BT 213.36 59.10 Td (g, Germany) Tj ET Q q 0 0 0 rg BT 259.92 59.10 Td (.) 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 50.00 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.50 742.10 Td (The weighted average amortization period for the intangible assets and liabilities acquired in connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.79 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.79 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.94 730.10 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 49.50 683.60 149.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 683.60 117.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 683.60 117.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 683.60 117.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 654.60 149.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 654.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 654.60 117.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 654.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 654.60 117.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 654.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 654.60 117.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 626.60 149.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 626.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 626.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 626.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 626.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 626.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 626.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 586.60 149.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 586.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 586.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 586.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 586.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 586.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 586.60 117.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 546.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 546.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 546.60 117.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 546.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 546.60 117.00 -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 202.5 683.6 m 319.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 683.6 m 440.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 683.6 m 561.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 683.6 m 198.5 683.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 669.6 m 198.5 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 640.6 m 198.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 626.6 m 198.5 626.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.30 688.28 Td (In-Place Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.65 698.28 Td (Above-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 688.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.20 698.28 Td (Below-Market Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.10 688.28 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 674.28 Td (2016 ) Tj ET Q q 0 0 0 rg BT 74.22 674.28 Td (Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 659.27 Td (The Rim ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.77 659.27 Td (\(4th Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.75 659.27 Td (20.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.75 659.27 Td (12.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 659.27 Td (5.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 631.28 Td (2015 ) Tj ET Q q 0 0 0 rg BT 73.95 631.28 Td (Acquisitions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 616.32 Td (Simon Hegele Logistics ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 150.60 616.32 Td (\(2nd ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 606.31 Td (Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.90 606.27 Td (1) Tj ET Q q 0 0 0 rg BT 256.71 606.27 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 606.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 606.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 591.27 Td (The Summit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 591.27 Td (5.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 591.27 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 591.27 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 576.32 Td (Harder Logistics Portfolio ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 159.48 576.32 Td (\(1st ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 566.31 Td (Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.75 566.27 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 566.27 Td (5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 566.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 551.27 Td (The Rim ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.77 551.27 Td (\(2nd Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.90 551.27 Td (1) Tj ET Q q 0 0 0 rg BT 256.71 551.27 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 551.27 Td (9.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 551.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 536.27 Td (The Rim ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.77 536.27 Td (\(3r) Tj ET Q q 0 0 0 rg BT 101.62 536.27 Td (d Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.25 536.27 Td (7.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.25 536.27 Td (8.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.25 536.27 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 521.32 Td (Harder Logistics Portfolio) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 511.31 Td (\(2nd Phase\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.75 511.27 Td (13.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.75 511.27 Td (15.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 511.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 483.10 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 50.00 471.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 471.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 471.10 Td (, which are included in the Company) Tj ET Q q 0 0 0 rg BT 305.20 471.10 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 50.00 459.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 459.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 406.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 406.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 406.60 135.00 -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 50.5 406.6 m 308.5 406.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 406.6 m 562.5 406.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 406.6 m 562.5 406.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.75 426.28 Td (For) Tj ET Q q 0 0 0 rg BT 468.21 426.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 486.26 426.28 Td (Y) Tj ET Q q 0 0 0 rg BT 492.74 426.28 Td (ear) Tj ET Q q 0 0 0 rg BT 505.98 426.28 Td ( Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 411.28 Td (2016 ) Tj ET Q q 0 0 0 rg BT 74.95 411.28 Td (Acquisitions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.15 411.28 Td (December) Tj ET Q q 0 0 0 rg BT 497.27 411.28 Td ( 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 396.28 Td (The Rim ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 93.00 400.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 396.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 396.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 396.27 Td (27,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.00 381.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 381.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 381.27 Td (4,898) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 353.10 Td (Includes the total revenue and net income of ) Tj ET Q q 0 0 0 rg BT 247.75 353.10 Td (The Rim retail center) Tj ET Q q 0 0 0 rg BT 332.59 353.10 Td (, including the phases of the center acquired in February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 341.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 92.45 341.10 Td (April 2015 and December 2015. ) Tj ET Q q 0 0 0 rg BT 226.40 341.10 Td (The fourth phase of the center was acquired in December 2016 and includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.22 341.10 Td (96,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.72 341.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 329.10 Td (square feet of net rentable area, which represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.95 329.10 Td (9.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.78 329.10 Td ( of the total net rentable area of ) Tj ET Q q 0 0 0 rg BT 414.32 329.10 Td (The Rim retail center) Tj ET Q q 0 0 0 rg BT 499.01 329.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 305.10 Td (The following unaudited consolidated information is presented to give ef) Tj ET Q q 0 0 0 rg BT 359.69 305.10 Td (fect to current year acquisitions through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 293.10 Td ( as if the acquisitions occurred on January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.09 293.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.09 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.91 293.10 Td (This information excludes activity that is non-recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (and not representative of our future activity) Tj ET Q q 0 0 0 rg BT 223.17 281.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.23 281.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.13 281.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.56 281.10 Td ($19.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.46 281.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 269.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 269.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 269.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.00 269.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 270.66 269.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.48 269.10 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 50.00 257.10 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 408.51 257.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.51 257.10 Td (, nor does it purport to represent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (our future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 168.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 168.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 168.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 168.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 168.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 138.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 138.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 138.60 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 406.5 168.60000000000002 m 482.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 168.60000000000002 m 562.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 168.60000000000002 m 482.5 168.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 168.60000000000002 m 562.5 168.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.25 212.28 Td (For) Tj ET Q q 0 0 0 rg BT 455.71 212.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 473.76 212.28 Td (Y) Tj ET Q q 0 0 0 rg BT 480.24 212.28 Td (ears Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 197.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.90 197.28 Td (December) Tj ET Q q 0 0 0 rg BT 498.12 197.28 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 173.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.35 173.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 419.81 173.28 Td (o Forma 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.35 173.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 499.72 173.28 Td (o Forma 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 158.27 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 158.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 158.27 Td (478,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 158.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 158.27 Td (477,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 143.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 143.27 Td (156,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 143.27 Td (1) Tj ET Q q 0 0 0 rg BT 536.15 143.27 Td (1,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 128.27 Td (Basic and diluted income \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 128.27 Td (0.54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 128.27 Td (0.02) 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 (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 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 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 605.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 605.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 575.60 258.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.50 575.60 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 575.60 135.00 -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 49.5 665.6 m 307.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 665.6 m 561.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 665.6 m 307.5 665.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 665.6 m 561.5 665.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.75 685.28 Td (For) Tj ET Q q 0 0 0 rg BT 467.21 685.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 485.26 685.28 Td (Y) Tj ET Q q 0 0 0 rg BT 491.74 685.28 Td (ear) Tj ET Q q 0 0 0 rg BT 504.98 685.28 Td ( Ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 670.28 Td (2015 ) Tj ET Q q 0 0 0 rg BT 74.22 670.28 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 670.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 670.28 Td (December) Tj ET Q q 0 0 0 rg BT 496.27 670.28 Td ( 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 655.28 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 153.38 659.81 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 655.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 655.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 655.27 Td (5,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 640.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 640.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 640.27 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 625.28 Td (The Summit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 625.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 625.27 Td (21,756) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 610.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 610.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 610.27 Td (439) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 595.28 Td (Harder) Tj ET Q q 0 0 0 rg BT 83.47 595.28 Td ( Logistics Portfolio ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 166.52 599.81 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 595.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 595.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 595.27 Td (3,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 580.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 580.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 580.32 Td (\(8,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 580.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 565.28 Td (The Rim ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 92.00 569.81 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 565.27 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 565.27 Td (23,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 550.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 550.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 550.27 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 total net rentable area of the 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 total net rentable area of the 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 total net rentable area of ) Tj ET Q q 0 0 0 rg BT 347.69 402.10 Td (The Rim retail center) Tj ET Q q 0 0 0 rg BT 432.38 402.10 Td (. ) Tj ET Q q 0 0 0 rg BT 439.69 402.10 Td (The third phase of the center ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 390.10 Td (was acquired in December 2015 and includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.10 390.10 Td (28,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.60 390.10 Td ( square feet of net rentable area, which represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.06 390.10 Td (3.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.89 390.10 Td ( of the total net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 378.10 Td (rentable area of ) Tj ET Q q 0 0 0 rg BT 132.50 378.10 Td (The Rim retail center) Tj ET Q q 0 0 0 rg BT 217.18 378.10 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.45 354.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.45 354.10 Td ( acquisitions through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.83 354.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 342.10 Td ( as if the acquisitions occurred on January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.50 342.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 342.10 Td (. ) Tj ET Q q 0 0 0 rg BT 275.32 342.10 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 50.00 330.10 Td (representative of our future activity) Tj ET Q q 0 0 0 rg BT 190.96 330.10 Td (, primarily acquisition fees and expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.02 330.10 Td ($19.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.91 330.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.35 330.10 Td ($47.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.24 330.10 Td ( for the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 318.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 318.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.40 318.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.40 318.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 247.06 318.10 Td (. ) Tj ET Q q 0 0 0 rg BT 251.88 318.10 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 50.00 306.10 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 379.90 306.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.90 306.10 Td (, nor does it purport to represent our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (future operations \(amounts in thousands, except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 217.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 217.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 217.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 217.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 217.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 187.60 352.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 187.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 187.60 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 406.5 217.60000000000002 m 482.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 217.60000000000002 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 406.5 217.60000000000002 m 482.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 217.60000000000002 m 562.5 217.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.25 261.28 Td (For) Tj ET Q q 0 0 0 rg BT 455.71 261.28 Td ( the ) Tj ET Q q 0 0 0 rg BT 473.76 261.28 Td (Y) Tj ET Q q 0 0 0 rg BT 480.24 261.28 Td (ears 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 454.90 246.28 Td (December) Tj ET Q q 0 0 0 rg BT 498.12 246.28 Td ( 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 409.35 222.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 419.81 222.28 Td (o Forma 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.35 222.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 499.72 222.28 Td (o Forma 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 409.00 207.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 207.27 Td (486,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 207.27 Td ($) 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 409.00 192.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 192.27 Td (13,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 192.27 Td ($) 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 409.00 177.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 177.27 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 177.27 Td ($) 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 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 /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, 2017) 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 (2016) 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 50.50 647.75 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 647.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 647.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 647.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 647.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 647.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 647.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 647.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 647.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 617.75 119.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 617.75 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 225.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 617.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 617.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 617.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 617.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 617.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 617.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 617.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 587.75 232.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 282.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 587.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 587.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 587.75 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 587.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 587.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 587.75 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 169.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 661.75 m 225.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 661.75 m 282.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 661.75 m 326.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 661.75 m 403.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 661.75 m 478.5 661.75 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 169.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 661.75 m 225.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 661.75 m 282.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 661.75 m 326.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 661.75 m 403.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 661.75 m 478.5 661.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 661.75 m 550.5 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 617.75 m 326.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 617.75 m 403.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 617.75 m 478.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 617.75 m 550.5 617.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 587.75 m 478.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 573.75 m 478.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 571.75 m 478.5 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 587.75 m 550.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 573.75 m 550.5 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 571.75 m 550.5 571.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.40 666.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 100.86 666.43 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.90 686.43 Td (Original) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.90 676.43 Td (Funding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.00 666.43 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.05 676.43 Td (Maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.50 666.43 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.40 676.43 Td (Inter) Tj ET Q q 0 0 0 rg BT 310.88 676.43 Td (est) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.00 666.43 Td (Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.20 676.43 Td (T) Tj ET Q q 0 0 0 rg BT 353.95 676.43 Td (otal Loan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.15 666.43 Td (Commitment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.40 686.43 Td (Balance as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.40 676.43 Td (December) Tj ET Q q 0 0 0 rg BT 456.52 676.43 Td ( 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.50 666.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.90 686.43 Td (Balance as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.90 676.43 Td (December) Tj ET Q q 0 0 0 rg BT 530.02 676.43 Td ( 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 666.43 Td (2016) 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 (Randall) Tj ET Q q 0 0 0 rg BT 93.16 637.42 Td (s) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.70 637.42 Td (7/28/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.20 637.42 Td (7/28/2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 637.42 Td (N/A) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 329.00 642.58 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 637.42 Td (10,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 637.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 637.42 Td (8,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 622.42 Td (Finesilver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.70 622.42 Td (7/31/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.70 622.42 Td (10/31/2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 622.42 Td (N/A) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 329.00 627.58 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 622.42 Td (7,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 622.42 Td (6,271) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 607.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.00 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.50 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.65 607.42 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 607.42 Td (18,172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 607.42 Td (15,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 592.42 Td (\(Origination\)/Exit fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 592.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 592.42 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 577.43 Td (T) Tj ET Q q 0 0 0 rg BT 58.75 577.43 Td (otal Real Estate Loans Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.00 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.15 577.42 Td (15,291) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 549.25 Td (In December 2017, the outstanding receivable balance of the loan was paid in full.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 525.25 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 525.25 Td (August 2017, the outstanding receivable balance of the loan was paid in full.) 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 /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, 2017) 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 (2016) 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 ($1.8 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 ($2.2 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 (1.7 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 (2.4 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 (2.8%) 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 (2.4%) 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, 2017) 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 (2016) 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 50.50 614.75 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 614.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 614.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 614.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 614.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 614.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 614.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 614.75 14.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 614.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 614.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 614.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 590.75 140.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 590.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 590.75 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 590.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 590.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 590.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 590.75 62.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 590.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 590.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 590.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 590.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 590.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 590.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 559.75 140.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 559.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 559.75 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 559.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 559.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 559.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 559.75 62.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 559.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 559.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 559.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 559.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 559.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 559.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 528.75 140.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 528.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 528.75 47.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 528.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 528.75 41.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 528.75 13.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 528.75 62.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 528.75 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 528.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 528.75 14.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 528.75 51.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 528.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 528.75 53.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 488.75 140.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 488.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 488.75 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 488.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 488.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 488.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 488.75 62.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 488.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 488.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 488.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 488.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 488.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 488.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 450.75 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 450.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 450.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 450.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 450.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 450.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 450.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 450.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 450.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 450.75 14.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 450.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 450.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 450.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 426.75 140.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 426.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 426.75 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 426.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 426.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 426.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 426.75 62.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 426.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 426.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 426.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 426.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 426.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 426.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 388.75 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 388.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 388.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 388.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 388.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 388.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 388.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 388.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 388.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 388.75 14.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 388.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 388.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 388.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 364.75 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 364.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 364.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 364.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 364.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 364.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 364.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 364.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 364.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 364.75 14.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 364.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 364.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 364.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 333.75 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 333.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 333.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 333.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 333.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 333.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 333.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 333.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 333.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 333.75 14.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 333.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 333.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 333.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 302.75 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 302.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 302.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 302.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 302.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 302.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 302.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 302.75 14.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 302.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 302.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 302.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 271.75 140.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 271.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 271.75 47.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 271.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 271.75 41.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 271.75 13.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 271.75 62.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 271.75 5.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 271.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 271.75 14.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 271.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 271.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 271.75 53.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 233.75 140.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 233.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 233.75 47.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 233.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 233.75 41.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 233.75 13.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 233.75 62.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 233.75 5.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 233.75 56.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 233.75 14.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 233.75 51.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 233.75 4.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 233.75 53.00 -20.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 201.75 140.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 190.50 201.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 201.75 47.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 201.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 201.75 41.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 201.75 13.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 201.75 62.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 201.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 201.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 201.75 14.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 201.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 201.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 201.75 53.00 -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 190.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 194.5 626.75 m 241.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 626.75 m 286.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 626.75 m 361.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 626.75 m 422.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 626.75 m 487.5 626.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 626.75 m 544.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 213.75 m 487.5 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 213.75 m 544.5 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 189.75 m 487.5 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 189.75 m 544.5 189.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 177.75 m 487.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 177.75 m 544.5 177.75 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 197.45 654.98 Td (Origination) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.75 646.98 Td (or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.00 638.98 Td (Assumption) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.50 630.98 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 249.90 638.98 Td (Maturity) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.50 630.98 Td (Date) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.70 638.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 324.88 638.98 Td (est Rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.20 630.98 Td (Description) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 654.98 Td (Inter) Tj ET Q q 0 0 0 rg BT 388.88 654.98 Td (est Rate ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.10 646.98 Td (as of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.75 638.98 Td (December) Tj ET Q q 0 0 0 rg BT 405.25 638.98 Td ( 31, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.00 630.98 Td (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.00 630.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.70 662.98 Td (Principal ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.15 654.98 Td (Outstanding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.15 646.98 Td (at ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 638.98 Td (December) Tj ET Q q 0 0 0 rg BT 478.75 638.98 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 630.98 Td (31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.70 662.98 Td (Principal ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.15 654.98 Td (Outstanding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.15 646.98 Td (at ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.25 638.98 Td (December) Tj ET Q q 0 0 0 rg BT 528.75 638.98 Td ( 31, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.50 630.98 Td (2016) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 618.87 Td (Secur) Tj ET Q q 0 0 0 rg BT 71.26 618.87 Td (ed Mortgage Debt) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 238.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 248.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 369.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 425.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 439.00 618.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 494.00 618.90 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 204.15 606.90 Td (7/1/2010) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 252.15 606.90 Td (7/7/2017) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 289.00 610.74 Td (\(1\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 607.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 607.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 404.60 606.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 439.00 606.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 477.00 606.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 494.00 606.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 517.10 606.90 Td (149,343) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 594.90 Td (Fifty South Sixth) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.40 594.90 Td (1) Tj ET Q q 0 0 0 rg BT 206.01 594.90 Td (1/4/2010) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.40 594.90 Td (1) Tj ET Q q 0 0 0 rg BT 254.01 594.90 Td (1/3/2018) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 289.00 598.74 Td (\(1\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 595.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 595.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 404.60 594.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 477.00 594.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 517.10 594.90 Td (125,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 575.90 Td (Flagship Capital JV) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.15 575.90 Td (7/2/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 252.15 575.90 Td (7/2/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 583.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 583.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 304.15 575.55 Td (to floor of 4.25%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 404.60 575.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 477.00 575.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 530.25 575.90 Td (512) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 563.90 Td (100 Brookes) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 563.90 Td (7/13/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 563.90 Td (1/31/2018) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 289.00 567.74 Td (\(2\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 564.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 564.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 563.90 Td (3.85) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 563.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 563.90 Td (28,098) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 563.90 Td (31,109) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 544.90 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.15 544.90 Td (8/2/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 544.90 Td (6/28/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 552.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 552.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 544.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 544.90 Td (2.00) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 544.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 544.90 Td (71,183) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 544.90 Td (64,294) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 532.90 Td (Minneapolis Retail Center) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.15 532.90 Td (8/2/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 532.90 Td (8/10/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 321.45 533.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 532.90 Td (3.50) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 532.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 532.90 Td (65,500) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 532.90 Td (65,500) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 512.90 Td (825 ) Tj ET Q q 0 0 0 rg BT 65.92 512.90 Td (Ann) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 200.55 512.90 Td (1) Tj ET Q q 0 0 0 rg BT 204.16 512.90 Td (1/16/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 248.55 512.90 Td (1) Tj ET Q q 0 0 0 rg BT 252.16 512.90 Td (1/20/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 521.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 521.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 513.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 512.90 Td (2.41) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 512.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 512.90 Td (63,247) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 512.90 Td (58,320) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 492.90 Td (Mercedes Benz Bank) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.15 492.90 Td (2/7/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 248.40 492.90 Td (12/31/2019) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 289.00 496.74 Td (\(1\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 501.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 501.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 493.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 404.60 492.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 477.00 492.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 492.90 Td (35,041) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 473.90 Td (465 ) Tj ET Q q 0 0 0 rg BT 66.06 473.90 Td (V) Tj ET Q q 0 0 0 rg BT 71.18 473.90 Td (ictoria) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 473.90 Td (2/28/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 473.90 Td (12/3/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 481.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 481.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 473.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 473.90 Td (3.02) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 473.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 473.90 Td (41,528) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 473.90 Td (38,293) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 454.90 Td (New City) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 454.90 Td (3/28/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 454.90 Td (3/18/2018) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 289.00 458.74 Td (\(3\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 462.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 462.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 454.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 454.90 Td (2.30) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 454.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 454.90 Td (80,831) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 454.90 Td (73,612) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 442.90 Td (One ) Tj ET Q q 0 0 0 rg BT 67.30 442.90 Td (W) Tj ET Q q 0 0 0 rg BT 74.01 442.90 Td (estferry Circus) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.15 442.90 Td (5/9/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 252.15 442.90 Td (5/5/2020) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 321.45 443.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 442.90 Td (3.30) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 442.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 442.90 Td (64,757) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 442.90 Td (59,213) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 430.90 Td (The Campus at Playa ) Tj ET Q q 0 0 0 rg BT 118.75 430.90 Td (V) Tj ET Q q 0 0 0 rg BT 123.88 430.90 Td (ista) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 430.90 Td (5/14/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 430.90 Td (12/1/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 431.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 431.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 430.90 Td (2.77) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 430.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 460.10 430.90 Td (150,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 517.10 430.90 Td (150,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 411.90 Td (Perspective Defense) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 411.90 Td (6/21/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 411.90 Td (7/25/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 419.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 419.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 411.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 411.90 Td (2.17) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 411.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 411.90 Td (83,853) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 411.90 Td (73,612) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 392.90 Td (Fiege Mega Centre) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 200.40 392.90 Td (10/18/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 248.40 392.90 Td (10/31/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 400.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 400.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 392.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 392.90 Td (1.37) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 392.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 392.90 Td (26,898) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 392.90 Td (23,924) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 380.90 Td (55 M Street) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 380.90 Td (12/9/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 380.90 Td (12/9/2017) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 289.00 384.74 Td (\(4\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 381.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 381.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 404.60 380.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 477.00 380.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 380.90 Td (72,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 368.90 Td (25 Cabot Square) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 368.90 Td (3/26/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 368.90 Td (3/26/2020) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 321.45 369.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 368.90 Td (3.50) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 368.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 460.10 368.90 Td (166,951) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 517.10 368.90 Td (152,658) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 356.90 Td (Simon Hegele Logistics) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 356.90 Td (4/28/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 356.90 Td (6/15/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 321.45 357.05 Td (Fixed) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 356.90 Td (1.90) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 356.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 356.90 Td (41,904) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 356.90 Td (37,167) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 337.90 Td (818 Bourke) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 200.40 337.90 Td (10/31/2014) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 248.40 337.90 Td (10/31/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 345.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 345.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 337.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 337.90 Td (2.46) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 337.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 337.90 Td (65,562) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 337.90 Td (62,254) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 325.90 Td (The Summit) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.15 325.90 Td (3/4/2015) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 252.15 325.90 Td (4/1/2022) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 325.90 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 325.90 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 325.90 Td (2.92) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 325.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 460.10 325.90 Td (170,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 517.10 325.90 Td (170,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 306.90 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 204.15 306.90 Td (4/1/2015) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 306.90 Td (2/28/2021) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 305.00 314.05 Td (V) Tj ET Q q 0 0 0 rg BT 310.00 314.05 Td (ariable, subject) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 302.40 306.55 Td (to interest rate cap) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 306.90 Td (0.95) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 306.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 306.90 Td (81,068) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 306.90 Td (72,275) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 53.00 294.87 Td (Other) Tj ET Q q 0 0 0 rg BT 72.03 294.87 Td ( Notes Payable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 238.00 294.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 283.00 294.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 419.00 294.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 439.00 294.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 494.00 294.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 283.05 Td (JPMor) Tj ET Q q 0 0 0 rg BT 72.87 283.05 Td (gan Chase Revolving ) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 275.55 Td (Credit Facility) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 275.90 Td (4/13/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 275.90 Td (6/29/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 283.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 283.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 275.90 Td (3.07) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 275.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 275.90 Td (99,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 517.10 275.90 Td (1) Tj ET Q q 0 0 0 rg BT 520.85 275.90 Td (19,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 264.05 Td (JPMor) Tj ET Q q 0 0 0 rg BT 72.94 264.05 Td (gan Chase Revolving Credit Facility -) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 256.55 Td (T) Tj ET Q q 0 0 0 rg BT 57.32 256.55 Td (erm Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 256.90 Td (5/22/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 256.90 Td (6/29/2019) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 264.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 264.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 256.90 Td (3.02) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 256.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 460.10 256.90 Td (495,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 517.10 256.90 Td (495,000) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 237.90 Td (W) Tj ET Q q 0 0 0 rg BT 59.78 237.90 Td (aterW) Tj ET Q q 0 0 0 rg BT 77.50 237.90 Td (all Place Construction Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 237.90 Td (6/29/2012) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 252.15 237.90 Td (5/8/2018) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 245.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.50 245.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 402.60 237.90 Td (2.95) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 415.75 237.90 Td (%) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 463.85 237.90 Td (44,897) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 237.90 Td (44,897) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 217.90 Td (A) Tj ET Q q 0 0 0 rg BT 58.14 217.90 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 122.16 217.90 Td ( Construction Loan) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 202.25 217.90 Td (5/10/2013) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 250.25 217.90 Td (7/10/2017) Tj ET Q BT /F1 4.87 Tf ET q 0 0 0 rg BT 289.00 221.74 Td (\(1\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 317.50 226.05 Td (V) Tj ET Q q 0 0 0 rg BT 322.08 226.05 Td (ariable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 404.60 217.90 Td ( N/A) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 477.00 217.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 520.85 217.90 Td (42,693) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 59.00 205.87 Td (T) Tj ET Q q 0 0 0 rg BT 63.66 205.87 Td (otal Principal Outstanding) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 283.00 205.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 439.00 205.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 454.50 205.90 Td (1,840,277) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 494.00 205.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 511.50 205.90 Td (2,215,717) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 53.00 193.90 Td (Unamortized Deferred Financing Fees) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 465.10 193.90 Td (\(5,324) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 484.50 193.90 Td (\)) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 522.10 193.90 Td (\(8,418) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 541.50 193.90 Td (\)) Tj ET Q BT /F2 7.50 Tf ET q 0 0 0 rg BT 59.00 181.87 Td (Notes Payable) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 248.00 181.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 369.00 181.90 Td () Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 439.00 181.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 454.50 181.90 Td (1,834,953) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 494.00 181.90 Td ($) Tj ET Q BT /F1 7.50 Tf ET q 0 0 0 rg BT 511.50 181.90 Td (2,207,299) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.25 Td (The Company paid of) Tj ET Q q 0 0 0 rg BT 155.30 154.25 Td (f the secured mortgage loan in full with proceeds from the sale of the property) Tj ET Q q 0 0 0 rg BT 467.32 154.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.25 Td (In January 2018, the Company paid of) Tj ET Q q 0 0 0 rg BT 221.40 130.25 Td (f the secured mortgage loan related to 100 Brookes in full.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (In March 2018, the loan was amended and the maturity date was extended to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.07 106.25 Td (April18, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.68 106.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.83 82.25 Td (September 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.09 82.25 Td (, the Company paid of) Tj ET Q q 0 0 0 rg BT 233.06 82.25 Td (f the secured mortgage loan related to 55 M Street in full.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 58.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 58.25 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 421.48 58.25 Td (LIBOR, EURIBOR or the BBSY) Tj ET Q q 0 0 0 rg BT 554.17 58.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (screen rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.02 46.25 Td ( plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.69 46.25 Td (0.65%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.52 46.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.30 46.25 Td (2.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.13 46.25 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 231.06 46.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 280.97 46.25 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.63 46.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.21 46.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.21 46.25 Td ($401.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.10 46.25 Td ( of our variable rate debt ) Tj ET Q 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 50.00 742.10 Td (was capped at strike rates ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.66 742.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.49 742.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.27 742.10 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.10 742.10 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 50.00 730.10 Td (our interest rate contracts.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (JP) Tj ET Q q 0 0 0 rg BT 78.37 706.10 Td ( Mor) Tj ET Q q 0 0 0 rg BT 97.72 706.10 Td (gan Chase Revolving Cr) Tj ET Q q 0 0 0 rg BT 195.39 706.10 Td (edit Facility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (In ) Tj ET Q q 0 0 0 rg BT 78.28 682.10 Td (April 2012, the Operating Partnership entered into a credit agreement \(the Credit ) Tj ET Q q 0 0 0 rg BT 407.89 682.10 Td (Agreement\) with JPMor) Tj ET Q q 0 0 0 rg BT 509.35 682.10 Td (gan Chase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 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 393.25 670.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 444.99 670.10 Td (The Company refers to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Revolving Loan Commitment and ) Tj ET Q q 0 0 0 rg BT 189.25 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 194.66 658.10 Td (erm Loan Commitment collectively as the Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 471.72 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 483.48 658.10 Td (The borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 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 481.06 646.10 Td (Australian dollars ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 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 390.74 634.10 Td ($212.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.63 634.10 Td ( of the maximum amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (available under the Revolving Loan Commitment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 598.10 Td (In June 2015, the Company entered into an amendment to its Revolving Credit Facility) Tj ET Q q 0 0 0 rg BT 415.62 598.10 Td (, which resulted in the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (changes:) 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 (an increase in total commitments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.96 562.10 Td ($920.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.85 562.10 Td (, consisting of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.68 562.10 Td ($495.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.57 562.10 Td ( increase to the term loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 550.10 Td (commitment \(T) Tj ET Q q 0 0 0 rg BT 152.23 550.10 Td (erm Loan Commitment\) and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.24 550.10 Td ($425.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.13 550.10 Td ( increase to the revolving loan commitment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 538.10 Td (\(Revolving Loan Commitment\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 523.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 523.10 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 339.81 523.10 Td ($1.25 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.92 523.10 Td (, subject to the Company) Tj ET Q q 0 0 0 rg BT 493.41 523.10 Td (s satisfaction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 511.10 Td (certain conditions; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 496.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 496.10 Td (extended the maturity date to June29, 2019, subject to an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.49 496.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.93 496.10 Td (-year extension at the Company) Tj ET Q q 0 0 0 rg BT 505.89 496.10 Td (s option and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 484.10 Td (subject to the satisfaction of certain conditions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 457.10 Td (For the period from January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.69 457.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.69 457.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.80 457.10 Td (December 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.38 457.10 Td (, the Company made draws of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.11 457.10 Td ($159.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.01 457.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (payments of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.66 445.10 Td ($179.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.55 445.10 Td ( under the Revolving Credit Facility through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.35 445.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.94 445.10 Td (. ) Tj ET Q q 0 0 0 rg BT 426.88 445.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 476.79 445.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.73 445.10 Td (January 1,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.82 445.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 433.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.11 433.10 Td (March30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.71 433.10 Td (, the Company made draws of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.44 433.10 Td ($109.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.33 433.10 Td ( under the Revolving Credit Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (resulting in an outstanding principal balance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.78 421.10 Td ($703.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.67 421.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.83 421.10 Td (March30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.43 421.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 397.10 Td (Financial Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 373.10 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 50.00 361.10 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 50.00 349.10 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 50.00 337.10 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 50.00 325.10 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 295.76 325.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.58 325.10 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 50.00 313.10 Td (with financial covenants on any of its loans as of December 31, 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.31 313.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 289.10 Td (Principal Payments on Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 265.10 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 50.00 253.10 Td (ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.30 253.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 253.10 Td ( through December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.99 253.10 Td (2022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.99 253.10 Td ( and for the period thereafter) Tj ET Q q 0 0 0 rg BT 387.10 253.10 Td (. ) Tj ET Q q 0 0 0 rg BT 391.55 253.10 Td (Amounts are in thousands:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 202.60 141.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.50 202.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.50 202.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 202.60 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 202.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 202.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 202.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 202.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.50 202.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.50 202.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.50 202.60 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 202.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 202.60 56.00 -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 195.5 216.60000000000002 m 251.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 216.60000000000002 m 266.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 216.60000000000002 m 322.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 216.60000000000002 m 326.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 216.60000000000002 m 382.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 216.60000000000002 m 386.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 216.60000000000002 m 442.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 442.5 216.60000000000002 m 446.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 216.60000000000002 m 502.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 216.60000000000002 m 506.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 216.60000000000002 m 562.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 216.60000000000002 m 251.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 202.60000000000002 m 251.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 216.60000000000002 m 322.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 202.60000000000002 m 322.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 216.60000000000002 m 382.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 202.60000000000002 m 382.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 216.60000000000002 m 442.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 202.60000000000002 m 442.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 216.60000000000002 m 502.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 202.60000000000002 m 502.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 216.60000000000002 m 562.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 202.60000000000002 m 562.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 202.60000000000002 m 251.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 202.60000000000002 m 322.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 202.60000000000002 m 382.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 202.60000000000002 m 442.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 202.60000000000002 m 502.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 202.60000000000002 m 562.5 202.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 221.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.10 221.28 Td (Payments due by ) Tj ET Q q 0 0 0 rg BT 406.20 221.28 Td (Y) Tj ET Q q 0 0 0 rg BT 412.68 221.28 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 207.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 207.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 207.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 207.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.00 207.28 Td (2021) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 207.28 Td (2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.10 207.28 Td (Ther) Tj ET Q q 0 0 0 rg BT 532.03 207.28 Td (eafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 193.17 Td (Principal payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.00 193.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.15 193.17 Td (440,716) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 254.00 198.43 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.00 193.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 193.17 Td (919,31) Tj ET Q q 0 0 0 rg BT 313.65 193.17 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 193.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 193.17 Td (232,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.00 193.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 193.17 Td (77,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.00 193.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 193.17 Td (170,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 193.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 193.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 165.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 165.10 Td (In January 2018, the Company paid of) Tj ET Q q 0 0 0 rg BT 239.40 165.10 Td (f the secured mortgage loan related to 100 Brookes in full.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (7. DERIV) Tj ET Q q 0 0 0 rg BT 90.94 141.10 Td (A) Tj ET Q q 0 0 0 rg BT 97.42 141.10 Td (TIVE INSTRUMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 117.10 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 50.00 105.10 Td (against the variability of future interest rates on its variable interest rate borrowings.) Tj ET Q q 0 0 0 rg BT 391.10 105.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 450.81 105.10 Td (s interest rate swaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 93.10 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 93.10 Td (fectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (limited the interest rate on the loans to which they relate.) Tj ET Q q 0 0 0 rg BT 282.25 81.10 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 69.10 Td (for accounting purposes. See Note 1) Tj ET Q q 0 0 0 rg BT 194.59 69.10 Td (1 Fair ) Tj ET Q q 0 0 0 rg BT 233.02 69.10 Td (V) Tj ET Q q 0 0 0 rg BT 239.13 69.10 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 57.10 Td (interest rate contracts.) Tj ET Q endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 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 50.00 730.10 Td (foreign exchange rates on future international property sales. ) Tj ET Q q 0 0 0 rg BT 298.06 730.10 Td (These forward contracts economically fix the currency exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (rate on the investment to which they relate. ) Tj ET Q q 0 0 0 rg BT 227.54 718.10 Td (The Company did not designate any of these contracts as fair value or cash flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (hedges for accounting purposes. See Note 1) Tj ET Q q 0 0 0 rg BT 227.36 706.10 Td (1 Fair ) Tj ET Q q 0 0 0 rg BT 265.79 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 271.90 706.10 Td (alue Measurements for additional information regarding the fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (of our foreign currency forwards. In June 2017, the Company entered into an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.24 694.10 Td (80.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.13 694.10 Td ( foreign currency forward contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (with an ef) Tj ET Q q 0 0 0 rg BT 89.80 682.10 Td (fective date of June 27, 2017 and a trade date of July 10, 2017, in connection with the sale of the Mercedes Benz ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Bank from which the Company received proceeds in Euros. See Note 3 Investment Property for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (regarding the sale of the Mercedes Benz Bank. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 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 317.07 634.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.66 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 402.98 634.10 Td (The table below provides additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (information regarding these interest rate cap contracts \(in thousands, except percentages\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 572.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 572.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 572.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 572.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 572.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 532.60 129.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 532.60 88.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 532.60 85.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 532.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 532.60 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 532.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 532.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 482.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 482.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 482.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 482.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 482.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 482.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 482.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 452.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 452.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 452.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 452.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 452.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 452.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 452.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.60 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 183.50 422.60 88.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.50 422.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 422.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 422.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 422.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 596.6 m 179.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 596.6 m 183.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 596.6 m 271.5 596.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 572.6 m 179.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 183.5 572.6 m 271.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275.5 572.6 m 360.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 572.6 m 428.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 572.6 m 494.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 572.6 m 562.5 572.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 601.28 Td (Inter) Tj ET Q q 0 0 0 rg BT 74.57 601.28 Td (est Rate Cap Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.00 601.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 601.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 601.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 601.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 577.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 63.37 577.28 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.85 577.28 Td (Effective Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.15 577.28 Td (Expiration Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 587.28 Td (Notional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.45 577.28 Td (Amount ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 410.95 581.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 587.28 Td (Inter) Tj ET Q q 0 0 0 rg BT 456.72 587.28 Td (est Rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.80 577.28 Td (Received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.05 587.28 Td (Pay Rate /) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.70 577.28 Td (Strike Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.27 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.05 562.27 Td (June 30, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.55 562.27 Td (June 28, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 562.27 Td (63,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.05 562.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 562.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 562.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 537.27 Td (465 ) Tj ET Q q 0 0 0 rg BT 70.41 537.27 Td (V) Tj ET Q q 0 0 0 rg BT 77.24 537.27 Td (ictoria) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.20 537.27 Td (February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 547.27 Td (November 30,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 537.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 537.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 537.27 Td (20,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.90 537.27 Td (BBSW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 537.27 Td (2.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 537.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.27 Td (825 ) Tj ET Q q 0 0 0 rg BT 70.22 512.27 Td (Ann) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 512.27 Td (April 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.85 522.27 Td (November 20,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 512.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 512.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 512.27 Td (31,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.90 512.27 Td (BBSW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 512.27 Td (3.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 512.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 487.27 Td (New City) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.85 497.72 Td (April 1) Tj ET Q q 0 0 0 rg BT 226.09 497.72 Td (1, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.55 487.72 Td (May 6, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.70 487.27 Td (March 16, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 487.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 487.27 Td (61,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.05 487.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 487.27 Td (2.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 487.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.27 Td (Perspective Defense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.90 472.27 Td (July 25, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.40 472.27 Td (July 25, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 472.27 Td (83,853) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.05 472.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 472.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 472.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.27 Td (Fiege Mega Centre) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.10 457.27 Td (October 18, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 457.27 Td (October 18, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 457.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 457.27 Td (26,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.05 457.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 457.27 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 457.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.27 Td (818 Bourke) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.10 442.27 Td (October 27, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.60 442.27 Td (October 27, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 442.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 442.27 Td (32,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.90 442.27 Td (BBSW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 442.27 Td (2.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 442.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.27 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.20 427.27 Td (March 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.70 427.27 Td (March 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 427.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 427.27 Td (36,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.05 427.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 427.27 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 427.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.27 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.20 412.27 Td (December 2, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.20 412.27 Td (December 31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 412.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 412.27 Td (44,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.05 412.27 Td (EURIBOR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 412.27 Td (1.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 412.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 384.10 Td (For notional amounts denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 293.12 384.10 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 68.00 372.10 Td (in ef) Tj ET Q q 0 0 0 rg BT 85.87 372.10 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.85 372.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.44 372.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 348.10 Td (The table below presents the ef) Tj ET Q q 0 0 0 rg BT 192.49 348.10 Td (fects of the changes in fair value of our derivative instruments in the Company) Tj ET Q q 0 0 0 rg BT 509.90 348.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 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 368.24 336.10 Td (year ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.83 336.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.33 336.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.91 336.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.91 336.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.91 336.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.35 336.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.35 336.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (\(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 245.60 286.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 245.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 245.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 245.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 245.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 215.60 286.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 215.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 215.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 215.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 215.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 215.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 215.60 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 341.5 298.6 m 420.5 298.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 298.6 m 426.5 298.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 298.6 m 491.5 298.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 298.6 m 497.5 298.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 298.6 m 562.5 298.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 284.6 m 420.5 284.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 284.6 m 426.5 284.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 284.6 m 491.5 284.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 284.6 m 497.5 284.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 284.6 m 562.5 284.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 260.6 m 420.5 260.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 260.6 m 491.5 260.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 260.6 m 562.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 200.60000000000002 m 420.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 186.60000000000002 m 420.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 184.60000000000002 m 420.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 200.60000000000002 m 491.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 186.60000000000002 m 491.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 184.60000000000002 m 491.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 200.60000000000002 m 562.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 186.60000000000002 m 562.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 184.60000000000002 m 562.5 184.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.25 303.28 Td (Gain \(Loss\) on Derivative Instruments) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 287.32 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 339.00 287.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.40 289.28 Td (Y) Tj ET Q q 0 0 0 rg BT 433.07 289.28 Td (ear) Tj ET Q q 0 0 0 rg BT 446.30 289.28 Td ( Ended) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 53.00 263.32 Td () Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 339.00 263.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.40 275.28 Td (December) Tj ET Q q 0 0 0 rg BT 394.62 275.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.50 265.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 265.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.40 275.28 Td (December) Tj ET Q q 0 0 0 rg BT 472.62 275.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 265.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.40 275.28 Td (December) Tj ET Q q 0 0 0 rg BT 543.52 275.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 265.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 250.27 Td (Derivatives not designated as hedging instruments:) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 339.00 248.36 Td () Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 423.00 248.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 235.27 Td ( Interest rate swaps) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 339.00 233.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 235.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 235.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 235.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 235.27 Td (2,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 220.27 Td ( Interest rate caps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.30 220.32 Td (\(50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 220.32 Td (\(689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 220.32 Td (\(2,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 205.27 Td ( Foreign currency forward contracts) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 339.00 203.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 205.32 Td (\(584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 205.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 205.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 205.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 190.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 190.27 Td (otal gain \(loss\) on derivatives) Tj ET Q BT /F1 1.00 Tf ET q 0 0 0 rg BT 339.00 188.36 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 190.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 190.32 Td (\(634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 190.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.00 190.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 190.32 Td (\(689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 190.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 190.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 190.27 Td (562) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (8.DISTRIBUTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 138.10 Td (The Company has declared distributions for the months of January 2015 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.49 138.10 Td (December 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.08 138.10 Td ( at an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td ($0.0017808) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.50 126.10 Td ( per share, per day) Tj ET Q q 0 0 0 rg BT 170.42 126.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 102.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 102.10 Td (, on December 29, 2017, the Company declared a distribution to stockholders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.16 102.10 Td ($1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.66 102.10 Td ( per share that was paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (to all stockholders of record as of December 30, 2017 in two cash payments in January 2018. ) Tj ET Q q 0 0 0 rg BT 425.00 90.10 Td (This distribution has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (designated by the Company as a special distribution, which represents a return of a portion of the stockholders) Tj ET Q q 0 0 0 rg BT 494.14 78.10 Td ( invested capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (from sales of investment property and, as such, will reduce their remaining investment in the Company) Tj ET Q q 0 0 0 rg BT 461.75 66.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.57 66.10 Td (The special distribution ) Tj ET Q 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (represents a portion of the net proceeds received from the strategic sale of six assets during 2017. ) Tj ET Q q 0 0 0 rg BT 441.36 742.10 Td (The special distribution is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (subject to reinvestment pursuant to the Company) Tj ET Q q 0 0 0 rg BT 248.85 730.10 Td (s dividend reinvestment plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (The table below outlines the Company) Tj ET Q q 0 0 0 rg BT 225.47 706.10 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 50.00 694.10 Td (years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.98 694.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 694.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.56 694.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.56 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.00 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 694.10 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 50.00 682.10 Td (reinvested pursuant to the Company) Tj ET Q q 0 0 0 rg BT 197.19 682.10 Td (s distribution reinvestment plan \(in thousands\). ) Tj ET Q q 0 0 0 rg BT 390.32 682.10 Td (The Company declared distributions to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 670.10 Td (s stockholders as of daily record dates and aggregated and paid such distributions monthly) Tj ET Q q 0 0 0 rg BT 452.32 670.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.60 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 605.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 605.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 605.60 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 605.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 605.60 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 605.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 605.60 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 605.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 545.50 605.60 13.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 591.60 218.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 268.50 591.60 5.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 273.50 591.60 64.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 337.50 591.60 15.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 352.50 591.60 57.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 409.50 591.60 15.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 424.50 591.60 41.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 465.50 591.60 15.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 480.50 591.60 65.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 545.50 591.60 13.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.60 218.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 268.50 577.60 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 577.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 577.60 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 577.60 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 577.60 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 577.60 41.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 577.60 15.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 577.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 545.50 577.60 13.00 -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 273.5 636.6 m 337.5 636.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 636.6 m 352.5 636.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 636.6 m 409.5 636.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 636.6 m 424.5 636.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 636.6 m 465.5 636.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 636.6 m 545.5 636.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 605.6 m 268.5 605.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 605.6 m 337.5 605.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 605.6 m 409.5 605.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 605.6 m 465.5 605.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 605.6 m 545.5 605.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 605.6 m 268.5 605.6 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 641.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.95 641.05 Td (Stockholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.55 650.05 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 519.97 650.05 Td (olling) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 495.80 641.05 Td (Inter) Tj ET Q q 0 0 0 rg BT 515.21 641.05 Td (ests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 610.05 Td (Distributions for) Tj ET Q q 0 0 0 rg BT 117.09 610.05 Td ( the ) Tj ET Q q 0 0 0 rg BT 133.25 610.05 Td (Y) Tj ET Q q 0 0 0 rg BT 138.75 610.05 Td (ears Ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 295.20 619.05 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 279.70 610.05 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.20 619.05 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.50 610.05 Td (Reinvested) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.65 619.05 Td (T) Tj ET Q q 0 0 0 rg BT 440.24 619.05 Td (otal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.30 610.05 Td (Declar) Tj ET Q q 0 0 0 rg BT 452.70 610.05 Td (ed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.35 610.05 Td (T) Tj ET Q q 0 0 0 rg BT 489.53 610.05 Td (otal Declar) Tj ET Q q 0 0 0 rg BT 531.60 610.05 Td (ed) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 596.06 Td (December 31, 2017) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 596.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 304.75 596.06 Td (375,851) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 340.00 600.70 Td (\(1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.00 596.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 596.06 Td (91,757) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 596.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.75 596.06 Td (467,608) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 596.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 517.25 596.06 Td (26,707) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 548.00 600.70 Td (\(2\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 582.06 Td (December 31, 2016) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 582.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 582.06 Td (85,820) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.00 582.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 582.06 Td (94,003) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 582.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.75 582.06 Td (179,823) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 582.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.75 582.06 Td (5,691) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 568.06 Td (December 31, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 276.00 568.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 309.25 568.06 Td (83,481) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 355.00 568.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 381.25 568.06 Td (93,812) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 427.00 568.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 432.75 568.06 Td (177,293) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 483.00 568.06 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 521.75 568.06 Td (4,221) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 534.10 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.38 534.10 Td ($288.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.27 534.10 Td ( related to the December 2017 special distribution described above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 516.10 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.19 516.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.78 516.10 Td (, distributions declared to the noncontrolling interests included a distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 504.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.05 504.10 Td ($21.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.94 504.10 Td ( paid to the Company) Tj ET Q q 0 0 0 rg BT 243.82 504.10 Td (s JV) Tj ET Q q 0 0 0 rg BT 261.14 504.10 Td ( partner in the ) Tj ET Q q 0 0 0 rg BT 318.90 504.10 Td (A) Tj ET Q q 0 0 0 rg BT 325.38 504.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 411.02 504.10 Td ( as a result of the sale of ) Tj ET Q q 0 0 0 rg BT 509.88 504.10 Td (A) Tj ET Q q 0 0 0 rg BT 516.35 504.10 Td (viva Coral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 492.10 Td (Gables in June 2017. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (9.RELA) Tj ET Q q 0 0 0 rg BT 89.54 468.10 Td (TED P) Tj ET Q q 0 0 0 rg BT 117.97 468.10 Td (AR) Tj ET Q q 0 0 0 rg BT 132.06 468.10 Td (TY) Tj ET Q q 0 0 0 rg BT 145.58 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.90 468.10 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 444.10 Td (The table below outlines feesand expense reimbursements incurred that are payable by the Company to Hines and its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 432.10 Td (filiates for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.15 432.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.74 432.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.74 432.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.74 432.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.17 432.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.17 432.10 Td ( and amounts unpaid as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.38 432.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.96 432.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.40 432.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.40 432.10 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 360.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 360.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 360.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 360.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 360.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 360.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 360.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 320.60 205.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 320.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 320.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 320.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 320.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 320.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 320.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 320.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 320.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 320.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 320.60 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 280.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 280.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 280.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 280.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 280.60 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 280.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 250.60 205.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 250.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 250.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 250.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 250.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 250.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 250.60 59.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 250.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 250.60 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 250.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 250.60 53.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 210.60 205.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.50 210.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 210.60 59.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.50 210.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 210.60 59.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.50 210.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 210.60 59.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 210.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 210.60 57.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 210.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 210.60 53.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 374.6 m 318.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 374.6 m 322.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 374.6 m 381.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 374.6 m 385.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 374.6 m 444.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 374.6 m 505.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 374.6 m 509.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 374.6 m 562.5 374.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 360.6 m 318.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 322.5 360.6 m 381.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 360.6 m 444.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 360.6 m 505.5 360.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 360.6 m 562.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 175.60000000000002 m 505.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 175.60000000000002 m 562.5 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 161.60000000000002 m 505.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 159.60000000000002 m 505.5 159.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 161.60000000000002 m 562.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 159.60000000000002 m 562.5 159.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 379.27 Td () Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 283.40 388.67 Td (Incurr) Tj ET Q q 0 0 0 rg BT 310.23 388.67 Td (ed During the ) Tj ET Q q 0 0 0 rg BT 368.29 388.67 Td (Y) Tj ET Q q 0 0 0 rg BT 374.45 388.67 Td (ears Ended) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 323.85 379.17 Td (December) Tj ET Q q 0 0 0 rg BT 364.91 379.17 Td ( 31,) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 457.70 388.67 Td (Unpaid as of December) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 499.05 379.17 Td (31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 365.28 Td (T) Tj ET Q q 0 0 0 rg BT 59.30 365.28 Td (ype and Recipient) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 279.00 365.17 Td (2017) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 342.00 365.17 Td (2016) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 405.00 365.17 Td (2015) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 467.00 365.17 Td (2017) Tj ET Q BT /F2 9.50 Tf ET q 0 0 0 rg BT 526.00 365.17 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.27 Td (Issuer Costs- the ) Tj ET Q q 0 0 0 rg BT 121.88 350.27 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 350.27 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 350.27 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 350.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 350.27 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 350.27 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 350.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 325.27 Td (Acquisition Fee ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 119.10 329.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.68 325.27 Td (- the ) Tj ET Q q 0 0 0 rg BT 146.68 325.27 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.65 325.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 325.27 Td (191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 325.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 325.27 Td (8,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 325.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 325.27 Td (191) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.27 Td (Asset Management Fee- the ) Tj ET Q q 0 0 0 rg BT 167.13 300.27 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 300.27 Td (37,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 300.27 Td (36,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 300.27 Td (35,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 300.27 Td (2,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 300.27 Td (8,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.27 Td (Disposition Fee- the ) Tj ET Q q 0 0 0 rg BT 136.33 285.27 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 285.27 Td (8,203) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 285.27 Td (3,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 285.27 Td (309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 285.27 Td (2,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 285.27 Td (2,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.27 Td (Other ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 78.27 274.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.85 270.27 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 270.27 Td (7,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 270.27 Td (6,834) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 270.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 270.27 Td (6,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 270.27 Td (1,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 270.27 Td (1,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 255.27 Td (Property Management Fee- Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 255.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 255.27 Td (7,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 255.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 255.27 Td (7,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 255.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 255.27 Td (7,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 255.27 Td (146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 255.32 Td (\(46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 255.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.27 Td (Development/ Construction Management Fee-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 230.27 Td (Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 230.27 Td (1,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 230.27 Td (757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 230.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 230.27 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 230.27 Td (207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 230.27 Td (246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 215.27 Td (Leasing Fee- Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 215.27 Td (2,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 215.27 Td (4,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 215.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 215.27 Td (4,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 215.27 Td (2,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 215.27 Td (3,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 200.27 Td (Expense Reimbursement- Hines \(with respect to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 190.27 Td (management and operations of the Company) Tj ET Q q 0 0 0 rg BT 234.89 190.27 Td (s) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 180.27 Td (properties\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.00 180.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.15 180.27 Td (1) Tj ET Q q 0 0 0 rg BT 292.15 180.27 Td (1,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.00 180.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 180.27 Td (1) Tj ET Q q 0 0 0 rg BT 355.15 180.27 Td (1,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 180.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 180.27 Td (1) Tj ET Q q 0 0 0 rg BT 418.15 180.27 Td (1,098) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 180.27 Td (777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 180.27 Td (734) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 165.28 Td (Due to ) Tj ET Q q 0 0 0 rg BT 83.00 165.28 Td (Affiliates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 165.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.00 165.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 165.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 165.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 165.27 Td (10,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.00 165.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 165.27 Td (17,914) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 137.10 Td (As described below) Tj ET Q q 0 0 0 rg BT 146.22 137.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 158.81 137.10 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 209.62 137.10 Td (April 1, 2015, the Company) Tj ET Q q 0 0 0 rg BT 321.18 137.10 Td (, the Operating Partnership and the ) Tj ET Q q 0 0 0 rg BT 462.53 137.10 Td (Advisor amended the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 125.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 107.17 125.10 Td (Agreement in order to reduce the acquisition fee rate paid to the ) Tj ET Q q 0 0 0 rg BT 364.85 125.10 Td (Advisor from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.51 125.10 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.34 125.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.11 125.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.94 125.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 101.10 Td (Includes amounts the ) Tj ET Q q 0 0 0 rg BT 154.93 101.10 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 89.10 Td (related expenses.) Tj ET Q q 0 0 0 rg BT 141.12 89.10 Td (These amounts are generally reimbursed to the ) Tj ET Q q 0 0 0 rg BT 330.22 89.10 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 77.10 Td (they are incurred.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 742.25 Td (@1377 Development) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (In June 2012, the Company entered into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.68 718.25 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.57 718.25 Td ( mezzanine loan commitment plus accrued interest to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (construction financing to the @1377 development, which was developed by an af) Tj ET Q q 0 0 0 rg BT 376.16 706.25 Td (filiate of Hines. In June 2016, the borrower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (repaid the outstanding principal balance of the loan upon the sale of the property) Tj ET Q q 0 0 0 rg BT 371.74 694.25 Td (. See Note 1 Or) Tj ET Q q 0 0 0 rg BT 448.49 694.25 Td (ganization for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (information concerning the @1377 development and the mezzanine loan. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 658.25 Td (The ) Tj ET Q q 0 0 0 rg BT 86.43 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.58 658.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 118.83 658.25 Td (all Place JV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.25 Td (In December 201) Tj ET Q q 0 0 0 rg BT 137.04 634.25 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 512.51 634.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (with an af) Tj ET Q q 0 0 0 rg BT 89.80 622.25 Td (filiate of Hines for the formation of the ) Tj ET Q q 0 0 0 rg BT 248.46 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 257.10 622.25 Td (aterW) Tj ET Q q 0 0 0 rg BT 280.72 622.25 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 327.20 622.25 Td (, for the purpose of developing a residential/living project ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (in Houston, ) Tj ET Q q 0 0 0 rg BT 98.99 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.40 610.25 Td (exas. Hines serves as the initial general partner and as the development partner and the subsidiary of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Operating Partnership is the initial limited partner) Tj ET Q q 0 0 0 rg BT 248.84 598.25 Td (. ) Tj ET Q q 0 0 0 rg BT 256.16 598.25 Td (The Company has a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.36 598.25 Td (93%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.69 598.25 Td ( interest in this joint venture. ) Tj ET Q q 0 0 0 rg BT 476.12 598.25 Td (An af) Tj ET Q q 0 0 0 rg BT 498.43 598.25 Td (filiate of Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (owns the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.37 586.25 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.70 586.25 Td ( interest in this joint venture.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 86.24 562.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.17 562.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 179.48 562.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 538.25 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 488.47 538.25 Td (Agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (an af) Tj ET Q q 0 0 0 rg BT 69.53 526.25 Td (filiate of Hines for the formation of Hines Ponce & Bird Holdings LP) Tj ET Q q 0 0 0 rg BT 346.70 526.25 Td (, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 499.89 526.25 Td (, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (purpose of developing a residential/living project in Miami, Florida. Hines served as the initial general partner and as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (development partner and the subsidiary of the Operating Partnership was the initial limited partner) Tj ET Q q 0 0 0 rg BT 443.50 502.25 Td (. Hines owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.93 502.25 Td (17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.26 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (interest in the joint venture and the Company owned the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.21 490.25 Td (83%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.54 490.25 Td ( interest through its subsidiary) Tj ET Q q 0 0 0 rg BT 458.99 490.25 Td (. ) Tj ET Q q 0 0 0 rg BT 465.94 490.25 Td (As compensation for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (providing development management services, Hines was paid a fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.01 478.25 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.34 478.25 Td ( of the development project costs. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (subject to certain return thresholds being achieved, the ) Tj ET Q q 0 0 0 rg BT 270.21 466.25 Td (A) Tj ET Q q 0 0 0 rg BT 276.68 466.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 362.32 466.25 Td ( agreement provided that Hines may receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (certain incentive distributions in the event the residential/living project was liquidated. ) Tj ET Q q 0 0 0 rg BT 398.61 454.25 Td (The project was completed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.85 454.25 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 442.25 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.33 442.25 Td (June 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.16 442.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 148.33 442.25 Td (A) Tj ET Q q 0 0 0 rg BT 154.80 442.25 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 240.44 442.25 Td ( sold ) Tj ET Q q 0 0 0 rg BT 261.56 442.25 Td (A) Tj ET Q q 0 0 0 rg BT 268.04 442.25 Td (viva Coral Gables. See Note 3 Investment Property for information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (regarding the sale.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 406.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 106.24 406.25 Td (Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.25 Td (Pursuant to the ) Tj ET Q q 0 0 0 rg BT 129.94 382.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 169.11 382.25 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 50.00 370.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 358.25 Td (Acquisition Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.04 358.25 Td ( Prior to ) Tj ET Q q 0 0 0 rg BT 173.26 358.25 Td (April 2012, the ) Tj ET Q q 0 0 0 rg BT 236.04 358.25 Td (Advisor received an acquisition fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.58 358.25 Td (2.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.41 358.25 Td ( of \(i\) the purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 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 50.00 334.25 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 50.00 322.25 Td (entity) Tj ET Q q 0 0 0 rg BT 72.12 322.25 Td (, such entity) Tj ET Q q 0 0 0 rg BT 123.51 322.25 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 473.58 322.25 Td (. In March 2012, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 89.17 310.25 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 324.36 310.25 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.19 310.25 Td ( of these amounts. Ef) Tj ET Q q 0 0 0 rg BT 437.21 310.25 Td (fective as of ) Tj ET Q q 0 0 0 rg BT 488.02 310.25 Td (April 1, 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 89.17 298.25 Td (Agreement was further amended in order to reduce the acquisition fee paid to the ) Tj ET Q q 0 0 0 rg BT 415.71 298.25 Td (Advisor from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.37 298.25 Td (2.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.20 298.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.98 298.25 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.81 298.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (these amounts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 262.25 Td (Asset Management Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.30 262.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.12 262.25 Td (The ) Tj ET Q q 0 0 0 rg BT 188.62 262.25 Td (Advisor receives an asset management fee equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.20 262.25 Td (0.125%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.03 262.25 Td ( per month of the net equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (capital invested by the Company in real estate investments as of the end of each month. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.25 Td (During the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.52 226.25 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.11 226.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 226.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 226.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.54 226.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.54 226.25 Td (, the Company incurred asset management fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.42 226.25 Td ($37.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 214.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 214.25 Td ($36.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.78 214.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.22 214.25 Td ($35.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.11 214.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 263.77 214.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 190.25 Td (Disposition Fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.60 190.25 Td ( ) Tj ET Q q 0 0 0 rg BT 141.42 190.25 Td (The ) Tj ET Q q 0 0 0 rg BT 158.92 190.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 224.01 190.25 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 400.91 190.25 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.74 190.25 Td ( of the sales price of any real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (estate investments sold or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.54 178.25 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.37 178.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 246.08 178.25 Td (s pro rata share of the sales price with respect to the Company) Tj ET Q q 0 0 0 rg BT 497.11 178.25 Td (s indirect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (investments. ) Tj ET Q q 0 0 0 rg BT 107.59 166.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 167.30 166.25 Td (s disposition fees related to the sales of wholly-owned properties are included in the Gain \(loss\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (on sale of real estate investments in the Consolidated Statement of Operations and Comprehensive Income \(loss\). ) Tj ET Q q 0 0 0 rg BT 508.59 154.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (disposition fee on the sale of @1377 in 2016 is included in Other Income \(loss\) on the Consolidated Statement of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (and Comprehensive Income \(loss\), as the sale was made through the Company) Tj ET Q q 0 0 0 rg BT 367.70 130.25 Td (s equity method investment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 106.25 Td (Special OP) Tj ET Q q 0 0 0 rg BT 113.08 106.25 Td ( Units ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.75 106.25 Td ( Hines Global REIT) Tj ET Q q 0 0 0 rg BT 224.84 106.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.78 106.25 Td (Associates Limited Partnership, an af) Tj ET Q q 0 0 0 rg BT 376.29 106.25 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 94.25 Td (Operating Partnership \(Special OP) Tj ET Q q 0 0 0 rg BT 192.65 94.25 Td ( Units\), 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 94.25 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.13 94.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 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 82.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 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 58.25 Td (capital plus an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 58.25 Td (8.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.09 58.25 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 46.25 Td () Tj ET Q 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 68.00 742.10 Td (At the sole discretion of the ) Tj ET Q q 0 0 0 rg BT 180.75 742.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 212.58 742.10 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 50.00 730.10 Td (are payable, in whole or in part, in cash or units of the Operating Partnership \(OP) Tj ET Q q 0 0 0 rg BT 379.26 730.10 Td ( Units\). For the purposes of the payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (these fees, each OP) Tj ET Q q 0 0 0 rg BT 127.37 718.10 Td ( Unit will be valued at the per) Tj ET Q q 0 0 0 rg BT 246.30 718.10 Td (-share of) Tj ET Q q 0 0 0 rg BT 281.38 718.10 Td (fering price of the Company) Tj ET Q q 0 0 0 rg BT 397.46 718.10 Td (s common stock in its most recent public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 706.10 Td (fering less selling commissions and dealer manager fees. Upon the ) Tj ET Q q 0 0 0 rg BT 326.69 706.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 359.28 706.10 Td () Tj ET Q q 0 0 0 rg BT 362.06 706.10 Td (s request, each OP) Tj ET Q q 0 0 0 rg BT 435.56 706.10 Td ( unit can be repurchased for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (cash or can be converted into one share of the Company) Tj ET Q q 0 0 0 rg BT 277.14 694.10 Td (s common stock. ) Tj ET Q q 0 0 0 rg BT 346.96 694.10 Td (The decision to redeem each OP) Tj ET Q q 0 0 0 rg BT 476.26 694.10 Td ( unit for cash or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (shares is at the Company) Tj ET Q q 0 0 0 rg BT 152.76 682.10 Td (s option except in certain circumstances such as the Company) Tj ET Q q 0 0 0 rg BT 402.96 682.10 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 50.00 670.10 Td (securities exchange, a liquidation event or upon termination or nonrenewal of the ) Tj ET Q q 0 0 0 rg BT 376.84 670.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 416.01 670.10 Td (Agreement for any reason other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (than bythe ) Tj ET Q q 0 0 0 rg BT 96.38 658.10 Td (Advisor) Tj ET Q q 0 0 0 rg BT 128.05 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.87 658.10 Td (The Company will recognize the expense related to these OP) Tj ET Q q 0 0 0 rg BT 376.59 658.10 Td ( Units as the related service is performed, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (each OP) Tj ET Q q 0 0 0 rg BT 83.23 646.10 Td ( Unit will be fully vested upon issuance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.98 622.10 Td (Advisor for all expenses paid or incurred by the ) Tj ET Q q 0 0 0 rg BT 380.98 622.10 Td (Advisor in connection with the services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (provided to the Company) Tj ET Q q 0 0 0 rg BT 151.28 610.10 Td (, subject to the limitation that the Company will not reimburse the ) Tj ET Q q 0 0 0 rg BT 417.07 610.10 Td (Advisor for any amount by which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 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 359.61 598.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.27 598.10 Td ( preceding fiscal quarters exceeds the greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (of: \(A\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.99 586.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.32 586.10 Td ( of its average invested assets, or \(B\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 586.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.33 586.10 Td ( of its net income determined without reduction for any additions to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 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 549.83 574.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (assets for that period. Notwithstanding the above, the Company may reimburse the ) Tj ET Q q 0 0 0 rg BT 383.26 562.10 Td (Advisor for expenses in excess of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 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 68.00 526.10 Td (The Company reimburses the ) Tj ET Q q 0 0 0 rg BT 187.98 526.10 Td (Advisor for all issuer costs incurred by the ) Tj ET Q q 0 0 0 rg BT 360.16 526.10 Td (Advisor on the Company) Tj ET Q q 0 0 0 rg BT 463.77 526.10 Td (s behalf related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 514.10 Td (s distribution reinvestment plan of) Tj ET Q q 0 0 0 rg BT 228.69 514.10 Td (fering and the Company) Tj ET Q q 0 0 0 rg BT 328.38 514.10 Td (s prior public filings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 490.10 Td (Property Management and Leasing ) Tj ET Q q 0 0 0 rg BT 215.96 490.10 Td (Agreements) 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 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 50.00 454.10 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 50.00 442.10 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 50.00 430.10 Td (leasing services with respect to a property) Tj ET Q q 0 0 0 rg BT 217.07 430.10 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 50.00 418.10 Td (type of property in that geographic area. ) Tj ET Q q 0 0 0 rg BT 213.09 418.10 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 50.00 406.10 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 50.00 394.10 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 50.00 382.10 Td (located at the property as well as of) Tj ET Q q 0 0 0 rg BT 191.71 382.10 Td (f-site personnel located in Hines) Tj ET Q q 0 0 0 rg BT 323.70 382.10 Td ( headquarters and regional of) Tj ET Q q 0 0 0 rg BT 440.14 382.10 Td (fices, to the extent the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (relate to or support the performance of Hines) Tj ET Q q 0 0 0 rg BT 232.80 370.10 Td ( duties under the agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 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 50.00 334.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 104.25 334.10 Td (These fees are considered incremental to the construction ef) Tj ET Q q 0 0 0 rg BT 343.96 334.10 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 50.00 322.10 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 50.00 310.10 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 50.00 298.10 Td (generally be performed by Hines on the Company) Tj ET Q q 0 0 0 rg BT 253.00 298.10 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 50.00 286.10 Td (related lease. Generally) Tj ET Q q 0 0 0 rg BT 145.96 286.10 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 50.00 274.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.33 274.10 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 501.90 274.10 Td (filiate of Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (also will be paid a contractor) Tj ET Q q 0 0 0 rg BT 166.16 262.10 Td () Tj ET Q q 0 0 0 rg BT 168.94 262.10 Td (s fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.87 262.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.20 262.10 Td ( of the total construction costs of the project.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (10.NONCONTROLLING INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.10 Td (The Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 155.57 214.10 Td ( issued Convertible Preferred Equity Certificates \(CPEC\) to Moorfield as a result of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (contribution to the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 194.79 202.10 Td (. Each CPEC was convertible into one capital share of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 500.63 202.10 Td ( at any time. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (The Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 137.57 190.10 Td ( had the option to have the CPECs redeemed at any time prior to the earlier of the liquidation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (Brindleyplace Project or their expiration on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.61 178.10 Td (July7, 2059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.78 178.10 Td (. If redeemed, they were required to be redeemed at a price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.81 178.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.81 178.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (CPEC, plus any accrued and unpaid distributions thereon. In February 2017, all of the outstanding CPECs were redeemed upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (the sale of the Brindleyplace Project. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 130.10 Td (In accordance with the partnership agreement that governs the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 397.44 130.10 Td (, distributions are declared and paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (when the joint venture has available cash \(all cash held by the joint venture less what is reasonably needed to reserve or satisfy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (cash needs\) with respect to an investment made by the joint venture. ) Tj ET Q q 0 0 0 rg BT 328.07 106.10 Td (The Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 425.38 106.10 Td ( declared distributions to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (noncontrolling interest partner for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.98 94.10 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.57 94.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.57 94.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.57 94.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.01 94.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.01 94.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.34 94.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.23 94.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.23 94.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.12 94.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.06 94.10 Td ($0.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 82.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 82.10 Td (. See Note 1 Or) Tj ET Q q 0 0 0 rg BT 210.80 82.10 Td (ganization for additional information regarding the Flagship Capital JV) Tj ET Q q 0 0 0 rg BT 495.00 82.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td (During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.63 58.10 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.21 58.10 Td (, the noncontrolling interest partner contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.10 58.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 58.10 Td ( to the ) Tj ET Q q 0 0 0 rg BT 505.94 58.10 Td (A) Tj ET Q q 0 0 0 rg BT 512.42 58.10 Td (viva Coral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Gables JV) Tj ET Q q 0 0 0 rg BT 90.09 46.10 Td (, for the funding of the repayment of the construction loan to Hines. ) Tj ET Q q 0 0 0 rg BT 365.95 46.10 Td (The ) Tj ET Q q 0 0 0 rg BT 383.45 46.10 Td (A) Tj ET Q q 0 0 0 rg BT 389.93 46.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 475.56 46.10 Td ( declared ) 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 50.00 742.10 Td (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 330.48 742.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.07 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.07 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.07 742.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.01 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.01 742.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.34 742.10 Td ($21.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.23 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 730.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.83 730.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.72 730.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 222.38 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 229.70 730.10 Td (The distributions in the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.33 730.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.92 730.10 Td ( include distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (declared as a result of the sale of ) Tj ET Q q 0 0 0 rg BT 182.72 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 189.20 718.10 Td (viva Coral Gables in June 2017. See Note 1 Or) Tj ET Q q 0 0 0 rg BT 389.26 718.10 Td (ganization for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (regarding the ) Tj ET Q q 0 0 0 rg BT 104.98 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 111.46 706.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 195.99 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 85.87 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.50 682.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 118.13 682.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 165.71 682.10 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 485.06 682.10 Td (December31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.00 670.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 670.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.94 670.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.94 670.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.27 670.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.16 670.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.16 670.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.05 670.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.99 670.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.88 670.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 376.54 670.10 Td (. See Note 1 Or) Tj ET Q q 0 0 0 rg BT 453.29 670.10 Td (ganization for additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (information regarding the ) Tj ET Q q 0 0 0 rg BT 155.06 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 163.70 658.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 187.32 658.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 233.80 658.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 634.10 Td (1.F) Tj ET Q q 0 0 0 rg BT 72.31 634.10 Td (AIR ) Tj ET Q q 0 0 0 rg BT 92.97 634.10 Td (V) Tj ET Q q 0 0 0 rg BT 98.90 634.10 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 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 50.00 598.10 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 50.00 586.10 Td (prices included in Level 1 that are observable for the asset or liability) Tj ET Q q 0 0 0 rg BT 326.47 586.10 Td (, either directly or indirectly) Tj ET Q q 0 0 0 rg BT 438.28 586.10 Td (. Level 2 inputs include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 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 50.00 562.10 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 562.10 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 50.00 550.10 Td (inputs for the asset or liability) Tj ET Q q 0 0 0 rg BT 169.05 550.10 Td (, and include situations where there is little, if any) Tj ET Q q 0 0 0 rg BT 368.07 550.10 Td (, market activity for the asset or liability) Tj ET Q q 0 0 0 rg BT 527.93 550.10 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (instances in which the inputs used to measure fair value may fall into dif) Tj ET Q q 0 0 0 rg BT 340.02 538.10 Td (ferent levels of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 494.84 538.10 Td (, the level in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 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 50.00 514.10 Td (input significant to the fair value measurement in its entirety) Tj ET Q q 0 0 0 rg BT 291.23 514.10 Td (. ) Tj ET Q q 0 0 0 rg BT 296.04 514.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 355.76 514.10 Td (s assessment of the significance of a particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 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 535.87 502.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td (Financial Instruments Measured on a Recurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 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 50.00 442.10 Td (hedges against the variability of future interest rates on its variable interest rate borrowings. ) Tj ET Q q 0 0 0 rg BT 418.87 442.10 Td (The valuation of these derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 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 50.00 418.10 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 50.00 406.10 Td (derivative.) Tj ET Q q 0 0 0 rg BT 94.80 406.10 Td (This analysis reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 469.04 406.10 Td (, and uses observable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (market-based inputs, including interest rate curves and implied volatilities.) Tj ET Q q 0 0 0 rg BT 351.13 394.10 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 50.00 382.10 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 50.00 370.10 Td (discounted expected variable cash payments \(or receipts\).) Tj ET Q q 0 0 0 rg BT 283.06 370.10 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 50.00 358.10 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 68.00 334.10 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 50.00 322.10 Td (of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 153.18 322.10 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 50.00 310.10 Td (estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties, Commonwealth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (Bank of ) Tj ET Q q 0 0 0 rg BT 83.89 298.10 Td (Australia, Crdit ) Tj ET Q q 0 0 0 rg BT 152.49 298.10 Td (Agricole, SMBC Capital Markets, ING Capital Markets, and the ) Tj ET Q q 0 0 0 rg BT 412.44 298.10 Td (Australia and New Zealand Banking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Group Limited. In adjusting the fair values of its derivative contracts for the ef) Tj ET Q q 0 0 0 rg BT 366.67 286.10 Td (fect of nonperformance risk, the Company has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 262.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.91 262.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.49 262.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.93 262.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.93 262.10 Td (, the Company has assessed the significance of the impact of the credit valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (significant to the overall valuations of its derivatives. ) Tj ET Q q 0 0 0 rg BT 264.67 238.10 Td (As a result, the Company has determined its derivative valuations are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (classified in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 236.49 226.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 117.90 202.10 Td (, as described in Note 7 Derivative Instruments, the Company has entered into foreign currency forward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (contracts as economic hedges against the variability of foreign exchange rates. ) Tj ET Q q 0 0 0 rg BT 366.36 190.10 Td (The valuation of these forward contracts is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (determined based on assumptions that management believes market participants would use in pricing, using widely accepted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative.) Tj ET Q q 0 0 0 rg BT 486.07 166.10 Td (This analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (reflects the contractual terms of the derivatives, including the period to maturity) Tj ET Q q 0 0 0 rg BT 369.24 154.10 Td (, and uses observable market-based inputs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (including currency exchange rate curves and implied volatilities. ) Tj ET Q q 0 0 0 rg BT 311.11 142.10 Td (The Company has determined its foreign currency forward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (contracts valuations are classified in Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 333.39 130.10 Td (, as they are based on observable inputs but are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (traded in active markets.) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td (Financial Instruments Fair V) Tj ET Q q 0 0 0 rg BT 184.38 742.10 Td (alue Disclosur) Tj ET Q q 0 0 0 rg BT 242.62 742.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 718.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 718.10 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 50.00 706.10 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 380.17 706.10 Td ($1.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.28 706.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.34 706.10 Td ($1.8 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.45 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.90 706.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 694.10 Td (, the Company estimated that the fair value of its notes payable, which had a book value \(excluding any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (unamortized discount or premium\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.46 682.10 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.57 682.10 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.63 682.10 Td ($2.2 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.74 682.10 Td (. Management has utilized available market information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 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 50.00 658.10 Td (amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 186.08 658.10 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 50.00 646.10 Td (payable fall within Level 2 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 263.42 646.10 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 50.00 634.10 Td (payable utilize Level 3 inputs. However) Tj ET Q q 0 0 0 rg BT 212.05 634.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.71 634.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.29 634.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.73 634.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.73 634.10 Td (, the Company has assessed the significance of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 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 50.00 610.10 Td (that they are not significant.) Tj ET Q q 0 0 0 rg BT 163.86 610.10 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 50.00 598.10 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 50.00 586.10 Td (assurance that the disclosed values could be realized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 562.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.44 562.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.03 562.10 Td (, the Company estimated that the book values of its real estate loans receivable approximated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (their fair values. Management has utilized available market information, such as interest rate and spread assumptions of loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (receivable with similar terms and remaining maturities, to estimate the amounts required to be disclosed. ) Tj ET Q q 0 0 0 rg BT 470.72 538.10 Td (Although the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Company has determined the majority of the inputs used to value its real estate notes receivable fall within Level 2 of the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (value hierarchy) Tj ET Q q 0 0 0 rg BT 111.26 514.10 Td (, the credit quality adjustments associated with its fair value of real estate notes receivable utilize Level 3 inputs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 502.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.91 502.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.49 502.10 Td (, the Company has assessed the significance of the impact of the credit quality adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (on the overall valuations of its fair market value of real estate notes receivable and has determined that they are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (significant.) Tj ET Q q 0 0 0 rg BT 96.66 478.10 Td (As a result, the Company has determined these financial instruments utilize Level 2 inputs. Since such amounts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (estimates that are based on limited available market information for similar transactions, there can be no assurance that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (disclosed values could be realized. ) Tj ET Q q 0 0 0 rg BT 190.51 454.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.95 454.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.54 454.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.58 454.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.58 454.10 Td ( outstanding real estate loans receivable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 430.10 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 50.00 418.10 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 452.43 418.10 Td (filiates and distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (payable. ) Tj ET Q q 0 0 0 rg BT 88.41 406.10 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 50.00 394.10 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 50.00 382.10 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 50.00 370.10 Td (financial instruments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 68.00 346.10 Td (Financial Instruments Measured on a Nonrecurring Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 322.10 Td (Certain long-lived assets are measured at fair value on a non-recurring basis. ) Tj ET Q q 0 0 0 rg BT 376.87 322.10 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 50.00 310.10 Td (an ongoing basis, but are subject to fair value adjustments \(i.e., impairments\) in certain circumstances.) Tj ET Q q 0 0 0 rg BT 464.42 310.10 Td (The fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (methodologies used to measure long-lived assets are described in Note 2 Summary of Significant ) Tj ET Q q 0 0 0 rg BT 453.53 298.10 Td (Accounting Policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Investment Property and Lease Intangibles.) Tj ET Q q 0 0 0 rg BT 228.38 286.10 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 50.00 274.10 Td (in Level 3 of the fair value hierarchy as discussed below) Tj ET Q q 0 0 0 rg BT 274.82 274.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 68.00 250.10 Td (Impairment of Investment Pr) Tj ET Q q 0 0 0 rg BT 182.88 250.10 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 226.10 Td (Investment properties are reviewed for impairment at each reporting period if events or changes in circumstances indicate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (that the carrying amount may not be recoverable. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.28 214.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.86 214.10 Td (, the Company determined that one of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (its properties was impaired as a result of deteriorating market conditions.) Tj ET Q 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 68.00 742.10 Td (The changes in assumptions resulted in the net book value of the assets exceeding the projected undiscounted cash flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (for the property) Tj ET Q q 0 0 0 rg BT 112.10 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 116.55 730.10 Td (As a result, the assets were written down to fair value. ) Tj ET Q q 0 0 0 rg BT 337.97 730.10 Td (The following table summarizes activity for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 718.10 Td (s assets measured at fair value, on a non-recurring basis, for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.22 718.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.80 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.80 718.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.80 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.24 718.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.24 718.10 Td ( \(in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (thousands\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.83 706.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.60 104.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 627.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 627.60 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 627.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 627.60 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 627.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 627.60 62.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 577.60 104.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 577.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 577.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 577.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 577.60 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 577.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 577.60 75.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 577.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 577.60 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 577.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.50 577.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 577.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 577.60 62.00 -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 158.5 681.6 m 218.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 681.6 m 222.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 681.6 m 267.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 681.6 m 271.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 681.6 m 346.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 681.6 m 350.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 681.6 m 413.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 681.6 m 417.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 681.6 m 482.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 681.6 m 486.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 681.6 m 548.5 681.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 627.6 m 154.5 627.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 627.6 m 218.5 627.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 627.6 m 267.5 627.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 627.6 m 346.5 627.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 627.6 m 413.5 627.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 627.6 m 482.5 627.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 627.6 m 548.5 627.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 627.6 m 548.5 627.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.40 686.28 Td (Basis of Fair) Tj ET Q q 0 0 0 rg BT 334.20 686.28 Td ( ) Tj ET Q q 0 0 0 rg BT 336.52 686.28 Td (V) Tj ET Q q 0 0 0 rg BT 343.19 686.28 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 395.69 686.28 Td (ements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 632.28 Td (During the year) Tj ET Q q 0 0 0 rg BT 120.59 632.28 Td ( ended) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.25 632.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.40 652.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 642.28 Td (V) Tj ET Q q 0 0 0 rg BT 233.30 642.28 Td (alue of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.15 632.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.35 672.28 Td (Quoted Prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.15 662.28 Td (In ) Tj ET Q q 0 0 0 rg BT 300.55 662.28 Td (Active) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.90 652.28 Td (Markets for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.40 642.28 Td (Identical Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.75 632.28 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.40 672.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.80 662.28 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.05 652.28 Td (Observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.60 642.28 Td (Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.75 632.28 Td (\(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.40 662.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.05 652.28 Td (Unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.60 642.28 Td (Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.75 632.28 Td (\(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 642.28 Td (Impairment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.25 632.28 Td (Loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 607.27 Td (December 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.75 617.27 Td (Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.05 607.27 Td (property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.10 607.27 Td (25,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 607.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 607.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 607.27 Td (25,700) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 607.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 607.27 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.27 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.75 592.27 Td (Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.05 582.27 Td (property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 582.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 582.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 582.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 582.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 582.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 582.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 557.27 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.75 567.27 Td (Investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.05 557.27 Td (property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.00 557.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.65 557.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 557.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.65 557.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 557.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 557.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.00 557.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 557.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 557.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 557.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 529.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 529.10 Td (s estimated fair value of the investment property was based on a comparison of recent market activity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (discounted cash flow models, which include estimates of property-specific inflows and outflows over a specific holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.10 Td (period.Significant unobservable quantitative inputs used in determining the fair value of the investment property for the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.38 493.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 493.10 Td ( include: a discount rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.81 493.10 Td (9.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.64 493.10 Td (; a capitalization rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.54 493.10 Td (7.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.37 493.10 Td (; stabilized occupancy rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.04 493.10 Td (92.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.87 493.10 Td (; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (and a current market rental rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.54 481.10 Td ($28.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.04 481.10 Td ( per square foot.) Tj ET Q q 0 0 0 rg BT 285.83 481.10 Td (These inputs are based on the location, type and nature of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 469.10 Td (, current and anticipated market conditions, and management) Tj ET Q q 0 0 0 rg BT 330.08 469.10 Td (s knowledge and expertise in real estate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (12. REPOR) Tj ET Q q 0 0 0 rg BT 99.65 433.10 Td (T) Tj ET Q q 0 0 0 rg BT 105.58 433.10 Td (ABLE SEGMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 409.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 127.71 409.10 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 50.00 397.10 Td (performance of each at an individual investment level and considers each investment to be an operating segment. ) Tj ET Q q 0 0 0 rg BT 504.66 397.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (has aggregated all of its operating segments into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.50 385.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.16 385.10 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 50.00 373.10 Td (underlying asset class. Management has aggregated the Company) Tj ET Q q 0 0 0 rg BT 317.98 373.10 Td (s investments that are not of) Tj ET Q q 0 0 0 rg BT 430.27 373.10 Td (fice properties in other based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (on the geographic location of the investment due to the Company) Tj ET Q q 0 0 0 rg BT 314.38 361.10 Td (s ownership of interests in various dif) Tj ET Q q 0 0 0 rg BT 464.73 361.10 Td (ferent types of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 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 59.00 325.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 325.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 325.10 Td (of) Tj ET Q q 0 0 0 rg BT 125.97 325.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 143.46 325.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 193.73 325.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.06 325.10 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.06 325.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.56 325.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 313.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 313.10 Td (Domestic ) Tj ET Q q 0 0 0 rg BT 117.83 313.10 Td (other ) Tj ET Q q 0 0 0 rg BT 140.87 313.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 191.15 313.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.48 313.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.48 313.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.98 313.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 301.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 301.10 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 301.10 Td (of) Tj ET Q q 0 0 0 rg BT 138.74 301.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 156.22 301.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 206.50 301.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.83 301.10 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.83 301.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.33 301.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 289.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 289.10 Td (International ) Tj ET Q q 0 0 0 rg BT 130.59 289.10 Td (other ) Tj ET Q q 0 0 0 rg BT 153.64 289.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 203.91 289.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 289.10 Td (1) Tj ET Q q 0 0 0 rg BT 211.87 289.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.87 289.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.37 289.10 Td (investments\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 265.10 Td (The tables below provide additional information related to each of the Company) Tj ET Q q 0 0 0 rg BT 392.07 265.10 Td (s segments, geographic location and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 174.14 253.10 Td (s net income \(loss\), as applicable. Corporate-Level ) Tj ET Q q 0 0 0 rg BT 386.28 253.10 Td (Accounts includes amounts incurred by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (the corporate-level entities which are not allocated to any of the reportable segments \(all amounts are in thousands, except for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (percentages\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 173.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 173.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 173.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 173.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 173.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 143.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 143.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 143.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 143.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 143.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 143.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 143.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 143.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 113.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 113.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 113.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 113.60 71.00 -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 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 341.5 203.60000000000002 m 412.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 203.60000000000002 m 416.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 203.60000000000002 m 487.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 203.60000000000002 m 491.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 203.60000000000002 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 341.5 188.60000000000002 m 412.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 188.60000000000002 m 487.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 188.60000000000002 m 562.5 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 113.60000000000002 m 412.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 99.60000000000002 m 412.5 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 97.60000000000002 m 412.5 97.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 113.60000000000002 m 487.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 99.60000000000002 m 487.5 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 97.60000000000002 m 487.5 97.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 113.60000000000002 m 562.5 113.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 99.60000000000002 m 562.5 99.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 97.60000000000002 m 562.5 97.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 208.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 208.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.10 208.28 Td (Y) Tj ET Q q 0 0 0 rg BT 400.77 208.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 493.99 208.28 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 193.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 193.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.50 193.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.50 193.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 193.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 178.28 Td (T) Tj ET Q q 0 0 0 rg BT 59.21 178.28 Td (otal Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 178.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 178.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 178.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 163.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 163.27 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 120.06 163.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 163.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 163.27 Td (173,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 163.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 163.27 Td (177,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 163.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 163.27 Td (168,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 148.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 148.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 148.27 Td (93,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 148.27 Td (123,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 148.27 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 148.27 Td (19,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 133.27 Td (International of) Tj ET Q q 0 0 0 rg BT 132.83 133.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 133.27 Td (92,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 133.27 Td (1) Tj ET Q q 0 0 0 rg BT 456.15 133.27 Td (10,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 133.27 Td (123,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 118.27 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 118.27 Td (43,335) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 118.27 Td (67,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 118.27 Td (65,818) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 103.28 Td (T) Tj ET Q q 0 0 0 rg BT 58.75 103.28 Td (otal Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 103.27 Td (403,649) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 103.27 Td (477,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 103.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 103.27 Td (476,873) 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 /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, 2017) 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 (2016) 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 (2015) 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 total revenue was attributable to the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 689.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 689.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 689.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 689.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 689.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 689.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 689.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 659.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 659.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 659.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 659.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 629.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 629.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 629.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 629.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 599.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 599.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 599.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 599.60 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 340.5 704.6 m 411.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 704.6 m 415.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 704.6 m 486.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 704.6 m 490.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 704.6 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 340.5 689.6 m 411.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 689.6 m 486.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 689.6 m 561.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 689.6 m 486.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 689.6 m 561.5 689.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 709.28 Td (Y) Tj ET Q q 0 0 0 rg BT 399.77 709.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 492.99 709.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.50 694.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 694.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.50 694.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 679.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.65 679.27 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 679.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 679.27 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 679.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 679.27 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 679.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 664.27 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 664.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 664.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 664.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 664.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 664.27 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 664.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 649.27 Td (Australia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 649.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 649.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 649.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 649.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 649.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 649.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 634.27 Td (Germany) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 634.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 634.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 634.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 634.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 634.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 634.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 619.27 Td (Poland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 619.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 619.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 619.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 619.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 619.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 619.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.27 Td (Russia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 604.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 604.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 604.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 604.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 604.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 604.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 589.27 Td (France) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 589.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 589.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 589.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 589.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 589.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 589.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 561.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 561.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 561.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.67 561.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 561.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.11 561.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.11 561.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 353.49 561.10 Td (s property revenues in excess of expenses by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (segment was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 493.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 493.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 493.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 493.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 493.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 463.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 463.60 269.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 463.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 463.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 463.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 433.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 433.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 433.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 433.60 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 340.5 523.6 m 411.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 523.6 m 415.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 523.6 m 486.5 523.6 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 490.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 523.6 m 561.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 508.6 m 411.5 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 508.6 m 486.5 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 508.6 m 561.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 433.6 m 411.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 419.6 m 411.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 417.6 m 411.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 433.6 m 486.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 419.6 m 486.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 417.6 m 486.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 433.6 m 561.5 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 419.6 m 561.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 417.6 m 561.5 417.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 528.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.10 528.28 Td (Y) Tj ET Q q 0 0 0 rg BT 399.77 528.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 492.99 528.28 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 513.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 513.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.50 513.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 513.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.50 513.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 498.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.37 498.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 96.89 498.28 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 220.21 502.81 Td ( \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 498.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 498.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 483.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 483.27 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 119.06 483.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 483.27 Td (108,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 483.27 Td (1) Tj ET Q q 0 0 0 rg BT 455.15 483.27 Td (13,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 483.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 483.27 Td (107,1) Tj ET Q q 0 0 0 rg BT 547.65 483.27 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 468.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 468.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 468.27 Td (59,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 468.27 Td (78,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 468.27 Td (76,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 453.27 Td (International of) Tj ET Q q 0 0 0 rg BT 131.83 453.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 453.27 Td (57,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 453.27 Td (85,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 453.27 Td (97,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 438.27 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 438.27 Td (31,988) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 438.27 Td (47,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 438.27 Td (45,608) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 423.28 Td (T) Tj ET Q q 0 0 0 rg BT 57.75 423.28 Td (otal pr) Tj ET Q q 0 0 0 rg BT 86.18 423.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 120.71 423.28 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 423.27 Td (257,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 423.27 Td (325,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 423.27 Td (327,203) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 395.10 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 68.00 371.10 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, 2017) 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 (2016) 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 by segment was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 303.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 303.60 344.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 303.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 303.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 303.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 303.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 273.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 273.60 344.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 273.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 273.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 243.60 18.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 67.50 243.60 344.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 243.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 243.60 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 415.5 333.6 m 486.5 333.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 333.6 m 490.5 333.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 333.6 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 415.5 318.6 m 486.5 318.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 318.6 m 561.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 228.60000000000002 m 486.5 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 214.60000000000002 m 486.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 212.60000000000002 m 486.5 212.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 228.60000000000002 m 561.5 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 214.60000000000002 m 561.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 212.60000000000002 m 561.5 212.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 338.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 338.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.60 338.28 Td (Y) Tj ET Q q 0 0 0 rg BT 437.27 338.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 530.49 338.28 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 323.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 323.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 323.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.50 323.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 308.28 Td (T) Tj ET Q q 0 0 0 rg BT 58.21 308.28 Td (otal ) Tj ET Q q 0 0 0 rg BT 76.08 308.28 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 308.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 308.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 293.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 293.27 Td (Domestic of) Tj ET Q q 0 0 0 rg BT 119.06 293.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 293.27 Td (1,146,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 293.27 Td (1,454,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 278.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 278.27 Td (Domestic other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 278.27 Td (794,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 278.27 Td (901,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 263.27 Td (International of) Tj ET Q q 0 0 0 rg BT 131.83 263.27 Td (fice investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 263.27 Td (1,053,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 263.27 Td (1,003,616) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 248.27 Td (International other investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 248.27 Td (429,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 248.27 Td (584,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 233.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 233.27 Td (Corporate-level accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 233.27 Td (301,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 233.27 Td (44,027) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 218.28 Td (T) Tj ET Q q 0 0 0 rg BT 57.75 218.28 Td (otal ) Tj ET Q q 0 0 0 rg BT 75.81 218.28 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 218.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 218.27 Td (3,726,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 218.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.65 218.27 Td (3,988,432) Tj ET Q BT /F1 10.00 Tf ET 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 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, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.11 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.11 742.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 328.49 742.10 Td (s total assets were attributable to the following countries:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 689.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 689.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 689.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 689.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 689.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 659.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 659.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 659.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 629.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 629.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 629.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 599.60 362.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 599.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 599.60 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 415.5 704.6 m 486.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 704.6 m 490.5 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 704.6 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 415.5 689.6 m 486.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 689.6 m 561.5 689.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 689.6 m 561.5 689.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.60 709.28 Td (Y) Tj ET Q q 0 0 0 rg BT 437.27 709.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 530.49 709.28 Td ( 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 694.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.50 694.28 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 679.27 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 679.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 679.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 679.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 679.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 664.27 Td (United Kingdom) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 664.27 Td (1) Tj ET Q q 0 0 0 rg BT 472.65 664.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 664.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 664.27 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 664.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 649.27 Td (Australia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 649.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 649.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 649.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 649.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 634.27 Td (Poland) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 634.27 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 634.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 634.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 634.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 619.27 Td (Russia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 619.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 619.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 619.27 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 619.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 604.27 Td (France) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 604.27 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 604.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 604.27 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 604.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 589.27 Td (Germany) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 589.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 589.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 589.27 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 589.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 561.10 Td (For the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.08 561.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.67 561.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.67 561.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.67 561.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.11 561.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.11 561.10 Td ( the Company) Tj ET Q q 0 0 0 rg BT 350.99 561.10 Td (s reconciliation to the Company) Tj ET Q q 0 0 0 rg BT 481.52 561.10 Td (s property revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (in excess of expenses is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 493.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 493.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 493.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 493.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 493.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 463.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 463.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 463.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 463.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 463.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 433.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 433.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 433.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 433.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 433.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 403.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 403.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 403.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 403.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 403.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 373.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 373.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 373.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 373.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 343.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 343.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 343.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 343.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 313.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 313.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 313.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 283.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 283.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 283.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 283.60 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 341.5 523.6 m 412.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 523.6 m 416.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 523.6 m 487.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 523.6 m 491.5 523.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 523.6 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 341.5 508.6 m 412.5 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 508.6 m 487.5 508.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 508.6 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 341.5 283.6 m 412.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 283.6 m 487.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 283.6 m 562.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 269.6 m 412.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 267.6 m 412.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 269.6 m 487.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 267.6 m 487.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 269.6 m 562.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 267.6 m 562.5 267.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.10 528.28 Td (Y) Tj ET Q q 0 0 0 rg BT 400.77 528.28 Td (ears Ended December) Tj ET Q q 0 0 0 rg BT 493.99 528.28 Td ( 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 513.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.50 513.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.50 513.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 513.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 498.28 Td (Reconciliation to pr) Tj ET Q q 0 0 0 rg BT 137.25 498.28 Td (operty r) Tj ET Q q 0 0 0 rg BT 171.78 498.28 Td (evenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 498.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 498.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 498.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 483.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 483.27 Td (375,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 483.27 Td (157,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 483.32 Td (\(4,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 483.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 468.27 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 468.27 Td (138,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 468.27 Td (174,1) Tj ET Q q 0 0 0 rg BT 473.65 468.27 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 468.27 Td (186,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 453.27 Td (Acquisition related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 453.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 453.27 Td (372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 453.27 Td (10,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 438.27 Td (Asset management and acquisition fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 438.27 Td (37,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 438.27 Td (37,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 438.27 Td (44,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 423.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 423.27 Td (9,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 423.27 Td (1) Tj ET Q q 0 0 0 rg BT 461.15 423.27 Td (1,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 423.27 Td (8,597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 408.27 Td (Impairment Losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 408.27 Td (7,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 408.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 408.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 393.27 Td (\(Gain\) loss on derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 393.27 Td (634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 393.27 Td (689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 393.32 Td (\(562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 393.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 378.27 Td (Equity in \(earnings\) losses of unconsolidated entity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 378.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 378.32 Td (\(7,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 378.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 378.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 363.27 Td (\(Gain\) loss on sale of real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.80 363.32 Td (\(364,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 363.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 363.32 Td (\(127,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 363.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 363.32 Td (\(14,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 363.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 348.27 Td (Foreign currency \(gains\) losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 348.32 Td (\(10,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 348.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 348.27 Td (8,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 348.27 Td (21,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 333.27 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 333.27 Td (59,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 333.27 Td (64,473) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 333.27 Td (71,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 318.27 Td (Other \(income\) expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.30 318.32 Td (\(680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 318.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 318.32 Td (\(130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 318.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 318.32 Td (\(427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 318.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 303.27 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.80 303.32 Td (\(8,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 303.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 303.27 Td (7,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 303.27 Td (4,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 288.27 Td (Provision for income taxes related to the sale of real estate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 288.27 Td (12,91) Tj ET Q q 0 0 0 rg BT 403.65 288.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 288.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 288.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 273.27 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 273.27 Td (otal property revenues in excess of expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 273.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 273.27 Td (257,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 273.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.15 273.27 Td (325,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 273.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 273.27 Td (327,203) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (13. SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 132.60 245.10 Td (AL) Tj ET Q q 0 0 0 rg BT 145.94 245.10 Td ( CASH FLOW) Tj ET Q q 0 0 0 rg BT 209.10 245.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 221.10 Td (Supplemental cash flow disclosures for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.38 221.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.96 221.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.96 221.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.96 221.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.90 221.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.90 221.10 Td ( \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 180.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 180.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 180.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 180.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 180.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 150.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 150.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 150.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 150.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 150.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 120.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 120.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 120.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 120.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 120.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 120.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 120.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 90.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 90.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 90.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 90.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 90.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 90.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 90.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 60.60 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 60.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 60.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 60.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 60.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 60.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 60.60 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 341.5 195.60000000000002 m 412.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 195.60000000000002 m 487.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 195.60000000000002 m 562.5 195.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 200.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.50 200.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.50 200.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 200.28 Td (2015) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 185.28 Td (Supplemental Disclosure of Cash Flow Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 185.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 185.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 185.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 170.27 Td (Cash paid for interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 170.27 Td (55,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 170.27 Td (59,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 170.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 170.27 Td (66,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 155.27 Td (Cash paid for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 155.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.15 155.27 Td (7,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 155.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 155.27 Td (7,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 155.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 155.27 Td (6,696) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 140.28 Td (Supplemental Schedule of Non-Cash ) Tj ET Q q 0 0 0 rg BT 207.65 140.28 Td (Activities) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 344.00 140.28 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 419.00 140.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 125.27 Td (Distributions declared and unpaid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 125.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 125.27 Td (303,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 125.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 125.27 Td (21,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 125.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 125.27 Td (19,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 110.27 Td (Other receivables) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 110.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 110.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 110.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 110.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 110.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 110.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 95.27 Td (Distributions reinvested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 95.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 95.27 Td (91,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 95.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 95.27 Td (94,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 95.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 95.27 Td (93,785) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 80.27 Td (Shares tendered for redemption) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 80.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 80.27 Td (1) Tj ET Q q 0 0 0 rg BT 386.15 80.27 Td (1,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 80.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 80.27 Td (4,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 80.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 80.27 Td (5,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 65.27 Td (Non-cash net liabilities acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 65.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 65.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 65.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 65.27 Td (7,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 65.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 65.27 Td (10,516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 50.27 Td (Accrued additions to investment property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 50.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 50.27 Td (10,778) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 50.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 50.27 Td (2,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.00 50.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 50.27 Td (883) Tj ET Q BT /F1 10.00 Tf ET 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (14. COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 146.95 730.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 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 528.81 706.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (matters are generally covered by insurance. ) Tj ET Q q 0 0 0 rg BT 226.12 694.10 Td (While the resolution of these matters cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 511.48 694.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 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 412.46 682.10 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 498.82 682.10 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (15. QUAR) Tj ET Q q 0 0 0 rg BT 94.09 646.10 Td (TERL) Tj ET Q q 0 0 0 rg BT 120.41 646.10 Td (Y) Tj ET Q q 0 0 0 rg BT 127.26 646.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 185.87 646.10 Td ( DA) Tj ET Q q 0 0 0 rg BT 202.08 646.10 Td (T) Tj ET Q q 0 0 0 rg BT 208.00 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 214.67 646.10 Td ( \(UNAUDITED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 622.10 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 50.00 610.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 610.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 610.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 610.10 Td ( \(in thousands except per share amounts\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 557.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 557.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 557.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 557.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 557.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 517.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 517.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 517.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 517.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 517.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.60 108.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 467.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 467.60 97.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 467.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 467.60 97.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 467.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 467.60 97.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 467.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 467.60 97.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 367.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 367.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 367.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 367.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 367.60 97.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 352.60 108.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 327.60 108.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 327.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 327.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 327.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 327.60 97.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 312.60 108.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 277.60 108.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 277.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 162.50 277.60 97.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.50 277.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 277.60 97.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.50 277.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 277.60 97.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 277.60 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 277.60 97.00 -35.00 re f /GS0 gs 1 1 1 rg /GS0 gs 50.50 242.60 108.00 -35.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 572.6 m 259.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 572.6 m 263.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 572.6 m 360.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 572.6 m 364.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 572.6 m 461.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 572.6 m 465.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 572.6 m 562.5 572.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 557.6 m 259.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 557.6 m 360.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 557.6 m 461.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 557.6 m 562.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 557.6 m 259.5 557.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 382.6 m 259.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 382.6 m 263.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 382.6 m 360.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 382.6 m 364.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 382.6 m 461.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 382.6 m 465.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 382.6 m 562.5 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 162.5 367.6 m 259.5 367.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 367.6 m 360.5 367.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 367.6 m 461.5 367.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 367.6 m 562.5 367.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.40 577.28 Td (Quarters Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.40 562.28 Td (Mar) Tj ET Q q 0 0 0 rg BT 196.19 562.28 Td (ch 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.45 562.28 Td (June 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.75 562.28 Td (September) Tj ET Q q 0 0 0 rg BT 416.76 562.28 Td ( 30, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 562.28 Td (December) Tj ET Q q 0 0 0 rg BT 516.37 562.28 Td ( 31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 548.17 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.15 547.27 Td (106,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 547.27 Td (99,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 547.27 Td (100,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 547.27 Td (97,1) Tj ET Q q 0 0 0 rg BT 548.65 547.27 Td (1) Tj ET Q q 0 0 0 rg BT 553.65 547.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.27 Td (Gain \(loss\) on sale of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.27 Td (real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 522.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.15 522.27 Td (85,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 522.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 522.27 Td (55,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 522.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 522.27 Td (74,560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 522.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 522.27 Td (149,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 507.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 507.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.15 507.27 Td (98,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 507.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 507.27 Td (67,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 507.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 507.27 Td (64,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 507.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 507.27 Td (145,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.27 Td (Net \(income\) loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.27 Td (attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.27 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.80 472.27 Td (\(35,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.80 472.32 Td (\(18,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 472.27 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 472.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 472.32 Td (\(1,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 472.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.17 Td (attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 438.17 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.15 437.27 Td (63,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 437.27 Td (49,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 437.27 Td (64,333) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 437.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 437.27 Td (144,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 422.27 Td (Income \(loss\) per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 412.27 Td (common share, basic and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.27 Td (diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 402.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 402.27 Td (0.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 402.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 402.27 Td (0.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 402.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 402.27 Td (0.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 402.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 402.27 Td (0.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 387.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.40 387.28 Td (Quarters Ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 372.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.40 372.28 Td (Mar) Tj ET Q q 0 0 0 rg BT 196.19 372.28 Td (ch 31, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.45 372.28 Td (June 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.75 372.28 Td (September) Tj ET Q q 0 0 0 rg BT 416.76 372.28 Td ( 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 372.28 Td (December) Tj ET Q q 0 0 0 rg BT 516.27 372.28 Td ( 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 358.17 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 357.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.15 357.27 Td (1) Tj ET Q q 0 0 0 rg BT 228.15 357.27 Td (18,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 357.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 357.27 Td (121,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 357.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 357.27 Td (121,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 357.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 357.27 Td (1) Tj ET Q q 0 0 0 rg BT 531.15 357.27 Td (15,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.27 Td (Gain \(loss\) on sale of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 332.27 Td (real estate investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 332.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.65 332.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 332.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 332.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 332.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 332.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 332.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 332.27 Td (127,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 317.27 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 317.27 Td (6,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 317.27 Td (9,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 317.27 Td (12,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 317.27 Td (129,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 302.27 Td (Net \(income\) loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 292.27 Td (attributable to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 282.27 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 282.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.30 282.27 Td (\(685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.65 282.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 282.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.30 282.32 Td (\(745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 282.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 282.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.30 282.32 Td (\(597) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 282.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 282.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 282.32 Td (\(536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 282.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 258.17 Td (attributable to common) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 248.17 Td (stockholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 247.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.15 247.27 Td (5,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 247.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.15 247.27 Td (8,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 247.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 247.27 Td (1) Tj ET Q q 0 0 0 rg BT 435.15 247.27 Td (1,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 247.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 247.27 Td (128,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 232.27 Td (Income \(loss\) per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.27 Td (common share, basic and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 212.27 Td (diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.15 212.27 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.15 212.27 Td (0.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 212.27 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.00 212.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 212.27 Td (0.46) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Item9.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.99 184.10 Td (Changes in and Disagreements ) Tj ET Q q 0 0 0 rg BT 215.94 184.10 Td (W) Tj ET Q q 0 0 0 rg BT 224.46 184.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 237.71 184.10 Td (Accountants on ) Tj ET Q q 0 0 0 rg BT 304.58 184.10 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 160.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (Item9A.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 87.21 136.10 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 112.10 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 112.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 112.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 112.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 88.10 Td (During the performance of our year end procedures on the consolidated financial statements to be included in our ) Tj ET Q q 0 0 0 rg BT 523.40 88.10 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (Report on Form 10-K for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.40 76.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.98 76.10 Td ( \(Annual Report\), we identified a material weakness in certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (internal controls over financial reporting pertaining to convertible preferred equity certificates \(CPECs\) of the Brindleyplace ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (JV) Tj ET Q q 0 0 0 rg BT 59.82 52.10 Td (, a joint venture formed in 2010 to purchase a mixed-use property located in England \(the Property\). ) Tj ET Q q 0 0 0 rg BT 472.01 52.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.65 52.10 Td (e owned 60% of the ) 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 (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 119.52 742.10 Td ( and consolidated the joint venture for financial reporting purposes. ) Tj ET Q q 0 0 0 rg BT 390.83 742.10 Td (Approximately 99% of the partners) Tj ET Q q 0 0 0 rg BT 535.05 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (capital of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 174.22 730.10 Td ( was issued in the form of CPECs. ) Tj ET Q q 0 0 0 rg BT 313.75 730.10 Td (The Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 401.32 730.10 Td ( sold the Property in February 2017 at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (substantial gain and, as required by the joint venture agreement, redeemed the CPECs and distributed the remaining proceeds to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the partners.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (During the preparation of our ) Tj ET Q q 0 0 0 rg BT 187.69 682.10 Td (Annual Report, we identified incorrect allocations of net income between our stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and the joint venture partner and incorrect classifications of certain redemptions as distributions pertaining to the CPECs of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 118.41 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.23 658.10 Td (These amounts primarily related to the sale of the Property and the redemption of the CPECs. ) Tj ET Q q 0 0 0 rg BT 499.90 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 508.54 658.10 Td (e concluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (that since these items were not identified timely) Tj ET Q q 0 0 0 rg BT 240.68 646.10 Td (, they represent a material weakness in certain internal controls over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (reporting related to the CPECs of the Brindleyplace JV) Tj ET Q q 0 0 0 rg BT 269.21 634.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.67 610.10 Td ( material weakness is a deficiency) Tj ET Q q 0 0 0 rg BT 210.35 610.10 Td (, or a combination of deficiencies, in internal controls over financial reporting such that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (or detected on a timely basis. ) Tj ET Q q 0 0 0 rg BT 168.95 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 177.59 586.10 Td (e believe this material weakness resulted from a deficiency in the design of our internal controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (regarding the CPECs. Specifically) Tj ET Q q 0 0 0 rg BT 186.54 574.10 Td (, control activities were not designed to ensure that the income and distributions related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (CPEC structure, which were unique to our or) Tj ET Q q 0 0 0 rg BT 230.34 562.10 Td (ganizational structure, were properly reported in our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (statements on a timely basis. Since all CPECs were redeemed during 2017, the risks and related internal control associated with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (the material weakness noted above are no longer relevant and therefore no remediation was necessary) Tj ET Q q 0 0 0 rg BT 456.40 538.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 514.10 Td (In accordance with Exchange ) Tj ET Q q 0 0 0 rg BT 187.94 514.10 Td (Act Rules13a-15 and 15d-15, we carried out an evaluation, under the supervision and with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.34 502.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 430.90 502.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 448.81 502.10 Td (, of the ef) Tj ET Q q 0 0 0 rg BT 486.95 502.10 Td (fectiveness of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 478.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 478.10 Td (ficer concluded that our disclosure controls and procedures were ef) Tj ET Q q 0 0 0 rg BT 483.73 478.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (December31, 2017, 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 50.00 454.10 Td (under the Exchange ) Tj ET Q q 0 0 0 rg BT 131.36 454.10 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 50.00 442.10 Td (and Exchange Commission) Tj ET Q q 0 0 0 rg BT 162.21 442.10 Td (s rules and forms, and \(ii\)accumulated and communicated to our management, including our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.85 430.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 215.41 430.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 233.32 430.10 Td (, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Management) Tj ET Q q 0 0 0 rg BT 109.06 406.10 Td (s Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 223.87 406.10 Td (ol Over) Tj ET Q q 0 0 0 rg BT 255.63 406.10 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 382.10 Td (Our management is responsible for establishing and maintaining adequate internal controls over financial reporting. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (system of internal controls 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 50.00 358.10 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 50.00 346.10 Td (accepted accounting principles. Our internal controls over financial reporting includes those policies and procedures that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.10 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 50.00 310.10 Td (dispositions of our assets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.10 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 50.00 274.10 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 50.00 262.10 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 86.00 238.10 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 50.00 226.10 Td (disposition of our assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 262.26 226.10 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 202.10 Td (Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 540.09 202.10 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 187.27 190.10 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 50.00 178.10 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 68.00 154.10 Td (Our management) Tj ET Q q 0 0 0 rg BT 139.92 154.10 Td (s assessment of the ef) Tj ET Q q 0 0 0 rg BT 226.38 154.10 Td (fectiveness of our internal control system as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.77 154.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.36 154.10 Td ( was based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (the framework for ef) Tj ET Q q 0 0 0 rg BT 132.83 142.10 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 50.00 130.10 Td (Framework issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 269.52 130.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 342.92 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 348.68 130.10 Td (readway Commission \(COSO\). Based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (assessment, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.10 118.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.68 118.10 Td (, our system of internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 448.03 118.10 Td (fective at the reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (assurance level.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.10 Td (This annual report does not include an attestation report of the Company) Tj ET Q q 0 0 0 rg BT 360.98 82.10 Td (s independent registered public accounting firm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (regarding control over financial reporting. Management) Tj ET Q q 0 0 0 rg BT 276.03 70.10 Td (s report was not subject to attestation by the company) Tj ET Q q 0 0 0 rg BT 493.48 70.10 Td (s independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (registered public accounting firm pursuant to Section 989G of the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 366.69 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 375.33 58.10 Td (all Street and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 517.25 58.10 Td (Act, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (exempts non-accelerated filers from the auditor attestation requirement of section 404 \(b\) of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 501.23 46.10 Td (Act.) 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 50.00 730.10 Td (March30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.60 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Change in Internal Contr) Tj ET Q q 0 0 0 rg BT 158.99 706.10 Td (ols) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td (No changes have occurred in our internal controls over financial reporting \(asdefined in Rule13a-15\(f\) of the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Act\) during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.79 670.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.37 670.10 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 335.82 670.10 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 517.24 670.10 Td (fect, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (internal controls over financial reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Item9B.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.66 634.10 Td (Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 598.10 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 598.10 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 598.10 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 598.10 Td ( III) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item10.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 742.25 Td (Directors, Executive Of) Tj ET Q q 0 0 0 rg BT 186.73 742.25 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (As of the date of this report, our directors, their ages, their year first elected, their business experience and principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (occupation, their directorships in public corporations and investment companies are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54 661.75 m 153 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163 661.75 m 187 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197 661.75 m 237 661.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247 661.75 m 566 661.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.50 666.43 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.15 666.43 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.55 686.43 Td (Y) Tj ET Q q 0 0 0 rg BT 213.22 686.43 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.20 676.43 Td (First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.65 666.43 Td (Elected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.25 676.43 Td (Business Experience and Principal Occupation; Dir) Tj ET Q q 0 0 0 rg BT 473.80 676.43 Td (ectorships in Public) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.75 666.43 Td (Corporations and Investment Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.50 652.48 Td (Jeffr) Tj ET Q q 0 0 0 rg BT 76.95 652.48 Td (ey C. Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 652.32 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 652.32 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 652.32 Td (Mr) Tj ET Q q 0 0 0 rg BT 261.17 652.32 Td (. Hines joined Hines in 1982. He has served as the Chairman of our board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 640.32 Td (of directors, and as Chairman of the managers of the general partner of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 628.32 Td (Advisor since December 2008. Mr) Tj ET Q q 0 0 0 rg BT 387.52 628.32 Td (. Hines has served as the Chairman of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 616.32 Td (board of directors of Hines Global Income ) Tj ET Q q 0 0 0 rg BT 421.77 616.32 Td (T) Tj ET Q q 0 0 0 rg BT 427.52 616.32 Td (rust, Inc. \(f/k/a/ Hines Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 604.32 Td (REIT) Tj ET Q q 0 0 0 rg BT 271.54 604.32 Td ( II\) \("Hines Global Income ) Tj ET Q q 0 0 0 rg BT 381.79 604.32 Td (T) Tj ET Q q 0 0 0 rg BT 387.55 604.32 Td (rust"\) and Chairman of the managers of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 592.32 Td (general partner of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 400.65 592.32 Td ( II ) Tj ET Q q 0 0 0 rg BT 411.76 592.32 Td (Advisors LP) Tj ET Q q 0 0 0 rg BT 461.67 592.32 Td ( \("HGRIIALP"\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 580.32 Td (advisor to Hines Global Income ) Tj ET Q q 0 0 0 rg BT 379.57 580.32 Td (T) Tj ET Q q 0 0 0 rg BT 385.33 580.32 Td (rust, since July 2013. Mr) Tj ET Q q 0 0 0 rg BT 484.21 580.32 Td (. Hines has also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 568.32 Td (been the Chairman of the board of directors of Hines Real Estate Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 556.32 Td (T) Tj ET Q q 0 0 0 rg BT 255.26 556.32 Td (rust, Inc. \(Hines REIT\), Chairman of the managers of the general partner ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 544.32 Td (of HALP) Tj ET Q q 0 0 0 rg BT 286.07 544.32 Td ( ) Tj ET Q q 0 0 0 rg BT 288.02 544.32 Td (Advisors Limited Partnership \(HALP\), the advisor to Hines REIT) Tj ET Q q 0 0 0 rg BT 559.73 544.32 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 532.32 Td (and a member of the management board of the Hines US Core Of) Tj ET Q q 0 0 0 rg BT 512.01 532.32 Td (fice Fund ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 520.32 Td (LP) Tj ET Q q 0 0 0 rg BT 260.80 520.32 Td ( \(the Core Fund\) since ) Tj ET Q q 0 0 0 rg BT 361.05 520.32 Td (August 2003. He is also the co-owner and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 508.32 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 383.72 508.32 Td (ficer of the general partner of Hines and is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 496.32 Td (member of Hines) Tj ET Q q 0 0 0 rg BT 321.51 496.32 Td ( Executive Committee. Mr) Tj ET Q q 0 0 0 rg BT 427.60 496.32 Td (. Hines is responsible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 484.32 Td (overseeing all firm policies and procedures as well as day-to-day operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 472.32 Td (of Hines. He became President of the general partner of Hines in 1990 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 460.32 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 327.07 460.32 Td (ficer of the general partner of Hines in January 2008 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 448.32 Td (has overseen a major expansion of the firm) Tj ET Q q 0 0 0 rg BT 424.72 448.32 Td (s personnel, financial resources, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 436.32 Td (domestic and foreign market penetration, products and services. He has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 424.32 Td (a major participant in the development of the Hines domestic and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 412.32 Td (international acquisition program and currently oversees a portfolio of $1) Tj ET Q q 0 0 0 rg BT 542.65 412.32 Td (1) Tj ET Q q 0 0 0 rg BT 547.28 412.32 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 400.32 Td (billion in assets under management. Mr) Tj ET Q q 0 0 0 rg BT 409.75 400.32 Td (. Hines graduated from ) Tj ET Q q 0 0 0 rg BT 504.26 400.32 Td (W) Tj ET Q q 0 0 0 rg BT 513.30 400.32 Td (illiams ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 388.32 Td (College with a B.A. in Economics and received his M.B.A. from Harvard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 376.32 Td (Business School.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 352.32 Td (W) Tj ET Q q 0 0 0 rg BT 258.14 352.32 Td (e believe that Mr) Tj ET Q q 0 0 0 rg BT 325.61 352.32 Td (. Hines) Tj ET Q q 0 0 0 rg BT 356.53 352.32 Td ( career) Tj ET Q q 0 0 0 rg BT 383.04 352.32 Td (, spanning more than 35 years in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 340.32 Td (commercial real estate industry) Tj ET Q q 0 0 0 rg BT 374.08 340.32 Td (, including his leadership of Hines, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 328.32 Td (depth of his knowledge of Hines and its af) Tj ET Q q 0 0 0 rg BT 418.73 328.32 Td (filiates, qualifies him to serve on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 316.32 Td (our board of directors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.50 261.48 Td (Colin P) Tj ET Q q 0 0 0 rg BT 87.53 261.48 Td (. Shepherd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 261.32 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.50 261.32 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 260.42 Td (Mr) Tj ET Q q 0 0 0 rg BT 261.17 260.42 Td (. Shepherd joined Hines in 1982. Mr) Tj ET Q q 0 0 0 rg BT 406.71 260.42 Td (. Shepherd was elected to our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 248.42 Td (directors in September 2012 and is currently Chairman of Hines) Tj ET Q q 0 0 0 rg BT 508.41 248.42 Td ( Investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 236.42 Td (and Performance Committee and oversees the Investment Management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 224.42 Td (Research groups. He is a member of Hines) Tj ET Q q 0 0 0 rg BT 423.15 224.42 Td ( Executive Committee and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 212.42 Td (Investment Committee. He served as a Senior ) Tj ET Q q 0 0 0 rg BT 434.83 212.42 Td (V) Tj ET Q q 0 0 0 rg BT 441.45 212.42 Td (ice President of Hines from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 200.42 Td (June 1994 to ) Tj ET Q q 0 0 0 rg BT 302.56 200.42 Td (April 2012, where he contributed to the development, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 188.42 Td (acquisitions, operations, and transactions of more than 23 million square feet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 176.42 Td (of commercial real estate in Los ) Tj ET Q q 0 0 0 rg BT 380.00 176.42 Td (Angeles, Seattle, Salt Lake City) Tj ET Q q 0 0 0 rg BT 507.10 176.42 Td (, Orange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 164.42 Td (County) Tj ET Q q 0 0 0 rg BT 278.30 164.42 Td (, San Diego, and Houston. He graduated from Massachusetts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 152.42 Td (Institution of ) Tj ET Q q 0 0 0 rg BT 303.76 152.42 Td (T) Tj ET Q q 0 0 0 rg BT 309.17 152.42 Td (echnology with a B.S. in Civil Engineering and received his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 140.42 Td (M.S. in Management from Massachusetts Institute of ) Tj ET Q q 0 0 0 rg BT 464.56 140.42 Td (T) Tj ET Q q 0 0 0 rg BT 469.97 140.42 Td (echnology) Tj ET Q q 0 0 0 rg BT 510.98 140.42 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 116.42 Td (W) Tj ET Q q 0 0 0 rg BT 258.14 116.42 Td (e believe that Mr) Tj ET Q q 0 0 0 rg BT 325.61 116.42 Td (. Shepherd) Tj ET Q q 0 0 0 rg BT 371.16 116.42 Td (s significant experience in the commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 104.42 Td (estate industry) Tj ET Q q 0 0 0 rg BT 306.89 104.42 Td (, including his 35 year tenure at Hines and his vast knowledge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 92.42 Td (of Hines) Tj ET Q q 0 0 0 rg BT 286.25 92.42 Td ( financial and investment policies, qualifies him to serve on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.50 80.42 Td (board of directors.) Tj ET Q 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 714.5 m 148.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 714.5 m 182.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192.5 714.5 m 232.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 714.5 m 561.5 714.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 719.18 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.65 719.18 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.05 739.18 Td (Y) Tj ET Q q 0 0 0 rg BT 208.72 739.18 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.70 729.18 Td (First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.15 719.18 Td (Elected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.75 729.18 Td (Business Experience and Principal Occupation; Dir) Tj ET Q q 0 0 0 rg BT 469.30 729.18 Td (ectorships in Public) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 719.18 Td (Corporations and Investment Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 705.23 Td (Charles M. Baughn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 705.07 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 705.07 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 705.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 256.67 705.07 Td (.Baughn joined Hines in 1984. Mr) Tj ET Q q 0 0 0 rg BT 395.55 705.07 Td (. Baughn has served as a member of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 693.07 Td (board of directors and as a manager of the general partner of our ) Tj ET Q q 0 0 0 rg BT 504.61 693.07 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 681.07 Td (since December 2008. In addition, Mr) Tj ET Q q 0 0 0 rg BT 396.90 681.07 Td (. Baughn has been a member of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 669.07 Td (board of directors of Hines REIT) Tj ET Q q 0 0 0 rg BT 377.28 669.07 Td ( since ) Tj ET Q q 0 0 0 rg BT 402.28 669.07 Td (April 2008 and as a manager of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 657.07 Td (general partner of HALP) Tj ET Q q 0 0 0 rg BT 344.31 657.07 Td ( since ) Tj ET Q q 0 0 0 rg BT 369.31 657.07 Td (August 2003. He served as Chief Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 645.07 Td (Of) Tj ET Q q 0 0 0 rg BT 255.37 645.07 Td (ficer of Hines REIT) Tj ET Q q 0 0 0 rg BT 334.88 645.07 Td ( and the general partner of HALP) Tj ET Q q 0 0 0 rg BT 468.35 645.07 Td ( from ) Tj ET Q q 0 0 0 rg BT 492.24 645.07 Td (August 2003 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 633.07 Td (through ) Tj ET Q q 0 0 0 rg BT 278.06 633.07 Td (April1, 2008. ) Tj ET Q q 0 0 0 rg BT 336.11 633.07 Td (Additionally) Tj ET Q q 0 0 0 rg BT 386.02 633.07 Td (, since July 2013, Mr) Tj ET Q q 0 0 0 rg BT 469.90 633.07 Td (. Baughn has served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 621.07 Td (as a member of the board of directors of Hines Global Income ) Tj ET Q q 0 0 0 rg BT 495.84 621.07 Td (T) Tj ET Q q 0 0 0 rg BT 501.60 621.07 Td (rust and as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 609.07 Td (member of the general partner of HGRIIALP) Tj ET Q q 0 0 0 rg BT 424.94 609.07 Td (. He has served as the Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 597.07 Td (Managing Director and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 415.60 597.07 Td (ficer of the general partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 585.07 Td (Hines since 2012. In this role, he is responsible for overseeing Hines) Tj ET Q q 0 0 0 rg BT 522.25 585.07 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 573.07 Td (operating business including central services, balance-sheet related activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 561.07 Td (and bank and other debt financing. Previously) Tj ET Q q 0 0 0 rg BT 430.97 561.07 Td (, he also has served as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 549.07 Td (Executive ) Tj ET Q q 0 0 0 rg BT 287.30 549.07 Td (V) Tj ET Q q 0 0 0 rg BT 293.92 549.07 Td (ice President and CEO-Capital Markets Group of the general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 537.07 Td (partner of Hines from ) Tj ET Q q 0 0 0 rg BT 333.86 537.07 Td (April 2001 through 2012 and, as such, was responsible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 525.07 Td (for overseeing Hines) Tj ET Q q 0 0 0 rg BT 330.89 525.07 Td ( capital markets group, which raises, places and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 513.07 Td (manages equity and debt for Hines projects in the U.S.and internationally) Tj ET Q q 0 0 0 rg BT 540.66 513.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 501.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 256.67 501.07 Td (. Baughn is also a member of the Hines' Executive Committee and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 489.07 Td (director of Hines Securities, Inc. Until May 2015, Mr) Tj ET Q q 0 0 0 rg BT 458.01 489.07 Td (. Baughn also served as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 477.07 Td (the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 337.29 477.07 Td (ficer of our Dealer Manager) Tj ET Q q 0 0 0 rg BT 448.89 477.07 Td (. Mr) Tj ET Q q 0 0 0 rg BT 468.06 477.07 Td (. Baughn has also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 465.07 Td (been a member of the management board of the Core Fund since 2003. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 453.07 Td (During his tenure at Hines, he has contributed to the development or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 441.07 Td (redevelopment of over 9million square feet of of) Tj ET Q q 0 0 0 rg BT 441.97 441.07 Td (fice and special use facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 429.07 Td (in the southwestern United States. He graduated from the New ) Tj ET Q q 0 0 0 rg BT 497.62 429.07 Td (Y) Tj ET Q q 0 0 0 rg BT 503.84 429.07 Td (ork State ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 417.07 Td (College of Ceramics at ) Tj ET Q q 0 0 0 rg BT 338.86 417.07 Td (Alfred University with a B.A. and received his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 405.07 Td (M.B.A. from the University of Colorado. Mr) Tj ET Q q 0 0 0 rg BT 423.87 405.07 Td (.Baughn holds Series7, 24 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 393.07 Td (63 securities licenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 369.07 Td (W) Tj ET Q q 0 0 0 rg BT 253.64 369.07 Td (e believe that Mr) Tj ET Q q 0 0 0 rg BT 321.11 369.07 Td (.Baughn) Tj ET Q q 0 0 0 rg BT 360.00 369.07 Td (s experience in the commercial real estate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 357.07 Td (industry during his more than 33 year career with Hines, including his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 345.07 Td (familiarity with Hines) Tj ET Q q 0 0 0 rg BT 335.90 345.07 Td ( financial and investment policies, qualifies him to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 333.07 Td (serve on our board of directors.) Tj ET Q 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 714.5 m 148.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 714.5 m 182.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192.5 714.5 m 232.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 714.5 m 561.5 714.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 719.18 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.65 719.18 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.05 739.18 Td (Y) Tj ET Q q 0 0 0 rg BT 208.72 739.18 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.70 729.18 Td (First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.15 719.18 Td (Elected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.75 729.18 Td (Business Experience and Principal Occupation; Dir) Tj ET Q q 0 0 0 rg BT 469.30 729.18 Td (ectorships in Public) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 719.18 Td (Corporations and Investment Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 705.23 Td (Jack L. Farley) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 705.07 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 705.07 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 705.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 256.67 705.07 Td (. Farley has served as an independent director since June 2009. Mr) Tj ET Q q 0 0 0 rg BT 524.93 705.07 Td (. Farley ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 693.07 Td (has served as the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 449.20 693.07 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 480.29 693.07 Td (Apex Compressed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 681.07 Td (Air Ener) Tj ET Q q 0 0 0 rg BT 279.53 681.07 Td (gy Storage LLC, since January 201) Tj ET Q q 0 0 0 rg BT 420.23 681.07 Td (1, the year the company was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 669.07 Td (launched in order to develop, build, operate, and commercialize utility-scale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 657.07 Td (compressed air ener) Tj ET Q q 0 0 0 rg BT 324.78 657.07 Td (gy storage assets. Prior to that he co-founded Liberty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 645.07 Td (Green Renewables, LLC in June 2008 to pursue development, construction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 633.07 Td (and operation of biomass-to-electricity generation projects in the Midwest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 621.07 Td (and Southeast US. From 2003 to February 2008, Mr) Tj ET Q q 0 0 0 rg BT 453.33 621.07 Td (. Farley was Senior ) Tj ET Q q 0 0 0 rg BT 532.85 621.07 Td (V) Tj ET Q q 0 0 0 rg BT 539.47 621.07 Td (ice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 609.07 Td (President of Ciner) Tj ET Q q 0 0 0 rg BT 317.58 609.07 Td (gy Corp., where he was responsible for the Power ) Tj ET Q q 0 0 0 rg BT 519.30 609.07 Td (T) Tj ET Q q 0 0 0 rg BT 525.05 609.07 Td (rading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 597.07 Td (and Marketing group. During his tenure, the group had approximately $30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 585.07 Td (billion of annual physical power sales and ranked in the top 15 in the US. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 573.07 Td (Ciner) Tj ET Q q 0 0 0 rg BT 267.04 573.07 Td (gy Corp. mer) Tj ET Q q 0 0 0 rg BT 319.90 573.07 Td (ged with Duke Ener) Tj ET Q q 0 0 0 rg BT 399.98 573.07 Td (gy \(NYSE: DUK\) in 2006. In October ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 561.07 Td (2007, Fortis NV) Tj ET Q q 0 0 0 rg BT 310.10 561.07 Td ( acquired Duke) Tj ET Q q 0 0 0 rg BT 373.96 561.07 Td (s trading operations as a strategic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 549.07 Td (enhancement to its nascent US banking activities. Prior to joining Ciner) Tj ET Q q 0 0 0 rg BT 531.71 549.07 Td (gy/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 537.07 Td (Duke, Mr) Tj ET Q q 0 0 0 rg BT 283.33 537.07 Td (. Farley was President of the ) Tj ET Q q 0 0 0 rg BT 399.51 537.07 Td (W) Tj ET Q q 0 0 0 rg BT 408.15 537.07 Td (est Region at Reliant Resources, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 525.07 Td (Inc., where he managed a $1.1 billion portfolio of power generation assets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 513.07 Td (and was responsible for the development and construction of two combined-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 501.07 Td (cycle gas turbine projects with a total investment of approximately $750 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 489.07 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 465.07 Td (W) Tj ET Q q 0 0 0 rg BT 253.64 465.07 Td (e believe that Mr) Tj ET Q q 0 0 0 rg BT 321.11 465.07 Td (. Farley) Tj ET Q q 0 0 0 rg BT 354.44 465.07 Td (s extensive leadership experience and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 453.07 Td (understanding of the requirements of managing a public company) Tj ET Q q 0 0 0 rg BT 507.61 453.07 Td (, acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 441.07 Td (during his tenure at Ciner) Tj ET Q q 0 0 0 rg BT 347.02 441.07 Td (gy Corp. and Duke Ener) Tj ET Q q 0 0 0 rg BT 444.31 441.07 Td (gy qualify him to serve on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 429.07 Td (our board of directors. ) Tj ET Q q 0 0 0 rg BT 336.73 429.07 Td (This experience along with Mr) Tj ET Q q 0 0 0 rg BT 459.48 429.07 Td (. Farley) Tj ET Q q 0 0 0 rg BT 492.80 429.07 Td (s M.B.A. from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 417.07 Td (The ) Tj ET Q q 0 0 0 rg BT 262.87 417.07 Td (Wharton School and his involvement in the preparation of earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 405.07 Td (statements and the compliance process for Sarbanes-Oxley requirements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 393.07 Td (public companies enable him to provide valuable insight to our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 381.07 Td (directors and our ) Tj ET Q q 0 0 0 rg BT 314.70 381.07 Td (Audit Committee, for which he serves as Chairman.) 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 714.5 m 148.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 714.5 m 182.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192.5 714.5 m 232.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 714.5 m 561.5 714.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 719.18 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.65 719.18 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.05 739.18 Td (Y) Tj ET Q q 0 0 0 rg BT 208.72 739.18 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.70 729.18 Td (First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.15 719.18 Td (Elected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.75 729.18 Td (Business Experience and Principal Occupation; Dir) Tj ET Q q 0 0 0 rg BT 469.30 729.18 Td (ectorships in Public) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 719.18 Td (Corporations and Investment Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 705.23 Td (Thomas L. Mitchell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 705.07 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 705.07 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 705.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 256.67 705.07 Td (. Mitchell has served as an independent director since June 2009. Mr) Tj ET Q q 0 0 0 rg BT 530.76 705.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 693.07 Td (Mitchell served as the Executive ) Tj ET Q q 0 0 0 rg BT 377.83 693.07 Td (V) Tj ET Q q 0 0 0 rg BT 384.45 693.07 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 530.06 693.07 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 681.07 Td (of Devon Ener) Tj ET Q q 0 0 0 rg BT 303.69 681.07 Td (gy Corporation \(NYSE:DVN\) from February 2014 to ) Tj ET Q q 0 0 0 rg BT 519.49 681.07 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 669.07 Td (2017. Prior to February 2014, he served as the Executive ) Tj ET Q q 0 0 0 rg BT 477.26 669.07 Td (V) Tj ET Q q 0 0 0 rg BT 483.88 669.07 Td (ice President and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 657.07 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 319.80 657.07 Td (ficer of Midstates Petroleum Company) Tj ET Q q 0 0 0 rg BT 474.67 657.07 Td (, Inc. \(NYSE: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 645.07 Td (MPO\), formerly Midstates Petroleum Company LLC, an exploration and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 633.07 Td (production company) Tj ET Q q 0 0 0 rg BT 326.83 633.07 Td (, since 201) Tj ET Q q 0 0 0 rg BT 369.51 633.07 Td (1, and member of the Midstates board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 621.07 Td (directors from 2012 until January 2014. From 2006 to 201) Tj ET Q q 0 0 0 rg BT 477.93 621.07 Td (1, he was the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 609.07 Td (Senior ) Tj ET Q q 0 0 0 rg BT 273.43 609.07 Td (V) Tj ET Q q 0 0 0 rg BT 280.05 609.07 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 411.22 609.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 429.14 609.07 Td (, ) Tj ET Q q 0 0 0 rg BT 433.96 609.07 Td (T) Tj ET Q q 0 0 0 rg BT 439.71 609.07 Td (reasurer and Controller of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 597.07 Td (Noble Corporation \(NYSE: NE\), a publicly-held of) Tj ET Q q 0 0 0 rg BT 450.05 597.07 Td (fshore drilling contractor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 585.07 Td (for the oil and gas industry) Tj ET Q q 0 0 0 rg BT 351.83 585.07 Td (. From 1997 to November 2006, Mr) Tj ET Q q 0 0 0 rg BT 495.16 585.07 Td (. Mitchell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 573.07 Td (served as ) Tj ET Q q 0 0 0 rg BT 284.25 573.07 Td (V) Tj ET Q q 0 0 0 rg BT 290.87 573.07 Td (ice President and Controller of ) Tj ET Q q 0 0 0 rg BT 415.56 573.07 Td (Apache Corporation \(NYSE, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 561.07 Td (NASDAQ: ) Tj ET Q q 0 0 0 rg BT 291.40 561.07 Td (AP) Tj ET Q q 0 0 0 rg BT 303.26 561.07 Td (A\), a publicly-held oil and gas exploration, development and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 549.07 Td (production company) Tj ET Q q 0 0 0 rg BT 326.83 549.07 Td (. From 1996 to 1997, he served as Chief ) Tj ET Q q 0 0 0 rg BT 489.31 549.07 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 537.07 Td (Of) Tj ET Q q 0 0 0 rg BT 255.37 537.07 Td (ficer and Controller of ) Tj ET Q q 0 0 0 rg BT 347.01 537.07 Td (Apache, and from 1989 to 1996 he served ) Tj ET Q q 0 0 0 rg BT 516.68 537.07 Td (Apache in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 525.07 Td (various positions. Prior to joining ) Tj ET Q q 0 0 0 rg BT 381.12 525.07 Td (Apache, Mr) Tj ET Q q 0 0 0 rg BT 428.33 525.07 Td (. Mitchell spent seven years at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 513.07 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 273.61 513.07 Td (Andersen & Co., an independent public accounting firm, where he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 501.07 Td (practiced as a Certified Public ) Tj ET Q q 0 0 0 rg BT 367.46 501.07 Td (Accountant \(currently inactive\), managing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 489.07 Td (clients in the oil and gas, banking, manufacturing and government contracting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 477.07 Td (industries. Mr) Tj ET Q q 0 0 0 rg BT 300.56 477.07 Td (. Mitchell graduated with honors from Bob Jones University ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 465.07 Td (with a B.S. in ) Tj ET Q q 0 0 0 rg BT 301.67 465.07 Td (Accounting.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 441.07 Td (W) Tj ET Q q 0 0 0 rg BT 253.64 441.07 Td (e believe Mr) Tj ET Q q 0 0 0 rg BT 303.62 441.07 Td (. Mitchell) Tj ET Q q 0 0 0 rg BT 345.28 441.07 Td (s significant leadership experience at four public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 429.07 Td (companies qualifies him to serve on our board of directors. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 417.07 Td (through his previous experience in public accounting, Mr) Tj ET Q q 0 0 0 rg BT 473.83 417.07 Td (. Mitchell is able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 405.07 Td (provide valuable insight with respect to financial reporting processes and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 393.07 Td (system of internal controls.) 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 714.5 m 148.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 714.5 m 182.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192.5 714.5 m 232.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 714.5 m 561.5 714.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 719.18 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.65 719.18 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.05 739.18 Td (Y) Tj ET Q q 0 0 0 rg BT 208.72 739.18 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.70 729.18 Td (First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.15 719.18 Td (Elected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.75 729.18 Td (Business Experience and Principal Occupation; Dir) Tj ET Q q 0 0 0 rg BT 469.30 729.18 Td (ectorships in Public) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 719.18 Td (Corporations and Investment Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 705.23 Td (John S. Moody) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 705.07 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 705.07 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 705.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 256.67 705.07 Td (. Moody has served as an independent director since June 2009. Mr) Tj ET Q q 0 0 0 rg BT 528.27 705.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 693.07 Td (Moody has been President of Parkside Capital, LLC in Houston since January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 681.07 Td (2006. Parkside Capital, LLC is the general partner and manager of Parkside ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 669.07 Td (Capital Land Fund, L) Tj ET Q q 0 0 0 rg BT 330.18 669.07 Td (TD., a ) Tj ET Q q 0 0 0 rg BT 357.77 669.07 Td (T) Tj ET Q q 0 0 0 rg BT 363.18 669.07 Td (exas real estate private equity firm which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 657.07 Td (invests in raw land in high growth markets in ) Tj ET Q q 0 0 0 rg BT 428.40 657.07 Td (T) Tj ET Q q 0 0 0 rg BT 433.81 657.07 Td (exas. From January 2004 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 645.07 Td (December 2005, Mr) Tj ET Q q 0 0 0 rg BT 325.25 645.07 Td (. Moody was the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 528.64 645.07 Td (ficer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 633.07 Td (HRO ) Tj ET Q q 0 0 0 rg BT 268.06 633.07 Td (Asset Management, LLC, a real estate advisory business headquartered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 621.07 Td (in New ) Tj ET Q q 0 0 0 rg BT 276.29 621.07 Td (Y) Tj ET Q q 0 0 0 rg BT 282.51 621.07 Td (ork City) Tj ET Q q 0 0 0 rg BT 314.92 621.07 Td (, where he oversaw the acquisition of $850 million of real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 609.07 Td (estate assets. From September 2001 to December 2003, he was the President ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 597.07 Td (of Marsh & McLennan Real Estate ) Tj ET Q q 0 0 0 rg BT 387.18 597.07 Td (Advisors, Inc., where he developed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 585.07 Td (real estate strategy for the Marsh & McLennan Companies, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 573.07 Td (directing the execution of all real estate leases, projects and transactions. Mr) Tj ET Q q 0 0 0 rg BT 549.61 573.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 561.07 Td (Moody was also the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 461.99 561.07 Td (ficer of Cornerstone ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 549.07 Td (Properties, Inc., a publicly-held equity REIT) Tj ET Q q 0 0 0 rg BT 423.11 549.07 Td ( which acquired, developed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 537.07 Td (operated lar) Tj ET Q q 0 0 0 rg BT 292.29 537.07 Td (ge scale Class ) Tj ET Q q 0 0 0 rg BT 350.33 537.07 Td (A) Tj ET Q q 0 0 0 rg BT 357.00 537.07 Td ( of) Tj ET Q q 0 0 0 rg BT 367.65 537.07 Td (fice buildings in major metropolitan markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 525.07 Td (throughout the U.S. During his tenure at Cornerstone, assets grew from $500 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 513.07 Td (million to $4.8 billion. From 1991 to 1995, Mr) Tj ET Q q 0 0 0 rg BT 431.40 513.07 Td (. Moody was the President and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 501.07 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 322.57 501.07 Td (ficer of Deutsche Bank Realty ) Tj ET Q q 0 0 0 rg BT 445.58 501.07 Td (Advisors, Inc., where he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 489.07 Td (oversaw a $2 billion equity and debt portfolio. Mr) Tj ET Q q 0 0 0 rg BT 444.69 489.07 Td (. Moody has been a member ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 477.07 Td (of the Board of Directors of Huron Consulting Group \(NASDAQ: HURN\), a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 465.07 Td (publicly-held integrated strategic services provider since October 2005. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 453.07 Td (September 2006, he has been a member of the Board of Directors of Potlatch ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 441.07 Td (Corporation \(NYSE: PCH\), a publicly-held REIT) Tj ET Q q 0 0 0 rg BT 443.13 441.07 Td ( with approximately 1.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 429.07 Td (million acres of forestland. He became the ) Tj ET Q q 0 0 0 rg BT 416.97 429.07 Td (V) Tj ET Q q 0 0 0 rg BT 423.59 429.07 Td (ice Chairman of the Board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 417.07 Td (Directors of Potlatch in January 2009. Mr) Tj ET Q q 0 0 0 rg BT 411.36 417.07 Td (. Moody also has served as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 405.07 Td (Chairman of the board of directors of Four Corners Property ) Tj ET Q q 0 0 0 rg BT 489.20 405.07 Td (T) Tj ET Q q 0 0 0 rg BT 494.96 405.07 Td (rust Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 393.07 Td (\(NYSE: FCPT\) since November 2015. Mr) Tj ET Q q 0 0 0 rg BT 416.38 393.07 Td (. Moody was a member of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 381.07 Td (Board of Directors and Chairman of the Compensation Committee of CRIIMI ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 369.07 Td (MAE, Inc., a publicly-held REIT) Tj ET Q q 0 0 0 rg BT 376.72 369.07 Td (, from January 2004 to January 2006. He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 357.07 Td (was also a member of the Board of Directors and Chairman of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 345.07 Td (Compensation Committee of Keystone Property ) Tj ET Q q 0 0 0 rg BT 440.07 345.07 Td (T) Tj ET Q q 0 0 0 rg BT 445.83 345.07 Td (rust, a publicly-held REIT) Tj ET Q q 0 0 0 rg BT 550.06 345.07 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 333.07 Td (from 2001 to 2004. Mr) Tj ET Q q 0 0 0 rg BT 336.39 333.07 Td (. Moody graduated from Stanford University with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 321.07 Td (B.S. and received his J.D. with honors from the University of ) Tj ET Q q 0 0 0 rg BT 492.84 321.07 Td (T) Tj ET Q q 0 0 0 rg BT 498.25 321.07 Td (exas.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 287.07 Td (W) Tj ET Q q 0 0 0 rg BT 253.64 287.07 Td (e believe that Mr) Tj ET Q q 0 0 0 rg BT 321.11 287.07 Td (. Moody) Tj ET Q q 0 0 0 rg BT 357.78 287.07 Td (s significant experience in the commercial real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 275.07 Td (estate industry qualifies him to serve as one of our directors. Drawing on this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 263.07 Td (experience, Mr) Tj ET Q q 0 0 0 rg BT 304.97 263.07 Td (. Moody is able to provide valuable insight regarding our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 251.07 Td (investment strategies, internal controls and financial risk exposures. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 239.07 Td (addition, through his experience serving on the boards of several public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 227.07 Td (companies, Mr) Tj ET Q q 0 0 0 rg BT 304.43 227.07 Td (. Moody is well-versed in the requirements of serving on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 215.07 Td (public company board.) 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 713.5 m 148.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 713.5 m 182.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 192.5 713.5 m 232.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 713.5 m 561.5 713.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 718.18 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.65 718.18 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.05 738.18 Td (Y) Tj ET Q q 0 0 0 rg BT 208.72 738.18 Td (ear) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.70 728.18 Td (First) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.15 718.18 Td (Elected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.75 728.18 Td (Business Experience and Principal Occupation; Dir) Tj ET Q q 0 0 0 rg BT 469.30 728.18 Td (ectorships in Public) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.25 718.18 Td (Corporations and Investment Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 704.23 Td (Peter) Tj ET Q q 0 0 0 rg BT 74.57 704.23 Td ( Shaper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.00 704.07 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.00 704.07 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 704.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 256.67 704.07 Td (. Shaper has served as an independent director since June 2009. He has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 692.07 Td (served as a director and member of the audit committee of HMS Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 680.07 Td (Fund, Inc. \("HMS"\) since May 2012. Mr) Tj ET Q q 0 0 0 rg BT 410.38 680.07 Td (. Shaper also has served as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 668.07 Td (Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 381.44 668.07 Td (ficer of Greenwell Ener) Tj ET Q q 0 0 0 rg BT 475.93 668.07 Td (gy Solutions, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 656.07 Td (independent specialty chemical supplier to the upstream oil and gas industry) Tj ET Q q 0 0 0 rg BT 549.82 656.07 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 644.07 Td (since 2012. ) Tj ET Q q 0 0 0 rg BT 295.00 644.07 Td (Additionally) Tj ET Q q 0 0 0 rg BT 344.90 644.07 Td (, he is a founding partner of Genesis Park LP) Tj ET Q q 0 0 0 rg BT 523.75 644.07 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 632.07 Td (Houston-based private equity firm which was founded in 2000 and primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 620.07 Td (focuses on buyouts, partnering strategies with public corporations and growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 608.07 Td (financing bringing each company capital, commercial execution capabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 596.07 Td (and a depth of experience in mer) Tj ET Q q 0 0 0 rg BT 375.87 596.07 Td (gers and acquisitions. Mr) Tj ET Q q 0 0 0 rg BT 478.91 596.07 Td (. Shaper also was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 584.07 Td (the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 337.29 584.07 Td (ficer of Harris CapRock Communications, Inc., a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 572.07 Td (global provider of broadband communications to remote locations via satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 560.07 Td (with revenues of over $300 million from 2002 through June 201) Tj ET Q q 0 0 0 rg BT 501.81 560.07 Td (1, when he ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 548.07 Td (resigned. From 1998 to 2000, Mr) Tj ET Q q 0 0 0 rg BT 377.50 548.07 Td (. Shaper was the president of Donnelley ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 536.07 Td (Marketing, a Division of First Data Corporation, where he was directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 524.07 Td (responsible for the turnaround and eventual sale of the $100 million revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 512.07 Td (database marketing company to a strategic buyer) Tj ET Q q 0 0 0 rg BT 439.93 512.07 Td (. In 1996, Mr) Tj ET Q q 0 0 0 rg BT 492.43 512.07 Td (. Shaper helped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 500.07 Td (found the Information Management Group, or IMG, as its Executive ) Tj ET Q q 0 0 0 rg BT 521.42 500.07 Td (V) Tj ET Q q 0 0 0 rg BT 528.04 500.07 Td (ice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 488.07 Td (President of Operations and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 433.66 488.07 Td (ficer) Tj ET Q q 0 0 0 rg BT 451.43 488.07 Td (. IMG grew to over $600 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 476.07 Td (million in revenue during Mr) Tj ET Q q 0 0 0 rg BT 361.09 476.07 Td (. Shaper) Tj ET Q q 0 0 0 rg BT 394.23 476.07 Td () Tj ET Q q 0 0 0 rg BT 397.01 476.07 Td (s tenure. Prior to joining IMG, Mr) Tj ET Q q 0 0 0 rg BT 533.12 476.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 464.07 Td (Shaper was with a Dallas-based private equity firm, where he was responsible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 452.07 Td (for investments in numerous technology-oriented companies, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 440.07 Td (assisting those companies with developing long-term strategies and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 428.07 Td (structures. Mr) Tj ET Q q 0 0 0 rg BT 300.55 428.07 Td (. Shaper also has several years) Tj ET Q q 0 0 0 rg BT 424.76 428.07 Td ( experience with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 416.07 Td (international consulting firm McKinsey & Company) Tj ET Q q 0 0 0 rg BT 454.59 416.07 Td (. Mr) Tj ET Q q 0 0 0 rg BT 471.26 416.07 Td (. Shaper graduated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 404.07 Td (from Stanford University with a B.S. in industrial engineering and received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 392.07 Td (his M.B.A. from Harvard Business School. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 367.07 Td (W) Tj ET Q q 0 0 0 rg BT 253.64 367.07 Td (e believe Mr) Tj ET Q q 0 0 0 rg BT 303.62 367.07 Td (. Shaper) Tj ET Q q 0 0 0 rg BT 336.76 367.07 Td () Tj ET Q q 0 0 0 rg BT 339.54 367.07 Td (s significant experience as a senior executive of) Tj ET Q q 0 0 0 rg BT 530.11 367.07 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 355.07 Td (of sophisticated companies such as Greenwell Ener) Tj ET Q q 0 0 0 rg BT 450.31 355.07 Td (gy Solutions, Harris ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 343.07 Td (CapRock Communications, Genesis Park and Donnelley Marketing/First ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 331.07 Td (Data, as well as his experience founding and leading IMG, qualify him to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 319.07 Td (serve on our board of directors.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 283.00 Td (As of the date of this report, our executive of) Tj ET Q q 0 0 0 rg BT 238.76 283.00 Td (ficers, their ages and their experiences are as follows:) 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 734.5 m 207.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 734.5 m 247.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 734.5 m 561.5 734.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 739.18 Td (Name and ) Tj ET Q q 0 0 0 rg BT 97.93 739.18 Td (T) Tj ET Q q 0 0 0 rg BT 104.42 739.18 Td (itle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.65 739.18 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.10 739.18 Td (Experience) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 725.23 Td (Sherri ) Tj ET Q q 0 0 0 rg BT 81.54 725.23 Td (W) Tj ET Q q 0 0 0 rg BT 90.62 725.23 Td (. Schugart,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 714.23 Td (Pr) Tj ET Q q 0 0 0 rg BT 62.37 714.23 Td (esident and Chief Executive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 704.23 Td (Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 725.07 Td (52) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 725.41 Td (Ms. Schugart joined Hines in 1995. In February 2016, Ms. Schugart was ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 714.01 Td (appointed as a member of Hines) Tj ET Q q 0 0 0 rg BT 385.13 714.01 Td ( Executive Committee. Ms. Schugart has ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 702.61 Td (served as President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 424.98 702.61 Td (ficer for us and for the general ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 691.21 Td (partner of our ) Tj ET Q q 0 0 0 rg BT 314.08 691.21 Td (Advisor since March 2013. Ms. Schugart has also served as ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 679.81 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 387.52 679.81 Td (ficer for Hines REIT) Tj ET Q q 0 0 0 rg BT 465.69 679.81 Td (, the general partner of ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 668.41 Td (HALP) Tj ET Q q 0 0 0 rg BT 284.46 668.41 Td ( and the Core Fund, since March 2013. Ms. Schugart has also served ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 657.01 Td (as President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 397.81 657.01 Td (ficer for Hines Global Income ) Tj ET Q q 0 0 0 rg BT 514.50 657.01 Td (T) Tj ET Q q 0 0 0 rg BT 519.96 657.01 Td (rust and ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 645.61 Td (the general partner of HGRIIALP) Tj ET Q q 0 0 0 rg BT 387.85 645.61 Td ( since ) Tj ET Q q 0 0 0 rg BT 411.60 645.61 Td (August 2013. ) Tj ET Q q 0 0 0 rg BT 467.02 645.61 Td (Also since March 2013, ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 634.21 Td (Ms. Schugart has served as the President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 507.04 634.21 Td (ficer of HMS ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 622.81 Td (and HMS ) Tj ET Q q 0 0 0 rg BT 298.53 622.81 Td (Adviser GP) Tj ET Q q 0 0 0 rg BT 342.78 622.81 Td ( LLC \(the HMS GP\), the general partner of the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 611.41 Td (adviser to HMS. ) Tj ET Q q 0 0 0 rg BT 324.39 611.41 Td (Additionally) Tj ET Q q 0 0 0 rg BT 371.80 611.41 Td (, in February 2014, Ms. Schugart was appointed ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 600.01 Td (as the Chairperson of the board of directors of HMS. HMS is a public ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 588.61 Td (specialty finance company sponsored by Hines, which was formed in 201) Tj ET Q q 0 0 0 rg BT 539.57 588.61 Td (1 ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 577.21 Td (and intends to make debt and equity investments in companies with revenues ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 565.81 Td (generally between $10 million and $3 billion that operate in diverse ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 554.41 Td (industries. Prior to March 2013, Ms. Schugart had served as the Chief ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 543.01 Td (Operating Of) Tj ET Q q 0 0 0 rg BT 310.22 543.01 Td (ficer for us and the general partner of our ) Tj ET Q q 0 0 0 rg BT 468.75 543.01 Td (Advisor and as the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 531.61 Td (Chief Operating Of) Tj ET Q q 0 0 0 rg BT 333.70 531.61 Td (ficer of Hines REIT) Tj ET Q q 0 0 0 rg BT 408.70 531.61 Td (, the general partner of HALP) Tj ET Q q 0 0 0 rg BT 521.78 531.61 Td ( and the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 520.21 Td (Core Fund since November 201) Tj ET Q q 0 0 0 rg BT 381.02 520.21 Td (1. In these roles, Ms. Schugart was ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 508.81 Td (responsible for the execution of each entity) Tj ET Q q 0 0 0 rg BT 426.72 508.81 Td (s business plan and oversight of ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 497.41 Td (day-to-day business operations, including issues related to portfolio strategy) Tj ET Q q 0 0 0 rg BT 548.82 497.41 Td (, ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 486.01 Td (asset management and all other operational and financial matters of each ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 474.61 Td (entity) Tj ET Q q 0 0 0 rg BT 281.02 474.61 Td (. Ms. Schugart also served as Chief Financial Of) Tj ET Q q 0 0 0 rg BT 465.01 474.61 Td (ficer for us and the ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 463.21 Td (general partner of our ) Tj ET Q q 0 0 0 rg BT 344.41 463.21 Td (Advisor from inception in December 2008 through ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 451.81 Td (October 201) Tj ET Q q 0 0 0 rg BT 306.87 451.81 Td (1. Ms. Schugart also served as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 509.59 451.81 Td (ficer for ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 440.41 Td (Hines REIT) Tj ET Q q 0 0 0 rg BT 305.47 440.41 Td ( and the general partner of HALP) Tj ET Q q 0 0 0 rg BT 432.27 440.41 Td ( from ) Tj ET Q q 0 0 0 rg BT 454.96 440.41 Td (August 2003 through ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 429.01 Td (October 201) Tj ET Q q 0 0 0 rg BT 306.87 429.01 Td (1 and as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 425.42 429.01 Td (ficer of the Core Fund from July ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 417.61 Td (2004 through October 201) Tj ET Q q 0 0 0 rg BT 360.17 417.61 Td (1. In these roles, her responsibilities included ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 406.21 Td (oversight of financial and portfolio management, equity and debt financing ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 394.86 Td (activities, investor relations, accounting, financial reporting, compliance and ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 383.46 Td (administrative functions in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 468.35 383.46 Td (. She has also been a ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 372.06 Td (Senior Managing Director of the general partner of Hines since October 2007 ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 360.66 Td (and has served as a director of the Dealer Manager since ) Tj ET Q q 0 0 0 rg BT 476.56 360.66 Td (August 2003. Prior ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 349.26 Td (to holding these positions, she was a ) Tj ET Q q 0 0 0 rg BT 400.74 349.26 Td (V) Tj ET Q q 0 0 0 rg BT 407.03 349.26 Td (ice President in Hines Capital Markets ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 337.86 Td (Group raising equity and debt financing for various Hines investment vehicles ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 326.46 Td (in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 373.89 326.46 Td (. Ms. Schugart has been responsible for ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 315.06 Td (arranging and managing more than $10 billion in equity and debt for Hines) Tj ET Q q 0 0 0 rg BT 547.92 315.06 Td ( ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 303.66 Td (public and private investment funds. Prior to joining Hines, Ms. Schugart ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 292.26 Td (spent eight years with ) Tj ET Q q 0 0 0 rg BT 344.96 292.26 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 372.14 292.26 Td (Andersen LLP) Tj ET Q q 0 0 0 rg BT 426.76 292.26 Td (, where she served both public ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 280.86 Td (and private clients in the real estate, construction, finance and banking ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 269.46 Td (industries. She holds a Bachelor of Business ) Tj ET Q q 0 0 0 rg BT 430.46 269.46 Td (Administration degree in ) Tj ET Q BT /F1 9.50 Tf ET q 0 0 0 rg BT 260.00 258.06 Td (Accounting from Southwest ) Tj ET Q q 0 0 0 rg BT 369.33 258.06 Td (T) Tj ET Q q 0 0 0 rg BT 374.47 258.06 Td (exas State University) Tj ET Q q 0 0 0 rg BT 454.59 258.06 Td (.) Tj ET Q 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 734.5 m 207.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 734.5 m 247.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 734.5 m 561.5 734.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 739.18 Td (Name and ) Tj ET Q q 0 0 0 rg BT 97.93 739.18 Td (T) Tj ET Q q 0 0 0 rg BT 104.42 739.18 Td (itle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.65 739.18 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.10 739.18 Td (Experience) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 725.23 Td (R) Tj ET Q q 0 0 0 rg BT 58.87 725.23 Td (yan ) Tj ET Q q 0 0 0 rg BT 76.75 725.23 Td (T) Tj ET Q q 0 0 0 rg BT 82.68 725.23 Td (. Sims,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 714.23 Td (Chief Financial Officer) Tj ET Q q 0 0 0 rg BT 150.69 714.23 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 704.23 Td (Secr) Tj ET Q q 0 0 0 rg BT 70.70 704.23 Td (etary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 725.07 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 725.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 271.67 725.07 Td (. Sims joined Hines in ) Tj ET Q q 0 0 0 rg BT 362.23 725.07 Td (August 2003. Since November 201) Tj ET Q q 0 0 0 rg BT 502.68 725.07 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 524.35 725.07 Td (. Sims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 713.07 Td (has served as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 404.78 713.07 Td (ficer and Secretary for us and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 701.07 Td (general partner of our ) Tj ET Q q 0 0 0 rg BT 348.85 701.07 Td (Advisor) Tj ET Q q 0 0 0 rg BT 380.52 701.07 Td (. Since November 201) Tj ET Q q 0 0 0 rg BT 472.07 701.07 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 493.74 701.07 Td (. Sims has also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 689.07 Td (served as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 388.95 689.07 Td (ficer and Secretary of Hines REIT) Tj ET Q q 0 0 0 rg BT 525.09 689.07 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 677.07 Td (general partner of HALP) Tj ET Q q 0 0 0 rg BT 359.31 677.07 Td ( and the Core Fund. ) Tj ET Q q 0 0 0 rg BT 442.92 677.07 Td (Also since 201) Tj ET Q q 0 0 0 rg BT 501.98 677.07 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 523.65 677.07 Td (. Sims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 665.07 Td (has served as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 404.78 665.07 Td (ficer and Secretary of HMS and of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 653.07 Td (general partner of the adviser to HMS. Since ) Tj ET Q q 0 0 0 rg BT 443.28 653.07 Td (August 2013, Mr) Tj ET Q q 0 0 0 rg BT 511.34 653.07 Td (. Sims has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 641.07 Td (served as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 388.95 641.07 Td (ficer and Secretary of Hines Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 629.07 Td (Income ) Tj ET Q q 0 0 0 rg BT 292.30 629.07 Td (T) Tj ET Q q 0 0 0 rg BT 298.06 629.07 Td (rust and the general partner of HGRIIALP) Tj ET Q q 0 0 0 rg BT 466.34 629.07 Td (. In these roles, Mr) Tj ET Q q 0 0 0 rg BT 543.83 629.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 617.07 Td (Sims is responsible for the oversight of financial operations, equity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 605.07 Td (debt financing activities, investor relations, accounting, financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 593.07 Td (reporting, tax, legal, compliance and administrative functions in the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 581.07 Td (and internationally) Tj ET Q q 0 0 0 rg BT 334.60 581.07 Td (. From December 2008 until November 201) Tj ET Q q 0 0 0 rg BT 510.03 581.07 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 531.70 581.07 Td (. Sims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 569.07 Td (served as the Chief ) Tj ET Q q 0 0 0 rg BT 338.31 569.07 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 397.84 569.07 Td (ficer for us and the general partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 557.07 Td (our ) Tj ET Q q 0 0 0 rg BT 275.28 557.07 Td (Advisor) Tj ET Q q 0 0 0 rg BT 306.95 557.07 Td (. From ) Tj ET Q q 0 0 0 rg BT 335.57 557.07 Td (April 2008 until November 201) Tj ET Q q 0 0 0 rg BT 461.85 557.07 Td (1, Mr) Tj ET Q q 0 0 0 rg BT 483.52 557.07 Td (. Sims also served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 545.07 Td (as the Chief ) Tj ET Q q 0 0 0 rg BT 309.71 545.07 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 369.24 545.07 Td (ficer of Hines REIT) Tj ET Q q 0 0 0 rg BT 448.19 545.07 Td (, the general partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 533.07 Td (HALP) Tj ET Q q 0 0 0 rg BT 285.74 533.07 Td ( and the Core Fund. In these roles, he was responsible for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 521.07 Td (oversight of the accounting, financial reporting and SEC reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 509.07 Td (functions, as well as the Sarbanes-Oxley compliance program in the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 497.07 Td (and internationally) Tj ET Q q 0 0 0 rg BT 334.60 497.07 Td (. He was also responsible for establishing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 485.07 Td (companies) Tj ET Q q 0 0 0 rg BT 305.35 485.07 Td ( accounting policies and ensuring compliance with those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 473.07 Td (policies in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 413.49 473.07 Td (. He has also previously served as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 461.07 Td (Senior Controller for Hines REIT) Tj ET Q q 0 0 0 rg BT 394.24 461.07 Td ( and the general partner of its advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 449.07 Td (from ) Tj ET Q q 0 0 0 rg BT 281.39 449.07 Td (August 2003 to ) Tj ET Q q 0 0 0 rg BT 345.00 449.07 Td (April 2008 and the Core Fund from July 2004 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 437.07 Td (April 2008. Prior to joining Hines, Mr) Tj ET Q q 0 0 0 rg BT 412.22 437.07 Td (. Sims was a manager in the audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 425.07 Td (practice of ) Tj ET Q q 0 0 0 rg BT 304.42 425.07 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 333.03 425.07 Td (Andersen LLP) Tj ET Q q 0 0 0 rg BT 391.25 425.07 Td ( and Deloitte & ) Tj ET Q q 0 0 0 rg BT 455.50 425.07 Td (T) Tj ET Q q 0 0 0 rg BT 460.91 425.07 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 503.96 425.07 Td (, serving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 413.07 Td (clients primarily in the real estate industry) Tj ET Q q 0 0 0 rg BT 428.19 413.07 Td (. He holds a Bachelor of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 401.07 Td (Business ) Tj ET Q q 0 0 0 rg BT 297.51 401.07 Td (Administration degree in ) Tj ET Q q 0 0 0 rg BT 399.43 401.07 Td (Accounting from Baylor University ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 389.07 Td (and is a certified public accountant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 359.23 Td (David L. Steinbach,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 348.23 Td (Chief Investment Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 359.07 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 359.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 271.67 359.07 Td (. Steinbach joined Hines in 1999.Mr) Tj ET Q q 0 0 0 rg BT 418.88 359.07 Td (. Steinbach has served as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 347.07 Td (Chief Investment Of) Tj ET Q q 0 0 0 rg BT 342.02 347.07 Td (ficer for us and the general partner of our ) Tj ET Q q 0 0 0 rg BT 508.89 347.07 Td (Advisor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 335.07 Td (since July 2014. Mr) Tj ET Q q 0 0 0 rg BT 341.39 335.07 Td (. Steinbach has also served as the Chief Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 323.07 Td (Of) Tj ET Q q 0 0 0 rg BT 270.37 323.07 Td (ficer for Hines Global Income ) Tj ET Q q 0 0 0 rg BT 393.20 323.07 Td (T) Tj ET Q q 0 0 0 rg BT 398.96 323.07 Td (rust and the general partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 311.07 Td (HGRIIALP) Tj ET Q q 0 0 0 rg BT 306.29 311.07 Td ( since July 2014. In these roles, he is responsible for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 299.07 Td (management of the real estate acquisition program in the U.S. and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 287.07 Td (internationally) Tj ET Q q 0 0 0 rg BT 317.67 287.07 Td (. He has served as a Managing Director of the general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 275.07 Td (partner of Hines since February 201) Tj ET Q q 0 0 0 rg BT 403.75 275.07 Td (1. He has been responsible for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 263.07 Td (acquisition of over $4 billion in assets for various Hines af) Tj ET Q q 0 0 0 rg BT 494.22 263.07 Td (filiates in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 251.07 Td (U.S. and internationally) Tj ET Q q 0 0 0 rg BT 354.89 251.07 Td (. Prior to this role he served in various roles in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 239.07 Td (which he was responsible for acquisitions, asset management and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 227.07 Td (property dispositions on behalf of Hines REIT) Tj ET Q q 0 0 0 rg BT 444.79 227.07 Td (, Hines Global Income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 215.07 Td (T) Tj ET Q q 0 0 0 rg BT 265.76 215.07 Td (rust and the Core Fund, both in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 502.57 215.07 Td (. He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 203.07 Td (graduated from ) Tj ET Q q 0 0 0 rg BT 323.68 203.07 Td (T) Tj ET Q q 0 0 0 rg BT 329.09 203.07 Td (exas ) Tj ET Q q 0 0 0 rg BT 348.81 203.07 Td (A&M University with a Bachelors and Masters in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 191.07 Td (Business ) Tj ET Q q 0 0 0 rg BT 297.51 191.07 Td (Administration.) Tj ET Q endstream endobj 217 0 obj <> endobj 218 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (106) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 733.5 m 207.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 733.5 m 247.5 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 733.5 m 561.5 733.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 738.18 Td (Name and ) Tj ET Q q 0 0 0 rg BT 97.93 738.18 Td (T) Tj ET Q q 0 0 0 rg BT 104.42 738.18 Td (itle) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.65 738.18 Td (Age) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.10 738.18 Td (Experience) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 724.23 Td (Kevin L. McMeans,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 713.23 Td (Asset Management Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 724.07 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 724.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 271.67 724.07 Td (. McMeans joined Hines in 1992. Since December 2008, Mr) Tj ET Q q 0 0 0 rg BT 515.23 724.07 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 712.07 Td (McMeans has served as the ) Tj ET Q q 0 0 0 rg BT 371.91 712.07 Td (Asset Management Of) Tj ET Q q 0 0 0 rg BT 461.71 712.07 Td (ficer for us and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 700.07 Td (general partner of our ) Tj ET Q q 0 0 0 rg BT 348.85 700.07 Td (Advisor) Tj ET Q q 0 0 0 rg BT 380.52 700.07 Td (. Mr) Tj ET Q q 0 0 0 rg BT 402.19 700.07 Td (. McMeans has also served as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 688.07 Td (Asset Management Of) Tj ET Q q 0 0 0 rg BT 349.79 688.07 Td (ficer of Hines REIT) Tj ET Q q 0 0 0 rg BT 429.31 688.07 Td ( and the general partner of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 676.07 Td (HALP) Tj ET Q q 0 0 0 rg BT 285.74 676.07 Td ( since ) Tj ET Q q 0 0 0 rg BT 310.74 676.07 Td (April 2008. Mr) Tj ET Q q 0 0 0 rg BT 373.52 676.07 Td (. McMeans also has served as ) Tj ET Q q 0 0 0 rg BT 494.32 676.07 Td (Asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 664.07 Td (Management Of) Tj ET Q q 0 0 0 rg BT 325.07 664.07 Td (ficer for Hines Global Income ) Tj ET Q q 0 0 0 rg BT 447.90 664.07 Td (T) Tj ET Q q 0 0 0 rg BT 453.66 664.07 Td (rust and the general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 652.07 Td (partner of HGRIIALP) Tj ET Q q 0 0 0 rg BT 347.94 652.07 Td ( since ) Tj ET Q q 0 0 0 rg BT 372.93 652.07 Td (August 2013. He also has served as the ) Tj ET Q q 0 0 0 rg BT 534.02 652.07 Td (Asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 640.07 Td (Management Of) Tj ET Q q 0 0 0 rg BT 325.07 640.07 Td (ficer of the Core Fund since January 2005. Since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 628.07 Td (February 2015, he has served as the Senior Managing Director of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 616.07 Td (Investment Management of the general partner of Hines. Prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 604.07 Td (February 2015, he also served as a Managing Director of Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 592.07 Td (Management of the general partner of Hines. In these roles, he is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 580.07 Td (responsible for overseeing the management of the various investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 568.07 Td (properties owned by each of the funds in the U.S. and internationally) Tj ET Q q 0 0 0 rg BT 535.11 568.07 Td (. He ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 556.07 Td (previously served as the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 433.66 556.07 Td (ficer of Hines Corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 544.07 Td (Properties, an investment venture established by Hines with a major U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 532.07 Td (pension fund, from 2001 through June 2004. In this role, Mr) Tj ET Q q 0 0 0 rg BT 500.81 532.07 Td (. McMeans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 520.07 Td (was responsible for negotiating and closing debt financings, underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 508.07 Td (and evaluating new investments, negotiating and closing sale transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 496.07 Td (and overseeing the administrative and financial reporting requirements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 484.07 Td (the venture and its investors. Before joining Hines, Mr) Tj ET Q q 0 0 0 rg BT 477.74 484.07 Td (. McMeans spent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 472.07 Td (four and a half years at Deloitte & ) Tj ET Q q 0 0 0 rg BT 399.21 472.07 Td (T) Tj ET Q q 0 0 0 rg BT 404.62 472.07 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 448.40 472.07 Td ( in the audit department. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 460.07 Td (He graduated from ) Tj ET Q q 0 0 0 rg BT 337.84 460.07 Td (T) Tj ET Q q 0 0 0 rg BT 343.25 460.07 Td (exas ) Tj ET Q q 0 0 0 rg BT 362.97 460.07 Td (A&M University with a B.S. in Computer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 448.12 Td (Science.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 421.23 Td (J. Shea Morgenr) Tj ET Q q 0 0 0 rg BT 123.20 421.23 Td (oth,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 410.23 Td (Chief ) Tj ET Q q 0 0 0 rg BT 77.28 410.23 Td (Accounting Officer) Tj ET Q q 0 0 0 rg BT 159.02 410.23 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 400.23 Td (T) Tj ET Q q 0 0 0 rg BT 57.93 400.23 Td (r) Tj ET Q q 0 0 0 rg BT 62.19 400.23 Td (easur) Tj ET Q q 0 0 0 rg BT 85.33 400.23 Td (er) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.00 421.07 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 421.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 271.67 421.07 Td (. Mor) Tj ET Q q 0 0 0 rg BT 293.71 421.07 Td (genroth joined Hines in October 2003. Since November 201) Tj ET Q q 0 0 0 rg BT 534.12 421.07 Td (1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 409.07 Td (Mr) Tj ET Q q 0 0 0 rg BT 271.67 409.07 Td (. Mor) Tj ET Q q 0 0 0 rg BT 293.71 409.07 Td (genroth has served as the Chief ) Tj ET Q q 0 0 0 rg BT 420.90 409.07 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 480.42 409.07 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 518.00 409.07 Td (T) Tj ET Q q 0 0 0 rg BT 523.75 409.07 Td (reasurer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 397.07 Td (for us and the general partner of our ) Tj ET Q q 0 0 0 rg BT 406.05 397.07 Td (Advisor) Tj ET Q q 0 0 0 rg BT 437.72 397.07 Td (. Mr) Tj ET Q q 0 0 0 rg BT 454.39 397.07 Td (. Mor) Tj ET Q q 0 0 0 rg BT 476.44 397.07 Td (genroth has also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 385.07 Td (served as Chief ) Tj ET Q q 0 0 0 rg BT 323.59 385.07 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 383.12 385.07 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 420.69 385.07 Td (T) Tj ET Q q 0 0 0 rg BT 426.45 385.07 Td (reasurer of Hines REIT) Tj ET Q q 0 0 0 rg BT 519.84 385.07 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 373.07 Td (general partner of HALP) Tj ET Q q 0 0 0 rg BT 359.31 373.07 Td ( since November 201) Tj ET Q q 0 0 0 rg BT 444.19 373.07 Td (1. Mr) Tj ET Q q 0 0 0 rg BT 468.36 373.07 Td (. Mor) Tj ET Q q 0 0 0 rg BT 490.41 373.07 Td (genroth has also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 361.07 Td (served as Chief ) Tj ET Q q 0 0 0 rg BT 323.59 361.07 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 383.12 361.07 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 420.69 361.07 Td (T) Tj ET Q q 0 0 0 rg BT 426.45 361.07 Td (reasurer for Hines Global ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 349.07 Td (Income ) Tj ET Q q 0 0 0 rg BT 292.30 349.07 Td (T) Tj ET Q q 0 0 0 rg BT 298.06 349.07 Td (rust and the general partner of HGRIIALP) Tj ET Q q 0 0 0 rg BT 467.08 349.07 Td ( since ) Tj ET Q q 0 0 0 rg BT 492.08 349.07 Td (August 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 337.07 Td (In these roles, Mr) Tj ET Q q 0 0 0 rg BT 329.99 337.07 Td (. Mor) Tj ET Q q 0 0 0 rg BT 352.03 337.07 Td (genroth is responsible for the oversight of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 325.07 Td (treasury) Tj ET Q q 0 0 0 rg BT 291.56 325.07 Td (, accounting, financial reporting and SEC reporting functions, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 313.07 Td (well as the Sarbanes-Oxley compliance program in the U.S. and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 301.07 Td (internationally) Tj ET Q q 0 0 0 rg BT 317.67 301.07 Td (. Prior to his appointment, Mr) Tj ET Q q 0 0 0 rg BT 438.77 301.07 Td (. Mor) Tj ET Q q 0 0 0 rg BT 460.82 301.07 Td (genroth served as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 289.07 Td (Senior Controller for us and the general partner of our ) Tj ET Q q 0 0 0 rg BT 478.27 289.07 Td (Advisor from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 277.07 Td (December 2008 until November 201) Tj ET Q q 0 0 0 rg BT 406.25 277.07 Td (1 and for Hines REIT) Tj ET Q q 0 0 0 rg BT 492.72 277.07 Td ( and the general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 265.07 Td (partner of HALP) Tj ET Q q 0 0 0 rg BT 327.39 265.07 Td ( from January 2008 until November 201) Tj ET Q q 0 0 0 rg BT 488.10 265.07 Td (1 and as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 253.07 Td (Controller for Hines REIT) Tj ET Q q 0 0 0 rg BT 365.63 253.07 Td ( and HALP) Tj ET Q q 0 0 0 rg BT 410.81 253.07 Td ( from October 2003 to January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 241.07 Td (2008. In these roles, he was responsible for the management of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 229.07 Td (accounting, financial reporting and SEC reporting functions. Prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 217.07 Td (joining Hines, Mr) Tj ET Q q 0 0 0 rg BT 330.83 217.07 Td (. Mor) Tj ET Q q 0 0 0 rg BT 352.88 217.07 Td (genroth was a manager in the audit practice of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 205.07 Td (Arthur ) Tj ET Q q 0 0 0 rg BT 288.61 205.07 Td (Andersen LLP) Tj ET Q q 0 0 0 rg BT 346.84 205.07 Td ( and Deloitte & ) Tj ET Q q 0 0 0 rg BT 411.08 205.07 Td (T) Tj ET Q q 0 0 0 rg BT 416.49 205.07 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 459.54 205.07 Td (, serving clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 193.07 Td (primarily in the real estate industry) Tj ET Q q 0 0 0 rg BT 399.58 193.07 Td (. He holds a Bachelor of Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 181.07 Td (Administration degree in ) Tj ET Q q 0 0 0 rg BT 361.92 181.07 Td (Accounting from ) Tj ET Q q 0 0 0 rg BT 432.84 181.07 Td (T) Tj ET Q q 0 0 0 rg BT 438.25 181.07 Td (exas ) Tj ET Q q 0 0 0 rg BT 457.96 181.07 Td (A&M University and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.00 169.07 Td (a certified public accountant.) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.00 Td (Audit Committee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 118.00 Td (Our board of directors has determined that each member of our ) Tj ET Q q 0 0 0 rg BT 313.63 118.00 Td (Audit Committee is independent within the meaning of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.00 Td (applicable requirements set forth in or promulgated under the Exchange ) Tj ET Q q 0 0 0 rg BT 339.35 106.00 Td (Act, as well as in the NYSE rules. In addition, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.00 Td (board of directors has determined that Jack L. Farley is an audit committee financial expert within the meaning of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.00 Td (applicable rules promulgated by the SEC. Unless otherwise determined by the board of directors, no member of the committee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.00 Td (may serve as a member of the ) Tj ET Q q 0 0 0 rg BT 171.34 70.00 Td (Audit Committee of more than two other public companies.) Tj ET Q endstream endobj 219 0 obj <> endobj 220 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (107) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Code of Business Conduct and Ethics) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 718.25 Td (Our board of directors has adopted a Code of Business Conduct and Ethics, which is applicable to our directors and of) Tj ET Q q 0 0 0 rg BT 531.76 718.25 Td (ficers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (including our principal executive of) Tj ET Q q 0 0 0 rg BT 193.11 706.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 211.02 706.25 Td (, principal financial of) Tj ET Q q 0 0 0 rg BT 299.69 706.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 317.61 706.25 Td (, principal accounting of) Tj ET Q q 0 0 0 rg BT 415.17 706.25 Td (ficer or controller and other persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (performing similar functions, whether acting in their capacities as our of) Tj ET Q q 0 0 0 rg BT 339.45 694.25 Td (ficers or in their capacities as of) Tj ET Q q 0 0 0 rg BT 466.99 694.25 Td (ficers of our ) Tj ET Q q 0 0 0 rg BT 517.80 694.25 Td (Advisor or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (its general partner) Tj ET Q q 0 0 0 rg BT 121.64 682.25 Td (. ) Tj ET Q q 0 0 0 rg BT 126.46 682.25 Td (The Code of Business Conduct and Ethics covers topics including conflicts of interest, confidentiality of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (information, full and fair disclosure, reporting of violations and compliance with laws and regulations. Our Code of Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Conduct and Ethics is available, free of char) Tj ET Q q 0 0 0 rg BT 226.97 658.25 Td (ge, on the Corporate Governance section of our website,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 452.45 658.25 Td ( www) Tj ET Q q 0 0 0 rg BT 474.22 658.25 Td (.hinessecurities.com/) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (r) Tj ET Q q 0 0 0 rg BT 53.52 646.25 Td (eits/hines-global-r) Tj ET Q q 0 0 0 rg BT 127.03 646.25 Td (eit/corporate-governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.22 646.25 Td (/. ) Tj ET Q q 0 0 0 rg BT 236.63 646.25 Td (Y) Tj ET Q q 0 0 0 rg BT 242.85 646.25 Td (ou may also obtain a copy of this code by writing to: Hines Global REIT) Tj ET Q q 0 0 0 rg BT 533.73 646.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Investor Relations, 2800 Post Oak Boulevard, Suite 5000, Houston, ) Tj ET Q q 0 0 0 rg BT 322.86 634.25 Td (T) Tj ET Q q 0 0 0 rg BT 328.27 634.25 Td (exas 77056-61) Tj ET Q q 0 0 0 rg BT 386.49 634.25 Td (18. ) Tj ET Q q 0 0 0 rg BT 401.31 634.25 Td (W) Tj ET Q q 0 0 0 rg BT 409.95 634.25 Td (aivers from our Code of Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Conduct and Ethics are discouraged, but any waivers from the Code of Business Conduct and Ethics that relate to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 610.25 Td (ficer or director must be approved by our Nominating and Corporate Governance Committee and will be posted on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (our website at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 108.59 598.25 Td (www) Tj ET Q q 0 0 0 rg BT 127.86 598.25 Td (.hinessecurities.com/r) Tj ET Q q 0 0 0 rg BT 215.25 598.25 Td (eits/hines-global-r) Tj ET Q q 0 0 0 rg BT 288.76 598.25 Td (eit/corporate-governance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.95 598.25 Td (/ within four business days of any such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (waiver) Tj ET Q q 0 0 0 rg BT 76.66 586.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Section 16\(a\) Beneficial Ownership Reporting Compliance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 538.25 Td (Section 16\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 182.01 538.25 Td (Act requires our directors and executive of) Tj ET Q q 0 0 0 rg BT 352.87 538.25 Td (ficers to file initial reports of ownership, reports of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (changes in ownership and annual reports of ownership with the SEC. ) Tj ET Q q 0 0 0 rg BT 328.65 526.25 Td (These persons are required by SEC regulations to furnish ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (us with copies of all Section 16 forms that they file with the SEC. ) Tj ET Q q 0 0 0 rg BT 315.06 514.25 Td (T) Tj ET Q q 0 0 0 rg BT 320.47 514.25 Td (o our knowledge, there are no persons who beneficially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (own more than 10% of a registered class of our equity securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 478.25 Td (Based solely on our review of the copies of such forms received by us or written representations from certain reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (persons, we believe that in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.86 466.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.86 466.25 Td ( our directors and executive of) Tj ET Q q 0 0 0 rg BT 300.57 466.25 Td (ficers complied with all filing requirements under Section 16\(a\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (Item1) Tj ET Q q 0 0 0 rg BT 76.94 430.25 Td (1.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.44 430.25 Td (Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 406.25 Td (ector) Tj ET Q q 0 0 0 rg BT 85.72 406.25 Td ( Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 382.25 Td (Our Compensation Committee designs our director compensation with the goals of attracting and retaining highly qualified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (individuals to serve as independent directors and to fairly compensate them for their time and ef) Tj ET Q q 0 0 0 rg BT 433.86 370.25 Td (forts. Because of our unique ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (attributes as an externally-managed REIT) Tj ET Q q 0 0 0 rg BT 215.86 358.25 Td (, service as an independent director on our board requires a substantial time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (commitment. ) Tj ET Q q 0 0 0 rg BT 105.37 346.25 Td (The Compensation Committee balances these considerations with the principles that our independent director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (compensation program should be transparent and, in part, should align directors) Tj ET Q q 0 0 0 rg BT 371.95 334.25 Td ( interests with those of our stockholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 310.25 Td (The following table sets forth information regarding compensation paid to or earned by our directors during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.77 310.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.77 310.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.80 286.25 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.80 286.25 Td ( Dir) Tj ET Q q 0 0 0 rg BT 281.56 286.25 Td (ector) Tj ET Q q 0 0 0 rg BT 303.02 286.25 Td ( Compensation) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 201.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.50 201.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 201.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 201.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 201.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 201.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 201.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 201.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 171.75 87.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.50 171.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 171.75 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 171.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 171.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 171.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 171.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 171.75 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 141.75 87.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.50 141.75 51.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 187.50 141.75 57.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.50 141.75 40.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 141.75 70.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 141.75 71.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 141.75 68.00 -47.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 141.75 68.00 -47.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 201.75 m 136.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136.5 201.75 m 187.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 201.75 m 244.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 201.75 m 284.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 201.75 m 354.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 201.75 m 425.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 201.75 m 493.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 201.75 m 561.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 136.5 201.75 m 187.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187.5 201.75 m 244.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 201.75 m 284.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 201.75 m 354.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 201.75 m 425.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 201.75 m 493.5 201.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 201.75 m 561.5 201.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 206.43 Td (Name) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.05 236.43 Td (Fees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.75 226.43 Td (Earned or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.35 216.43 Td (Paid in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.65 206.43 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.65 226.43 Td (Aggr) Tj ET Q q 0 0 0 rg BT 215.13 226.43 Td (egate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.55 216.43 Td (Stock ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.35 206.43 Td (A) Tj ET Q q 0 0 0 rg BT 196.83 206.43 Td (wards ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 225.44 210.96 Td (\(1\)\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.95 216.43 Td (Option) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.70 206.43 Td (A) Tj ET Q q 0 0 0 rg BT 254.55 206.43 Td (wards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.95 226.43 Td (Non-Equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.30 216.43 Td (Incentive Plan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.15 206.43 Td (Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.65 266.43 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.60 256.43 Td (Pension ) Tj ET Q q 0 0 0 rg BT 395.35 256.43 Td (V) Tj ET Q q 0 0 0 rg BT 402.02 256.43 Td (alue) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.60 246.43 Td (and Non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.45 236.43 Td (Qualified) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.40 226.43 Td (Deferr) Tj ET Q q 0 0 0 rg BT 398.62 226.43 Td (ed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.65 216.43 Td (Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 206.43 Td (Earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.65 216.43 Td (All Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 206.43 Td (Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.05 216.43 Td (T) Tj ET Q q 0 0 0 rg BT 521.80 216.43 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.15 206.43 Td (Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 191.42 Td (Jack L. Farley) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.75 191.42 Td ($1) Tj ET Q q 0 0 0 rg BT 152.75 191.42 Td (18,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.25 191.42 Td ($30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 191.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 191.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 191.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 191.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.25 191.42 Td ($148,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 176.42 Td (Thomas L. Mitchell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.75 176.42 Td ($1) Tj ET Q q 0 0 0 rg BT 152.75 176.42 Td (13,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.25 176.42 Td ($30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 176.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 176.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 176.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 176.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.25 176.42 Td ($143,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 161.42 Td (John S. Moody) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.75 161.42 Td ($130,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.25 161.42 Td ($30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 161.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 161.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 161.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 161.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.25 161.42 Td ($160,929) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 146.42 Td (Peter Shaper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.75 146.42 Td ($107,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.25 146.42 Td ($30,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 146.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 146.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 146.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 146.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.25 146.42 Td ($137,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 129.42 Td (Jef) Tj ET Q q 0 0 0 rg BT 63.48 129.42 Td (fery C. Hines, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 119.42 Td (Colin P) Tj ET Q q 0 0 0 rg BT 81.18 119.42 Td (. Shepherd ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 109.42 Td (and Charles M. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 99.42 Td (Baughn ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 85.61 103.95 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.00 99.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.00 99.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.50 99.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 99.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.00 99.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.50 99.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.50 99.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 71.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 71.25 Td (Each of Messrs. Farley) Tj ET Q q 0 0 0 rg BT 177.55 71.25 Td (, Mitchell, Moody and Shaper received 2,991.027 restricted common shares upon his re-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 59.25 Td (election to our board of directors following our 2017 annual meeting. ) Tj ET Q q 0 0 0 rg BT 365.75 59.25 Td (The shares were issued without registration ) 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 298.50 31.60 Td (108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (under the Securities ) Tj ET Q q 0 0 0 rg BT 167.37 742.10 Td (Act of 1933, as amended \(the Securities ) Tj ET Q q 0 0 0 rg BT 333.43 742.10 Td (Act\), in reliance upon the exemption from registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (contained in Section 4\(a\)\(2\) of the Securities ) Tj ET Q q 0 0 0 rg BT 267.33 730.10 Td (Act for transactions not involving any public of) Tj ET Q q 0 0 0 rg BT 457.39 730.10 Td (fering.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (The value of common stock awards was calculated based on the estimated net asset value, or NA) Tj ET Q q 0 0 0 rg BT 472.64 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 479.68 706.10 Td ( of $10.03 per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (as of December 31, 2016 which was the estimated NA) Tj ET Q q 0 0 0 rg BT 302.43 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 309.47 694.10 Td ( per share most recently determined by our board of directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (prior to the September 5, 2017 grant date of the awards. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (Messrs. Hines, Shepherd and Baughn, who are employees of Hines, receive no compensation for serving as members ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (of our board of directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.64 622.10 Td (e paid our independent directors an annual fee of $40,000, and a fee of $2,000 for each meeting of the board \(or any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (committee thereof\) attended in person for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.53 610.10 Td (January1, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.12 610.10 Td ( through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.23 610.10 Td (September4, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.50 610.10 Td (. Ef) Tj ET Q q 0 0 0 rg BT 475.25 610.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (September5, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.26 598.10 Td (, the annual fee to be paid to our independent directors increased to $50,000, and for the period from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (September 5, 2017 through December 31, 2017, we paid the annual fees to our independent directors at this new rate on a pro ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (rata basis. ) Tj ET Q q 0 0 0 rg BT 94.80 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.44 574.10 Td (e paid each of our independent directors a fee of $750 for each board or committee meeting attended via ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (teleconference, regardless of its length. In the event that a committee meeting was held on the same day as a meeting of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (board of directors, each independent director received $1,500 for each committee meeting attended in person on such day) Tj ET Q q 0 0 0 rg BT 535.55 550.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.64 526.10 Td (e paid the following annual retainers to the Chairpersons of our board committees for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.43 526.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.43 526.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 502.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td ($7,500 to the Chairperson of the Conflicts Committee;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td ($10,000 to the Chairperson of the ) Tj ET Q q 0 0 0 rg BT 222.37 478.10 Td (Audit Committee;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 454.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td ($5,000 to the Chairperson of the Compensation Committee; and) 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 ($5,000 to the Chairperson of the Nominating and Corporate Governance Committee.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 406.10 Td (In addition to the annual retainers, we paid monthly retainers to the members of the Conflicts Committee for the three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (ended March 31, 2017, of $7,500 to the Chairperson of the Conflicts Committee and $5,000 to the other members of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Conflicts Committee. ) Tj ET Q q 0 0 0 rg BT 140.92 382.10 Td (The board discontinued the additional monthly retainers, ef) Tj ET Q q 0 0 0 rg BT 377.90 382.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 407.05 382.10 Td (April 1, 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 358.10 Td (All directors are reimbursed by us for reasonable out-of-pocket expenses incurred in connection with attendance at board or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (committee meetings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 322.10 Td (For the year ended December31, 2016, each independent director reelected to the board \(whether through a stockholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (meeting or by directors to fill a vacancy on the board\) was granted $25,000 in restricted shares on or about the date of election ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (or reelection. Ef) Tj ET Q q 0 0 0 rg BT 114.51 298.10 Td (fective as of September5, 2017, the amount of restricted shares to be granted to each independent director who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (is elected or reelected to the board increased to $30,000. ) Tj ET Q q 0 0 0 rg BT 277.50 286.10 Td (These restricted shares will fully vest on the earlier to occur of: \(i\) the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (first anniversary of the applicable grant date, subject to the independent director serving continuously as an independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (director through and until the first anniversary of the applicable grant date; \(ii\) the termination of service as an independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (director due to the independent director) Tj ET Q q 0 0 0 rg BT 208.36 250.10 Td () Tj ET Q q 0 0 0 rg BT 211.14 250.10 Td (s death or disability; or \(iii\) a change in control of the Company) Tj ET Q q 0 0 0 rg BT 465.99 250.10 Td (, subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (independent director serving continuously through and until the date of the change in control of the Company) Tj ET Q q 0 0 0 rg BT 487.57 238.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 190.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.64 190.10 Td (e have no employees. Our day-to-day management functions are performed by our ) Tj ET Q q 0 0 0 rg BT 400.02 190.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 471.22 190.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 502.88 190.10 Td (All of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 178.10 Td (ficers are employed by and receive compensation from our ) Tj ET Q q 0 0 0 rg BT 336.37 178.10 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 401.46 178.10 Td (filiates, for all of their services to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Hines or) Tj ET Q q 0 0 0 rg BT 83.98 166.10 Td (ganization, including their service as our executive of) Tj ET Q q 0 0 0 rg BT 298.16 166.10 Td (ficers. ) Tj ET Q q 0 0 0 rg BT 325.19 166.10 Td (The compensation received by our executive of) Tj ET Q q 0 0 0 rg BT 514.93 166.10 Td (ficers is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (paid or determined by us, but rather by our ) Tj ET Q q 0 0 0 rg BT 223.29 154.10 Td (Advisor or af) Tj ET Q q 0 0 0 rg BT 276.43 154.10 Td (filiates of our ) Tj ET Q q 0 0 0 rg BT 332.25 154.10 Td (Advisor based on all the services provided by these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (individuals to the Hines or) Tj ET Q q 0 0 0 rg BT 155.92 142.10 Td (ganization, including us. ) Tj ET Q q 0 0 0 rg BT 256.18 142.10 Td (As a result, we do not have and our compensation committee has not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (considered, a compensation policy or program for our executive of) Tj ET Q q 0 0 0 rg BT 316.95 130.10 Td (ficers and have not included a Compensation Discussion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.39 118.10 Td (Analysis, or Compensation Committee Report in this ) Tj ET Q q 0 0 0 rg BT 294.14 118.10 Td (Annual Report on Form 10-K. Please see Item 13. Certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (Relationships and Related ) Tj ET Q q 0 0 0 rg BT 156.74 106.10 Td (T) Tj ET Q q 0 0 0 rg BT 162.50 106.10 Td (ransactions, and Director Independence for a discussion of fees and expenses payable to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 121.20 94.10 Td (filiates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (Compensation Committee Interlocks and Insider) Tj ET Q q 0 0 0 rg BT 258.71 70.10 Td ( Participation) Tj ET Q endstream endobj 223 0 obj <> endobj 224 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 742.10 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.83 742.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.83 742.10 Td (, our Compensation Committee consisted of Messrs. Farley) Tj ET Q q 0 0 0 rg BT 346.65 742.10 Td (, Mitchell, Moody and Shaper) Tj ET Q q 0 0 0 rg BT 466.23 742.10 Td (, our four independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (directors. None of our executive of) Tj ET Q q 0 0 0 rg BT 189.77 730.10 Td (ficers served as a director or member of the compensation committee of an entity whose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 718.10 Td (ficers included a member of our board of directors or Compensation Committee.) 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 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item12.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 742.25 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 50.00 718.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 718.25 Td (Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 694.25 Td (The following table shows, as of March 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.63 694.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.63 694.25 Td (, the amount of our common stock beneficially owned \(unless otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (indicated\) by \(1\) any person who is known by us to be the beneficial owner of more than 5% of our outstanding common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (shares, \(2\) our directors, \(3\) our executive of) Tj ET Q q 0 0 0 rg BT 228.92 670.25 Td (ficers, and \(4\) all of our directors and executive of) Tj ET Q q 0 0 0 rg BT 429.76 670.25 Td (ficers as a group. Except as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (otherwise indicated, all shares are owned directly) Tj ET Q q 0 0 0 rg BT 246.77 658.25 Td (, and the owner of such shares has the sole voting and investment power with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (respect thereto.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 592.75 129.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 592.75 10.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 592.75 180.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 592.75 9.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 592.75 82.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 592.75 14.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 592.75 74.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 556.75 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 556.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 556.75 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 556.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 556.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 556.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 556.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 526.75 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 526.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 526.75 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 526.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 526.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 526.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 526.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 496.75 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 496.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 496.75 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 496.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 496.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 496.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 496.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 466.75 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 466.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 466.75 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 466.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 466.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 466.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 466.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 436.75 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 436.75 10.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 436.75 180.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 436.75 9.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 436.75 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 436.75 14.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 436.75 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 406.75 129.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 406.75 10.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 188.50 406.75 180.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 406.75 9.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 406.75 82.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 406.75 14.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 406.75 74.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 616.75 m 459.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 616.75 m 473.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 616.75 m 547.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 592.75 m 178.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 592.75 m 368.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 592.75 m 459.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 592.75 m 547.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 592.75 m 459.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 592.75 m 547.5 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 382.75 m 459.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 380.75 m 459.5 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 382.75 m 547.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 380.75 m 547.5 380.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.85 621.43 Td (Common Shar) Tj ET Q q 0 0 0 rg BT 446.26 621.43 Td (es Beneficially Owned) Tj ET Q BT /F1 5.85 Tf ET q 0 0 0 rg BT 550.00 625.85 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 597.43 Td (Name of Beneficial Owner) Tj ET Q q 0 0 0 rg BT 164.29 597.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 166.79 601.96 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.75 597.43 Td (Position) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.85 607.43 Td (Number) Tj ET Q q 0 0 0 rg BT 430.31 607.43 Td ( of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 597.43 Td (Common Shar) Tj ET Q q 0 0 0 rg BT 445.06 597.43 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.05 607.43 Td (Per) Tj ET Q q 0 0 0 rg BT 495.85 607.43 Td (centage of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.60 597.43 Td (Class) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 576.42 Td (Jef) Tj ET Q q 0 0 0 rg BT 63.57 576.42 Td (frey C. Hines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 576.42 Td (Chairman of the Board of Directors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 576.42 Td (1,1) Tj ET Q q 0 0 0 rg BT 445.65 576.42 Td (1) Tj ET Q q 0 0 0 rg BT 450.65 576.42 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.85 576.42 Td (* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 505.35 580.95 Td (\(3\) \(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 561.42 Td (Colin P) Tj ET Q q 0 0 0 rg BT 81.73 561.42 Td (. Shepherd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 561.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 561.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 561.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 546.42 Td (Charles M. Baughn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 546.42 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 546.42 Td (8,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 546.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 531.42 Td (Jack L. Farley) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 531.42 Td (Independent Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 531.42 Td (8,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 531.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 516.42 Td (Thomas L. Mitchell) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 516.42 Td (Independent Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 516.42 Td (8,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 516.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 501.42 Td (John S. Moody) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 501.42 Td (Independent Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 501.42 Td (8,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 501.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 486.42 Td (Peter Shaper) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 486.42 Td (Independent Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 486.42 Td (8,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 486.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 471.42 Td (Sherri ) Tj ET Q q 0 0 0 rg BT 78.85 471.42 Td (W) Tj ET Q q 0 0 0 rg BT 87.74 471.42 Td (. Schugart) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 471.42 Td (President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 325.31 471.42 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 471.42 Td (2,222) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 471.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 456.42 Td (R) Tj ET Q q 0 0 0 rg BT 58.47 456.42 Td (yan ) Tj ET Q q 0 0 0 rg BT 75.12 456.42 Td (T) Tj ET Q q 0 0 0 rg BT 80.76 456.42 Td (. Sims) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 456.42 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 265.89 456.42 Td (ficer and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 456.42 Td (1,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 456.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 441.42 Td (David L. Steinbach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 441.42 Td (Chief Investment Of) Tj ET Q q 0 0 0 rg BT 273.11 441.42 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.65 441.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 441.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.42 Td (Kevin L. McMeans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 426.42 Td (Asset Management Of) Tj ET Q q 0 0 0 rg BT 280.89 426.42 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 426.42 Td (1,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 426.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 411.42 Td (J. Shea Mor) Tj ET Q q 0 0 0 rg BT 99.96 411.42 Td (genroth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 411.42 Td (Chief ) Tj ET Q q 0 0 0 rg BT 215.17 411.42 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 274.69 411.42 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 312.26 411.42 Td (T) Tj ET Q q 0 0 0 rg BT 318.02 411.42 Td (reasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 411.42 Td (1,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 411.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 397.32 Td (All directors and executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 387.32 Td (of) Tj ET Q q 0 0 0 rg BT 60.15 387.32 Td (ficers as a group) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 386.42 Td (50,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 386.42 Td (*) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td ( * ) Tj ET Q q 0 0 0 rg BT 86.00 358.25 Td (Amount represents less than 1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 334.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 334.25 Td (The address of each person listed is c/o Hines Global REIT) Tj ET Q q 0 0 0 rg BT 322.42 334.25 Td (, Inc., 2800 Post Oak Boulevard, Suite 5000, Houston, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 322.25 Td (T) Tj ET Q q 0 0 0 rg BT 91.41 322.25 Td (exas 77056-6618.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 298.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (For purposes of this table, beneficial ownership is determined in accordance with Rule 13d-3 under the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (Act, pursuant to which a person is deemed to have beneficial ownership of shares of our stock that the person has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (the right to acquire within 60 days. For purposes of computing the percentage of outstanding shares of the Company) Tj ET Q q 0 0 0 rg BT 553.95 274.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.25 Td (stock held by each person or group of persons named in the table, any shares that such person or persons have the right ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (to acquire within 60 days of March 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.02 250.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.02 250.25 Td ( are deemed to be outstanding, but are not deemed to be outstanding for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (purpose of computing the percentage ownership of any other persons.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 214.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (Includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.38 214.25 Td (1,1) Tj ET Q q 0 0 0 rg BT 134.51 214.25 Td (1) Tj ET Q q 0 0 0 rg BT 139.13 214.25 Td (1.1) Tj ET Q q 0 0 0 rg BT 151.26 214.25 Td (1) Tj ET Q q 0 0 0 rg BT 155.89 214.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.89 214.25 Td ( common shares owned directly by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 380.66 214.25 Td ( Investor Limited Partnership. Mr) Tj ET Q q 0 0 0 rg BT 514.81 214.25 Td (. Hines is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.25 Td (deemed to be the beneficial owner of the shares owned by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 398.22 202.25 Td ( Investor Limited Partnership. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.25 Td (This amount does not include the \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.47 178.25 Td (21,1) Tj ET Q q 0 0 0 rg BT 250.60 178.25 Td (1) Tj ET Q q 0 0 0 rg BT 255.23 178.25 Td (1.1) Tj ET Q q 0 0 0 rg BT 267.36 178.25 Td (1) Tj ET Q q 0 0 0 rg BT 271.99 178.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.99 178.25 Td ( partnership interests \(the OP) Tj ET Q q 0 0 0 rg BT 397.69 178.25 Td ( Units\) in Hines Global REIT) Tj ET Q q 0 0 0 rg BT 519.99 178.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.25 Td (Properties LP) Tj ET Q q 0 0 0 rg BT 140.35 166.25 Td ( \(the Operating Partnership\) and \(ii\) the special partnership interests \(the Special OP) Tj ET Q q 0 0 0 rg BT 490.41 166.25 Td ( Units\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (Operating Partnership owned by Hines Global REIT) Tj ET Q q 0 0 0 rg BT 295.78 154.25 Td ( ) Tj ET Q q 0 0 0 rg BT 297.72 154.25 Td (Associates Limited Partnership. Limited partners in the Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (Partnership may request repurchase of their OP) Tj ET Q q 0 0 0 rg BT 275.01 142.25 Td ( Units for cash or) Tj ET Q q 0 0 0 rg BT 344.04 142.25 Td (, at our option, common shares on a one-for) Tj ET Q q 0 0 0 rg BT 518.80 142.25 Td (-one basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.25 Td (beginning one year after such OP) Tj ET Q q 0 0 0 rg BT 219.20 130.25 Td ( Units were issued. ) Tj ET Q q 0 0 0 rg BT 297.62 130.25 Td (The holder of the Special OP) Tj ET Q q 0 0 0 rg BT 413.60 130.25 Td ( Units is entitled to distributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (from the Operating Partnership under certain circumstances. In addition, under the ) Tj ET Q q 0 0 0 rg BT 417.84 118.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 457.01 118.25 Td (Agreement, if we are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.25 Td (advised by an entity af) Tj ET Q q 0 0 0 rg BT 176.35 106.25 Td (filiated with Hines, Hines or its af) Tj ET Q q 0 0 0 rg BT 311.97 106.25 Td (filiates may cause the Operating Partnership to purchase some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.25 Td (or all of the Special OP) Tj ET Q q 0 0 0 rg BT 179.22 94.25 Td ( Units or any other OP) Tj ET Q q 0 0 0 rg BT 269.12 94.25 Td ( Units then held by such entities for cash \(or in certain cases, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (promissory note\) or our shares as determined by the seller) Tj ET Q q 0 0 0 rg BT 317.33 82.25 Td (. Mr) Tj ET Q q 0 0 0 rg BT 336.50 82.25 Td (. Hines and Gerald D. Hines indirectly own and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td (control Hines Global REIT) Tj ET Q q 0 0 0 rg BT 194.41 70.25 Td ( ) Tj ET Q q 0 0 0 rg BT 196.36 70.25 Td (Associates Limited Partnership.) Tj ET Q endstream endobj 227 0 obj <> endobj 228 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.85 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.48 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 308.11 31.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item13.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 742.25 Td (Certain Relationships and Related T) Tj ET Q q 0 0 0 rg BT 239.64 742.25 Td (ransactions, and Director Independence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 69.55 718.25 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 694.25 Td (W) Tj ET Q q 0 0 0 rg BT 67.64 694.25 Td (e do not have employees. Subject to the supervision of our board of directors, our day-to-day operations are conducted by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.28 682.25 Td (Advisor in accordance with the ) Tj ET Q q 0 0 0 rg BT 192.18 682.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 231.35 682.25 Td (Agreement. Our ) Tj ET Q q 0 0 0 rg BT 298.28 682.25 Td (Advisor is an af) Tj ET Q q 0 0 0 rg BT 361.69 682.25 Td (filiate of Hines and is wholly-owned, indirectly) Tj ET Q q 0 0 0 rg BT 550.72 682.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (by) Tj ET Q q 0 0 0 rg BT 59.35 670.25 Td (, or for the benefit of, the Chairman of our board of directors, Jef) Tj ET Q q 0 0 0 rg BT 318.53 670.25 Td (frey C. Hines, and his father) Tj ET Q q 0 0 0 rg BT 431.15 670.25 Td (, Gerald D. Hines. ) Tj ET Q q 0 0 0 rg BT 505.85 670.25 Td (All of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.96 658.25 Td (ficers are employed by) Tj ET Q q 0 0 0 rg BT 189.66 658.25 Td (, and all of our executive of) Tj ET Q q 0 0 0 rg BT 299.71 658.25 Td (ficers actively participate in, the management of our ) Tj ET Q q 0 0 0 rg BT 510.46 658.25 Td (Advisor and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (its af) Tj ET Q q 0 0 0 rg BT 69.54 646.25 Td (filiates. Jef) Tj ET Q q 0 0 0 rg BT 113.23 646.25 Td (frey C. Hines serves as the Chairman of the Managers of the general partner of our ) Tj ET Q q 0 0 0 rg BT 446.17 646.25 Td (Advisor and Charles M. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Baughn serves as a Manager of the general partner of our ) Tj ET Q q 0 0 0 rg BT 281.30 634.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 312.97 634.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 610.25 Td (Our executive of) Tj ET Q q 0 0 0 rg BT 126.01 610.25 Td (ficers have control and primary responsibility for the management decisions of our ) Tj ET Q q 0 0 0 rg BT 459.25 610.25 Td (Advisor) Tj ET Q q 0 0 0 rg BT 491.07 610.25 Td (, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (selection of investment properties to be recommended to our board of directors, the negotiations for these investments, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (property management and leasing of properties we acquire directly) Tj ET Q q 0 0 0 rg BT 317.02 586.25 Td (. ) Tj ET Q q 0 0 0 rg BT 321.84 586.25 Td (The ) Tj ET Q q 0 0 0 rg BT 339.34 586.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 378.51 586.25 Td (Agreement was renewed as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.51 586.25 Td (December27, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 574.25 Td ( and has a term ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.75 574.25 Td (December31, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.33 574.25 Td ( that may be renewed for an unlimited number of successive periods \(up to one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (year at a time\) upon the mutual consent of the parties. Renewals of the agreement must be approved by the Conflicts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 99.26 550.25 Td (The ) Tj ET Q q 0 0 0 rg BT 116.75 550.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 155.92 550.25 Td (Agreement may be terminated:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 526.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.25 Td (immediately by us \(i\) in the event our ) Tj ET Q q 0 0 0 rg BT 238.74 526.25 Td (Advisor commits fraud, criminal conduct, willful misconduct or negligent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.25 Td (breach of fiduciary duty) Tj ET Q q 0 0 0 rg BT 181.70 514.25 Td (, \(ii\) upon the bankruptcy of our ) Tj ET Q q 0 0 0 rg BT 312.23 514.25 Td (Advisor or its involvement in similar insolvency proceedings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.25 Td (or \(iii\) in the event of a material breach of the ) Tj ET Q q 0 0 0 rg BT 270.64 502.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 309.81 502.25 Td (Agreement by our ) Tj ET Q q 0 0 0 rg BT 384.52 502.25 Td (Advisor that remains uncured after 10 days) Tj ET Q q 0 0 0 rg BT 559.83 502.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 490.25 Td (written notice;) 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 (without cause or penalty by us or by our ) Tj ET Q q 0 0 0 rg BT 249.03 466.25 Td (Advisor upon 60 days) Tj ET Q q 0 0 0 rg BT 339.67 466.25 Td ( written notice; or) 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 (immediately by our ) Tj ET Q q 0 0 0 rg BT 166.26 442.25 Td (Advisor upon our bankruptcy or involvement in similar insolvency proceedings or any material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.25 Td (breach of the ) Tj ET Q q 0 0 0 rg BT 140.14 430.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 179.31 430.25 Td (Agreement by us that remains uncured after 10 days) Tj ET Q q 0 0 0 rg BT 390.72 430.25 Td ( written notice.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 406.25 Td (The ) Tj ET Q q 0 0 0 rg BT 76.50 406.25 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 147.69 406.25 Td (filiates receive compensation and are reimbursed for certain expenses in connection with services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (provided to us. ) Tj ET Q q 0 0 0 rg BT 112.04 394.25 Td (These payments are summarized below) Tj ET Q q 0 0 0 rg BT 269.11 394.25 Td (. In the event the ) Tj ET Q q 0 0 0 rg BT 337.97 394.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 377.14 394.25 Td (Agreement is terminated, our ) Tj ET Q q 0 0 0 rg BT 496.27 394.25 Td (Advisor will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (paid all earned, accrued and unpaid compensation and expense reimbursements within 30 days. Upon termination, we may also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (be obligated to purchase certain ownership interests owned by our ) Tj ET Q q 0 0 0 rg BT 316.59 370.25 Td (Advisor or other af) Tj ET Q q 0 0 0 rg BT 392.78 370.25 Td (filiates of Hines under certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (circumstances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 334.25 Td (The following summarizes fees our ) Tj ET Q q 0 0 0 rg BT 202.57 334.25 Td (Advisor earned under the ) Tj ET Q q 0 0 0 rg BT 305.88 334.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 345.04 334.25 Td (Agreement during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.58 334.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.58 334.25 Td (:) 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 (Under the ) Tj ET Q q 0 0 0 rg BT 127.66 310.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 166.83 310.25 Td (Agreement, we reimbursed our ) Tj ET Q q 0 0 0 rg BT 293.17 310.25 Td (Advisor for all costs incurred by our ) Tj ET Q q 0 0 0 rg BT 440.64 310.25 Td (Advisor or its af) Tj ET Q q 0 0 0 rg BT 505.73 310.25 Td (filiates in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 298.25 Td (connection with our public of) Tj ET Q q 0 0 0 rg BT 204.13 298.25 Td (ferings up to a limit \(when combined with commissions and the Dealer Manager fee paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 286.25 Td (in connection with the of) Tj ET Q q 0 0 0 rg BT 185.79 286.25 Td (fering of primary shares\) of 15% of aggregate gross proceeds. Such costs consist of, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 274.25 Td (other costs, expenses of the Company) Tj ET Q q 0 0 0 rg BT 239.86 274.25 Td (s or) Tj ET Q q 0 0 0 rg BT 254.40 274.25 Td (ganization, actual legal, accounting, bona fide out-of-pocket itemized and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.25 Td (detailed due diligence costs, printing, filing fees, transfer agent costs, postage, escrow fees, data processing fees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 250.25 Td (advertising and sales literature and other of) Tj ET Q q 0 0 0 rg BT 258.53 250.25 Td (fering-related costs. During 2014, we were engaged in our second public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.25 Td (of) Tj ET Q q 0 0 0 rg BT 94.15 238.25 Td (fering through ) Tj ET Q q 0 0 0 rg BT 153.58 238.25 Td (April 2014 and thereafter) Tj ET Q q 0 0 0 rg BT 254.53 238.25 Td (, we continued to of) Tj ET Q q 0 0 0 rg BT 334.05 238.25 Td (fer shares pursuant to our distribution reinvestment plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 226.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 226.25 Td (e incurred approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.65 226.25 Td ($61,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.15 226.25 Td ( for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.20 226.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.20 226.25 Td ( as reimbursement to our ) Tj ET Q q 0 0 0 rg BT 487.56 226.25 Td (Advisor or its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 214.25 Td (af) Tj ET Q q 0 0 0 rg BT 93.59 214.25 Td (filiates for issuer costs they incurred as a result of our public of) Tj ET Q q 0 0 0 rg BT 346.11 214.25 Td (ferings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 190.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.25 Td (Under the ) Tj ET Q q 0 0 0 rg BT 127.66 190.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 166.83 190.25 Td (Agreement we pay our ) Tj ET Q q 0 0 0 rg BT 260.13 190.25 Td (Advisor an acquisition fee in connection with investments we make equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.28 178.25 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.11 178.25 Td ( of \(i\) the purchase price of real estate investments we acquire directly) Tj ET Q q 0 0 0 rg BT 402.45 178.25 Td (, including any debt attributable to such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.25 Td (investments or the principal amounts of any loans originated directly by us, or \(ii\) when we invest indirectly through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.25 Td (another entity) Tj ET Q q 0 0 0 rg BT 140.61 154.25 Td (, our pro rata share of the gross asset value of real estate investments held by the entity through which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 142.25 Td (invest. Under the ) Tj ET Q q 0 0 0 rg BT 156.54 142.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 195.71 142.25 Td (Agreement, we also reimburse our ) Tj ET Q q 0 0 0 rg BT 335.67 142.25 Td (Advisor for certain acquisition expenses incurred in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 130.25 Td (connection with the purchase of real estate investments. Our ) Tj ET Q q 0 0 0 rg BT 329.26 130.25 Td (Advisor did not earn any acquisition fees during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.25 Td (ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.96 118.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.96 118.25 Td (. For the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.74 118.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.74 118.25 Td (, we incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.71 118.25 Td ($127,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.21 118.25 Td ( as reimbursement to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.25 Td (advisor for acquisition expenses our ) Tj ET Q q 0 0 0 rg BT 232.36 106.25 Td (Advisor incurred on our behalf) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.25 Td (Under the ) Tj ET Q q 0 0 0 rg BT 127.66 82.25 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 166.83 82.25 Td (Agreement, we pay our ) Tj ET Q q 0 0 0 rg BT 262.63 82.25 Td (Advisor a monthly asset management fee equal to 0.125% of the net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.25 Td (equity capital we have invested in real estate investments at the end of each month. ) Tj ET Q q 0 0 0 rg BT 420.70 70.25 Td (The ) Tj ET Q q 0 0 0 rg BT 438.20 70.25 Td (Advisor earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.06 70.25 Td ($37.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.96 70.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.25 Td (in asset management fees during the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.40 58.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.40 58.25 Td (. ) Tj ET Q endstream endobj 229 0 obj <> endobj 230 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Under the ) Tj ET Q q 0 0 0 rg BT 127.66 742.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 166.83 742.10 Td (Agreement, we pay our ) Tj ET Q q 0 0 0 rg BT 262.63 742.10 Td (Advisor a disposition fee equal to 1.0% of \(i\) the sales price of any real ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (estate investments sold, held directly by us, or \(ii\) when we hold investments indirectly through another entity) Tj ET Q q 0 0 0 rg BT 525.81 730.10 Td (, our pro ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (rata share of the sales price of the real estate investment sold by that entity) Tj ET Q q 0 0 0 rg BT 383.02 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 387.84 718.10 Td (The ) Tj ET Q q 0 0 0 rg BT 405.34 718.10 Td (Advisor earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.20 718.10 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.09 718.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (disposition fees during the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.99 706.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.99 706.10 Td ( related to the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.06 706.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.06 706.10 Td ( of our properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (Likewise, under the ) Tj ET Q q 0 0 0 rg BT 167.09 682.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 206.26 682.10 Td (Agreement, we may reimburse our ) Tj ET Q q 0 0 0 rg BT 347.32 682.10 Td (Advisor and its af) Tj ET Q q 0 0 0 rg BT 418.52 682.10 Td (filiates for certain expenses they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (incur in connection with administrative and operating services they provide to us. Under our charter) Tj ET Q q 0 0 0 rg BT 485.20 670.10 Td (, we may not make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (reimbursements for administrative and operating expenses during any four consecutive fiscal quarters in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (greater of \(i\) 2.0% of our average invested assets or \(ii\) 25.0% of our net income. If our reimbursements to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (Advisor for administrative and operating expenses exceed this limit, our ) Tj ET Q q 0 0 0 rg BT 376.76 634.10 Td (Advisor will be required to disclose such fact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (to stockholders and may be required to refund such excess. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.37 622.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.37 622.10 Td (, these limits were not exceeded. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.93 622.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.93 622.10 Td (, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (Advisor incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.54 610.10 Td ($7.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.43 610.10 Td ( in expenses, such as general and administrative expenses, on our behalf, which were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (reimbursed by the Company) Tj ET Q q 0 0 0 rg BT 198.94 598.10 Td (. See Hines - Property Management ) Tj ET Q q 0 0 0 rg BT 350.57 598.10 Td (Agreements below for additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (concerning expense reimbursements to Hines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.64 562.10 Td (e also agreed to indemnify our ) Tj ET Q q 0 0 0 rg BT 191.49 562.10 Td (Advisor against losses it incurs in connection with its performance of its obligations under ) 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 (Advisory ) Tj ET Q q 0 0 0 rg BT 103.33 550.10 Td (Agreement, subject to terms and conditions in the ) Tj ET Q q 0 0 0 rg BT 304.13 550.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 343.30 550.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 526.10 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 136.58 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 138.53 526.10 Td (Associates Limited Partnership, an af) Tj ET Q q 0 0 0 rg BT 288.03 526.10 Td (filiate of Hines, as the holder of the Special OP) Tj ET Q q 0 0 0 rg BT 476.50 526.10 Td ( Units in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (Operating Partnership, will be entitled to receive distributions from the Operating Partnership in an amount equal to 15% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (distributions, including from sales of real estate investments, refinancings and other sources, but only after our stockholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (have received \(or are deemed to have received\), in the aggregate, cumulative distributions equal to their invested capital plus an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (8.0% cumulative, non-compounded annual pre-tax return on such invested capital. ) Tj ET Q q 0 0 0 rg BT 382.22 478.10 Td (The Special OP) Tj ET Q q 0 0 0 rg BT 444.61 478.10 Td ( Units may be converted into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (OP) Tj ET Q q 0 0 0 rg BT 62.41 466.10 Td ( Units that, at the election of the holder) Tj ET Q q 0 0 0 rg BT 218.35 466.10 Td (, will be repurchased for cash \(or) Tj ET Q q 0 0 0 rg BT 349.84 466.10 Td (, in the case of \(iii\) below) Tj ET Q q 0 0 0 rg BT 451.66 466.10 Td (, a promissory note\) or our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (shares, following: \(i\) the listing of our common stock on a national securities exchange, or \(ii\) a mer) Tj ET Q q 0 0 0 rg BT 451.10 454.10 Td (ger) Tj ET Q q 0 0 0 rg BT 463.47 454.10 Td (, consolidation or sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (of substantially all of our assets or any similar transaction or any transaction pursuant to which a majority of our board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (directors then in of) Tj ET Q q 0 0 0 rg BT 125.63 430.10 Td (fice are replaced or removed or \(iii\) the occurrence of certain events that result in the termination or non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (renewal of the ) Tj ET Q q 0 0 0 rg BT 109.14 418.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 148.31 418.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Hines) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 370.10 Td (Property Management ) Tj ET Q q 0 0 0 rg BT 153.62 370.10 Td (Agreements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 346.10 Td (Hines or its af) Tj ET Q q 0 0 0 rg BT 115.20 346.10 Td (filiates manage some of the properties in which we invest. ) Tj ET Q q 0 0 0 rg BT 350.23 346.10 Td (When we acquire properties directly) Tj ET Q q 0 0 0 rg BT 495.06 346.10 Td (, we expect that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (we will pay Hines property management fees, leasing fees, tenant construction fees and other fees customarily paid to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (property manager) Tj ET Q q 0 0 0 rg BT 120.25 322.10 Td (. Hines is wholly-owned by Jef) Tj ET Q q 0 0 0 rg BT 244.50 322.10 Td (frey C. Hines and his father) Tj ET Q q 0 0 0 rg BT 354.62 322.10 Td (, Gerald D. Hines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 298.10 Td (During the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.21 298.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.21 298.10 Td (, Hines earned the following amounts pursuant to property management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (agreements under which Hines manages some of our properties:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 262.10 Td ($7.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.89 262.10 Td ( in property management fees; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 238.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 238.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.89 238.10 Td ( in leasing commissions; 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 ($1) Tj ET Q q 0 0 0 rg BT 95.63 214.10 Td (1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.52 214.10 Td (, for all costs Hines incurred in providing property management and leasing services pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 202.10 Td (property management and leasing agreements. Included in this reimbursement of operating costs are the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 190.10 Td (personnel and overhead expenses related to such personnel located at the property as well as of) Tj ET Q q 0 0 0 rg BT 465.96 190.10 Td (f-site personnel located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (in Hines) Tj ET Q q 0 0 0 rg BT 122.20 178.10 Td ( headquarters and regional of) Tj ET Q q 0 0 0 rg BT 238.63 178.10 Td (fices, to the extent the same relate to or support the performance of Hines) Tj ET Q q 0 0 0 rg BT 535.00 178.10 Td ( duties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 166.10 Td (under the agreements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 142.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 82.41 142.10 Td (all Place) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 118.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 128.04 118.10 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a Limited Partnership ) Tj ET Q q 0 0 0 rg BT 503.51 118.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (with an af) Tj ET Q q 0 0 0 rg BT 89.80 106.10 Td (filiate of Hines for the formation of Hines One ) Tj ET Q q 0 0 0 rg BT 278.74 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 287.37 106.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 311.00 106.10 Td (all Holdings LP) Tj ET Q q 0 0 0 rg BT 373.96 106.10 Td ( \(the W) Tj ET Q q 0 0 0 rg BT 407.58 106.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 431.21 106.10 Td (all Place JV\), a Delaware ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (limited liability company) Tj ET Q q 0 0 0 rg BT 150.44 94.10 Td (, for the purpose of developing a residential/living project in Houston, ) Tj ET Q q 0 0 0 rg BT 432.70 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 438.11 94.10 Td (exas. ) Tj ET Q q 0 0 0 rg BT 462.83 94.10 Td (An af) Tj ET Q q 0 0 0 rg BT 485.14 94.10 Td (filiate of Hines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (serves as the initial general partner and as the development partner and the subsidiary of the Operating Partnership is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (limited partner) Tj ET Q q 0 0 0 rg BT 108.59 70.10 Td (. Hines owns a 7% interest in the joint venture and we own the remaining 93% interest through our subsidiary) Tj ET Q q 0 0 0 rg BT 547.29 70.10 Td (. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (addition, subject to certain return thresholds being achieved, the ) Tj ET Q q 0 0 0 rg BT 308.35 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 316.99 58.10 Td (aterW) Tj ET Q q 0 0 0 rg BT 340.61 58.10 Td (all Place JV) Tj ET Q q 0 0 0 rg BT 388.19 58.10 Td ( agreement provides that Hines may ) Tj ET Q endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (receive certain incentive distributions in the event the residential/living project is liquidated. Hines did not receive any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (incentive distributions as of December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.90 730.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.90 730.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.24 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 74.17 706.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 161.48 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 682.10 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 479.47 682.10 Td (Agreement with an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 670.10 Td (filiate of Hines for the formation of Hines Ponce & Bird Holdings LP) Tj ET Q q 0 0 0 rg BT 334.77 670.10 Td (, a Delaware limited liability company) Tj ET Q q 0 0 0 rg BT 487.95 670.10 Td (, for the purpose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (of developing a residential/living project in Miami, Florida. Hines served as the initial general partner and as the development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (partner and the subsidiary of the Operating Partnership was the initial limited partner) Tj ET Q q 0 0 0 rg BT 389.35 646.10 Td (. Hines owned a 17% interest in the joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (venture and we owned the remaining 83% interest through our subsidiary) Tj ET Q q 0 0 0 rg BT 343.16 634.10 Td (. ) Tj ET Q q 0 0 0 rg BT 350.11 634.10 Td (As compensation for providing development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (management services, Hines was paid a fee equal to 4% of the development project costs. In addition, subject to certain return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (thresholds being achieved, the ) Tj ET Q q 0 0 0 rg BT 173.02 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 179.50 610.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 265.14 610.10 Td ( agreement provided that Hines may receive certain incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (distributions in the event the residential/living project was liquidated. ) Tj ET Q q 0 0 0 rg BT 329.76 598.10 Td (The project was completed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 598.10 Td (April 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.61 598.10 Td (. Hines received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (total distributions of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.61 586.10 Td ($21.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.50 586.10 Td (from the ) Tj ET Q q 0 0 0 rg BT 226.10 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 232.58 586.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 318.22 586.10 Td ( in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.00 586.10 Td (June 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.83 586.10 Td (, which included a return of capital, preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (return distributions, and incentive distributions based on the return thresholds set forth in the ) Tj ET Q q 0 0 0 rg BT 422.44 574.10 Td (A) Tj ET Q q 0 0 0 rg BT 428.92 574.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 514.55 574.10 Td ( agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (having been achieved. ) Tj ET Q q 0 0 0 rg BT 143.95 562.10 Td (These distributions represented) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.41 562.10 Td (37.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.24 562.10 Td (of the total distributions made by the ) Tj ET Q q 0 0 0 rg BT 448.89 562.10 Td (A) Tj ET Q q 0 0 0 rg BT 455.37 562.10 Td (viva Coral Gables JV) Tj ET Q q 0 0 0 rg BT 541.00 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (from the sale of the property) Tj ET Q q 0 0 0 rg BT 163.48 550.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (@1377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td (In November 201) Tj ET Q q 0 0 0 rg BT 129.17 502.10 Td (1, a wholly-owned subsidiary of the Operating Partnership entered into a loan agreement with an af) Tj ET Q q 0 0 0 rg BT 526.64 502.10 Td (filiate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Hines to provide pre-construction financing for the development of a residential/living project in ) Tj ET Q q 0 0 0 rg BT 438.50 490.10 Td (Atlanta, Geor) Tj ET Q q 0 0 0 rg BT 492.74 490.10 Td (gia referred to as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (@1377. ) Tj ET Q q 0 0 0 rg BT 86.53 478.10 Td (The project was completed in 2014 and sold on June 24, 2016. Subsequent to the initial loan being repaid, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (provided a preferred equity investment in the project of $3.6 million, representing a 51.7% ownership interest in the project. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (@1377 was financed with a $23.3 million secured loan made by Cadence Bank, N.A., which was solely guaranteed by our joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (venture partner) Tj ET Q q 0 0 0 rg BT 110.40 442.10 Td (, and a $3.2 million mezzanine loan commitment plus accrued interest made by us. ) Tj ET Q q 0 0 0 rg BT 446.24 442.10 Td (The borrower repaid the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (outstanding principal balance of the loan upon the sale of the property) Tj ET Q q 0 0 0 rg BT 329.54 430.10 Td (. In addition, subject to certain return thresholds being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (achieved, the @1377 partnership agreement provided that Hines would receive certain incentive distributions. In connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (with the sale of @1377, Hines received total distributions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.88 406.10 Td ($15.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.77 406.10 Td ( from the @1377 partnership in June 2016, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (included a return of capital, preferred return distributions, and incentive distributions based on the return thresholds set forth in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (the @1377 partnership agreement having been achieved. ) Tj ET Q q 0 0 0 rg BT 282.00 382.10 Td (These distributions represented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.46 382.10 Td (58%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.79 382.10 Td ( of the total distributions from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (the @1377 partnership. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Ownership Inter) Tj ET Q q 0 0 0 rg BT 121.21 346.10 Td (ests) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 59.00 322.10 Td (The Operating Partnership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 298.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.64 298.10 Td (e are the sole general partner of the Operating Partnership and owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.46 298.10 Td (99.99%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.29 298.10 Td ( interest in the Operating Partnership at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 286.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 286.10 Td (. Hines Global REIT) Tj ET Q q 0 0 0 rg BT 211.17 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.12 286.10 Td (Associates Limited Partnership, an af) Tj ET Q q 0 0 0 rg BT 362.62 286.10 Td (filiate of Jef) Tj ET Q q 0 0 0 rg BT 410.75 286.10 Td (frey C. Hines, owned a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.44 286.10 Td (0.01%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.27 286.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (interest in the Operating Partnership at December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.76 274.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.76 274.10 Td (. ) Tj ET Q q 0 0 0 rg BT 290.21 274.10 Td (An af) Tj ET Q q 0 0 0 rg BT 312.52 274.10 Td (filiate of Jef) Tj ET Q q 0 0 0 rg BT 360.65 274.10 Td (frey C. Hines also owns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.97 274.10 Td (1,1) Tj ET Q q 0 0 0 rg BT 471.10 274.10 Td (1) Tj ET Q q 0 0 0 rg BT 475.73 274.10 Td (1.1) Tj ET Q q 0 0 0 rg BT 487.86 274.10 Td (1) Tj ET Q q 0 0 0 rg BT 492.49 274.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.49 274.10 Td ( shares of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (common stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Policies and Pr) Tj ET Q q 0 0 0 rg BT 113.70 238.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 142.96 238.10 Td (es for) Tj ET Q q 0 0 0 rg BT 166.38 238.10 Td ( Review of Related Party ) Tj ET Q q 0 0 0 rg BT 274.77 238.10 Td (T) Tj ET Q q 0 0 0 rg BT 280.70 238.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 214.10 Td (Potential conflicts of interest exist among us, Hines, our ) Tj ET Q q 0 0 0 rg BT 285.35 214.10 Td (Advisor and other af) Tj ET Q q 0 0 0 rg BT 367.65 214.10 Td (filiates of Hines in relation to our existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (agreements and how we will operate. Currently) Tj ET Q q 0 0 0 rg BT 239.01 202.10 Td (, four of our seven directors are independent directors, and each of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (independent directors serves on the Conflicts Committee of our board of directors. ) Tj ET Q q 0 0 0 rg BT 382.23 190.10 Td (The Conflicts Committee reviews and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (approves all matters that our board of directors believes may involve conflicts of interest. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 64.41 154.10 Td (o reduce the ef) Tj ET Q q 0 0 0 rg BT 123.36 154.10 Td (fect on us of potential conflicts of interest described above, the ) Tj ET Q q 0 0 0 rg BT 376.61 154.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 415.78 154.10 Td (Agreement and our charter include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (a number of restrictions relating to transactions we enter into with Hines and its af) Tj ET Q q 0 0 0 rg BT 378.62 142.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 410.65 142.10 Td (These restrictions include, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (others, the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 106.10 Td (e will not accept goods or services from Hines or its af) Tj ET Q q 0 0 0 rg BT 313.01 106.10 Td (filiates unless a majority of our directors \(including a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (majority of our independent directors\) approves the transaction related thereto as fair and reasonable to us and on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 82.10 Td (terms and conditions not less favorable than terms that would be available from unaf) Tj ET Q q 0 0 0 rg BT 424.33 82.10 Td (filiated third parties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 58.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 58.10 Td (e will not purchase or lease a property in which Hines or its af) Tj ET Q q 0 0 0 rg BT 342.99 58.10 Td (filiates has an interest without a determination by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (majority of our directors \(including a majority of our independent directors\) not otherwise interested in the transaction ) Tj ET Q endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (determine that the transaction is fair and reasonable to us and at a price no greater than the cost to Hines or such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (af) Tj ET Q q 0 0 0 rg BT 93.59 730.10 Td (filiate for the property) Tj ET Q q 0 0 0 rg BT 181.51 730.10 Td (, unless:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 706.10 Td (there is substantial justification for any amount in excess of the cost to Hines;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 682.10 Td (our disinterested directors determine the excess to be reasonable; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.00 658.10 Td (appropriate disclosure is made to the disinterested directors with respect to the transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (The fair market value of any asset we acquire from Hines or one of its af) Tj ET Q q 0 0 0 rg BT 376.54 634.10 Td (filiates will be determined by an independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (expert selected by our independent directors. ) Tj ET Q q 0 0 0 rg BT 267.69 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.33 622.10 Td (e generally will not acquire property from Hines or its af) Tj ET Q q 0 0 0 rg BT 502.74 622.10 Td (filiates at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (price that exceeds the appraised value of the property) Tj ET Q q 0 0 0 rg BT 298.59 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 303.41 610.10 Td (The only exception will be in the case of a development, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 598.10 Td (redevelopment or refurbishment project that we agree to acquire prior to completion of the project, when the appraised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (value will be based upon the completed value of the project. ) Tj ET Q q 0 0 0 rg BT 329.07 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 337.71 586.10 Td (e will not sell or lease a property to Hines or its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 574.10 Td (af) Tj ET Q q 0 0 0 rg BT 93.59 574.10 Td (filiates or to our directors unless a majority of our directors \(including a majority of our independent directors\) not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 562.10 Td (otherwise interested in the transaction determines the transaction to be fair and reasonable to us.) 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 will not enter into joint ventures with af) Tj ET Q q 0 0 0 rg BT 260.53 538.10 Td (filiates of Hines unless a majority of our directors \(including a majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 526.10 Td (our independent directors\) not otherwise interested in the transaction approves the transaction as being fair and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 514.10 Td (reasonable to us and determines that our investment is on terms substantially similar to the terms of third parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 502.10 Td (making comparable investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 478.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 478.10 Td (e will not make any loan to Hines, its af) Tj ET Q q 0 0 0 rg BT 253.87 478.10 Td (filiates or to our directors, except in the case of loans to our subsidiaries and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 466.10 Td (mortgage loans for property appraised by an independent expert. ) Tj ET Q q 0 0 0 rg BT 346.47 466.10 Td (Any such loans must be approved by a majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 454.10 Td (our directors \(including a majority of our independent directors\) not otherwise interested in the transaction as fair) Tj ET Q q 0 0 0 rg BT 538.79 454.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 442.10 Td (competitive and commercially reasonable, and on terms no less favorable to us than loans between unaf) Tj ET Q q 0 0 0 rg BT 500.68 442.10 Td (filiated parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td (in the same circumstance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 406.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 406.10 Td (Hines and its af) Tj ET Q q 0 0 0 rg BT 148.30 406.10 Td (filiates will be entitled to reimbursement, at cost, for actual expenses incurred by them on behalf of us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 394.10 Td (or joint ventures in which we are a joint venture partner) Tj ET Q q 0 0 0 rg BT 308.30 394.10 Td (, subject to the limitation on reimbursement of operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 382.10 Td (expenses to the extent that they exceed the greater of 2% of our average invested assets or 25% of our net income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 358.10 Td (The Conflicts Committee also must review and approve any transaction between us and our af) Tj ET Q q 0 0 0 rg BT 435.93 358.10 Td (filiates, on the one hand, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (any director \(including any independent director\) or the director) Tj ET Q q 0 0 0 rg BT 306.38 346.10 Td () Tj ET Q q 0 0 0 rg BT 309.16 346.10 Td (s af) Tj ET Q q 0 0 0 rg BT 323.14 346.10 Td (filiates or related persons on the other hand. ) Tj ET Q q 0 0 0 rg BT 500.59 346.10 Td (All related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (party transactions must be approved by a majority of the disinterested members of the board of directors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (Dir) Tj ET Q q 0 0 0 rg BT 64.26 310.10 Td (ector) Tj ET Q q 0 0 0 rg BT 85.72 310.10 Td ( Independence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 286.10 Td (Our board of directors has determined that each of our independent directors is independent within the meaning of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (applicable \(i\) provisions set forth in our Charter) Tj ET Q q 0 0 0 rg BT 240.94 274.10 Td (, and \(ii\) requirements set forth in the Exchange ) Tj ET Q q 0 0 0 rg BT 434.21 274.10 Td (Act and the applicable SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (rules, and \(iii\) although our shares are not listed on the New ) Tj ET Q q 0 0 0 rg BT 292.07 262.10 Td (Y) Tj ET Q q 0 0 0 rg BT 298.29 262.10 Td (ork Stock Exchange \(the NYSE\), under the independence rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (set forth in the NYSE Listed Company Manual. Our board of directors follows the NYSE rules governing independence as part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (of its policy of maintaining strong corporate governance practices. ) Tj ET Q q 0 0 0 rg BT 318.06 238.10 Td (T) Tj ET Q q 0 0 0 rg BT 323.47 238.10 Td (o be considered independent under the NYSE rules, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (board of directors must determine that a director does not have a material relationship with us and/or our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (subsidiaries \(either directly or as a partner) Tj ET Q q 0 0 0 rg BT 217.87 214.10 Td (, stockholder or of) Tj ET Q q 0 0 0 rg BT 291.00 214.10 Td (ficer of an or) Tj ET Q q 0 0 0 rg BT 342.73 214.10 Td (ganization that has a relationship with any of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (entities, including Hines and its af) Tj ET Q q 0 0 0 rg BT 186.46 202.10 Td (filiates\). Under the NYSE rules, a director will not be independent if:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 178.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 178.10 Td (the director was employed by us within the last three years;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 154.10 Td (an immediate family member of the director was employed by us as an executive of) Tj ET Q q 0 0 0 rg BT 421.26 154.10 Td (ficer within the last three years;) 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 director) Tj ET Q q 0 0 0 rg BT 131.41 130.10 Td (, or an immediate family member of the director) Tj ET Q q 0 0 0 rg BT 323.99 130.10 Td (, received more than $120,000 during any 12-month period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 118.10 Td (within the last three years in direct compensation from us, other than director and committee fees and pension or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 106.10 Td (forms of deferred compensation for prior service \(provided such compensation is not contingent in any way on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 94.10 Td (continued service\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td (the director is a current partner or employee of a firm that is our internal or external auditor) Tj ET Q q 0 0 0 rg BT 450.73 70.10 Td (, the director has an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 58.10 Td (immediate family member who is a current partner of such a firm, the director has an immediate family member who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 46.10 Td (is a current employee of such a firm and personally works on our audit, or the director or an immediate family member ) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 303.28 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (was within the last three years a partner or employee of such a firm and personally worked on our audit within that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (time;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (the director or an immediate family member is, or has been with the last three years, employed as an executive of) Tj ET Q q 0 0 0 rg BT 538.99 706.10 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (of another company where any of our present executive of) Tj ET Q q 0 0 0 rg BT 319.33 694.10 Td (ficers at the same time serves or served on that company) Tj ET Q q 0 0 0 rg BT 548.14 694.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (compensation committee; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (the director was an executive of) Tj ET Q q 0 0 0 rg BT 213.26 658.10 Td (ficer or an employee \(or an immediate family member of the director was an executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (of) Tj ET Q q 0 0 0 rg BT 94.15 646.10 Td (ficer\) of a company that makes payments to, or receives payments from, us for property or services in an amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (which, in any of the last three fiscal years, exceeded the greater of $1,000,000 or 2% of such other company) Tj ET Q q 0 0 0 rg BT 521.12 634.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 622.10 Td (consolidated gross revenues.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Item14.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 84.99 598.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 130.45 598.10 Td (Accounting Fees and Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 574.10 Td (Deloitte & ) Tj ET Q q 0 0 0 rg BT 103.81 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 109.22 574.10 Td (ouche LLP) Tj ET Q q 0 0 0 rg BT 152.27 574.10 Td (, the member firms of Deloitte ) Tj ET Q q 0 0 0 rg BT 276.22 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 281.63 574.10 Td (ouche ) Tj ET Q q 0 0 0 rg BT 307.82 574.10 Td (T) Tj ET Q q 0 0 0 rg BT 313.23 574.10 Td (ohmatsu, and their respective af) Tj ET Q q 0 0 0 rg BT 440.50 574.10 Td (filiates \(collectively Deloitte ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (& ) Tj ET Q q 0 0 0 rg BT 60.10 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 65.51 562.10 Td (ouche\) serve as our principal accounting firm. Deloitte & ) Tj ET Q q 0 0 0 rg BT 301.35 562.10 Td (T) Tj ET Q q 0 0 0 rg BT 306.76 562.10 Td (ouche audited our financial statements for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.58 550.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 550.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.02 550.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.02 550.10 Td (. Deloitte & ) Tj ET Q q 0 0 0 rg BT 217.83 550.10 Td (T) Tj ET Q q 0 0 0 rg BT 223.24 550.10 Td (ouche reports directly to our ) Tj ET Q q 0 0 0 rg BT 338.49 550.10 Td (Audit Committee.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 502.10 Td (Deloitte & ) Tj ET Q q 0 0 0 rg BT 103.81 502.10 Td (T) Tj ET Q q 0 0 0 rg BT 109.22 502.10 Td (ouche) Tj ET Q q 0 0 0 rg BT 135.88 502.10 Td (s aggregate fees billed to us for the fiscal years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.76 502.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.76 502.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.20 502.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.20 502.10 Td ( are as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 476.60 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 476.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 476.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 476.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 476.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 446.60 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 446.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 446.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 446.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 446.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 418.60 346.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 418.60 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.00 418.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 418.60 14.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 418.60 67.00 -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 405 418.6 m 468 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 405.6 m 468 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405 403.6 m 468 403.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 418.6 m 549 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 405.6 m 549 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 403.6 m 549 403.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.00 481.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 481.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.50 467.28 Td (Audit Fees:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 467.17 Td (1,320,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.50 467.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.15 467.17 Td (1,253,500) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.50 451.28 Td (Audit-Related Fees ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 139.93 455.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.51 451.28 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 451.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 451.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.50 451.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 451.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.50 437.28 Td (T) Tj ET Q q 0 0 0 rg BT 61.71 437.28 Td (ax Fees:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 437.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.50 437.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 437.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.50 423.28 Td (All Other) Tj ET Q q 0 0 0 rg BT 96.23 423.28 Td ( Fees:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 423.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 423.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.50 423.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 423.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 55.50 409.28 Td (T) Tj ET Q q 0 0 0 rg BT 61.25 409.28 Td (otal Fees:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 409.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 409.17 Td (1,320,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.50 409.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.15 409.17 Td (1,253,500) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.98 381.10 Td (These fees primarily relate to internal control attestation consultations, accounting consultations and other attestation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 345.10 Td (e-appr) Tj ET Q q 0 0 0 rg BT 88.52 345.10 Td (oval Policies and Pr) Tj ET Q q 0 0 0 rg BT 172.50 345.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 201.75 345.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.00 321.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 76.50 321.10 Td (Audit Committee has adopted a pre-approval policy requiring the ) Tj ET Q q 0 0 0 rg BT 340.04 321.10 Td (Audit Committee to pre-approve all audit and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (permissible non-audit services to be performed by Deloitte & ) Tj ET Q q 0 0 0 rg BT 297.81 309.10 Td (T) Tj ET Q q 0 0 0 rg BT 303.22 309.10 Td (ouche. 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0.9333333333333333 1 rg /GS0 gs 588.50 436.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 436.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 436.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 436.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 436.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 436.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 436.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 405.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 405.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 405.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 405.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 405.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 405.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 405.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 405.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 405.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 405.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 405.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 405.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 405.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 405.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 405.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 381.75 97.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 381.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 381.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 381.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 381.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 381.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 381.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 381.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 381.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 381.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 381.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 381.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 381.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 381.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 381.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 350.75 97.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 350.75 6.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 350.75 78.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 350.75 51.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 350.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 350.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 350.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 350.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 350.75 33.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 350.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 350.75 36.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 350.75 56.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 350.75 46.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 350.75 50.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 350.75 4.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 319.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 319.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 319.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 319.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 319.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 319.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 319.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 319.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 319.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 319.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 319.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 319.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 319.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 319.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 319.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 295.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 295.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 295.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 295.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 295.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 295.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 295.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 295.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 295.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 295.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 295.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 295.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 295.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 295.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 295.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 271.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 271.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 271.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 271.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 271.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 271.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 271.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 271.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 271.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 271.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 271.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 271.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 271.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 271.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 271.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 247.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 247.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 247.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 247.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 247.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 247.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 247.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 247.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 247.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 247.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 247.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 247.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 247.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 247.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 247.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 223.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 223.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 223.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 223.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 223.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 223.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 223.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 223.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 223.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 223.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 223.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 223.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 223.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 223.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 223.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 199.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 199.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 199.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 199.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 199.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 199.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 199.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 199.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 199.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 199.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 199.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 199.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 199.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 199.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 199.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 175.75 97.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 175.75 6.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 175.75 78.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 175.75 4.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 175.75 51.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 175.75 4.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 175.75 33.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 175.75 4.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 175.75 50.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 175.75 4.00 -40.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 175.75 36.00 -40.00 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0.8 0.9333333333333333 1 rg /GS0 gs 407.50 92.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 92.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 92.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 92.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 92.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 548.50 92.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 552.50 92.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 588.50 92.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 592.50 92.75 56.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 648.50 92.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 652.50 92.75 46.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 698.50 92.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 702.50 92.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 752.50 92.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 61.75 97.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 61.75 6.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 139.50 61.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 61.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 61.75 51.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 61.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 61.75 33.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 61.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 61.75 50.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 61.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 61.75 36.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 61.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 61.75 50.00 -12.00 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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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 61.75 m 272.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 50.75 m 272.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 48.75 m 272.5 48.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 61.75 m 309.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 50.75 m 309.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 48.75 m 309.5 48.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 61.75 m 363.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 50.75 m 363.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 48.75 m 363.5 48.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 61.75 m 403.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 50.75 m 403.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 48.75 m 403.5 48.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 61.75 m 457.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 50.75 m 457.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 48.75 m 457.5 48.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 61.75 m 494.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 50.75 m 494.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 48.75 m 494.5 48.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 61.75 m 548.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 50.75 m 548.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 48.75 m 548.5 48.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 61.75 m 588.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 50.75 m 588.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 552.5 48.75 m 588.5 48.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 61.75 m 648.5 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 50.75 m 648.5 50.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 592.5 48.75 m 648.5 48.75 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 (Gr) Tj ET Q q 0 0 0 rg BT 480.29 517.81 Td (oss ) Tj ET Q q 0 0 0 rg BT 490.73 517.81 Td (Amount at ) Tj ET Q q 0 0 0 rg BT 524.31 517.81 Td (Which Carried at) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 508.55 510.81 Td (12/31/2017) 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 (Impr) Tj ET Q q 0 0 0 rg BT 331.74 477.81 Td (ovements) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 377.30 477.81 Td (T) Tj ET Q q 0 0 0 rg BT 381.65 477.81 Td (otal) 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 (Impr) Tj ET Q q 0 0 0 rg BT 516.74 477.81 Td (ovements) 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 ) Tj ET Q q 0 0 0 rg BT 720.71 477.81 Td (Acquir) Tj ET Q q 0 0 0 rg BT 741.58 477.81 Td (ed) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 452.80 Td (FM Logistic) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 452.80 Td (Moscow) Tj ET Q q 0 0 0 rg BT 165.88 452.80 Td (, Russia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 452.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 452.80 Td (5,320) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 452.80 Td (51,588) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 452.80 Td (56,908) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 452.85 Td (\(29,252) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 452.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 452.80 Td (2,573) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 452.80 Td (25,083) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 452.80 Td (27,656) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 452.80 Td (\(4,207) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 452.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 658.05 452.80 Td (1998 - 2004) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 713.30 452.80 Td (April - 1) Tj ET Q q 0 0 0 rg BT 737.28 452.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 440.80 Td (Gogolevsky 1) Tj ET Q q 0 0 0 rg BT 77.95 440.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 440.80 Td (Moscow) Tj ET Q q 0 0 0 rg BT 165.88 440.80 Td (, Russia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 440.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 440.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 440.80 Td (85,126) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 440.80 Td (85,126) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 440.85 Td (\(42,102) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 440.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 440.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 440.80 Td (43,024) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 440.80 Td (43,024) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 440.80 Td (\(7,764) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 440.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 440.80 Td (1996) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.60 440.80 Td (August - 1) Tj ET Q q 0 0 0 rg BT 740.03 440.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 428.80 Td (250 Royall) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 428.80 Td (Canton, Massachusetts) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 428.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 428.80 Td (8,910) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 428.80 Td (22,860) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 428.80 Td (31,770) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 428.85 Td (\(10,695) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 428.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 428.80 Td (6,656) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 428.80 Td (14,419) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 428.80 Td (21,075) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 638.65 428.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 428.80 Td (2005) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 705.70 428.80 Td (September - 1) Tj ET Q q 0 0 0 rg BT 744.84 428.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 409.80 Td (Campus at Marlborough) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 416.80 Td (Marlborough,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 409.80 Td (Massachusetts) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 409.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 409.80 Td (23,790) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 409.80 Td (54,230) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 409.80 Td (78,020) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 409.80 Td (2,142) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 409.80 Td (23,310) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 409.80 Td (56,852) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 409.80 Td (80,162) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 409.80 Td (\(8,697) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 409.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 409.80 Td (1999) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.40 409.80 Td (October - 1) Tj ET Q q 0 0 0 rg BT 741.15 409.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 397.80 Td (9320 Excelsior) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 397.80 Td (Hopkins, Minnesota) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 397.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 397.80 Td (2,730) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 397.80 Td (51,1) Tj ET Q q 0 0 0 rg BT 353.65 397.80 Td (10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 397.80 Td (53,840) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 397.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 397.80 Td (2,730) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 397.80 Td (51,1) Tj ET Q q 0 0 0 rg BT 538.65 397.80 Td (10) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 397.80 Td (53,840) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 397.80 Td (\(7,684) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 397.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 397.80 Td (2010) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.30 397.80 Td (December - 1) Tj ET Q q 0 0 0 rg BT 744.26 397.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 385.80 Td (W) Tj ET Q q 0 0 0 rg BT 45.33 385.80 Td (aterW) Tj ET Q q 0 0 0 rg BT 61.86 385.80 Td (all Place) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 385.80 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 169.16 385.80 Td (T) Tj ET Q q 0 0 0 rg BT 173.13 385.80 Td (exas) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 385.80 Td (44,897) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 385.80 Td (8,229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 385.80 Td (54,825) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 385.80 Td (63,054) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 444.15 385.80 Td (214) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 385.80 Td (8,229) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 385.80 Td (55,039) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 385.80 Td (63,268) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 385.80 Td (\(6,064) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 385.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 385.80 Td (2012) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.30 385.80 Td (December - 1) Tj ET Q q 0 0 0 rg BT 744.26 385.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 366.80 Td (Poland Logistics Portfolio) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 373.80 Td (Upper Silesia, ) Tj ET Q q 0 0 0 rg BT 183.35 373.80 Td (W) Tj ET Q q 0 0 0 rg BT 189.61 373.80 Td (arsaw) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 366.80 Td (and ) Tj ET Q q 0 0 0 rg BT 153.79 366.80 Td (W) Tj ET Q q 0 0 0 rg BT 160.20 366.80 Td (roclaw) Tj ET Q q 0 0 0 rg BT 178.87 366.80 Td (, Poland) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 366.80 Td (71,183) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 366.80 Td (25,893) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 366.80 Td (97,627) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 366.80 Td (123,520) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 436.55 366.85 Td (\(5,554) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 366.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 366.80 Td (23,246) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 366.80 Td (94,720) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 366.80 Td (1) Tj ET Q q 0 0 0 rg BT 566.35 366.80 Td (17,966) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 366.80 Td (\(17,625) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 366.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 658.05 366.80 Td (1995 - 2009) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.85 373.80 Td (March - 12 &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.30 366.80 Td (October - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 354.80 Td (100 Brookes St.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 354.80 Td (Brisbane, ) Tj ET Q q 0 0 0 rg BT 170.19 354.80 Td (Australia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 354.80 Td (28,098) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 354.80 Td (8,600) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 354.80 Td (41,404) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 354.80 Td (50,004) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 354.85 Td (\(1) Tj ET Q q 0 0 0 rg BT 438.88 354.85 Td (1,378) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 354.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 354.80 Td (6,603) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 354.80 Td (32,023) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 354.80 Td (38,626) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 354.80 Td (\(4,359) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 354.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 354.80 Td (2008) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 714.75 354.80 Td (July - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 335.80 Td (Minneapolis Retail Center) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 335.80 Td (Minneapolis, Minnesota) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 335.80 Td (65,500) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 335.80 Td (30,792) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 335.80 Td (78,71) Tj ET Q q 0 0 0 rg BT 357.15 335.80 Td (1) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 335.80 Td (109,503) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 435.40 335.80 Td (19,672) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 335.80 Td (30,792) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 335.80 Td (98,383) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 335.80 Td (129,175) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 335.80 Td (\(1) Tj ET Q q 0 0 0 rg BT 629.88 335.80 Td (1,067) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 335.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 335.80 Td (1974) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.85 342.80 Td (August - 12 &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.20 335.80 Td (December - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 323.80 Td (550 ) Tj ET Q q 0 0 0 rg BT 51.19 323.80 Td (T) Tj ET Q q 0 0 0 rg BT 55.15 323.80 Td (erry Francois) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 323.80 Td (San Francisco, California) 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 287.35 323.80 Td (41,270) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 323.80 Td (109,760) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 323.80 Td (151,030) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 323.80 Td (68) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 323.80 Td (41,270) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 323.80 Td (109,828) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 323.80 Td (151,098) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 323.80 Td (\(14,632) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 323.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 323.80 Td (2002) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.45 323.80 Td (August - 12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 311.80 Td (One ) Tj ET Q q 0 0 0 rg BT 52.35 311.80 Td (W) Tj ET Q q 0 0 0 rg BT 58.61 311.80 Td (estferry Circus) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 311.80 Td (London, England) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 311.80 Td (64,757) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 311.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 311.80 Td (48,874) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 311.80 Td (48,874) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 436.55 311.85 Td (\(4,138) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 311.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 311.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 311.80 Td (44,736) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 311.80 Td (44,736) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 311.80 Td (\(5,448) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 311.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 311.80 Td (1992) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.90 311.80 Td (February - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 299.80 Td (465 ) Tj ET Q q 0 0 0 rg BT 51.19 299.80 Td (V) Tj ET Q q 0 0 0 rg BT 55.97 299.80 Td (ictoria) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 299.80 Td (Sydney) Tj ET Q q 0 0 0 rg BT 162.77 299.80 Td (, ) Tj ET Q q 0 0 0 rg BT 165.85 299.80 Td (Australia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 299.80 Td (41,528) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 299.80 Td (26,566) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 299.80 Td (48,788) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 299.80 Td (75,354) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 299.85 Td (\(15,209) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 299.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 299.80 Td (20,245) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 299.80 Td (39,900) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 299.80 Td (60,145) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 299.80 Td (\(4,588) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 299.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 299.80 Td (1995) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.90 299.80 Td (February - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 287.80 Td (Riverside Center) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 287.80 Td (Boston, Massachusetts) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 287.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 287.80 Td (45,888) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 287.80 Td (125,014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 287.80 Td (170,902) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 444.15 287.80 Td (440) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 287.80 Td (45,888) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 287.80 Td (125,454) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 287.80 Td (171,342) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 287.80 Td (\(14,982) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 287.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 287.80 Td (2000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 711.40 287.80 Td (March - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 275.80 Td (New City) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 275.80 Td (W) Tj ET Q q 0 0 0 rg BT 148.33 275.80 Td (arsaw) Tj ET Q q 0 0 0 rg BT 164.14 275.80 Td (, Poland) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 275.80 Td (80,831) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 275.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 275.80 Td (1) Tj ET Q q 0 0 0 rg BT 341.40 275.80 Td (15,208) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 275.80 Td (1) Tj ET Q q 0 0 0 rg BT 381.35 275.80 Td (15,208) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 436.55 275.85 Td (\(7,772) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 275.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 275.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 275.80 Td (107,436) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 275.80 Td (107,436) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 275.80 Td (\(8,424) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 275.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 275.80 Td (2010) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 711.40 275.80 Td (March - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 263.80 Td (825 ) Tj ET Q q 0 0 0 rg BT 51.06 263.80 Td (Ann) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 263.80 Td (Brisbane, ) Tj ET Q q 0 0 0 rg BT 170.19 263.80 Td (Australia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 263.80 Td (63,247) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 263.80 Td (20,669) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 263.80 Td (83,802) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 263.80 Td (104,471) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 263.85 Td (\(25,394) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 263.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 263.80 Td (15,626) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 263.80 Td (63,451) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 263.80 Td (79,077) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 263.80 Td (\(7,401) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 263.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 263.80 Td (2013) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 713.15 263.80 Td (April - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 251.80 Td (The Campus at Playa ) Tj ET Q q 0 0 0 rg BT 100.37 251.80 Td (V) Tj ET Q q 0 0 0 rg BT 105.15 251.80 Td (ista) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 251.80 Td (Los ) Tj ET Q q 0 0 0 rg BT 154.06 251.80 Td (Angeles, California) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.90 251.80 Td (150,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 251.80 Td (41,160) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 251.80 Td (125,567) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 251.80 Td (166,727) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 251.80 Td (79) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 251.80 Td (41,160) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 251.80 Td (125,646) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 251.80 Td (166,806) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 251.80 Td (\(14,813) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 251.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 659.80 251.80 Td (2009-2010) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 714.15 251.80 Td (May - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 239.80 Td (Perspective Defense) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 239.80 Td (Paris, France) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 239.80 Td (83,853) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 239.80 Td (29,039) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 239.80 Td (109,704) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 239.80 Td (138,743) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 436.55 239.85 Td (\(9,026) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 239.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 239.80 Td (26,533) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 239.80 Td (103,184) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 239.80 Td (129,717) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 239.80 Td (\(1) Tj ET Q q 0 0 0 rg BT 629.88 239.80 Td (1,785) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 239.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 239.80 Td (2007) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 714.15 239.80 Td (June - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 227.80 Td (The Markets at ) Tj ET Q q 0 0 0 rg BT 83.06 227.80 Td (T) Tj ET Q q 0 0 0 rg BT 87.03 227.80 Td (own Center) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 227.80 Td (Jacksonville, Florida) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 227.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 227.80 Td (52,130) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 227.80 Td (76,067) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 227.80 Td (128,197) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 227.80 Td (18) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 227.80 Td (52,130) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 227.80 Td (76,085) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 227.80 Td (128,215) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 227.80 Td (\(8,452) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 227.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 227.80 Td (2009) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 714.75 227.80 Td (July - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 215.80 Td (The ) Tj ET Q q 0 0 0 rg BT 51.44 215.80 Td (A) Tj ET Q q 0 0 0 rg BT 56.04 215.80 Td (venue at Murfreesboro) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 215.80 Td (Nashville, ) Tj ET Q q 0 0 0 rg BT 172.26 215.80 Td (T) Tj ET Q q 0 0 0 rg BT 176.23 215.80 Td (ennessee) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 215.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 215.80 Td (54,940) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 215.80 Td (71,990) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 215.80 Td (126,930) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 215.80 Td (1,212) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 215.80 Td (54,940) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 215.80 Td (73,202) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 215.80 Td (128,142) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 215.80 Td (\(7,916) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 215.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 215.80 Td (2007) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.45 215.80 Td (August - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 203.80 Td (2300 Main) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 203.80 Td (Irvine, California) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 203.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 290.85 203.80 Td (3,570) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 203.80 Td (27,940) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 203.80 Td (31,510) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 447.65 203.80 Td (24) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 203.80 Td (3,570) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 203.80 Td (27,964) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 203.80 Td (31,534) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 203.80 Td (\(3,033) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 203.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 203.80 Td (2002) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.45 203.80 Td (August - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 191.80 Td (Fiege Mega Centre) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 191.80 Td (Erfurt, Germany) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 191.80 Td (26,898) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 191.80 Td (10,107) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 191.80 Td (36,005) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 191.80 Td (46,1) Tj ET Q q 0 0 0 rg BT 393.60 191.80 Td (12) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 436.55 191.85 Td (\(5,551) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 191.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 475.85 191.80 Td (8,852) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 191.80 Td (31,709) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 191.80 Td (40,561) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 191.80 Td (\(3,329) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 191.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 191.80 Td (1995) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.30 191.80 Td (October - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 179.80 Td (55 M Street) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 179.80 Td (W) Tj ET Q q 0 0 0 rg BT 148.33 179.80 Td (ashington, D.C.) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 179.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 179.80 Td (24,810) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 179.80 Td (85,277) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 179.80 Td (1) Tj ET Q q 0 0 0 rg BT 381.35 179.80 Td (10,087) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 444.15 179.80 Td (678) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 179.80 Td (24,810) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 179.80 Td (85,955) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 179.80 Td (1) Tj ET Q q 0 0 0 rg BT 566.35 179.80 Td (10,765) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 179.80 Td (\(8,772) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 179.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 179.80 Td (2009) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.20 179.80 Td (December - 13) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 139.80 Td (The Rim) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 139.80 Td (San ) Tj ET Q q 0 0 0 rg BT 154.06 139.80 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 180.25 139.80 Td (T) Tj ET Q q 0 0 0 rg BT 184.21 139.80 Td (exas) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 262.65 139.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 283.85 139.80 Td (102,170) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 139.80 Td (150,321) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 139.80 Td (252,491) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 139.80 Td (3,570) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 468.85 139.80 Td (102,170) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 139.80 Td (153,891) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 139.80 Td (256,061) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 139.80 Td (\(12,174) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 139.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 659.80 139.80 Td (2006-2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 707.05 167.80 Td (February - 14,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 712.30 160.80 Td (April - 15,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 705.30 153.80 Td (December - 15,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.95 146.80 Td (& December -) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 723.50 139.80 Td (16) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 127.80 Td (25 Cabot Square) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 127.80 Td (London, England) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.90 127.80 Td (166,951) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 299.65 127.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 127.80 Td (165,121) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 127.80 Td (165,121) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 127.80 Td (3,366) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 484.65 127.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 127.80 Td (168,487) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 127.80 Td (168,487) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 127.80 Td (\(12,805) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 127.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 127.80 Td (1991) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 711.40 127.80 Td (March - 14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 108.80 Td (Simon Hegele Logistics) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 108.80 Td (Forchheim, Germany) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 108.80 Td (41,904) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 108.80 Td (13,245) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 108.80 Td (56,428) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 381.35 108.80 Td (69,673) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 436.55 108.85 Td (\(5,285) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 108.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 108.80 Td (12,207) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 108.80 Td (52,181) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 566.35 108.80 Td (64,388) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 108.80 Td (\(4,356) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 108.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 659.80 108.80 Td (2012-2014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 710.55 115.80 Td (June - 14 &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.65 108.80 Td (January - 15) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 96.80 Td (818 Bourke) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 96.80 Td (Melbourne, ) Tj ET Q q 0 0 0 rg BT 176.02 96.80 Td (Australia) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 96.80 Td (65,562) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 96.80 Td (36,487) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 96.80 Td (82,867) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 96.80 Td (1) Tj ET Q q 0 0 0 rg BT 381.35 96.80 Td (19,354) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 433.05 96.85 Td (\(13,340) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 96.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 96.80 Td (32,009) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 96.80 Td (74,005) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 96.80 Td (106,014) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 96.80 Td (\(5,908) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 96.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 96.80 Td (2008) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.30 96.80 Td (October - 14) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 84.80 Td (The Summit) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 84.80 Td (Bellevue, ) Tj ET Q q 0 0 0 rg BT 170.32 84.80 Td (W) Tj ET Q q 0 0 0 rg BT 176.58 84.80 Td (ashington) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 246.90 84.80 Td (170,000) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 84.80 Td (68,090) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 337.90 84.80 Td (217,974) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 84.80 Td (286,064) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 438.90 84.80 Td (4,369) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 84.80 Td (68,090) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 522.90 84.80 Td (222,343) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 84.80 Td (290,433) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 624.05 84.80 Td (\(15,597) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 84.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 659.25 84.80 Td (2002, 2005) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 711.40 84.80 Td (March - 15) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 65.80 Td (Harder Logistics Portfolio) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 72.80 Td (Nurember) Tj ET Q q 0 0 0 rg BT 170.25 72.80 Td (g, Karlsdorf,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 65.80 Td (and Duisbur) Tj ET Q q 0 0 0 rg BT 176.29 65.80 Td (g, Germany) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 250.40 65.80 Td (81,068) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 287.35 65.80 Td (16,362) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 341.40 65.80 Td (89,368) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 377.85 65.80 Td (105,730) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 435.40 65.80 Td (1) Tj ET Q q 0 0 0 rg BT 438.90 65.80 Td (1,564) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 472.35 65.80 Td (18,137) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 526.40 65.80 Td (99,157) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 562.85 65.80 Td (1) Tj ET Q q 0 0 0 rg BT 566.35 65.80 Td (17,294) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 627.55 65.80 Td (\(5,885) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 65.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 658.35 72.80 Td (2003, 2010,) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 668.00 65.80 Td (2015) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 709.55 72.80 Td (April - 15 &) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 706.20 65.80 Td (December - 15) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 39.00 53.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 142.00 53.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 224.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 241.65 53.80 Td (1,246,277) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 279.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 283.85 53.80 Td (700,767) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 316.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 332.65 53.80 Td (2,363,556) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 370.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 372.60 53.80 Td (3,064,323) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 410.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 429.55 53.85 Td (\(137,280) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 454.65 53.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 460.00 53.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 464.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 468.85 53.80 Td (671,776) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 501.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 517.65 53.80 Td (2,255,267) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 555.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 557.60 53.80 Td (2,927,043) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 595.00 53.80 Td ($) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 620.55 53.80 Td (\(237,767) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 645.65 53.80 Td (\)) Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 675.00 53.80 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 705.00 53.80 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 243 0 obj <> endobj 244 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 393.28 33.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 548.10 Td (\(a\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 548.10 Td (Assets consist of quality of) Tj ET Q q 0 0 0 rg BT 162.14 548.10 Td (fice, mixed-use and retail properties, industrial/distribution facilities and residential/living development.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 530.10 Td (\(b\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 530.10 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 36.00 512.10 Td (\(c\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 512.10 Td (Includes the ef) Tj ET Q q 0 0 0 rg BT 112.68 512.10 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 402.28 512.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.86 512.10 Td ( for properties that are denominated in a foreign currency) Tj ET Q q 0 0 0 rg BT 709.28 512.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 494.10 Td (\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 494.10 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 270.30 494.10 Td ($3.0 billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.42 494.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.58 494.10 Td (December31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.16 494.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 476.10 Td (\(e\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 476.10 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 536.16 476.10 Td (The estimated useful lives for computing depreciation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 464.10 Td (are generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.41 464.10 Td (10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.01 464.10 Td ( for furniture and fixtures, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.64 464.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.64 464.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.97 464.10 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.97 464.10 Td (years for electrical and mechanical installations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.10 464.10 Td (40 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.70 464.10 Td ( for buildings. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 36.00 440.10 Td (The changes in total r) Tj ET Q q 0 0 0 rg BT 128.60 440.10 Td (eal estate assets for) Tj ET Q q 0 0 0 rg BT 209.77 440.10 Td ( the years ended December) Tj ET Q q 0 0 0 rg BT 324.56 440.10 Td ( 31, \(in thousands\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 36.00 428.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 387.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 387.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 387.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 387.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 357.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 357.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 357.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 357.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 327.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 327.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 327.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 327.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 297.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 297.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 297.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 297.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 267.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 267.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 267.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 267.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 267.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 237.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 237.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 237.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 237.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 237.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 207.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 207.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 207.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 207.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 177.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 177.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 177.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 177.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 36.50 147.60 513.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 549.50 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 553.50 147.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 618.50 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 622.50 147.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 687.50 147.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 691.50 147.60 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 553.5 402.6 m 618.5 402.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 402.6 m 687.5 402.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 402.6 m 756.5 402.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 267.6 m 618.5 267.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 267.6 m 687.5 267.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 267.6 m 756.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 253.60000000000002 m 618.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 251.60000000000002 m 618.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 253.60000000000002 m 687.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 251.60000000000002 m 687.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 253.60000000000002 m 756.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 251.60000000000002 m 756.5 251.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 148.60000000000002 m 618.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 146.60000000000002 m 618.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 148.60000000000002 m 687.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 146.60000000000002 m 687.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 148.60000000000002 m 756.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 146.60000000000002 m 756.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 133.60000000000002 m 618.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 553.5 131.60000000000002 m 618.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 133.60000000000002 m 687.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 622.5 131.60000000000002 m 687.5 131.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 133.60000000000002 m 756.5 133.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 691.5 131.60000000000002 m 756.5 131.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 407.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 575.50 407.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 644.50 407.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 713.50 407.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 392.28 Td (Gr) Tj ET Q q 0 0 0 rg BT 51.13 392.28 Td (oss r) Tj ET Q q 0 0 0 rg BT 70.67 392.28 Td (eal estate assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.00 392.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 625.00 392.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 392.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 377.27 Td (Balance, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.00 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 574.65 377.27 Td (3,296,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 625.00 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 643.65 377.27 Td (3,468,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 377.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 377.27 Td (3,103,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 362.27 Td (Additions during the period:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 615.00 362.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.00 362.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 753.00 362.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 347.27 Td (Acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 604.65 347.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 656.15 347.27 Td (34,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 720.15 347.27 Td (479,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 332.27 Td (Other additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 587.15 332.27 Td (58,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 656.15 332.27 Td (20,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 725.15 332.27 Td (10,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 317.27 Td (Disposals of fully-depreciated assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 596.30 317.27 Td (\(215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 614.65 317.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 665.30 317.27 Td (\(132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 683.65 317.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 739.30 317.27 Td (\(38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 752.65 317.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 302.27 Td (Costs of real estate sold) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 578.80 302.27 Td (\(539,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 614.65 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 647.80 302.27 Td (\(135,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 683.65 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 721.80 302.27 Td (\(10,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 752.65 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 287.27 Td (Impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 583.80 287.27 Td (\(10,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 614.65 287.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 673.65 287.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 742.65 287.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 272.27 Td (Ef) Tj ET Q q 0 0 0 rg BT 60.35 272.27 Td (fect of changes in foreign currency exchange rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 582.15 272.27 Td (122,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 652.80 272.27 Td (\(90,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 683.65 272.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 716.80 272.27 Td (\(1) Tj ET Q q 0 0 0 rg BT 725.13 272.27 Td (15,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 752.65 272.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 257.27 Td (Balance, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.00 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 574.65 257.27 Td (2,927,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 625.00 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 643.65 257.27 Td (3,296,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 712.65 257.27 Td (3,468,188) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 39.00 242.28 Td (Accumulated Depr) Tj ET Q q 0 0 0 rg BT 119.64 242.28 Td (eciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 615.00 242.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 684.00 242.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 753.00 242.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 227.27 Td (Balance, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.00 227.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 578.80 227.27 Td (\(246,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 614.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 625.00 227.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 647.80 227.27 Td (\(200,31) Tj ET Q q 0 0 0 rg BT 678.63 227.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 683.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 227.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 716.80 227.27 Td (\(138,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 752.65 227.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 212.27 Td (Depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 583.80 212.27 Td (\(63,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 614.65 212.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 652.80 212.27 Td (\(69,805) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 683.65 212.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 721.80 212.27 Td (\(68,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 752.65 212.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 197.27 Td (Ef) Tj ET Q q 0 0 0 rg BT 60.35 197.27 Td (fect of changes in foreign currency exchange rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 583.80 197.27 Td (\(10,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 614.65 197.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 661.15 197.27 Td (8,562) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 730.15 197.27 Td (6,184) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 182.27 Td (Disposals of fully-depreciated assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 599.65 182.27 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 668.65 182.27 Td (132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 742.65 182.27 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 167.27 Td (Impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 592.15 167.27 Td (3,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 673.65 167.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 742.65 167.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.00 152.27 Td (Retirement or sales of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 587.15 152.27 Td (78,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 656.15 152.27 Td (14,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 730.15 152.27 Td (1,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 39.00 137.27 Td (Balance, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.00 137.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 578.80 137.27 Td (\(237,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 614.65 137.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 625.00 137.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 647.80 137.27 Td (\(246,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 683.65 137.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 694.00 137.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 716.80 137.27 Td (\(200,31) Tj ET Q q 0 0 0 rg BT 747.63 137.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 752.65 137.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 245 0 obj <> endobj 246 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 33.60 Td (120) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.10 740.25 Td (Schedule IV) Tj ET Q q 0 0 0 rg BT 255.87 740.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.37 740.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.87 740.25 Td ( Mortgage Loans on Real Estate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 728.25 Td (December) Tj ET Q q 0 0 0 rg BT 308.77 728.25 Td (31, 2017) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.95 716.25 Td (\(amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 692.25 Td (Changes in mortgage loans on real estate are summarized below \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 667.75 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 667.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 667.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 667.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 667.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 637.75 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 637.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 637.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 637.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 637.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 607.75 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 607.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 607.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 607.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 607.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 577.75 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 577.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 577.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 577.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 577.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 35.50 547.75 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 547.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 547.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 547.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 547.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 547.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 547.75 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 354.5 667.75 m 425.5 667.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 667.75 m 500.5 667.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 667.75 m 575.5 667.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 547.75 m 425.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 533.75 m 425.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 531.75 m 425.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 547.75 m 500.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 533.75 m 500.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 531.75 m 500.5 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 547.75 m 575.5 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 533.75 m 575.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 531.75 m 575.5 531.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.50 672.43 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.50 672.43 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.50 672.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 657.43 Td (Balance at beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 657.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 657.42 Td (15,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 657.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 657.42 Td (55,408) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 657.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 657.42 Td (75,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 642.42 Td (Additions during period:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 627.42 Td (New loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 627.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.42 Td (Additional advances on existing loans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.15 612.42 Td (2,296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 612.42 Td (6,073) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 612.42 Td (13,183) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 597.42 Td (Interest income added to principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 597.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 597.42 Td (694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 597.42 Td (754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 44.00 582.42 Td (Deductions during period:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 567.42 Td (Collection of principal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.80 567.47 Td (\(7,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 567.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 567.47 Td (\(46,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.65 567.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 567.42 Td (\(33,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.65 567.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.42 Td (Sale of loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 552.47 Td (\(10,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 552.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 552.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.65 552.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 38.00 537.43 Td (Balance at close of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 537.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 537.42 Td (15,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.00 537.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 537.42 Td (55,408) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 31.60 Td (121) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 16. Form 10-K Summary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.25 Td (None.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.75 670.25 Td (* * * * * *) Tj ET Q endstream endobj 249 0 obj <> endobj 250 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 24.60 Td (122) 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 45.50 701.75 38.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 701.75 6.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 701.75 478.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 646.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 646.75 6.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 646.75 478.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 600.75 38.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 600.75 6.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 600.75 478.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 554.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 554.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 554.75 478.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 526.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 526.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 526.75 478.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 498.75 38.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 498.75 6.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 498.75 478.00 -32.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 452.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 452.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 452.75 478.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 424.75 38.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 424.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 424.75 478.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 45.50 387.75 38.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.50 387.75 6.00 -41.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 89.50 387.75 478.00 -41.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 715.75 m 83.5 715.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 83.5 715.75 m 89.5 715.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 715.75 m 567.5 715.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.70 729.20 Td (Exhibit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.35 720.20 Td (No.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.75 720.20 Td (Description) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 693.01 Td (3.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 693.01 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 131.99 693.01 Td (Amendment and Restatement of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 319.78 693.01 Td (, Inc. \(filed as Exhibit 3.1 to Pre-Ef) Tj ET Q q 0 0 0 rg BT 446.58 693.01 Td (fective ) Tj ET Q q 0 0 0 rg BT 472.82 693.01 Td (Amendment No. 3 to the ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 684.01 Td (Registrant) Tj ET Q q 0 0 0 rg BT 131.49 684.01 Td (s Registration Statement on Form S-1) Tj ET Q q 0 0 0 rg BT 266.90 684.01 Td (1, SEC File No. 333-156742 \(the Registration Statement\), on ) Tj ET Q q 0 0 0 rg BT 496.87 684.01 Td (August 3, 2009 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 675.01 Td (and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 661.01 Td (3.2) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 661.01 Td (Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 200.32 661.01 Td (, Inc. \(filed as Exhibit 3.2 to Pre-Ef) Tj ET Q q 0 0 0 rg BT 327.12 661.01 Td (fective ) Tj ET Q q 0 0 0 rg BT 353.36 661.01 Td (Amendment No. 1 to the Registration Statement on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 652.01 Td (March 18, 2009 and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 638.01 Td (3.3) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 638.01 Td (Amendment No. 1 to Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 278.56 638.01 Td (, Inc. \(filed as Exhibit 3.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 434.77 638.01 Td (s Current Report on Form 8-K on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 629.01 Td (September 21, 2015 and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 615.01 Td (3.4) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 615.01 Td (Amendment No. 2 to Bylaws of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 278.56 615.01 Td (, Inc. \(filed as Exhibit 3.1 to the Registrant) Tj ET Q q 0 0 0 rg BT 434.77 615.01 Td (s Current Report on Form 8-K on ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 606.01 Td (September 7, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 68.75 592.01 Td (4.1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 592.01 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 161.32 592.01 Td (, Inc. Distribution Reinvestment Plan \(included as ) Tj ET Q q 0 0 0 rg BT 343.04 592.01 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 380.29 592.01 Td (A) Tj ET Q q 0 0 0 rg BT 386.29 592.01 Td ( to the Prospectus contained in the Registrant) Tj ET Q q 0 0 0 rg BT 551.51 592.01 Td (s ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 583.01 Td (Registration Statement on Form S-3 \(File No. 333-195478\) filed on ) Tj ET Q q 0 0 0 rg BT 337.23 583.01 Td (April 24, 2014 and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 569.01 Td (10.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 569.01 Td (Form of Restricted Share ) Tj ET Q q 0 0 0 rg BT 184.48 569.01 Td (A) Tj ET Q q 0 0 0 rg BT 190.16 569.01 Td (ward ) Tj ET Q q 0 0 0 rg BT 209.90 569.01 Td (Agreement) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 546.01 Td (21.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 546.01 Td (List of Subsidiaries of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 243.31 546.01 Td (, Inc.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 532.01 Td (23.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 532.01 Td (Consent of Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 245.72 532.01 Td (Accounting Firm of Hines Global REIT) Tj ET Q q 0 0 0 rg BT 388.78 532.01 Td (, Inc. and subsidiaries, Deloitte & ) Tj ET Q q 0 0 0 rg BT 511.84 532.01 Td (T) Tj ET Q q 0 0 0 rg BT 516.71 532.01 Td (ouche LLP) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 518.01 Td (31.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 518.01 Td (Certification) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 504.01 Td (31.2*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 504.01 Td (Certification) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 490.01 Td (32.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 490.01 Td (Certification of Chief Executive Of) Tj ET Q q 0 0 0 rg BT 219.29 490.01 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 320.59 490.01 Td (ficer 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 92.00 481.01 Td (Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 219.22 481.01 Td (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 92.00 472.01 Td (not be deemed to be filed.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 458.01 Td (99.1*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 458.01 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 180.07 458.01 Td (V) Tj ET Q q 0 0 0 rg BT 185.57 458.01 Td (aluer) Tj ET Q q 0 0 0 rg BT 203.19 458.01 Td (, Cushman & ) Tj ET Q q 0 0 0 rg BT 253.03 458.01 Td (W) Tj ET Q q 0 0 0 rg BT 260.81 458.01 Td (akefield, Inc.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 444.01 Td (99.2*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 443.21 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 180.07 443.21 Td (V) Tj ET Q q 0 0 0 rg BT 185.57 443.21 Td (aluer) Tj ET Q q 0 0 0 rg BT 203.19 443.21 Td (, Knight Frank, LLP) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 430.01 Td (99.3*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 429.21 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 180.07 429.21 Td (V) Tj ET Q q 0 0 0 rg BT 185.57 429.21 Td (aluer) Tj ET Q q 0 0 0 rg BT 203.19 429.21 Td (, Jones Lang LaSalle Incorporated) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 59.75 416.01 Td (99.4*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 416.01 Td (Consent of Independent ) Tj ET Q q 0 0 0 rg BT 180.07 416.01 Td (V) Tj ET Q q 0 0 0 rg BT 185.57 416.01 Td (aluer) Tj ET Q q 0 0 0 rg BT 203.19 416.01 Td (, ) Tj ET Q q 0 0 0 rg BT 207.20 416.01 Td (Altus Group U.S., Inc.) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 64.25 402.01 Td (99.5) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 402.01 Td (Hines Global REIT) Tj ET Q q 0 0 0 rg BT 161.82 402.01 Td ( ) Tj ET Q q 0 0 0 rg BT 163.58 402.01 Td (Amended and Restated Share Redemption Program, ef) Tj ET Q q 0 0 0 rg BT 360.61 402.01 Td (fective as of December 31, 2017 \(filed as Exhibit 99.1 ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 393.01 Td (to the Registrant) Tj ET Q q 0 0 0 rg BT 153.99 393.01 Td (s Current Report on From 8-K on December 1, 2017 and incorporated by reference herein\)) Tj ET Q BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 379.01 Td (101*) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 379.01 Td (The following materials from Hines Global REIT) Tj ET Q q 0 0 0 rg BT 269.79 379.01 Td (, Inc.) Tj ET Q q 0 0 0 rg BT 290.53 379.01 Td (s ) Tj ET Q q 0 0 0 rg BT 295.79 379.01 Td (Annual Report on Form 10-K for the year ended December 31, 2017,) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 370.01 Td (filed on March 30, 2018, are formatted in XBRL) Tj ET Q q 0 0 0 rg BT 267.12 370.01 Td ( \(eXtensible Business Reporting Language\): \(i\) Consolidated Balance Sheets, \(ii\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 361.01 Td (Consolidated Statements of Operations and Comprehensive Income \(Loss\), \(iii\) Statements of Equity) Tj ET Q q 0 0 0 rg BT 456.34 361.01 Td (, \(iv\) of Cash Flows, and \(v\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 92.00 352.01 Td (Notes to the Consolidated Financial Statements.) 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Shea Mor) Tj ET Q q 0 0 0 rg BT 112.91 378.32 Td (genroth) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.85 378.32 Td (Chief ) Tj ET Q q 0 0 0 rg BT 251.29 378.32 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 310.63 378.32 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 348.20 378.32 Td (T) Tj ET Q q 0 0 0 rg BT 354.05 378.32 Td (reasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.70 378.32 Td (March 30, 2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.32 Td (J. 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 617.25 Td (WHEREAS,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.62 617.25 Td ( the Board of Directors of the Company \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.73 617.25 Td (Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.40 617.25 Td (\) has determined that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.25 Td (Director and each of the Company) Tj ET Q q 0 0 0 rg BT 212.78 605.25 Td (s other independent directors, as of the date of each annual meeting of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.25 Td (Company) Tj ET Q q 0 0 0 rg BT 113.67 593.25 Td (s stockholders at which the director is re-elected to serve as an independent director of the Company) Tj ET Q q 0 0 0 rg BT 514.54 593.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.25 Td (commencing with the 20__ annual meeting of the Company) Tj ET Q q 0 0 0 rg BT 314.72 581.25 Td (s stockholders \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 581.25 Td (20__ ) Tj ET Q q 0 0 0 rg BT 418.60 581.25 Td (Annual Meeting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.77 581.25 Td (\), will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.25 Td (automatically be granted shares of the Company) Tj ET Q q 0 0 0 rg BT 268.05 569.25 Td (s common stock, par value $.001 per share \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.10 569.25 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.94 569.25 Td (\) as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.25 Td (set forth below; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 533.25 Td (WHEREAS,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.62 533.25 Td ( such shares of Common Stock are subject to certain vesting and transfer restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.25 Td (as set forth herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 497.25 Td (NOW) Tj ET Q q 0 0 0 rg BT 168.08 497.25 Td (, ) Tj ET Q q 0 0 0 rg BT 172.90 497.25 Td (THEREFORE,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.19 497.25 Td ( the Company and the Director agree as follows:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 473.25 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 154 471.68505859375 m 222.1494140625 471.68505859375 l s q 0 0 0 rg BT 154.00 473.25 Td (Grant of Shar) Tj ET Q q 0 0 0 rg BT 213.82 473.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.15 473.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.65 473.25 Td ( Subject to the terms, conditions and restrictions of this ) Tj ET Q q 0 0 0 rg BT 447.12 473.25 Td (Agreement, as of each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.25 Td (of \(i\) _______ __, 20__, the date of the initial grant \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.05 461.25 Td (Initial Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.27 461.25 Td (\), and \(ii\) the date of each annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.25 Td (meeting of the Company) Tj ET Q q 0 0 0 rg BT 173.92 449.25 Td (s stockholders thereafter at which the Director is elected as an independent director of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.25 Td (Company \(each an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.91 437.25 Td (Annual Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.69 437.25 Td (, and together with the Initial Grant Date, each a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.05 437.25 Td (Grant Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 437.25 Td (\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.25 Td (Director was or will be, as applicable, automatically granted $__,___ in shares of duly authorized, validly issued, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.25 Td (fully paid and non-assessable Common Stock \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.46 413.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 299.84 413.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.17 413.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 320.76 413.25 Td (The number of Shares to be granted shall be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.25 Td (determined by dividing $__,___ by the net asset value per share of the Company) Tj ET Q q 0 0 0 rg BT 396.92 401.25 Td (s common stock that was most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.25 Td (recently disclosed by the Company on or before the applicable Grant Date. Pursuant to Sections 2 and 3 of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.25 Td (Agreement, the Shares are subject to certain restrictions, which restrictions and possible risk of forfeiture will expire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.25 Td (in accordance with the provisions of Sections 2, 3 and 4 hereof. During the period that Shares remain subject to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.25 Td (of the restrictions under this ) Tj ET Q q 0 0 0 rg BT 186.15 353.25 Td (Agreement, the Shares will be referred to herein as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.61 353.25 Td (Restricted Shar) Tj ET Q q 0 0 0 rg BT 463.36 353.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.69 353.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 336.25 Td (2. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 154 334.68505859375 m 257.046875 334.68505859375 l s q 0 0 0 rg BT 154.00 336.25 Td (Restrictions on ) Tj ET Q q 0 0 0 rg BT 220.48 336.25 Td (T) Tj ET Q q 0 0 0 rg BT 226.41 336.25 Td (ransfer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.59 336.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.09 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.41 336.25 Td (The Director shall not sell, assign, transfer) Tj ET Q q 0 0 0 rg BT 430.96 336.25 Td (, pledge, exchange, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 324.25 Td (encumber) Tj ET Q q 0 0 0 rg BT 111.02 324.25 Td (, hypothecate or otherwise dispose of the Restricted Shares, at any time during the period \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.58 324.25 Td (Non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 312.25 Td (Assignment Period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.83 312.25 Td (\) that begins on the applicable Grant Date for the Restricted Shares and ends on the earlier of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 300.25 Td (\(i\) the second anniversary of the Grant Date applicable to the Restricted Shares, and \(ii\) the date on which Director) Tj ET Q q 0 0 0 rg BT 532.20 300.25 Td () Tj ET Q q 0 0 0 rg BT 534.98 300.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 288.25 Td (Continuous Service \(as defined in ) Tj ET Q q 0 0 0 rg BT 209.48 288.25 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 250.86 288.25 Td (A\) terminates by reason of the Director) Tj ET Q q 0 0 0 rg BT 408.40 288.25 Td () Tj ET Q q 0 0 0 rg BT 411.17 288.25 Td (s death or Disability \(as defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 276.25 Td (in ) Tj ET Q q 0 0 0 rg BT 81.73 276.25 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 123.11 276.25 Td (A\). ) Tj ET Q q 0 0 0 rg BT 138.11 276.25 Td (Any attempted sale, assignment, transfer) Tj ET Q q 0 0 0 rg BT 300.44 276.25 Td (, pledge, exchange, encumbrance, hypothecation or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 264.25 Td (disposition of the Restricted Shares at any time during the Non-Assignment Period or otherwise in violation of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 252.25 Td (Agreement shall be void and of no ef) Tj ET Q q 0 0 0 rg BT 220.38 252.25 Td (fect and the Company shall have the right to disregard the same on its books ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 240.25 Td (and records and to issue stop transfer instructions to its transfer agent.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 223.25 Td (3. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 153.90966796875 221.68505859375 m 185.123046875 221.68505859375 l s q 0 0 0 rg BT 153.82 223.25 Td (V) Tj ET Q q 0 0 0 rg BT 160.12 223.25 Td (esting) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.12 223.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.62 223.25 Td ( Subject to the terms of this ) Tj ET Q q 0 0 0 rg BT 299.56 223.25 Td (Agreement, the Restricted Shares shall vest and become ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 211.25 Td (non-forfeitable as follows \(but the Shares shall remain subject to the restrictions under Section 2 hereof until the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 199.25 Td (day of the Non-Assignment Period\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 175.25 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.10 175.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.60 175.25 Td (One hundred percent \(100%\) upon the first anniversary of the applicable Grant Date \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 500.52 175.25 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.74 175.25 Td (, upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 163.25 Td (the first anniversary of the Initial Grant Date with respect to the Restricted Shares granted on the Initial Grant Date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 151.25 Td (and upon the first anniversaries of each applicable ) Tj ET Q q 0 0 0 rg BT 274.70 151.25 Td (Annual Grant Date for any Restricted Shares granted to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 139.25 Td (Director on the date of an annual meeting of the Company) Tj ET Q q 0 0 0 rg BT 308.04 139.25 Td (s stockholders\), subject in each case to the Director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 127.25 Td (remaining in Continuous Service through and until such vesting date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 103.25 Td (\(b\) One hundred percent \(100%\) upon a termination of the Director) Tj ET Q q 0 0 0 rg BT 414.27 103.25 Td () Tj ET Q q 0 0 0 rg BT 417.05 103.25 Td (s Continuous Service \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 91.25 Td (defined on ) Tj ET Q q 0 0 0 rg BT 116.43 91.25 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 157.82 91.25 Td (A\) by reason of the Director) Tj ET Q q 0 0 0 rg BT 271.20 91.25 Td () Tj ET Q q 0 0 0 rg BT 273.98 91.25 Td (s death or Disability \(as defined in ) Tj ET Q q 0 0 0 rg BT 413.67 91.25 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 455.06 91.25 Td (A\);) Tj ET Q endstream endobj 255 0 obj <> endobj 256 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 713.10 Td (\(c\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.10 713.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.60 713.10 Td (One hundred percent \(100%\) on the ef) Tj ET Q q 0 0 0 rg BT 311.25 713.10 Td (fective date of the consummation of a Change in Control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 701.10 Td (\(as defined in ) Tj ET Q q 0 0 0 rg BT 128.37 701.10 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 169.76 701.10 Td (A\), subject to the Director) Tj ET Q q 0 0 0 rg BT 274.82 701.10 Td () Tj ET Q q 0 0 0 rg BT 277.60 701.10 Td (s remaining in Continuous Service \(as defined in ) Tj ET Q q 0 0 0 rg BT 474.78 701.10 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 516.17 701.10 Td (A\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.10 Td (through and until such vesting date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 665.10 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.66 665.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.16 665.10 Td (There shall be no proportionate or partial vesting in the periods prior to the applicable vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.10 Td (dates and all vesting will occur only on the appropriate vesting date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 629.10 Td (4. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 154 627.53505859375 m 197.681640625 627.53505859375 l s q 0 0 0 rg BT 154.00 629.10 Td (Forfeitur) Tj ET Q q 0 0 0 rg BT 193.24 629.10 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.68 629.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.18 629.10 Td ( If the Director) Tj ET Q q 0 0 0 rg BT 260.25 629.10 Td () Tj ET Q q 0 0 0 rg BT 263.02 629.10 Td (s Continuous Service \(as defined in ) Tj ET Q q 0 0 0 rg BT 406.89 629.10 Td (Appendix ) Tj ET Q q 0 0 0 rg BT 448.28 629.10 Td (A\) terminates for any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (reason, the Director shall automatically forfeit any Restricted Shares that have not previously vested on or before the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 605.10 Td (termination of Continuous Service and that do not become vested pursuant to Sections 3\(b\) or \(c\) by reason of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (termination of Continuous Service, and the Company shall reacquire and cancel such forfeited Restricted Shares for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.10 Td (no consideration. In addition, the Company may) Tj ET Q q 0 0 0 rg BT 267.15 581.10 Td (, in its discretion require that the Director repay to the Company the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (amount of any cash or other distributions received by the Director with respect to any Restricted Shares that are so ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.10 Td (forfeited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 533.10 Td (5. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 154 531.53505859375 m 321.3974609375 531.53505859375 l s q 0 0 0 rg BT 154.00 533.10 Td (Rights as a Holder) Tj ET Q q 0 0 0 rg BT 232.99 533.10 Td ( of Restricted Shar) Tj ET Q q 0 0 0 rg BT 313.07 533.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.40 533.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.90 533.10 Td ( From and after the Grant Date, the Director shall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 521.10 Td (have, with respect to the Restricted Shares, all of the rights of a holder of shares of Common Stock, including, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 509.10 Td (without limitation, the right to vote the Shares, to receive and, except as otherwise provided in Section 4 hereof, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.10 Td (retain all regular cash distributions payable to holders of Shares of record on and after the Grant Date \(although such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.10 Td (distributions will be treated, to the extent required by applicable law) Tj ET Q q 0 0 0 rg BT 344.32 485.10 Td (, as additional compensation for tax purposes\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 473.10 Td (and to exercise all other rights, powers and privileges of a holder of Shares with respect to the Restricted Shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.10 Td (with the exception that: \(i\) to the extent the Company issues a dividend in the form other than a cash distribution, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.10 Td (including in the form of Shares or other property) Tj ET Q q 0 0 0 rg BT 266.30 449.10 Td (, such dividend will be subject to the same restrictions that are then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.10 Td (applicable to the Restricted Shares and this ) Tj ET Q q 0 0 0 rg BT 246.12 437.10 Td (Agreement and such restrictions will expire at the same time as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.10 Td (restrictions on the Restricted Shares expire; and \(ii\) the Director may not sell, assign, transfer) Tj ET Q q 0 0 0 rg BT 444.82 425.10 Td (, pledge, exchange, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.10 Td (encumber) Tj ET Q q 0 0 0 rg BT 111.02 413.10 Td (, hypothecate or otherwise dispose of the Restricted Shares during the Non-Assignment Period. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 379.10 Td (6. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 153.90966796875 377.53505859375 m 493.1650390625 377.53505859375 l s q 0 0 0 rg BT 153.82 379.10 Td (T) Tj ET Q q 0 0 0 rg BT 159.57 379.10 Td (axes; Section 83\(b\) Election Shall Not Be Made; No Guaranty of Section 409A) Tj ET Q q 0 0 0 rg BT 490.67 379.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 72 365.53505859375 m 123.1083984375 365.53505859375 l s q 0 0 0 rg BT 72.00 367.10 Td (Compliance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.11 367.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 350.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 157.42 350.10 Td (The Director shall be solely responsible for all applicable foreign, Federal, state, local or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 338.10 Td (taxes with respect to the Restricted Shares; provided, however) Tj ET Q q 0 0 0 rg BT 320.69 338.10 Td (, that at any time the Company is required to withhold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 326.10 Td (any such taxes, the Director acknowledges that \(i\) no later than the date on which any Restricted Shares will have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 314.10 Td (become vested, the Director shall pay to the Company) Tj ET Q q 0 0 0 rg BT 288.23 314.10 Td (, or make arrangements satisfactory to the Company regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 302.10 Td (payment of, any Federal, state, local or other taxes of any kind required by law to be withheld with respect to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 290.10 Td (Restricted Shares which will have become so vested; \(ii\) the Company shall, to the extent permitted by law) Tj ET Q q 0 0 0 rg BT 500.13 290.10 Td (, have the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 278.10 Td (right to deduct from any payment of any kind otherwise due to the Director any Federal, state or local or other taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 266.10 Td (of any kind required by law to be withheld with respect to any Restricted Shares which will have become so vested, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 254.10 Td (including that the Company may) Tj ET Q q 0 0 0 rg BT 202.44 254.10 Td (, but shall not be required to, sell a number of Restricted Shares suf) Tj ET Q q 0 0 0 rg BT 471.36 254.10 Td (ficient to cover ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 242.10 Td (applicable withholding taxes; and \(iii\) in the event that the Director does not satisfy \(i\) above on a timely basis, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 230.10 Td (Company may) Tj ET Q q 0 0 0 rg BT 129.95 230.10 Td (, but shall not be required to, pay such required withholding and, to the extent permitted by applicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 218.10 Td (law) Tj ET Q q 0 0 0 rg BT 85.79 218.10 Td (, treat such amount as a demand loan to the Director at the maximum rate permitted by law) Tj ET Q q 0 0 0 rg BT 448.91 218.10 Td (, with such loan, at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 206.10 Td (Company) Tj ET Q q 0 0 0 rg BT 113.67 206.10 Td (s sole discretion and provided the Company so notifies the Director within thirty \(30\) days of the making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 194.10 Td (of the loan, secured by the Restricted Shares and any failure by the Director to pay the loan upon demand will entitle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 182.10 Td (the Company to all of the rights at law of a creditor secured by the Restricted Shares. ) Tj ET Q q 0 0 0 rg BT 414.50 182.10 Td (The Company may hold as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 170.10 Td (security any certificates representing any Restricted Shares and, upon demand of the Company) Tj ET Q q 0 0 0 rg BT 450.39 170.10 Td (, the Director shall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 158.10 Td (deliver to the Company any certificates in his or her possession representing the Restricted Shares together with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 146.10 Td (stock power duly endorsed in blank. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 122.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 157.61 122.10 Td (As a condition to each grant of Restricted Shares pursuant to this ) Tj ET Q q 0 0 0 rg BT 419.22 122.10 Td (Agreement, the Director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 110.10 Td (covenants and agrees that the Director shall ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 248.875 108.76699218750002 m 261.6533203125 108.76699218750002 l s q 0 0 0 rg BT 248.88 110.10 Td (not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 110.10 Td ( make an election under Section 83\(b\) of the Code, or any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 98.10 Td (corresponding provisions of state tax laws, to be taxed on the value of the Restricted Shares on the Grant Date, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 86.10 Td (if the Director) Tj ET Q q 0 0 0 rg BT 128.24 86.10 Td (, attempts to make any such election, the Company) Tj ET Q q 0 0 0 rg BT 331.43 86.10 Td (, in its sole discretion, may revoke and cancel the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 74.10 Td (award of the Restricted Shares for no consideration. ) Tj ET Q endstream endobj 257 0 obj <> endobj 258 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 701.10 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 157.05 701.10 Td (Although the Company makes no guarantee with respect to the tax treatment of the Restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.10 Td (Shares, the award of Restricted Shares pursuant to this ) Tj ET Q q 0 0 0 rg BT 291.95 689.10 Td (Agreement is intended to be exempt from Section 409A) Tj ET Q q 0 0 0 rg BT 515.23 689.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.10 Td (the Code and will be limited, construed and interpreted in accordance with such intent. ) Tj ET Q q 0 0 0 rg BT 421.16 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.19 677.10 Td (ith respect to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (distributions and other property issued in respect of the Shares, however) Tj ET Q q 0 0 0 rg BT 360.70 665.10 Td (, this ) Tj ET Q q 0 0 0 rg BT 382.09 665.10 Td (Agreement is intended to comply with, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.10 Td (or to be exempt from, the applicable requirements of Section 409A) Tj ET Q q 0 0 0 rg BT 339.42 653.10 Td ( of the Code and will be limited, construed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (interpreted in accordance with such intent. In no event whatsoever will the Company or any of its af) Tj ET Q q 0 0 0 rg BT 472.25 641.10 Td (filiates be liable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 629.10 Td (for any additional tax, interest or penalties that may be imposed on the Director by Section 409A) Tj ET Q q 0 0 0 rg BT 458.85 629.10 Td ( of the Code or any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 617.10 Td (damages for failing to comply with Section 409A) Tj ET Q q 0 0 0 rg BT 269.47 617.10 Td ( of the Code.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 593.10 Td (7. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 154 591.53505859375 m 300.6650390625 591.53505859375 l s q 0 0 0 rg BT 154.00 593.10 Td (No Obligation to Continue Service) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.67 593.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.17 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.48 593.10 Td (This ) Tj ET Q q 0 0 0 rg BT 325.21 593.10 Td (Agreement is not an agreement of employment or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 581.10 Td (service. Neither the execution of this ) Tj ET Q q 0 0 0 rg BT 221.12 581.10 Td (Agreement nor the issuance of the Restricted Shares hereunder constitute an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 569.10 Td (agreement by the Company to employ or retain, or to continue to retain, the Director during the entire, or any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 557.10 Td (portion of, the term of this ) Tj ET Q q 0 0 0 rg BT 179.49 557.10 Td (Agreement, including, but not limited to, any period during which any Restricted Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 545.10 Td (are outstanding, nor does it modify in any respect the Board) Tj ET Q q 0 0 0 rg BT 314.44 545.10 Td (s right to modify the Director) Tj ET Q q 0 0 0 rg BT 432.29 545.10 Td () Tj ET Q q 0 0 0 rg BT 435.07 545.10 Td (s compensation and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 533.10 Td (right of the Company) Tj ET Q q 0 0 0 rg BT 160.60 533.10 Td (s stockholders to terminate the Director) Tj ET Q q 0 0 0 rg BT 318.98 533.10 Td () Tj ET Q q 0 0 0 rg BT 321.76 533.10 Td (s service on the board.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 509.10 Td (8. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 154 507.53505859375 m 185.669921875 507.53505859375 l s q 0 0 0 rg BT 154.00 509.10 Td (Legend) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.67 509.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.17 509.10 Td ( In the event that a certificate evidencing the Restricted Shares is issued, the certificate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 497.10 Td (representing the Restricted Shares will have endorsed thereon the following legends:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 473.10 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.10 473.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.60 473.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 183.42 473.10 Td (ANTICIP) Tj ET Q q 0 0 0 rg BT 221.95 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 228.06 473.10 Td (TION, ) Tj ET Q q 0 0 0 rg BT 256.39 473.10 Td (ALIENA) Tj ET Q q 0 0 0 rg BT 292.50 473.10 Td (TION, ) Tj ET Q q 0 0 0 rg BT 320.83 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 326.94 473.10 Td (TT) Tj ET Q q 0 0 0 rg BT 338.36 473.10 Td (ACHMENT) Tj ET Q q 0 0 0 rg BT 387.06 473.10 Td (, SALE, ) Tj ET Q q 0 0 0 rg BT 421.88 473.10 Td (TRANSFER, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 461.10 Td (ASSIGNMENT) Tj ET Q q 0 0 0 rg BT 135.71 461.10 Td (, PLEDGE, ENCUMBRANCE OR CHARGE OF ) Tj ET Q q 0 0 0 rg BT 338.32 461.10 Td (THE SHARES OF ST) Tj ET Q q 0 0 0 rg BT 427.87 461.10 Td (OCK REPRESENTED ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 449.10 Td (HEREBY) Tj ET Q q 0 0 0 rg BT 111.63 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.58 449.10 Td (ARE SUBJECT) Tj ET Q q 0 0 0 rg BT 178.13 449.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.45 449.10 Td (T) Tj ET Q q 0 0 0 rg BT 186.38 449.10 Td (O ) Tj ET Q q 0 0 0 rg BT 195.92 449.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 217.67 449.10 Td (TERMS ) Tj ET Q q 0 0 0 rg BT 252.96 449.10 Td (AND CONDITIONS \(INCLUDING FORFEITURE\) OF ) Tj ET Q q 0 0 0 rg BT 483.24 449.10 Td (AN ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 437.10 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 133.48 437.10 Td ( ENTERED INT) Tj ET Q q 0 0 0 rg BT 200.51 437.10 Td (O BETWEEN ) Tj ET Q q 0 0 0 rg BT 260.31 437.10 Td (THE REGISTERED OWNER ) Tj ET Q q 0 0 0 rg BT 384.47 437.10 Td (AND HINES GLOBAL) Tj ET Q q 0 0 0 rg BT 480.75 437.10 Td ( REIT) Tj ET Q q 0 0 0 rg BT 504.73 437.10 Td (, INC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 425.10 Td (\(THE COMP) Tj ET Q q 0 0 0 rg BT 129.13 425.10 Td (ANY\) DA) Tj ET Q q 0 0 0 rg BT 174.40 425.10 Td (TED ) Tj ET Q q 0 0 0 rg BT 195.79 425.10 Td (AS OF ______________, 20___. ) Tj ET Q q 0 0 0 rg BT 333.30 425.10 Td (A) Tj ET Q q 0 0 0 rg BT 339.97 425.10 Td ( COPY) Tj ET Q q 0 0 0 rg BT 368.78 425.10 Td ( OF SUCH ) Tj ET Q q 0 0 0 rg BT 415.18 425.10 Td (AGREEMENT) Tj ET Q q 0 0 0 rg BT 476.66 425.10 Td ( IS ON FILE ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.11 413.10 Td (T) Tj ET Q q 0 0 0 rg BT 84.04 413.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.36 413.10 Td (THE PRINCIP) Tj ET Q q 0 0 0 rg BT 145.73 413.10 Td (AL) Tj ET Q q 0 0 0 rg BT 158.68 413.10 Td ( OFFICE OF ) Tj ET Q q 0 0 0 rg BT 213.24 413.10 Td (THE COMP) Tj ET Q q 0 0 0 rg BT 262.61 413.10 Td (ANY) Tj ET Q q 0 0 0 rg BT 282.98 413.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 389.10 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.66 389.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.16 389.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 177.88 389.10 Td (legend ) Tj ET Q q 0 0 0 rg BT 207.04 389.10 Td (required ) Tj ET Q q 0 0 0 rg BT 242.85 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.13 389.10 Td (be ) Tj ET Q q 0 0 0 rg BT 265.07 389.10 Td (placed ) Tj ET Q q 0 0 0 rg BT 293.66 389.10 Td (thereon ) Tj ET Q q 0 0 0 rg BT 326.15 389.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.65 389.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 382.24 389.10 Td (blue ) Tj ET Q q 0 0 0 rg BT 401.95 389.10 Td (sky ) Tj ET Q q 0 0 0 rg BT 418.35 389.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 439.18 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.01 389.10 Td (any ) Tj ET Q q 0 0 0 rg BT 466.94 389.10 Td (state.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 365.10 Td (Notwithstanding ) Tj ET Q q 0 0 0 rg BT 142.49 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.53 365.10 Td (foregoing, ) Tj ET Q q 0 0 0 rg BT 203.73 365.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.33 365.10 Td (no ) Tj ET Q q 0 0 0 rg BT 229.15 365.10 Td (event ) Tj ET Q q 0 0 0 rg BT 254.63 365.10 Td (will ) Tj ET Q q 0 0 0 rg BT 274.01 365.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.05 365.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 332.76 365.10 Td (be ) Tj ET Q q 0 0 0 rg BT 346.02 365.10 Td (obligated ) Tj ET Q q 0 0 0 rg BT 387.06 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.66 365.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 422.48 365.10 Td (a ) Tj ET Q q 0 0 0 rg BT 430.75 365.10 Td (certificate ) Tj ET Q q 0 0 0 rg BT 474.53 365.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 527.78 365.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.10 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 115.04 353.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 144.20 353.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 166.14 353.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.42 353.10 Td (vesting ) Tj ET Q q 0 0 0 rg BT 207.81 353.10 Td (as ) Tj ET Q q 0 0 0 rg BT 218.64 353.10 Td (set ) Tj ET Q q 0 0 0 rg BT 232.24 353.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 254.18 353.10 Td (in ) Tj ET Q q 0 0 0 rg BT 264.46 353.10 Td (Section ) Tj ET Q q 0 0 0 rg BT 296.96 353.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 304.46 353.10 Td (hereof.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 329.10 Td (9. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 154 327.53505859375 m 266.8564453125 327.53505859375 l s q 0 0 0 rg BT 154.00 329.10 Td (Securities Repr) Tj ET Q q 0 0 0 rg BT 219.63 329.10 Td (esentations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.86 329.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.36 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.68 329.10 Td (The Shares are being issued to the Director and this ) Tj ET Q q 0 0 0 rg BT 479.95 329.10 Td (Agreement is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 317.10 Td (being made by the Company in reliance upon the following express representations and warranties of the Director) Tj ET Q q 0 0 0 rg BT 527.42 317.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 293.10 Td (The Director acknowledges, represents and warrants that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 269.10 Td (\(a\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.10 269.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.60 269.10 Td (the Director has been advised that the Director may be an af) Tj ET Q q 0 0 0 rg BT 402.03 269.10 Td (filiate within the meaning of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.10 Td (Rule 144 under the Securities ) Tj ET Q q 0 0 0 rg BT 192.25 257.10 Td (Act of 1933, as amended \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.93 257.10 Td (Act) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.92 257.10 Td (\), currently or at the time the Director desires to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 245.10 Td (sell the Shares following the vesting of the Restricted Shares, and in this connection the Company is relying in part ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.10 Td (on the Director) Tj ET Q q 0 0 0 rg BT 132.90 233.10 Td () Tj ET Q q 0 0 0 rg BT 135.68 233.10 Td (s representations set forth in this section.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 209.10 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.66 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.16 209.10 Td (If the Director is deemed an af) Tj ET Q q 0 0 0 rg BT 280.14 209.10 Td (filiate within the meaning of Rule 144 of the ) Tj ET Q q 0 0 0 rg BT 460.38 209.10 Td (Act, the Shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.10 Td (must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 185.10 Td (files an additional registration statement \(or a re-of) Tj ET Q q 0 0 0 rg BT 279.79 185.10 Td (fer prospectus\) with regard to such Shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 161.10 Td (\(c\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.10 161.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.60 161.10 Td (The Company is under no obligation to register the Shares \(or to file a re-of) Tj ET Q q 0 0 0 rg BT 464.55 161.10 Td (fer prospectus\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 137.10 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.66 137.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.16 137.10 Td (If the Director is deemed an af) Tj ET Q q 0 0 0 rg BT 280.14 137.10 Td (filiate within the meaning of Rule 144 of the ) Tj ET Q q 0 0 0 rg BT 460.38 137.10 Td (Act, the Director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 125.10 Td (understands that the exemption from registration under Rule 144 will not be available unless \(i\) a public trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 113.10 Td (market then exists for the Common Stock, \(ii\) adequate information concerning the Company is then available to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 101.10 Td (public, and \(iii\) other terms and conditions of Rule 144 or any exemption therefrom are complied with; and that any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 89.10 Td (sale of the Shares may be made only in limited amounts in accordance with such terms and conditions.) Tj ET Q endstream endobj 259 0 obj <> endobj 260 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 713.25 Td (10. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 159 711.68505859375 m 236.84912109375 711.68505859375 l s q 0 0 0 rg BT 159.00 713.25 Td (Power) Tj ET Q q 0 0 0 rg BT 186.03 713.25 Td ( of ) Tj ET Q q 0 0 0 rg BT 198.80 713.25 Td (Attorney) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.57 713.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.07 713.25 Td ( ) Tj ET Q q 0 0 0 rg BT 241.39 713.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 297.68 713.25 Td (, its successors and assigns, is hereby appointed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 701.25 Td (attorney-in-fact, with full power of substitution, of the Director for the purpose of carrying out the provisions of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.25 Td (Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 677.25 Td (advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.25 Td (an interest. ) Tj ET Q q 0 0 0 rg BT 118.19 665.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 174.48 665.25 Td (, as attorney-in-fact for the Director) Tj ET Q q 0 0 0 rg BT 316.79 665.25 Td (, may in the name and stead of the Director) Tj ET Q q 0 0 0 rg BT 489.10 665.25 Td (, make and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 653.25 Td (execute all conveyances, assignments and transfers of the Restricted Shares provided for herein, and the Director ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.25 Td (hereby ratifies and confirms that which the Company) Tj ET Q q 0 0 0 rg BT 284.34 641.25 Td (, as said attorney-in-fact, will do by virtue hereof. 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.70 509.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 485.25 Td (\(b\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.66 485.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.77 485.25 Td (This ) Tj ET Q q 0 0 0 rg BT 179.66 485.25 Td (award ) Tj ET Q q 0 0 0 rg BT 207.20 485.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.63 485.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 262.29 485.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 292.06 485.25 Td (will ) Tj ET Q q 0 0 0 rg BT 310.72 485.25 Td (not ) Tj ET Q q 0 0 0 rg BT 326.61 485.25 Td (af) Tj ET Q q 0 0 0 rg BT 334.20 485.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 352.29 485.25 Td (in ) Tj ET Q q 0 0 0 rg BT 363.18 485.25 Td (any ) Tj ET Q q 0 0 0 rg BT 380.73 485.25 Td (way ) Tj ET Q q 0 0 0 rg BT 400.50 485.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.82 485.25 Td (right ) Tj ET Q q 0 0 0 rg BT 437.82 485.25 Td (or ) Tj ET Q q 0 0 0 rg BT 449.26 485.25 Td (power ) Tj ET Q q 0 0 0 rg BT 477.36 485.25 Td 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 425.25 Td (\(c\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.10 425.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.39 425.25 Td (The ) Tj ET Q q 0 0 0 rg BT 179.22 425.25 Td (Director ) Tj ET Q q 0 0 0 rg BT 216.83 425.25 Td (agrees ) Tj ET Q q 0 0 0 rg BT 246.66 425.25 Td (that ) Tj ET Q q 0 0 0 rg BT 265.94 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.45 425.25 Td (award ) Tj ET Q q 0 0 0 rg BT 311.17 425.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.79 425.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.29 425.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 385.12 425.25 Td (Shares ) Tj ET Q q 0 0 0 rg BT 416.07 425.25 Td (hereunder ) Tj ET Q q 0 0 0 rg BT 460.34 425.25 Td (is ) Tj ET Q q 0 0 0 rg BT 471.30 425.25 Td (special ) Tj ET Q q 0 0 0 rg BT 503.35 425.25 Td (incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 413.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 130.57 413.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.04 413.25 Td (that ) Tj ET Q q 0 0 0 rg BT 166.06 413.25 Td (it, ) Tj ET Q q 0 0 0 rg BT 177.15 413.25 Td (any ) Tj ET Q q 0 0 0 rg BT 194.61 413.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 236.53 413.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 256.78 413.25 Td (thereon ) Tj ET Q q 0 0 0 rg BT 289.79 413.25 Td (\(even ) Tj ET Q q 0 0 0 rg BT 315.03 413.25 Td (if ) Tj ET Q q 0 0 0 rg BT 324.16 413.25 Td (treated ) Tj ET Q q 0 0 0 rg BT 354.39 413.25 Td (as ) Tj ET Q q 0 0 0 rg BT 365.75 413.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 424.32 413.25 Td (for ) Tj ET Q q 0 0 0 rg BT 439.01 413.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 454.26 413.25 Td (purposes\) ) Tj ET Q q 0 0 0 rg BT 496.17 413.25 Td (will ) Tj ET Q q 0 0 0 rg BT 514.75 413.25 Td (not ) Tj ET Q q 0 0 0 rg BT 530.56 413.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 401.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 96.72 401.25 Td (into ) Tj ET Q q 0 0 0 rg BT 115.33 401.25 Td (account ) Tj ET Q q 0 0 0 rg BT 149.49 401.25 Td (as ) Tj ET Q q 0 0 0 rg BT 160.88 401.25 Td (salary ) Tj ET Q q 0 0 0 rg BT 196.70 401.25 Td (or ) Tj ET Q q 0 0 0 rg BT 208.09 401.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 275.57 401.25 Td (or ) Tj ET Q q 0 0 0 rg BT 286.96 401.25 Td (bonus ) Tj ET Q q 0 0 0 rg BT 322.79 401.25 Td (in ) Tj ET Q q 0 0 0 rg BT 333.63 401.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 385.01 401.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.29 401.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 433.35 401.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.74 401.25 Td (any ) Tj ET Q q 0 0 0 rg BT 462.24 401.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 499.73 401.25 Td (under ) Tj ET Q q 0 0 0 rg BT 525.56 401.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 389.25 Td (pension, ) Tj ET Q q 0 0 0 rg BT 108.10 389.25 Td (retirement ) Tj ET Q q 0 0 0 rg BT 151.68 389.25 Td (or ) Tj ET Q q 0 0 0 rg BT 162.50 389.25 Td (profit-sharing ) Tj ET Q q 0 0 0 rg BT 219.97 389.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 239.68 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 250.50 389.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.20 389.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 306.58 389.25 Td (or ) Tj ET Q q 0 0 0 rg BT 317.40 389.25 Td (any ) Tj ET Q q 0 0 0 rg BT 334.32 389.25 Td (life ) Tj ET Q q 0 0 0 rg BT 350.14 389.25 Td (insurance, ) Tj ET Q q 0 0 0 rg BT 393.44 389.25 Td (disability ) Tj ET Q q 0 0 0 rg BT 433.15 389.25 Td (or ) Tj ET Q q 0 0 0 rg BT 443.97 389.25 Td (other ) Tj ET Q q 0 0 0 rg BT 467.01 389.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 497.26 389.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 516.97 389.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.79 389.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 377.25 Td (Company) Tj ET Q q 0 0 0 rg BT 110.24 377.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 365.25 Td (\(d\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.66 365.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.09 365.25 Td (No ) Tj ET Q q 0 0 0 rg BT 172.74 365.25 Td (modification ) Tj ET Q q 0 0 0 rg BT 226.27 365.25 Td (or ) Tj ET Q q 0 0 0 rg BT 237.02 365.25 Td (waiver ) Tj ET Q q 0 0 0 rg BT 266.66 365.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.42 365.25 Td (any ) Tj ET Q q 0 0 0 rg BT 294.28 365.25 Td (of ) Tj ET Q q 0 0 0 rg BT 305.04 365.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.69 365.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 363.79 365.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.54 365.25 Td (this ) Tj ET Q q 0 0 0 rg BT 390.88 365.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 437.74 365.25 Td (will ) Tj ET Q q 0 0 0 rg BT 455.72 365.25 Td (be ) Tj ET Q q 0 0 0 rg BT 467.59 365.25 Td (ef) Tj ET Q q 0 0 0 rg BT 475.18 365.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 504.81 365.25 Td (unless ) Tj ET Q q 0 0 0 rg BT 532.23 365.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 353.25 Td (writing ) Tj ET Q q 0 0 0 rg BT 103.39 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.33 353.25 Td (signed ) Tj ET Q q 0 0 0 rg BT 148.93 353.25 Td (by ) Tj ET Q q 0 0 0 rg BT 161.43 353.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.15 353.25 Td (party ) Tj ET Q q 0 0 0 rg BT 199.20 353.25 Td (against ) Tj ET Q q 0 0 0 rg BT 230.02 353.25 Td (whom ) Tj ET Q q 0 0 0 rg BT 257.52 353.25 Td (it ) Tj ET Q q 0 0 0 rg BT 265.58 353.25 Td (is ) Tj ET Q q 0 0 0 rg BT 274.75 353.25 Td (sought ) Tj ET Q q 0 0 0 rg BT 303.92 353.25 Td (to ) Tj ET Q q 0 0 0 rg BT 314.20 353.25 Td (be ) Tj ET Q q 0 0 0 rg BT 326.14 353.25 Td (enforced.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 329.25 Td (\(e\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.10 329.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.75 329.25 Td (This ) Tj ET Q q 0 0 0 rg BT 182.94 329.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 233.01 329.25 Td (may ) Tj ET Q q 0 0 0 rg BT 255.88 329.25 Td (be ) Tj ET Q q 0 0 0 rg BT 270.97 329.25 Td (executed ) Tj ET Q q 0 0 0 rg BT 312.16 329.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.59 329.25 Td (one ) Tj ET Q q 0 0 0 rg BT 345.68 329.25 Td (or ) Tj ET Q q 0 0 0 rg BT 359.66 329.25 Td (more ) Tj ET Q q 0 0 0 rg BT 385.86 329.25 Td (counterparts ) Tj ET Q q 0 0 0 rg BT 440.94 329.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 487.70 329.25 Td (by ) Tj ET Q q 0 0 0 rg BT 503.35 329.25 Td (facsimile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 317.25 Td (transmission\), ) Tj ET Q q 0 0 0 rg BT 131.39 317.25 Td (each ) Tj ET Q q 0 0 0 rg BT 152.70 317.25 Td (of ) Tj ET Q q 0 0 0 rg BT 164.03 317.25 Td (which ) Tj ET Q q 0 0 0 rg BT 191.47 317.25 Td (will ) Tj ET Q q 0 0 0 rg BT 210.03 317.25 Td (be ) Tj ET Q q 0 0 0 rg BT 222.47 317.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 256.56 317.25 Td (an ) Tj ET Q q 0 0 0 rg BT 269.00 317.25 Td (original, ) Tj ET Q q 0 0 0 rg BT 305.61 317.25 Td (but ) Tj ET Q q 0 0 0 rg BT 321.38 317.25 Td (all ) Tj ET Q q 0 0 0 rg BT 334.38 317.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.71 317.25 Td (which ) Tj ET Q q 0 0 0 rg BT 373.15 317.25 Td (together ) Tj ET Q q 0 0 0 rg BT 408.91 317.25 Td (will ) Tj ET Q q 0 0 0 rg BT 427.47 317.25 Td (constitute ) Tj ET Q q 0 0 0 rg BT 469.35 317.25 Td (one ) Tj ET Q q 0 0 0 rg BT 486.79 317.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.23 317.25 Td (the ) Tj ET Q q 0 0 0 rg BT 519.45 317.25 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 305.25 Td (instrument.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 293.25 Td (\(f\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.99 293.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.60 293.25 Td (The ) Tj ET Q q 0 0 0 rg BT 172.75 293.25 Td (failure ) Tj ET Q q 0 0 0 rg BT 200.46 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 210.40 293.25 Td (any ) Tj ET Q q 0 0 0 rg BT 226.44 293.25 Td (party ) Tj ET Q q 0 0 0 rg BT 248.60 293.25 Td (hereto ) Tj ET Q q 0 0 0 rg BT 275.19 293.25 Td (at ) Tj ET Q q 0 0 0 rg BT 284.02 293.25 Td (any ) Tj ET Q q 0 0 0 rg BT 300.07 293.25 Td (time ) Tj ET Q q 0 0 0 rg BT 319.45 293.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.84 293.25 Td (require ) Tj ET Q q 0 0 0 rg BT 358.76 293.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 410.89 293.25 Td (by ) Tj ET Q q 0 0 0 rg BT 422.50 293.25 Td (another ) Tj ET Q q 0 0 0 rg BT 454.10 293.25 Td (party ) Tj ET Q q 0 0 0 rg BT 476.25 293.25 Td (of ) Tj ET Q q 0 0 0 rg BT 486.19 293.25 Td (any ) Tj ET Q q 0 0 0 rg BT 502.24 293.25 Td (provision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 281.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.13 281.25 Td (this ) Tj ET Q q 0 0 0 rg BT 99.75 281.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 146.97 281.25 Td (will ) Tj ET Q q 0 0 0 rg BT 165.32 281.25 Td (not ) Tj ET Q q 0 0 0 rg BT 180.90 281.25 Td (af) Tj ET Q q 0 0 0 rg BT 188.48 281.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 206.27 281.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.28 281.25 Td (right ) Tj ET Q q 0 0 0 rg BT 242.96 281.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.09 281.25 Td (such ) Tj ET Q q 0 0 0 rg BT 275.21 281.25 Td (party ) Tj ET Q q 0 0 0 rg BT 298.55 281.25 Td (to ) Tj ET Q q 0 0 0 rg BT 309.13 281.25 Td (require ) Tj ET Q q 0 0 0 rg BT 340.24 281.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 393.56 281.25 Td (of ) Tj ET Q q 0 0 0 rg BT 404.68 281.25 Td (that ) Tj ET Q q 0 0 0 rg BT 422.47 281.25 Td (provision, ) Tj ET Q q 0 0 0 rg BT 465.55 281.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.78 281.25 Td (any ) Tj ET Q q 0 0 0 rg BT 500.01 281.25 Td (waiver ) Tj ET Q q 0 0 0 rg BT 530.02 281.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 269.25 Td (any ) Tj ET Q q 0 0 0 rg BT 89.58 269.25 Td (party ) Tj ET Q q 0 0 0 rg BT 113.28 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.75 269.25 Td (any ) Tj ET Q q 0 0 0 rg BT 142.34 269.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 172.13 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.61 269.25 Td (any ) Tj ET Q q 0 0 0 rg BT 201.19 269.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 242.11 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.59 269.25 Td (this ) Tj ET Q q 0 0 0 rg BT 270.49 269.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 318.06 269.25 Td (will ) Tj ET Q q 0 0 0 rg BT 336.76 269.25 Td (not ) Tj ET Q q 0 0 0 rg BT 352.69 269.25 Td (be ) Tj ET Q q 0 0 0 rg BT 365.27 269.25 Td (construed ) Tj ET Q q 0 0 0 rg BT 407.29 269.25 Td (as ) Tj ET Q q 0 0 0 rg BT 418.77 269.25 Td (a ) Tj ET Q q 0 0 0 rg BT 426.35 269.25 Td (waiver ) Tj ET Q q 0 0 0 rg BT 456.71 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.18 269.25 Td (any ) Tj ET Q q 0 0 0 rg BT 485.77 269.25 Td (continuing ) Tj ET Q q 0 0 0 rg BT 531.69 269.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 257.25 Td (succeeding ) Tj ET Q q 0 0 0 rg BT 118.92 257.25 Td (breach ) Tj ET Q q 0 0 0 rg BT 148.07 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.90 257.25 Td (such ) Tj ET Q q 0 0 0 rg BT 179.73 257.25 Td (provision, ) Tj ET Q q 0 0 0 rg BT 222.51 257.25 Td (a ) Tj ET Q q 0 0 0 rg BT 229.45 257.25 Td (waiver ) Tj ET Q q 0 0 0 rg BT 259.15 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.98 257.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.70 257.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 324.98 257.25 Td (itself, ) Tj ET Q q 0 0 0 rg BT 349.97 257.25 Td (or ) Tj ET Q q 0 0 0 rg BT 360.80 257.25 Td (a ) Tj ET Q q 0 0 0 rg BT 367.74 257.25 Td (waiver ) Tj ET Q q 0 0 0 rg BT 397.45 257.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.28 257.25 Td (any ) Tj ET Q q 0 0 0 rg BT 425.22 257.25 Td (right ) Tj ET Q q 0 0 0 rg BT 446.60 257.25 Td (under ) Tj ET Q q 0 0 0 rg BT 471.87 257.25 Td (this ) Tj ET Q q 0 0 0 rg BT 488.27 257.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 245.25 Td (\(g\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.66 245.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.15 245.25 Td (The ) Tj ET Q q 0 0 0 rg BT 176.18 245.25 Td (headings ) Tj ET Q q 0 0 0 rg BT 214.21 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.03 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.73 245.25 Td (sections ) Tj ET Q q 0 0 0 rg BT 274.43 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.25 245.25 Td (this ) Tj ET Q q 0 0 0 rg BT 301.63 245.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 348.54 245.25 Td (have ) Tj ET Q q 0 0 0 rg BT 369.90 245.25 Td (been ) Tj ET Q q 0 0 0 rg BT 391.26 245.25 Td (inserted ) Tj ET Q q 0 0 0 rg BT 425.40 245.25 Td (for ) Tj ET Q q 0 0 0 rg BT 439.55 245.25 Td (convenience ) Tj ET Q q 0 0 0 rg BT 492.01 245.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.82 245.25 Td (reference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 233.25 Td (only ) Tj ET Q q 0 0 0 rg BT 92.28 233.25 Td (and ) Tj ET Q q 0 0 0 rg BT 109.22 233.25 Td (will ) Tj ET Q q 0 0 0 rg BT 127.27 233.25 Td (in ) Tj ET Q q 0 0 0 rg BT 137.55 233.25 Td (no ) Tj ET Q q 0 0 0 rg BT 150.05 233.25 Td (way ) Tj ET Q q 0 0 0 rg BT 169.21 233.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 199.48 233.25 Td (or ) Tj ET Q q 0 0 0 rg BT 210.31 233.25 Td (modify ) Tj ET Q q 0 0 0 rg BT 241.69 233.25 Td (any ) Tj ET Q q 0 0 0 rg BT 258.63 233.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.46 233.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.18 233.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 308.89 233.25 Td (or ) Tj ET Q q 0 0 0 rg BT 319.72 233.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 363.89 233.25 Td (hereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.00 209.25 Td (\(h\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.66 209.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.59 209.25 Td (All ) Tj ET Q q 0 0 0 rg BT 174.29 209.25 Td (notices, ) Tj ET Q q 0 0 0 rg BT 208.05 209.25 Td (consents, ) Tj ET Q q 0 0 0 rg BT 247.91 209.25 Td (requests, ) Tj ET Q q 0 0 0 rg BT 286.11 209.25 Td (approvals, ) Tj ET Q q 0 0 0 rg BT 330.41 209.25 Td (instructions ) Tj ET Q q 0 0 0 rg BT 380.00 209.25 Td (and ) Tj ET Q q 0 0 0 rg BT 397.37 209.25 Td (other ) Tj ET Q q 0 0 0 rg BT 420.84 209.25 Td (communications ) Tj ET Q q 0 0 0 rg BT 489.87 209.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 528.34 209.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 197.25 Td (herein ) Tj ET Q q 0 0 0 rg BT 99.94 197.25 Td (will ) Tj ET Q q 0 0 0 rg BT 118.46 197.25 Td (be ) Tj ET Q q 0 0 0 rg BT 130.85 197.25 Td (in ) Tj ET Q q 0 0 0 rg BT 141.59 197.25 Td (writing ) Tj ET Q q 0 0 0 rg BT 173.44 197.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.83 197.25 Td (validly ) Tj ET Q q 0 0 0 rg BT 221.56 197.25 Td (given ) Tj ET Q q 0 0 0 rg BT 246.74 197.25 Td (or ) Tj ET Q q 0 0 0 rg BT 258.03 197.25 Td (made ) Tj ET Q q 0 0 0 rg BT 282.64 197.25 Td (when ) Tj ET Q q 0 0 0 rg BT 307.26 197.25 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 349.92 197.25 Td (or ) Tj ET Q q 0 0 0 rg BT 361.21 197.25 Td (on ) Tj ET Q q 0 0 0 rg BT 374.16 197.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.34 197.25 Td (second ) Tj ET Q q 0 0 0 rg BT 420.07 197.25 Td (succeeding ) Tj ET Q q 0 0 0 rg BT 467.45 197.25 Td (business ) Tj ET Q q 0 0 0 rg BT 504.30 197.25 Td (day ) Tj ET Q q 0 0 0 rg BT 521.69 197.25 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 185.25 Td (being ) Tj ET Q q 0 0 0 rg BT 96.17 185.25 Td (mailed ) Tj ET Q q 0 0 0 rg BT 125.34 185.25 Td (by ) Tj ET Q q 0 0 0 rg BT 137.30 185.25 Td (registered ) Tj ET Q q 0 0 0 rg BT 178.68 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 188.97 185.25 Td (certified ) Tj ET Q q 0 0 0 rg BT 224.24 185.25 Td (mail, ) Tj ET Q q 0 0 0 rg BT 246.47 185.25 Td (whichever ) Tj ET Q q 0 0 0 rg BT 290.08 185.25 Td (is ) Tj ET Q q 0 0 0 rg BT 298.70 185.25 Td (earlier) Tj ET Q q 0 0 0 rg BT 323.84 185.25 Td (, ) Tj ET Q q 0 0 0 rg BT 328.29 185.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.03 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.21 185.25 Td (persons ) Tj ET Q q 0 0 0 rg BT 384.71 185.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 416.66 185.25 Td (or ) Tj ET Q q 0 0 0 rg BT 426.95 185.25 Td (required ) Tj ET Q q 0 0 0 rg BT 462.22 185.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.96 185.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 502.78 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 185.25 Td (same, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 173.25 Td (addressed, ) Tj ET Q q 0 0 0 rg BT 116.33 173.25 Td (in ) Tj ET Q q 0 0 0 rg BT 126.52 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 141.14 173.25 Td (case ) Tj ET Q q 0 0 0 rg BT 160.76 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.49 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.12 173.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 227.41 173.25 Td (to ) Tj ET Q q 0 0 0 rg BT 237.59 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 252.22 173.25 Td (President ) Tj ET Q q 0 0 0 rg BT 291.84 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 302.58 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.20 173.25 Td (Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.08 173.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.49 173.25 Td (at ) Tj ET Q q 0 0 0 rg BT 368.11 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.74 173.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 420.69 173.25 Td (of) Tj ET Q q 0 0 0 rg BT 428.83 173.25 Td (fice ) Tj ET Q q 0 0 0 rg BT 446.23 173.25 Td (of ) Tj ET Q q 0 0 0 rg BT 456.96 173.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.59 173.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 512.88 173.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 532.22 173.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.72 161.25 Td (case ) Tj ET Q q 0 0 0 rg BT 106.42 161.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.25 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.97 161.25 Td (Director) Tj ET Q q 0 0 0 rg BT 164.89 161.25 Td (, ) Tj ET Q q 0 0 0 rg BT 169.89 161.25 Td (at ) Tj ET Q q 0 0 0 rg BT 179.60 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.32 161.25 Td (address ) Tj ET Q q 0 0 0 rg BT 226.81 161.25 Td (most ) Tj ET Q q 0 0 0 rg BT 248.76 161.25 Td (recently ) Tj ET Q q 0 0 0 rg BT 283.46 161.25 Td (on ) Tj ET Q q 0 0 0 rg BT 295.96 161.25 Td (file ) Tj ET Q q 0 0 0 rg BT 311.79 161.25 Td (with ) Tj ET Q q 0 0 0 rg BT 332.06 161.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.78 161.25 Td (Company) Tj ET Q q 0 0 0 rg BT 385.02 161.25 Td (.) 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